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<SEC-DOCUMENT>0000891804-05-002518.txt : 20050826
<SEC-HEADER>0000891804-05-002518.hdr.sgml : 20050826
<ACCEPTANCE-DATETIME>20050826112627
ACCESSION NUMBER:		0000891804-05-002518
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050826
DATE AS OF CHANGE:		20050826
EFFECTIVENESS DATE:		20050826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
		CENTRAL INDEX KEY:			0000885732
		IRS NUMBER:				363828111
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06623
		FILM NUMBER:		051050668

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178200

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN INSURED CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
		DATE OF NAME CHANGE:	19920929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq.htm
<DESCRIPTION>NXC
<TEXT>
<HTML>

<HEAD>
<TITLE>
Form N-Q
</TITLE>
</HEAD>

<BODY>


<CENTER><H3>     UNITED STATES<BR>
     SECURITIES AND EXCHANGE COMMISSION<BR>
     Washington, DC 20549<BR>
<BR>
     FORM N-Q</H3><BR></CENTER>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act file number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-6623
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen California Select Tax-Free Income Portfolio
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Exact name of registrant as specified in charter)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Address of principal executive offices) (Zip code)</FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><BR>
Jessica R. Droeger&#151;Vice President and Secretary<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 West Wacker Drive, Chicago, Illinois 60606
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B><BR>
(Name and address of agent for service)</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312-917-7700&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of fiscal year end:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
03/31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of reporting period:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
06/30/05
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form N-Q is to be used by
management investment companies, other than small business investment companies
registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file
reports with the Commission, not later than 60 days after the close of the first
and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company
Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking
roles. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A registrant is required to
disclose the information specified by Form N-Q, and the Commission will make
this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a
currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>
<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1. Schedule of Investments</B></FONT></P>


<A name=page_1></A>
<TABLE cellSpacing=1 cellPadding=0 width=650 border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=1>Nuveen California Select Tax-Free Income Portfolio (NXC)</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<I><FONT face=sans-serif size=1>June 30, 2005</FONT></I>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Principal</FONT></B>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Optional Call</FONT></B>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Market</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Amount (000)</FONT></B>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Description</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Provisions*</FONT></B>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Ratings**</FONT></B>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Consumer Staples - 1.9%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>$ 1,740</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$ 1,755,782</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Education and Civic Organizations - 13.0%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 1999P,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>12/09 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,072,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 12/01/23</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,600</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2002,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,761,486</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.250%, 11/01/21</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series 2002A,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,078,540</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.500%, 10/01/32</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone Institutes,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,238,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Series 2001, 5.500%, 10/01/19</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California State Public Works Board, Lease Revenue Bonds, University of California System, Series</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,125,360</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2002A, 5.000%, 10/01/22 - FSA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH - Irvine</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>796,448</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 - ACA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach Aquarium</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,074,460</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>of the South Pacific, Series 2001, 5.250%, 11/01/30 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Healthcare - 8.9%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/11 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,149,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Series 2001A, 5.550%, 8/01/31</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>90</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>96,024</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>System, Series 2005A, 5.250%, 7/01/24</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,880</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Revenue Bonds, Los Angeles Orthopaedic</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/07 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,984,302</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hospital Foundation, Series 2000, 5.500%, 6/01/17 - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Insured Mortgage Hospital Revenue Bonds,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/09 at 102.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,592,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Mission Community Hospital, Series 2001, 5.375%, 11/01/26</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey Peninsula</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,645,890</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hospital, Series 2003B, 5.250%, 6/01/18 - FSA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>790</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Central California Joint Powers Health Finance Authority, Certificates of Participation, Community</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/05 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>790,087</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hospitals of Central California, Series 1993, 5.000%, 2/01/23</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Industrials - 1.4%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,325,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Services Inc., Series 2002C, 5.250%, 6/01/23 (Alternative Minimum Tax) (Mandatory put 12/01/17)</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Long-Term Care - 1.7%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,592,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Tax Obligation/General - 21.9%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California, General Obligation Bonds, Series 2003:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.250%, 11/01/19 - RAAI Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>546,130</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,450</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.250%, 2/01/21</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,595,247</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.250%, 2/01/22 - CIFG Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,085,960</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California, General Obligation Bonds, Series 2004:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 2/01/23</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>2/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>796,462</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>800</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.125%, 4/01/25</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>856,400</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,183,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2002A, 5.000%, 8/01/21 - FGIC Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>School District Program, Series 1999A:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>4,650</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>0.000%, 8/01/16 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,968,374</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,750</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>0.000%, 2/01/17 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,082,393</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,375</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>0.000%, 8/01/17 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,438,823</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,345</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>0.000%, 2/01/18 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,377,828</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>395</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>425,636</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Series 2005A, 5.000%, 6/01/26 - FSA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Mountain View-Los Altos Union High School District, Santa Clara County, California, General</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Obligation Capital Appreciation Bonds, Series 1995C:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,015</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>0.000%, 5/01/17 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>621,312</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,080</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>0.000%, 5/01/18 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>627,901</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/13 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,690,410</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2003E, 5.250%, 7/01/24 - FSA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Bonds, Series 2005A:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>100</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 9/01/25 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>107,892</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>150</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 9/01/27 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>161,838</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,565</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Series 2005A,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,769,661</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 9/01/26 - FSA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Tax Obligation/Limited - 14.8%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,090,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2003, 5.625%, 10/01/33 - RAAI Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California, Economic Recovery Revenue Bonds, Series 2004A:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 7/01/15</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,385,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 7/01/16</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA-</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,083,680</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/14 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,109,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>State Hospital, Series 2004A, 5.500%, 6/01/23</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Calipatria</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,321,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>State Prison, Series 1991A, 6.500%, 9/01/17 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,400</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A-</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,547,798</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Asset-Backed Bonds, Series 2003B, 5.500%, 6/01/33</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>90</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>97,572</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>9/01/20 - XLCA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,300</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Orange County, California, Special Tax Bonds, Community Facilities District 03-1 of Ladera Ranch,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,353,183</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Series 2004A, 5.625%, 8/15/34</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>605</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>699,997</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.400%, 11/01/20 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Santa Clara County Board of Education, California, Certificates of Participation, Series 2002,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,058,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 4/01/25 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Transportation - 11.8%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,150</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>1/10 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB-</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,097,986</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 1/01/35</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Los Angeles Harbors Department, California, Revenue Refunding Bonds, Series 2001B, 5.500%, 8/01/17</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/11 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,470,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>(Alternative Minimum Tax) - AMBAC Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>3,305</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Palm Springs Financing Authority, California, Palm Springs Regional Airport Revenue Bonds, Series</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/05 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,313,196</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1992, 6.000%, 1/01/12 (Alternative Minimum Tax) - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Port of Oakland, California, Revenue Bonds, Series 2002M, 5.250%, 11/01/20 - FGIC Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,095,370</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>U.S. Guaranteed *** - 6.5%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/12 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AA***</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>528,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Series 2002A, 5.000%, 8/01/26 (Pre-refunded to 8/01/12)</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2002A,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/09 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A1***</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>790,635</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.500%, 8/01/32 (Pre-refunded to 8/01/09)</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,500</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Health Facilities Financing Authority, Insured Hospital Revenue Bonds, Scripps Memorial</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/05 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,523,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hospital, Series 1992A, 6.400%, 10/01/12 (Pre-refunded to 10/01/05) - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>North Orange County Community College District, California, General Obligation Bonds, Series 2002A,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,232,040</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 8/01/22 (Pre-refunded to 8/01/12) - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Utilities - 9.2%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.750%, 5/01/17</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,255,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.125%, 5/01/19</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>5/12 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,155,400</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>200</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>218,302</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5.000%, 7/01/21 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,550</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>M-S-R Public Power Agency, California, Revenue Bonds, San Juan Project, Series 1991E, 6.000%,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/05 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,592,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>7/01/22 - MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,225</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Turlock Irrigation District, California, Revenue Refunding Bonds, Series 1992A, 6.250%, 1/01/12 -</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,389,395</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>MBIA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Water and Sewer - 7.7%</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,160</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>10/11 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,345,198</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Financing Program, Series 2001B, 5.125%, 10/01/22 - FSA Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>2,800</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Los Angeles, California, Wastewater System Revenue Bonds, Series 1998A, 5.000%, 6/01/23 - FGIC</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>6/08 at 101.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,949,604</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Insured</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>825</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>4/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>836,937</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project,</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=center width="8%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=right width="5%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,061,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Series 2003, 5.625%, 7/01/43</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=right width="8%"><FONT face=sans-serif size=1>$ 91,135</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Total Long-Term Investments (cost $85,973,058) - 98.8%</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>92,018,192</FONT>&nbsp; </TD></TR>
<TR>
<TD>
<HR noShade SIZE=2>
</TD>
<TD></TD>
<TD colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Other Assets Less Liabilities - 1.2%</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,145,351</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=3></TD>
<TD></TD>
<TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Net Assets - 100%</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$93,163,543</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=3></TD>
<TD></TD>
<TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"><FONT face=sans-serif size=1>*</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>may be other call provisions at varying prices at later dates.</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ratings: Using the higher of Standard &amp; Poor's or Moody's rating.</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"><FONT face=sans-serif size=1>***</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>securities which ensures the timely payment of principal and interest. Such securities are normally considered</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>to be equivalent to AAA rated securities.</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="1%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Investment is not rated.</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Income Tax Information</FONT></B>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The following information is presented on an income tax basis. Differences between amounts for financial statement</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>discount securities and timing differences in recognizing certain gains and losses on investment transactions.</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>At June 30, 2005, the cost of investments was $85,972,277.</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2005, were as</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>follows:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
<TD colSpan=3></TD>
<TD></TD>
<TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Gross unrealized:</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Appreciation</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$6,048,887</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%">&nbsp; &nbsp;<FONT face=sans-serif size=1>Depreciation</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(2,972)</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=3></TD>
<TD></TD>
<TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
<TD colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="1%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Net unrealized appreciation of investments</FONT>&nbsp; </TD>
<TD width="6%">&nbsp; </TD>
<TD noWrap align=left width="8%">&nbsp; </TD>
<TD width="2%">&nbsp; </TD>
<TD noWrap align=left width="5%">&nbsp; </TD>
<TD width="1%">&nbsp; </TD>
<TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$6,045,915</FONT>&nbsp; </TD></TR>
<TR>
<TD colSpan=3></TD>
<TD></TD>
<TD colSpan=7>
<HR noShade SIZE=2>
</TD></TR>
</TABLE>

<BR>
<HR align=center width="100%" noShade SIZE=2>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2. Controls and Procedures.</B></FONT></P>
<OL type=a><LI>The registrant's principal executive and principal financial officers, or persons performing similar
      functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule
      30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
      effective, as of a date within 90 days of the filing date of this report that includes the disclosure
      required by this paragraph, based on their evaluation of the controls and procedures required by Rule
      30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities
      Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).</LI>

<LI>      There were no changes in the registrant's internal control over financial reporting (as defined in Rule
      30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter
      that have materially affected, or are reasonably likely to materially affect, the registrant's internal
      control over financial reporting.</LI></OL>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3. Exhibits.</B></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached
hereto. </FONT></P>
<PAGE>

<CENTER><H3><BR>SIGNATURES<BR></H3></CENTER>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen California Select Tax-Free Income Portfolio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Jessica R. Droeger--Vice President and Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman--Chief Administrative Officer (principal executive officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By (Signature and Title)*
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy--Vice President and Controller (principal financial officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&#160;Print the name and
title of each signing officer under his or her signature. </FONT></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<HEAD>
<TITLE>
Certifications
</TITLE>
</HEAD>

<BODY>

<CENTER><H3><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Gifford R. Zimmerman, certify that:</P>

<OL><LI>I have reviewed this report on Form N-Q of Nuveen California Select Tax-Free Income Portfolio;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:


      <OL type=a><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

<LI>designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type=a><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R. Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Chief Administrative Officer<BR>
   (principal executive officer)<BR><BR></H4></CENTER>
<HR noshade size=1>
<PAGE>

<CENTER><H3><BR><U>CERTIFICATIONS</U>
</H3></CENTER>

<P>         I, Stephen D. Foy, certify that:</P>

<OL>
<LI>I have reviewed this report on Form N-Q of Nuveen California Select Tax-Free Income Portfolio;</LI>
<LI>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by this report;
</LI>
<LI>Based on my knowledge, the schedules of investments included in this report fairly present in all material
      respects the investments of the registrant as of the end of the fiscal quarter for which the report is
      filed;</LI>

<LI>The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:


      <OL type=a><LI>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
            to be designed under our supervision, to ensure that material information relating to the registrant,
            including its consolidated subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this report is being prepared;</LI>

<LI>designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;</LI>

      <LI>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
            this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
            a date within 90 days prior to the filing date of this report, based on such evaluation; and</LI>

      <LI>Disclosed in this report any change in the registrant's internal control over financial reporting
            that occurred during the registrant's most recent fiscal quarter that has materially affected, or is
            reasonably likely to materially affect, the registrant's internal control over financial reporting;
            and</LI></OL></LI>

<LI>The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
      audit committee of the registrant's board of directors (or persons performing the equivalent functions):

      <OL type='a'><LI>All significant deficiencies and material weaknesses in the design or operation of internal control
            over financial reporting which are reasonably likely to adversely affect the registrant's ability to
            record, process, summarize, and report financial information; and</LI>

      <LI>Any fraud, whether or not material, that involves management or other employees who have a
            significant role in the registrant's internal control over financial reporting.</LI></OL></LI>
</OL>

<P>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>

<CENTER><H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D. Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
   Vice President and Controller<BR>
   (principal financial officer)<BR><BR></H4></CENTER>
<HR noshade size=1>



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