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<SEC-DOCUMENT>0000891804-06-000911.txt : 20060227
<SEC-HEADER>0000891804-06-000911.hdr.sgml : 20060227
<ACCEPTANCE-DATETIME>20060227151320
ACCESSION NUMBER:		0000891804-06-000911
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060227
DATE AS OF CHANGE:		20060227
EFFECTIVENESS DATE:		20060227

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:		06646303

	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>nq1.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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/31&nbsp;&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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/05 &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>
<P align=left>
<TABLE>

  <TR>
    <TD width=101>&nbsp;</TD>
    <TD noWrap><B><FONT face=sans-serif size=1
     >Portfolio of Investments
      (Unaudited)</FONT></B><BR><B><FONT face=sans-serif size=1
     >Nuveen California Select Tax-Free Income Portfolio
      (NXC)</FONT></B><BR><I><FONT face=sans-serif size=1
     >December 31,
2005</FONT></I><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
BASEBORDER="0">

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Principal</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"
   ><B><FONT face=sans-serif size=1
     >Optional Call</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><B><FONT
      face=sans-serif size=1
     >Amount (000)</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Description</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"
   ><B><FONT face=sans-serif size=1
     >Provisions</FONT></B><B><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><B><FONT
      face=sans-serif size=1
     >Ratings</FONT></B><B><SUP><FONT face=sans-serif size=1
     >(2)</FONT></SUP></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><B><FONT
      face=sans-serif size=1
     >Value</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Consumer Staples -
      2.1%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>235</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California County Tobacco Securitization Agency,
      Tobacco Settlement Asset-Backed Bonds, Sonoma County</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >227,621</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Tobacco Securitization Corporation, Series 2005,
      4.250%, 6/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,675</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California County Tobacco Securitization Agency,
      Tobacco Settlement Asset-Backed Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,694,313</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Fresno County Tobacco Funding Corporation, Series
      2002, 5.625%, 6/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,910</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Consumer Staples</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,921,934</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Education and Civic Organizations -
      12.2%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Educational Facilities Authority, Revenue
      Bonds, Stanford University, Series 1999P, 5.000%, 12/01/23</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >12/09 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,055,430</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Educational Facilities Authority, Revenue
      Bonds, University of San Diego, Series 2002A, 5.500%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,058,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >10/01/32</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,600</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Educational Facilities Authority, Revenue
      Bonds, University of the Pacific, Series 2002, 5.250%,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >11/11 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A2</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,722,720</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >11/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Infrastructure Economic Development Bank,
      Revenue Bonds, J. David Gladstone Institutes,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >10/11 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,191,610</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2001, 5.500%, 10/01/1</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California State Public Works Board, Lease Revenue
      Bonds, University of California System, Series 2002A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >10/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,092,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 10/01/22 - FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Long Beach Bond Financing Authority, California,
      Lease Revenue Refunding Bonds, Long Beach Aquarium</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >11/11 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,056,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >of the South Pacific, Series 2001, 5.250%, 11/01/30
      - AMBAC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,600</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Education and Civic Organizations</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >11,177,660</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Health Care - 9.1%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>225</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Health Facilities Financing Authority,
      Revenue Bonds, Cedars-Sinai Medical Center, Series 2005,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >11/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A3</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >229,257</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 11/15/34</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Infrastructure Economic Development Bank,
      Revenue Bonds, Kaiser Hospital Assistance LLC,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >8/11 at 102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A+</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,118,600</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2001A, 5.550%, 8/01/31</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development
      Authority, Hospital Revenue Bonds, Monterey Peninsula
      Hospital,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/13 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,611,825</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2003B, 5.250%, 6/01/18 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development
      Authority, Insured Mortgage Hospital Revenue Bonds, Mission</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%"
     ><FONT face=sans-serif size=1
     >11/09 at 102.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,576,830</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Community Hospital, Series 2001, 5.375%,
      11/01/26</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>90</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development
      Authority, Revenue Bonds, Daughters of Charity Health System,</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >7/15 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >93,236</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2005A, 5.250%, 7/01/24</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,880</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development
      Authority, Revenue Bonds, Los Angeles Orthopaedic Hospital</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >6/07 at 101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,953,809</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Foundation, Series 2000, 5.500%, 6/01/17 - AMBAC
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>790</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Central California Joint Powers Health Finance
      Authority, Certificates of Participation, Community Hospitals
      of</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >2/06 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >Baa2</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >790,032</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Central California, Series 1993, 5.000%,
      2/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >7,985</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Health Care</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >8,373,589</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Housing/Multifamily -
      0.9%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development
      Authority, Student Housing Revenue Bonds, EAH - Irvine East</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%"
     >&nbsp;<FONT face=sans-serif size=1
     >8/12 at 100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >792,968</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Campus Apartments, LLC Project, Series 2002A,
      5.500%, 8/01/22 - ACA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Industrials - 1.4%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Pollution Control Financing Authority,
      Solid Waste Disposal Revenue Bonds, Republic Services Inc.,</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>6/23 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,320,925</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2002C, 5.250%, 6/01/23 (Mandatory put
      12/01/17) (Alternative Minimum Tax)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Long-Term Care - 1.7%</FONT></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >ABAG Finance Authority for Non-Profit Corporations,
      California, Insured Senior Living Revenue Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,573,260</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Odd Fellows Home of California, Series 2003A,
      5.200%, 11/15/22</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Tax Obligation/General -
      22.1%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series
      2003:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.250%, 11/01/19 - RAAI Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>11/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >543,835</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,450</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.250%, 2/01/21</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,561,838</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.250%, 2/01/22 - CIFG Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,068,580</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California, General Obligation Bonds, Series
      2004:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 2/01/23</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>2/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >786,293</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>800</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.125%, 4/01/25</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>4/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >845,104</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Fremont Unified School District, Alameda County,
      California, General Obligation Bonds, Series 2002A,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,125,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 8/01/21 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Golden West Schools Financing Authority, California,
      General Obligation Revenue Refunding Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >School District Program, Series 1999A:</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >4,650</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >0.000%, 8/01/16 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,955,261</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,750</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >0.000%, 2/01/17 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,082,270</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,375</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >0.000%, 8/01/17 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,435,688</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,345</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >0.000%, 2/01/18 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,380,713</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>395</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Los Angeles Community College District, Los Angeles
      County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >417,953</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2005A, 5.000%, 6/01/26 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Mountain View-Los Altos Union High School District,
      Santa Clara County, California, General Obligation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Capital Appreciation Bonds, Series
      1995C:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,015</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >0.000%, 5/01/17 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >620,612</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,080</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >0.000%, 5/01/18 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >628,808</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Oakland Unified School District, Alameda County,
      California, General Obligation Bonds, Series 2005:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>130</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 8/01/25 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >137,240</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>135</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 8/01/26 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >142,409</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >San Diego Unified School District, San Diego County,
      California, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>7/13 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,650,585</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2003E, 5.250%, 7/01/24 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >San Jose-Evergreen Community College District, Santa
      Clara County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2005A:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>100</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 9/01/25 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >105,931</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>150</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.000%, 9/01/27 - MBIA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >158,531</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,565</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Sunnyvale School District, Santa Clara County,
      California, General Obligation Bonds,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,715,052</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2005A, 5.000%, 9/01/26 - FSA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >24,690</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Tax Obligation/General</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >20,361,943</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Tax Obligation/Limited -
      16.8%</FONT></B>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Bell Community Redevelopment Agency, California, Tax
      Allocation Bonds, Bell Project Area,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>10/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,068,150</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 2003, 5.625%, 10/01/33 - RAAI
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,500</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California State Public Works Board, Lease Revenue
      Bonds, Department of Corrections, Calipatria State Prison,</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >4,195,485</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Series 1991A, 6.500%, 9/01/17 - MBIA
      Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California State Public Works Board, Lease Revenue
      Bonds, Department of Mental Health, Coalinga State</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>6/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,082,140</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Hospital, Series 2004A, 5.500%, 6/01/23</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%" background=""></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,250</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California, Economic Recovery Revenue Bonds, Series
      2004A, 5.000%, 7/01/15</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>7/14 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AA-</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,354,813</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Fontana Public Financing Authority, California, Tax
      Allocation Revenue Bonds, North Fontana Redevelopment</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=right width="3%" background=""></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,043,870</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Project, Series
      2005A, 5.000%, 10/01/32 - AMBAC Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>90</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Hesperia
      Community Redevelopment Agency, California, Tax Allocation Bonds, Series
      2005A, 5.000%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >95,558</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>9/01/20 - XLCA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,300</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Orange County,
      California, Special Tax Bonds, Community Facilities District 03-1 of
      Ladera Ranch,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>N/R</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,337,206</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Series 2004A,
      5.625%, 8/15/34</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>105</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Rialto
      Redevelopment Agency, California, Tax Allocation Bonds, Merged Project
      Area, Series 2005A, 5.000%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >108,532</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>9/01/35 - XLCA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>215</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Riverside County
      Public Financing Authority, California, Tax Allocation Bonds, Multiple
      Projects, Series 2005A,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>10/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >222,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.000%, 0/01/35
      - XLCA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>605</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Sacramento City
      Financing Authority, California, Lease Revenue Refunding Bonds, Series
      1993A, 5.400%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >682,089</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>11/01/20 - MBIA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >3,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>San Mateo County
      Transit District, California, Sales Tax Revenue Bonds, Series 2005A,
      5.000%, 6/01/21 -</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>6/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >3,207,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Santa Clara
      County Board of Education, California, Certificates of Participation,
      Series 2002, 5.000%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>4/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,041,450</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>4/01/25 - MBIA
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >14,065</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Total Tax
      Obligation/Limited</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >15,439,473</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT
      face=sans-serif size=1
     >Transportation - 11.4%</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,150</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Foothill/Eastern
      Transportation Corridor Agency, California, Toll Road Revenue Bonds,
      Series 1995A,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>1/10 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB-</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,093,466</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.000%,
      1/01/35</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >5,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Los Angeles
      Harbors Department, California, Revenue Refunding Bonds, Series 2001B,
      5.500%, 8/01/17 -</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/11 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >5,352,547</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>AMBAC Insured
      (Alternative Minimum Tax)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,915</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Palm Springs
      Financing Authority, California, Palm Springs Regional Airport Revenue
      Bonds, Series 1992,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>1/06 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,920,830</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>6.000%, 1/01/12
      - MBIA Insured (Alternative Minimum Tax)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Port of Oakland,
      California, Revenue Bonds, Series 2002M, 5.250%, 11/01/20 - FGIC
      Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>11/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,077,780</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >10,065</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Total
      Transportation</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >10,444,623</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><B><FONT
      face=sans-serif size=1
     >U.S. Guaranteed</FONT></B><B><SUP><FONT face=sans-serif
      size=1>(3)
      </FONT></SUP></B><B><FONT face=sans-serif size=1
     >- 10.4%</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>500</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Beverly Hills
      Unified School District, Los Angeles County, California, General
      Obligation Bonds, Series 2002A,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/12 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%">&nbsp;<FONT
      face=sans-serif size=1>AA<B><SUP><FONT
      face=sans-serif size=1
     >(3)</FONT></SUP></B></FONT></TD>
    <TD vAlign=top noWrap align=left width="3%"
   >&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >541,465</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.000%, 8/01/26
      (Pre-refunded 8/01/12)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>California
      Department of Water Resources, Power Supply Revenue Bonds, Series
      2002A:</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.750%, 5/01/17
      (Pre-refunded 5/01/12)</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A2<B><SUP><FONT
      face=sans-serif size=1
     >(3)</FONT></SUP></B></FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,262,620</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.125%, 5/01/19
      (Pre-refunded 5/01/12)</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>5/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A2<B><SUP><FONT
      face=sans-serif size=1
     >(3)</FONT></SUP></B></FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%"
     >&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,192,280</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>750</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>California
      Educational Facilities Authority, Revenue Bonds, Pepperdine University,
      Series 2002A, 5.500%,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/09 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>A1<B><SUP><FONT
      face=sans-serif size=1
     >(3)</FONT></SUP></B></FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%"
   >&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >805,927</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>8/01/32
      (Pre-refunde<FONT face=sans-serif size=1
     >d 8/01/09)</FONT></FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,400</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Golden State
      Tobacco Securitization Corporation, California, Enhanced Tobacco
      Settlement Asset-Backed</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>6/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>Aaa</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,558,116</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Bonds, Series
      2003B, 5.500%, 6/01/33 (Pre-refunded 6/01/13)</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>North Orange
      County Community College District, California, General Obligation Bonds,
      Series 2002A,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>8/12 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,170,660</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.000%, 8/01/22
      (Pre-refunded 8/01/12) - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >8,650</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total U.S. Guaranteed</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >9,531,068</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Utilities - 2.0%</FONT></B> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>200</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Los Angeles
      Department of Water and Power, California, Power System Revenue Bonds,
      Series 2003A-2,</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >212,494</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>5.000%, 7/01/21
      - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>215</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Merced
      Irrigation District, California, Electric System Revenue Bonds, Series
      2005, 5.125%, 9/01/31 -</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>9/15 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >225,170</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" background=""></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >XLCA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,225</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Turlock
      Irrigation District, California, Revenue Refunding Bonds, Series 1992A,
      6.250%, 1/01/12 - MBIA Insured</FONT> </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>No Opt.
      Call</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT> </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,359,701</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%" background=""></TD>
    <TD width="97%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%" background=""></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,640</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"><FONT
      face=sans-serif size=1>Total
      Utilities</FONT> </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,797,365</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><B><FONT face=sans-serif size=1
     >Water and Sewer - 7.8%</FONT></B>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,160</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >California Statewide Community Development
      Authority, Water and Wastewater Revenue Bonds, Pooled</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>10/11 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,308,651</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Financing Program, Series 2001B, 5.125%, 10/01/22 -
      FSA Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >2,800</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Los Angeles, California, Wastewater System Revenue
      Bonds, Series 1998A, 5.000%, 6/01/23 - FGIC Insured</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>6/08 at
      101.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>AAA</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >2,920,288</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1>825</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >South Feather Water and Power Agency, California,
      Water Revenue Certificates of Participation, Solar</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>4/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1>BBB</FONT>&nbsp;
    </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >849,882</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Photovoltaic Project, Series 2003, 5.375%,
      4/01/24</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >1,000</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Woodbridge Irrigation District, California,
      Certificates of Participation, Water Systems Project, Series
      2003,</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="15%"><FONT
      face=sans-serif size=1>7/13 at
      100.00</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%"><FONT
      face=sans-serif size=1
     >BBB+</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,046,910</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >5.625%, 7/01/43</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >6,785</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Water and Sewer</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >7,125,731</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="2%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="7%"><FONT
      face=sans-serif size=1
     >89,890</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Total Investments (cost $85,094,962) -
      97.9%</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >89,860,539</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%" colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD width="90%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Other Assets Less Liabilities - 2.1%</FONT>&nbsp;
</TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >1,961,733</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="9%" colSpan=2></TD>
    <TD width="90%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="7%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="61%"
     ><FONT face=sans-serif size=1
     >Net Assets - 100%</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="15%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="5%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="6%"><FONT
      face=sans-serif size=1
     >91,822,272</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="7%" background="">&nbsp;</TD>
    <TD width="90%" background="" colSpan=5>
      <HR noShade SIZE=2>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>
<PAGE><A name=page_5></A>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>(1</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><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></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >may be other call provisions at varying prices at later
      dates. Certain mortgage-backed securities may be</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >subject to periodic principal paydowns.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>(2</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Ratings: Using the higher of Standard &amp; Poor&#146;s or Moody&#146;s
      rating. Ratings below Baa by Moody&#146;s Investor</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Service, Inc. or BBB by Standard &amp; Poor&#146;s Group are
      considered to be below investment grade.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>(3</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Securities are backed by an escrow or trust containing
      sufficient U.S. Government or U.S. Government</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >agency securities which ensures the timely payment of
      principal and interest. Such securities are normally</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >considered to be equivalent to AAA rated
      securities.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=middle width="3%"><FONT
      face=sans-serif size=1>N/R</FONT> </TD>
    <TD vAlign=top noWrap align=left width="4%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="92%"
     ><FONT face=sans-serif size=1
     >Investment is not rated.</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1
>Income Tax Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>The following information is presented on an income tax basis.
Differences between amounts for financial statement and federal income tax
purposes are primarily due to timing differences in recognizing taxable market
discount and timing differences in recognizing certain gains and losses on
investment transactions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At
December 31, 2005, the cost of investments was $85,093,904.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Gross unrealized appreciation and gross unrealized depreciation of
investments at December 31, 2005, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=648 border=0
>

  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Gross unrealized:</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=left width="10%"></TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >&nbsp;&nbsp;&nbsp; Appreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>4,785,925</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >&nbsp;&nbsp;&nbsp; Depreciation</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>(19,290</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%"
     ><FONT face=sans-serif size=1
     >)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="83%"
     ><FONT face=sans-serif size=1
     >Net unrealized appreciation (depreciation) of
      investments</FONT>&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="3%"><FONT
      face=sans-serif size=1>$</FONT> </TD>
    <TD vAlign=top noWrap align=right width="10%"><FONT
      face=sans-serif size=1>4,766,635</FONT>
    </TD>
    <TD vAlign=top noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" background="" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" color=#990033 noShade SIZE=3>



<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>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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jessica R. Droeger<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Secretary</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifford R. Zimmerman<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer (principal executive officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen D. Foy<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller (principal financial
officer)&nbsp;</FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and title of each signing officer under his or her signature. </FONT></P>

</BODY>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<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>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>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>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>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>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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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;<BR></U>Gifford R. Zimmerman<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>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>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>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>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>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>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>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>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:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/06&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;<BR></U>Stephen D. Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial officer)<BR><BR></H4>
</CENTER>
<HR noShade SIZE=1>

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