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<SEC-DOCUMENT>0000891804-07-002517.txt : 20070829
<SEC-HEADER>0000891804-07-002517.hdr.sgml : 20070829
<ACCEPTANCE-DATETIME>20070829130504
ACCESSION NUMBER:		0000891804-07-002517
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20070829
DATE AS OF CHANGE:		20070829
EFFECTIVENESS DATE:		20070829

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:		071086635

	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>Nuveen Investments<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>Kevin J. McCarthy&#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;&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;6/30/07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (&#167;&#167; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>


<PAGE>


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


<A name="page_1"></A>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Portfolio of Investments (Unaudited)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Nuveen California Select Tax-Free Income Portfolio (NXC)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><I><FONT face=sans-serif size=1>June 30, 2007</FONT></I>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Principal</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>Optional Call</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Amount (000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Description</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><B><FONT face=sans-serif size=1>Provisions (1)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Ratings (2)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Consumer Staples &#150; 5.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>&nbsp;$ </FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>213,286</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,505</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,518,936</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/22 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,073,351</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Consumer Staples</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,805,573</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Education and Civic Organizations &#150; 10.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 1999P,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>12/09 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,029,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.000%, 12/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>45,881</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2005A, 5.000%, 10/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,050,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2002A, 5.500%, 10/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.000%, 11/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>36,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.000%, 11/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>46,248</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>10/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,147,930</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Institutes, Series 2001, 5.500%, 10/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California State Public Works Board, Lease Revenue Bonds, University of California, UCLA</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>10/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,058,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Replacement Hospital Project, Series 2002A, 5.000%, 10/01/22 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/11 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,038,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>University of California System, General Revenue Bonds, Series 2006J, 4.500%, 5/15/35 (WI/DD,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>5/15 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>959,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Settling 7/05/07) &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>9,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Education and Civic Organizations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>9,412,224</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Health Care &#150; 13.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>675,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2005, 5.000%, 11/15/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Health Facilities Financing Authority, Revenue Bonds, Sutter Health,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,626,551</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2007A, 5.250%, 11/15/46 (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/11 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,084,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>LLC, Series 2001A, 5.550%, 8/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,580,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Insured Mortgage Hospital Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/09 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,548,435</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Mission Community Hospital, Series 2001, 5.375%, 11/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>3/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,633,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2006, 5.000%, 3/01/41</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>545</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>562,871</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2001C, 5.250%, 8/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Revenue Bonds, Los Angeles Orthopaedic</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>12/07 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,901,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Hospital Foundation, Series 2000, 5.500%, 6/01/17 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>12,270</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Health Care</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>12,613,425</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Housing/Multifamily &#150; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>781,665</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Irvine East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 &#150; ACA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Housing/Single Family &#150; 0.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 &#150;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>2/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>153,153</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>FGIC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Industrials &#150; 2.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>12/17 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,298,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>1/16 at 102.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>501,415</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Industrials</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,800,190</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Long-Term Care &#150; 1.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,543,155</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Tax Obligation/General &#150; 22.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California, General Obligation Bonds, Series 2003, 5.250%, 11/01/19 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>528,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California, General Obligation Bonds, Series 2004:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.000%, 2/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>2/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>776,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.125%, 4/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>4/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>833,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,041,730</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2002A, 5.000%, 8/01/21 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Golden West Schools Financing Authority, California, General Obligation Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Bonds, School District Program, Series 1999A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>0.000%, 8/01/16 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,151,491</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>0.000%, 2/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,153,880</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>0.000%, 8/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,531,566</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,345</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>0.000%, 2/01/18 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,468,251</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Mountain View-Los Altos Union High School District, Santa Clara County, California, General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Obligation Capital Appreciation Bonds, Series 1995C:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,015</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>0.000%, 5/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>661,892</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,080</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>0.000%, 5/01/18 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>668,628</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Roseville Joint Union High School District, Placer County, California, General Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>103,801</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 2006B, 5.000%, 8/01/27 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Sacramento City Unified School District, Sacramento County, California, General Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>7/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,341,458</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 2005, 5.000%, 7/01/27 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>San Diego Unified School District, San Diego County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>7/13 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,605,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2003E, 5.250%, 7/01/24 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>768</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>San Diego Unified School District, San Diego County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>7/16 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>745,536</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2006F-1, 4.500%, 7/01/29 &#150; FSA Insured (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,565</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,666,856</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2005A, 5.000%, 9/01/26 &#150; FSA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>24,418</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Tax Obligation/General</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>20,279,129</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Tax Obligation/Limited &#150; 19.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>10/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,063,190</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2003, 5.625%, 10/01/33 &#150; RAAI Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California State Public Works Board, Lease Revenue Bonds, Department of Corrections,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>4,028,988</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Calipatria State Prison, Series 1991A, 6.500%, 9/01/17 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California State Public Works Board, Lease Revenue Bonds, Department of Mental Health,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,078,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Coalinga State Hospital, Series 2004A, 5.500%, 6/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>660</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>7/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA+</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>698,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>120</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>124,681</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Facilities District, Series 2005, 5.000%, 9/01/24 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/16 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>373,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Bonds, Series 2006, 5.000%, 9/01/38 &#150; AMBAC Insured (UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>10/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,025,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Redevelopment Project, Series 2005A, 5.000%, 10/01/32 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Settlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,135,922</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Revenue Bonds, Series 2005A, Residual Series 1503, 7.027%, 6/01/38 &#150; FGIC Insured (IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Series 2006A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>60</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.000%, 9/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>59,303</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>135</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.125%, 9/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>135,088</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>219,982</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Social Services Project, Series 2005, 5.000%, 9/01/37 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Orange County, California, Special Tax Bonds, Community Facilities District 03-1 of Ladera</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,367,899</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Ranch, Series 2004A, 5.625%, 8/15/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>105</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>107,433</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2005A, 5.000%, 9/01/35 &#150; XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>133,458</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>8/01/25 &#150; AMBAC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>668,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.400%, 11/01/20 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,150,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>6/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Santa Clara County Board of Education, California, Certificates of Participation, Series 2002,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>4/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,027,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.000%, 4/01/25 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Travis Unified School District, Solano County, California, Certificates of Participation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,034,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2006, 5.000%, 9/01/26 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>16,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Tax Obligation/Limited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>17,433,399</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Transportation &#150; 6.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>1/10 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,165,732</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>1995A, 5.000%, 1/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Los Angeles Harbors Department, California, Revenue Refunding Bonds, Series 2001B, 5.500%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>3,685,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>8/01/17 &#150; AMBAC Insured (Alternative Minimum Tax)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Port of Oakland, California, Revenue Bonds, Series 2002M, 5.250%, 11/01/20 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,053,850</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>5,904,872</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>U.S. Guaranteed &#150; 14.3% (3)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/12 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AA (3)</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>420,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Series 2002A, 5.000%, 8/01/26 (Pre-refunded 8/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.750%, 5/01/17 (Pre-refunded 5/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>5/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,180,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.125%, 5/01/19 (Pre-refunded 5/01/12)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>5/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,125,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2002A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/09 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>N/R (3)</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>775,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.500%, 8/01/32 (Pre-refunded 8/01/09)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2002,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>11/11 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A2 (3)</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,737,124</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.250%, 11/01/21 (Pre-refunded 11/01/11)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>California, General Obligation Bonds, Series 2004, 5.125%, 2/01/27 (Pre-refunded 2/01/14)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>2/14 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>A+ (3)</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,067,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,512,392</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Asset-Backed Bonds, Series 2003B, 5.500%, 6/01/33 (Pre-refunded 6/01/13)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>North Orange County Community College District, California, General Obligation Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>8/12 at 101.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,115,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2002A, 5.000%, 8/01/22 (Pre-refunded 8/01/12) &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>12,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total U.S. Guaranteed</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>12,935,209</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Utilities &#150; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>208,254</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2003A-2, 5.000%, 7/01/21 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>215</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>9/15 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>222,381</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>9/01/31 &#150; XLCA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Turlock Irrigation District, California, Revenue Refunding Bonds, Series 1992A, 6.250%,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>No Opt. Call</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,293,061</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>1/01/12 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,640</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Utilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,723,696</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Water and Sewer &#150; 2.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>4/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>154,437</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>5.000%, 4/01/36 &#150; MBIA Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=1>6/16 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>259,933</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>2006, 5.000%, 12/01/31 &#150; FGIC Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>4/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>853,578</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Woodbridge Irrigation District, California, Certificates of Participation, Water Systems</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>7/13 at 100.00</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,037,321</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Project, Series 2003, 5.625%, 7/01/43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Water and Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>2,305,269</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;93,633</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Long-Term Investments (cost $88,343,091) &#150; 101.1%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>91,690,959</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Short-Term Investments &#150; 1.3%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; 1,150</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>VMIG-1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,150,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=sans-serif size=1>Obligations, Series 1985, 3.570%, 12/01/15 &#150; MBIA Insured (4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Short-Term Investments (cost $1,150,000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>1,150,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Total Investments (cost $89,493,091) &#150; 102.4%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>92,840,959</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Floating Rate Obligations &#150; (2.7)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(2,458,000)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Other Assets Less Liabilities &#150; 0.3%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>247,063</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Net Assets &#150; 100%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>&nbsp;$ </FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>90,630,022</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="89%" colSpan=7>
<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=1 cellPadding=0 width=648 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>The Fund may invest in &#147;zero coupon&#148; securities. A zero coupon security does not pay a regular interest</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>from accretion of the difference between the original purchase price of the security at issuance and the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>par value of the security at maturity and is effectively paid at maturity. Such securities are included in the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>portfolio with a 0.00% coupon rate in their description. The market prices of zero coupon securities</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>generally are more volatile than the market prices of securities that pay interest periodically.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(1)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>may be subject to periodic principal paydowns.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(2)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Ratings: Using the higher of Standard &amp; Poor&#146;s or Moody&#146;s rating. Ratings below BBB by Standard &amp; Poor&#146;s</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Group or Baa by Moody&#146;s Investor Service, Inc. are considered to be below investment grade.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(3)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>which ensure the timely payment of principal and interest. Such investments are normally considered to be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>equivalent to AAA rated securities.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Investment has a maturity of greater than one year, but has variable rate and demand features which qualify</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>changes periodically based on market conditions or a specified market index.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>N/R</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Not rated.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>WI/DD</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Purchased on a when-issued or delayed delivery basis.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(IF)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Inverse floating rate investment.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>(UB)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="90%"><FONT face=sans-serif size=1>provisions of SFAS No. 140.</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 the treatment of paydown gains and losses, timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No. 140.</FONT></P>
<P align=left><FONT face=sans-serif size=1>At June 30, 2007, the cost of investments was $87,036,848.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2007, were as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width=648 border=0>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Gross unrealized:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="35%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>&nbsp; Appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>$3,420,989</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>&nbsp; Depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>(71,429)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>$3,349,560</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="99%" background="" colSpan=3>
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</TD></TR></TABLE><BR>
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<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/&nbsp;Kevin J. McCarthy&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;&nbsp;Kevin J. McCarthy<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;August 29, 2007&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;August 29, 2007&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;August 29, 2007&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>

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<DESCRIPTION>CERTIFICATIONS
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<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;August 29, 2007&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>
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<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;August 29, 2007&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>
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