-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 S4nK1bwTJEvSeQRykbtHD5Eo60TYOi3WRlWUF2bjV0LUakeeqw7ujMBJZWeFJnvf
 g/S386yZV9RQPLjb8LUyyw==

<SEC-DOCUMENT>0000891804-08-000765.txt : 20080229
<SEC-HEADER>0000891804-08-000765.hdr.sgml : 20080229
<ACCEPTANCE-DATETIME>20080229150723
ACCESSION NUMBER:		0000891804-08-000765
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080229
DATE AS OF CHANGE:		20080229
EFFECTIVENESS DATE:		20080229

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:		08655022

	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 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;03/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Date of reporting
period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/07&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 ("OMB") 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>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1. Schedule of
Investments</B></FONT></P>


        <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="2">Portfolio
                of Investments (Unaudited)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Nuveen
                California Select Tax-Free Income Portfolio (NXC)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">December
                31, 2007</font></i>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">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="14%"><b><font face="sans-serif" size="2">Optional
                Call</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Amount
                (000)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><b><font face="sans-serif" size="2">Description
                (1)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><b><font face="sans-serif" size="2">Provisions
                (2)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%"><b><font face="sans-serif" size="2">Ratings
                (3)</font></b>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <b><font face="sans-serif" size="2">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="2">Consumer
                Staples &ndash; 4.8%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">$&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="2">California
                County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
                Sonoma</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="3%"><font face="sans-serif" size="2">&nbsp;$</font>
                &nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">204,433</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="2">County
                Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,505</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,482,079</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="2">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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">4,045</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State
                Tobacco Securitization Corporation, California, Enhanced Tobacco
                Settlement</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/22 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,616,063</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="2">Asset-Backed Bonds, Series 2007A-2, 0.000%,
                6/01/37</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">5,770</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Consumer
                Staples</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">4,302,575</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="2">Education
                and Civic Organizations &ndash; 10.5%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Educational Facilities Authority, Revenue Bonds, Stanford University, Series
                1999P,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/09 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,033,700</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="2">5.000%,
                12/01/23</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">45</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Educational Facilities Authority, Revenue Bonds, University of Redlands,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A3</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">44,201</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="2">2005A,
                5.000%, 10/01/35</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Educational Facilities Authority, Revenue Bonds, University of San Diego,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,044,790</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="2">2002A,
                5.500%, 10/01/32</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">35</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                11/01/21</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">36,342</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">45</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                11/01/25</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">45,918</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Infrastructure Economic Development Bank, Revenue Bonds, J. David
                Gladstone</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,138,210</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="2">Institutes, Series 2001, 5.500%,
                10/01/19</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">10/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,075,540</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="2">Replacement Hospital Project, Series 2002A,
                5.000%, 10/01/22 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">11/11 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,038,130</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="2">Aquarium
                of the South Pacific, Series 2001, 5.250%, 11/01/30 &ndash; AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">University of
                California, General Revenue Bonds, Series 2006J, 4.500%, 5/15/35 &ndash; FSA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/15 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">986,770</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="2">9,125</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Education and Civic Organizations</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">9,443,601</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="2">Health Care
                &ndash; 13.5%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">445</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical
                Center,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A2</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">438,183</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="2">Series
                2005, 5.000%, 11/15/34</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">110</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante
                System,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">106,864</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="2">Series
                2006, 5.000%, 4/01/37</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,550</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Health Facilities Financing Authority, Revenue Bonds, Sutter Health Series
                2007A,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA&ndash;</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,586,134</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="2">5.250%,
                11/15/46 (UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital
                Assistance</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/11 at
                102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,040,620</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="2">LLC,
                Series 2001A, 5.550%, 8/01/31</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Statewide Community Development Authority, Hospital Revenue Bonds,
                Monterey</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,596,540</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="2">Peninsula Hospital, Series 2003B, 5.250%,
                6/01/18 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Statewide Community Development Authority, Insured Mortgage Hospital
                Revenue</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/09 at
                102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,539,000</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="2">Bonds,
                Mission Community Hospital, Series 2001, 5.375%, 11/01/26</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,515</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Statewide Community Development Authority, Revenue Bonds, Kaiser
                Permanante</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">3/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,455,688</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="2">System,
                Series 2006, 5.000%, 3/01/41</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">545</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Statewide Community Development Authority, Revenue Bonds, Kaiser
                Permanente</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">549,469</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="2">System,
                Series 2001C, 5.250%, 8/01/31</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,880</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Statewide Community Development Authority, Revenue Bonds, Los Angeles
                Orthopaedic</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/08 at
                100.50</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,902,278</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="2">Hospital
                Foundation, Series 2000, 5.500%, 6/01/17 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">12,045</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Health
                Care</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">12,214,776</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="2">Housing/Multifamily &ndash;
                0.8%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Statewide Community Development Authority, Student Housing Revenue Bonds, EAH
                &ndash;</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">CCC</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">727,658</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="2">Irvine
                East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 &ndash; ACA
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Housing/Single Family &ndash;
                0.1%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">145</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H,
                5.750%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">154,563</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="2">8/01/30
                &ndash; FGIC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Industrials
                &ndash; 2.0%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds,
                Republic</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,297,013</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="2">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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds,
                Waste</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/16 at
                102.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">483,625</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="2">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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Industrials</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,780,638</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="2">Long-Term
                Care &ndash; 2.8%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">11/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,549,050</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="2">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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Statewide Communities Development Authority, Revenue Bonds, Inland Regional
                Center</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Baa1</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">971,690</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="2">Project,
                Series 2007, 5.250%, 12/01/27</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Long-Term Care</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,520,740</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="2">Tax
                Obligation/General &ndash; 22.1%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California,
                General Obligation Bonds, Series 2003, 5.250%, 11/01/19 &ndash; RAAI
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">533,410</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="2">California,
                General Obligation Bonds, Series 2004:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                2/01/23</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">2/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">769,133</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">800</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                4/01/25</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">821,000</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Fremont
                Unified School District, Alameda County, California, General Obligation Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,062,980</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="2">2002A,
                5.000%, 8/01/21 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Golden West
                Schools Financing Authority, California, General Obligation Revenue
                Refunding</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Bonds, School
                District Program, Series 1999A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">4,650</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%,
                8/01/16 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,271,182</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,750</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%,
                2/01/17 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,194,375</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,375</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%,
                8/01/17 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,587,213</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,345</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%,
                2/01/18 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,516,465</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="2">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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Obligation
                Capital Appreciation Bonds, Series 1995C:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,015</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%,
                5/01/17 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">685,490</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,080</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">0.000%,
                5/01/18 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">690,908</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">100</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Roseville
                Joint Union High School District, Placer County, California, General
                Obligation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">104,321</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="2">Bonds,
                Series 2006B, 5.000%, 8/01/27 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">3,220</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sacramento
                City Unified School District, Sacramento County, California, General
                Obligation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">7/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,366,349</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="2">Bonds,
                Series 2005, 5.000%, 7/01/27 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">7/13 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,650,210</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="2">Series
                2003E, 5.250%, 7/01/24 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,565</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sunnyvale
                School District, Santa Clara County, California, General Obligation Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,690,454</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="2">2005A,
                5.000%, 9/01/26 &ndash; FSA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">23,650</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Tax
                Obligation/General</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">19,943,490</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="2">Tax
                Obligation/Limited &ndash; 19.5%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Bell Community
                Redevelopment Agency, California, Tax Allocation Bonds, Bell Project
                Area,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,020,300</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="2">Series
                2003, 5.625%, 10/01/33 &ndash; RAAI Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">3,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                State Public Works Board, Lease Revenue Bonds, Department of
                Corrections,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">4,108,366</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="2">Calipatria State Prison, Series 1991A,
                6.500%, 9/01/17 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">6/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,077,900</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="2">Coalinga
                State Hospital, Series 2004A, 5.500%, 6/01/23</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">660</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">7/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AA+</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">716,912</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">120</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Capistrano
                Unified School District, Orange County, California, Special Tax Bonds,
                Community</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">123,808</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="2">Facilities District, Series 2005, 5.000%,
                9/01/24 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">360</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Chino
                Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax
                Allocation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/16 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">368,712</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="2">Bonds,
                Series 2006, 5.000%, 9/01/38 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Fontana Public
                Financing Authority, California, Tax Allocation Revenue Bonds, North
                Fontana</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">10/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,021,700</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="2">Redevelopment Project, Series 2005A, 5.000%,
                10/01/32 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,050</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State
                Tobacco Securitization Corporation, California, Enhanced Asset Backed
                Settlement</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,070,244</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="2">Revenue
                Bonds, Series 2005A, Residual Series 1500, 7.510%, 6/01/45 &ndash; AMBAC Insured
                (IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Irvine,
                California, Unified School District, Community Facilities District Special Tax
                Bonds,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">Series
                2006A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">60</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.000%,
                9/01/26</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">56,622</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">135</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                9/01/36</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">125,618</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">215</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Los Angeles
                Community Redevelopment Agency, California, Lease Revenue Bonds,
                Manchester</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">218,337</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="2">Social
                Services Project, Series 2005, 5.000%, 9/01/37 &ndash; AMBAC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,300</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">8/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,298,128</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="2">Ranch,
                Series 2004A, 5.625%, 8/15/34</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">105</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Rialto
                Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">106,226</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="2">2005A,
                5.000%, 9/01/35 &ndash; XLCA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">130</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Roseville,
                California, Certificates of Participation, Public Facilities, Series 2003A,
                5.000%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">133,076</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="2">8/01/25
                &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">605</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sacramento
                City Financing Authority, California, Lease Revenue Refunding Bonds, Series
                1993A,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">682,972</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="2">5.400%,
                11/01/20 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">3,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">6/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,189,810</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="2">6/01/21
                &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">225</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">San Mateo
                Union High School District, San Mateo County, California, Certificates
                of</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">12/17 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">228,791</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="2">Participation, Phase 1, Series 2007A,
                5.000%, 12/15/30 &ndash; AMBAC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">4/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,039,670</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="2">5.000%,
                4/01/25 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Travis Unified
                School District, Solano County, California, Certificates of
                Participation,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">9/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,032,230</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="2">Series
                2006, 5.000%, 9/01/26 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">16,465</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Tax
                Obligation/Limited</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">17,619,422</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="2">Transportation &ndash;
                5.3%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,150</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">
                <font face="sans-serif" size="2">Foothill/Eastern Transportation Corridor Agency,
                California, Toll Road Revenue Bonds, Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">1/10 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB&ndash;</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,032,608</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="2">1995A,
                5.000%, 1/01/35</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">3,500</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">8/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">3,728,865</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="2">8/01/17
                &ndash; AMBAC Insured (Alternative Minimum Tax)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">4,650</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Transportation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">4,761,473</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="2">U.S.
                Guaranteed &ndash; 14.8% (4)</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">400</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Beverly Hills
                Unified School District, Los Angeles County, California, General
                Obligation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">AA
                (4)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">430,900</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="2">Bonds,
                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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">California
                Department of Water Resources, Power Supply Revenue Bonds, Series
                2002A:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.750%,
                5/01/17 (Pre-refunded 5/01/12)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,224,320</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%">&nbsp;<font face="sans-serif" size="2">5.125%,
                5/01/19 (Pre-refunded 5/01/12)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">5/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,174,100</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,600</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">California
                Educational Facilities Authority, Revenue Bonds, University of the Pacific,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/11 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">A2
                (4)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,797,054</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="2">2002,
                5.250%, 11/01/21 (Pre-refunded 11/01/11)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">800</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">2/14 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%"><font face="sans-serif" size="2">A+
                (4)</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">877,776</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,400</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Golden State
                Tobacco Securitization Corporation, California, Enhanced Tobacco
                Settlement</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">6/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,541,890</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="2">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="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">North Orange
                County Community College District, California, General Obligation Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">8/12 at
                101.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,170,020</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="2">2002A,
                5.000%, 8/01/22 (Pre-refunded 8/01/12) &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Port of
                Oakland, California, Revenue Bonds, Series 2002M, 5.250%, 11/01/20
                (Pre-refunded</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">11/12 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,092,250</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="2">11/01/12) &ndash; FGIC
                Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">12,200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total U.S.
                Guaranteed</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">13,308,310</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="2">Utilities
                &ndash; 2.4%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">645</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Long Beach
                Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">A+</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">644,484</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="2">2007A,
                5.500%, 11/15/37</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">200</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">7/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">212,066</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="2">2003A-2,
                5.000%, 7/01/21 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">215</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">9/15 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">220,463</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="2">9/01/31
                &ndash; XLCA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,010</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Turlock
                Irrigation District, California, Revenue Refunding Bonds, Series 1992A,
                6.250%,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">No Opt.
                Call</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">Aaa</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,068,257</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="2">1/01/12
                &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,070</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Utilities</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,145,270</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="2">Water and
                Sewer &ndash; 2.5%</font></b>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">150</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Healdsburg
                Public Financing Authority, California, Wastewater Revenue Bonds, Series
                2006,</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="14%"><font face="sans-serif" size="2">4/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">155,478</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="2">5.000%,
                4/01/36 &ndash; MBIA Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">250</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Sacramento
                County Sanitation District Financing Authority, California, Revenue Bonds,
                Series</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%"><font face="sans-serif" size="2">6/16 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">AAA</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">260,895</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="2">2006,
                5.000%, 12/01/31 &ndash; FGIC Insured</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">825</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">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="14%"><font face="sans-serif" size="2">4/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">840,205</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="2">Solar
                Photovoltaic Project, Series 2003, 5.375%, 4/01/24</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">1,000</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Woodbridge
                Irrigation District, California, Certificates of Participation, Water
                Systems</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%"><font face="sans-serif" size="2">7/13 at
                100.00</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">BBB+</font>&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">1,006,810</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="2">Project,
                Series 2003, 5.625%, 7/01/43</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&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="2">2,225</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total Water
                and Sewer</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">2,263,388</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="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;93,345</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="54%"><font face="sans-serif" size="2">Total
                Investments (cost $88,070,170) &ndash; 101.1%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">91,185,904</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%"><font face="sans-serif" size="2">Floating Rate
                Obligations &ndash; (1.9)%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">(1,700,000)</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="2">Other Assets
                Less Liabilities &ndash; 0.8%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%">&nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">733,670</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="2">Net Assets
                &ndash; 100%</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="14%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="7%">&nbsp;</td>

                <td nowrap align="left" width="3%"><font face="sans-serif" size="2">&nbsp;$</font>
                &nbsp;</td>

                <td nowrap align="right" width="7%">
                <font face="sans-serif" size="2">90,219,574</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">
        <a name="page_5"></a>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">The Fund may
                invest in &ldquo;zero coupon&rdquo; securities. A zero coupon security does not pay
                a regular interest</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">coupon to its
                holders during the life of the security. Tax-exempt income to the holder of the
                security</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">comes from
                accretion of the difference between the original purchase price of the security at
                issuance</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">and the par
                value of the security at maturity and is effectively paid at maturity. Such
                securities are</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">included in
                the Portfolio of Investments with a 0.000% coupon rate in their description. The
                market</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">prices of zero
                coupon securities generally are more volatile than the market prices of securities
                that</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">pay interest
                periodically.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(1)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">All
                percentages shown in the Portfolio of Investments are based on net assets
                applicable to Common</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Shares unless
                otherwise noted.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(2)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">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="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">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="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">may be subject
                to periodic principal paydowns.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(3)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Ratings: Using
                the higher of Standard &amp; Poor&rsquo;s Group (&ldquo;Standard &amp;
                Poor&rsquo;s&rdquo;) or Moody&rsquo;s Investor Service,</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Inc.
                (&ldquo;Moody&rsquo;s&rdquo;) rating. Ratings below BBB by Standard &amp;
                Poor&rsquo;s or Baa by Moody&rsquo;s are considered to be</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">below
                investment grade.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">The AAA
                ratings shown in the Portfolio of Investments reflect the AAA ratings on certain
                bonds insured</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">by AMBAC,
                FGIC, XCLA or MBIA and/or the A ratings on certain bonds insured by ACA as of
                December 31,</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">2007. During
                December 2007, at least one rating agency reduced the rating for ACA bonds to
                CCC.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Subsequent to
                December 31, 2007, at least one rating agency reduced the rating for
                AMBAC-insured</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">bonds to AA,
                the rating for XCLA-insured bonds to A and the rating for FGIC-insured bonds to A3.
                One or</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">more rating
                agencies have placed each of these insurers on &ldquo;negative credit watch&rdquo;,
                which may presage</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">one or more
                rating reductions for such insurer or insurers in the future. If one or more
                insurers&rsquo; ratings are</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">reduced below
                AAA (or A in the case of ACA) by these rating agencies, it would likely reduce the
                effective</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">rating of many
                of the bonds insured by that insurer or insurers.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(4)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">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="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">which ensure
                the timely payment of principal and interest. Such investments are normally
                considered to</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">be equivalent
                to AAA rated securities.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">N/R</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Not
                rated.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(IF)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">Inverse
                floating rate investment.</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" width="5%">
                <font face="sans-serif" size="2">(UB)</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">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="5%">&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="92%"><font face="sans-serif" size="2">provisions of
                SFAS No. 140.</font>&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="left"><b><font face="sans-serif" size="1"><font face="sans-serif" size="2">Income
        Tax Information</font></font></b></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">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. To
        the extent that differences arise that are permanent in nature, such amounts are
        reclassified within the capital accounts on the Statement of Assets and Liabilities
        presented in the annual report, based on their federal tax basis treatment; temporary
        differences do not require reclassification. Temporary and permanent differences do not
        impact the net asset value of the Fund.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">At
        December 31, 2007, the cost of investments was $86,367,654.</font></font></p>

        <p align="left"><font face="sans-serif" size="1"><font face="sans-serif" size="2">Gross
        unrealized appreciation and gross unrealized depreciation of investments at December 31,
        2007, were as follows:</font></font></p>

        <table cellspacing="1" cellpadding="0" width="648" border="0">
            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Gross
                unrealized:</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="left" width="36%">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp;
                Appreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">$3,908,294</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">&nbsp;
                Depreciation</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">(790,044)</font>&nbsp;</td>
            </tr>

            <tr>
                <td width="99%" colspan="3">
                    <hr noshade size="1">
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="61%"><font face="sans-serif" size="2">Net unrealized
                appreciation (depreciation) of investments</font>&nbsp;</td>

                <td width="2%">&nbsp;</td>

                <td nowrap align="right" width="36%">
                <font face="sans-serif" size="2">$3,118,250</font>&nbsp;</td>
            </tr>

            <tr>
                <td align="left" width="99%" background="" colspan="3">
                    <hr noshade size="2">
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" color="#990033" noshade size="3">

<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2. Controls and
Procedures.</B></FONT></P>
<OL type=a>
  <LI>The registrant's principal executive and principal financial officers, or
  persons performing similar functions, have concluded that the registrant's
  disclosure controls and procedures (as defined in Rule 30a-3(c) under the
  Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
  270.30a-3(c))) are effective, as of a date within 90 days of the filing date
  of this report that includes the disclosure required by this paragraph, based
  on their evaluation of the controls and procedures required by Rule 30a-3(b)
  under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under
  the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  <LI>There were no changes in the registrant's internal control over financial
  reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
  270.30a-3(d)) that occurred during the registrant's last fiscal quarter that
  have materially affected, or are reasonably likely to materially affect, the
  registrant's internal control over financial reporting.</LI></OL>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 3.
Exhibits.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>File as exhibits as part of
this Form a separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT
Attached hereto. </FONT></P>
<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;February 29,
2008&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;February 29,
2008&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;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>*&nbsp;Print the name and
title of each signing officer under his or her signature.
</FONT></P></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certification1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML><HEAD><TITLE>Certifications</TITLE></HEAD>
<BODY>
<CENTER>
<H3><U>CERTIFICATIONS</U> </H3></CENTER>
<P>I, Gifford R. Zimmerman, certify that:</P>
<OL>
  <LI>I have reviewed this report on Form N-Q of Nuveen California Select Tax-Free Income Portfolio;
  <LI>Based on my knowledge, this report does not contain any untrue statement
  of a material fact or omit to state a material fact necessary to make the
  statements made, in light of the circumstances under which such statements
  were made, not misleading with respect to the period covered by this report;
  <LI>Based on my knowledge, the schedules of investments included in this
  report fairly present in all material respects the investments of the
  registrant as of the end of the fiscal quarter for which the report is filed;
  <LI>The registrant's other certifying officer and I are responsible for
  establishing and maintaining disclosure controls and procedures (as defined in
  Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
  over financial reporting (as defined in Rule 30a-3(d) under the Investment
  Company Act of 1940) for the registrant and have:
  <OL type=a>
    <LI>Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is being
    prepared;
    <LI>Designed such internal control over financial reporting, or caused such
    internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of
    financial reporting and the preparation of financial statements for external
    purposes in accordance with generally accepted accounting principles;
    <LI>Evaluated the effectiveness of the registrant's disclosure controls and
    procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of a date within
    90 days prior to the filing date of this report, based on such evaluation;
    and
    <LI>Disclosed in this report any change in the registrant's internal control
    over financial reporting that occurred during the registrant's most recent
    fiscal quarter that has materially affected, or is reasonably likely to
    materially affect, the registrant's internal control over financial
    reporting; and</LI></OL>
  <LI>The registrant's other certifying officer and I have disclosed to the
  registrant's auditors and the audit committee of the registrant's board of
  directors (or persons performing the equivalent functions):
  <OL type=a>
    <LI>All significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the registrant's ability to record, process,
    summarize, and report financial information; and
    <LI>Any fraud, whether or not material, that involves management or other
    employees who have a significant role in the registrant's internal control
    over financial reporting.</LI></OL></LI></OL>
<P>Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gifford R.
Zimmerman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Gifford R.
Zimmerman<BR>Chief Administrative Officer<BR>(principal executive
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>

<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;February 29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<CENTER>
<H4><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen D.
Foy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>Stephen D.
Foy&nbsp;<BR>Vice President and Controller<BR>(principal financial
officer)<BR><BR></H4></CENTER>
<HR noShade SIZE=1>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
