MESSAGE FROM THE CHAIRMAN
Table of Contents
Page
Message from the Chairman 1
Manager's Discussion 4
Special Feature:
Interview with Tom Kenny,
Senior Vice President, Franklin
Municipal Bond Department 7
Statement of Investments 15
Financial Statements 82
Notes to Financial Statements 85
To reduce the volume of mail shareholders receive and to reduce expenses, only
one copy of most fund reports, such as the Fund's annual and semiannual reports,
may be mailed to a household. Additional copies may be obtained, without charge,
by calling Fund Information at 1-800/DIAL-BEN (1-800/342-5236).
November 15, 1995
Fellow Shareholders:
It's a pleasure to bring you the semi-annual report of the Franklin California
Tax-Free Income Fund for the period ended September 30, 1995.
To date, 1995 has been a welcome change from the economic volatility of 1994,
with stock and bond markets enjoying strong performances. In February, the Dow
Jones Industrial Average(R) broke the 4,000 mark for the first time and
managed to finish the period above 4,600.
Of more importance to Franklin California Tax-Free Income Fund shareholders is
the strength of the municipal bond market in 1995. Although a municipal bond
price rally was sidetracked in early December 1994 by the municipal bankruptcy
filing of Orange County, California, the municipal market has strengthened in
1995. Of course, the market may be expected to rise and fall
periodically.
We believe yields from municipal securities are currently very attractive
relative to yields available from U.S. Treasuries and other high-quality,
taxable fixed-income securities. For instance, municipal bonds -- as represented
by the Bond Buyer 40 Index, delivered a yield of 6.07% on September 30. 1995.
For investors in the maximum 39.6% federal income tax bracket, this tax-free
yield equals a taxable equivalent yield of 10.05%. In comparison, the average
30-year U.S. Treasury bond offered a taxable yield of 6.49% on the same date.1
1. Source: Micropal
There has been a tremendous amount of press discussing various tax reform
issues, including a flat tax proposal, a consumption tax, a national sales tax,
and a "Super" IRA. Each of these proposals introduce underlying questions --
Will there be any allowed deductions? Will I lose the benefit of investing in
tax-free municipal bonds? As you can imagine, a number of details need to be
fully considered. While it is probably too early to draw clear-cut conclusions
on how any of the proposed tax reform plans could impact the municipal bond
market, we understand that this topic raises important concerns. Our interview
with Tom Kenny, Director of Franklin's Municipal Bond Department, should address
some of your questions regarding the flat tax proposal. Please refer to the
interview on page 7.
As you know, financial markets experience volatility, which is a normal part of
investing. That's why we've always encouraged our shareholders to focus on their
long-term investment goals. History has shown that, over the long term, stocks
and bonds have delivered impressive results. By concentrating on long-term
investment goals, you need not be unduly concerned with short-term market
fluctuations.
You can also help minimize the effects of market fluctuations by diversifying
your investments. Mutual funds offer a level of diversification that would be
almost impossible for individual investors to achieve on their own. They also
provide full-time, professional management, and Franklin's Municipal Bond
Research Department is one of the largest in the industry.2 Our analysts
frequently make site visits to obtain invaluable first-hand information about
issuers and specific municipal projects. We would welcome any questions you may
have concerning the management of your fund.
2. Source: Research and Ratings Review, Vol. II, Issue 8, November 14, 1994.
Franklin's municipal research team ranks second out of 1,000 investment advisory
firms, in terms of municipal bond analysts, in a survey by TMS Holdings, Inc. As
always, we appreciate your trust and support, and look forward to serving you in
the years to come.
Sincerely,
Charles B. Johnson
Chairman
Professional Management
We remain conservative in our management of the fund. As always, we purchase
only investment-grade bonds; that is, bonds whose credit quality ratings at the
time of purchase fell within Standard & Poor's or Moody's four highest
categories, or were judged to be of equal quality by the fund's managers. In
addition, we evaluate each issue on an individual basis, favoring highly rated
"essential service" bonds. These securities tend to have a more reliable income
stream generated from hospitals, utilities, and transportation projects, to name
a few. As a result, these bonds tend to be less affected by budgetary and
political changes, and are believed to be very attractive in a municipal
cost-cutting environment. Please keep in mind, however, that the principal value
of the fund's holdings, as well as the price of its shares, will fluctuate with
market conditions.
MANAGER'S DISCUSSION
Fund Objective
The Franklin California Tax-Free Income fund seeks to provide high current
income exempt from regular federal and California state personal income taxes
through a diversified portfolio consisting of California municipal bonds.
This six-month reporting period ending September 30, 1995, was one of marked
transition. The possibility of a proposed flat tax placed downward pressure on
long-term municipal bond prices. Fortunately, this pressure was counterbalanced
by favorable economic factors. A low inflation rate coupled with a stronger
dollar caused fluctuating, and eventually lower interest rates. Municipal bond
prices also benefitted from a reduction in the supply brought to market. As a
result, we are pleased to report that your fund's share price increased from the
last reporting period.
We believe our shareholders value high current tax-free income and relative
stability of principal, rather than capital gains which are taxable to
shareholders. In seeking to achieve this goal, we generally purchase current
coupon bonds at a slight discount. We also practice an effective "buy and hold"
strategy, electing to retain higher coupon bonds (even when they trade at a
premium) for the higher income and stability they provide. This strategy has a
number of benefits, including fairly low portfolio turnover rates, which may
result in lower fund expenses. This approach also tends to help protect the fund
from extreme price volatility.
The Franklin California Tax-Free Income Fund remains committed to providing
shareholders with solid long-term investment results. By maintaining a long-term
focus, the fund's managers sometimes need to make calculated short-term
decisions. In the low-interest rate environment of the early 1990's,
municipalities issued record volumes of new securities. Many of these were
issued specifically to pay off older, higher-yielding bonds at their first call
date (the earliest date the original issuer can redeem a bond). These
higher-yielding municipal securities, which are marked to be paid off with the
proceeds from more current, lower-yielding bonds are referred to as pre-refunded
bonds.
At the beginning of this year, a large percentage of the fund's assets were
pre-refunded securities, many of which were set to be called away in the next
few years. In the past, these securities helped boost the fund's yield. During
the reporting period, we sold several of your fund's pre-refunded bonds because
we felt they were fully priced in the marketplace. We used the proceeds to
purchase insured bonds in the 25-year maturity range, within the utility and
transportation sectors. Among these were municipal issues in the Los Angeles
Department of Water & Power and the Los Angeles Department of Transportation.
Broad diversification can lower the risks associated with investing in municipal
bonds by spreading the fund's investments over a variety of issues and
industries while allowing the fund's managers to choose municipal issues they
feel offer the strongest potential to shareholders.
GRAPHIC MATERIAL 1 OMMITTED - SEE APPENDIX AT END OF DOCUMENT
Orange County's municipal bankruptcy filing, while having dramatic effects on
the California municipal bond market, has not made a lasting impact on the
Franklin California Tax-Free Income Fund. Although Orange County's bankruptcy
filing continues to affect the municipal securities market, your fund's exposure
to these securities remains very limited. Of course, we continue to closely
monitor the situation and carefully examine Orange County's recovery plan and
its impact on the overall municipal market.
For more information on the Orange County bankruptcy filing and a forecast on
the general health of California's economy, please see Tom Kenny's interview on
page 7.
Of course, the recent budget difficulties in Los Angeles County have also had an
impact on the California municipal market. The California Tax-Free Income Fund's
direct exposure to Los Angeles securities is minimal. Nevertheless, we are
monitoring the county's approach to solving its fiscal problems, while analyzing
how this may affect the overall municipal bond market.
Despite these difficulties, our general outlook for California and the fund
remains positive. We believe the state's overall economy will continue to
improve as we look forward to favorable performance for the fund in the next six
months.
SPECIAL FEATURE: INTERVIEW WITH TOM KENNY
Tom Kenny, Director of Franklin's Municipal Bond Department, discusses a number
of current topics, including tax reform, interest rates, and his outlook for the
municipal bond market.
Tom Kenny
Senior Vice President and
Director of Franklin's Municipal
Bond Department
Tom, there's been a lot of press lately on the possibility of tax reform -- in
particular, a flat tax. What proposals are being considered?
There are three different flat tax proposals being discussed. And, these are in
addition to a number of other tax reform proposals, such as a consumption tax, a
national sales tax and a "Super" IRA. Basically, tax reform is a hot topic right
now, ever since President Clinton appeared on national TV in April after filling
out his tax forms and said, "You know, a flat tax doesn't sound so bad."
With numerous tax reform proposals being considered, do you think that one of
them is going to pass?
The support for tax reform seems to be waning in recent weeks as more details of
some of these proposals are released. Ten out of ten taxpayers will tell you
that taxes are too high and the current system is too complicated. There is
tremendous support for simplification. But when people realize that they would
lose their mortgage deduction -- which could cause their home value to decline
by 15 - 20% -- or that the wealthy would receive a large tax cut while the
middle class would have to pay more taxes under a flat tax system, their opinion
may change. So, I feel there is support for simplification but not necessarily
for radical reform.
However, I think something will happen. There's such a movement behind change
that it's not just going to disappear. With the election coming up, you're going
to continue hearing about tax reform, you're going to read about it, you're
going to see it on TV through next year and into 1997. But, I don't think
anything will actually happen until 1997, at the earliest.
Has the possibility of tax reform affected the municipal bond market at all?
The possibility of major tax reform has depressed municipal bond prices relative
to other fixed-income investments during the past few months; however, since we
have experienced a strong bond market, it hasn't been that noticeable. The
market has already somewhat priced the potential impact of tax reform, which
makes municipal yields very attractive today.
Depending on the state you live in and your tax bracket, the after-tax
equivalent yield available can be a very attractive 10%. Also, supply is down
25% in 1995 from 1994, and over 50% versus 1993. At the same time, we are
experiencing a record amount of bonds that are being called or redeemed, and for
the second consecutive year, more bonds will be taken out of the muni market
than issued.
What is that in dollar terms?
The market may see about $130 to $140 billion in new issuance this year,
compared to $162 billion last year and $290 billion the year before. So, new
issuance is down dramatically.
Did rising interest rates have anything to do with that?
Sure, but there are other reasons as well. One, voters simply aren't approving
as many bond issues today. Two, many governors who were elected last fall are
trying to implement tax cuts; in effect, they're reducing budgets and there's
just not a lot of capacity for increased debt service. And three, a big reason
we saw such high issuance in 1993 was because lower interest rates resulted in
an increase in refunding and pre-refunding issues -- just as many homeowners
refinanced their mortgages in '93 to take advantage of lower rates. But, because
of tax code changes in 1986, issuers of municipal bonds can only refund or
pre-refund their bonds once. Those that could refund, did. As a result, the
potential inventory of refundable bonds is much lower than a few years ago.
How will these factors affect prices of muni bonds?
It should be positive. The supply and demand fundamentals of the municipal
market are, in my opinion, promising and the market has already partially
discounted the threat of tax reform. Over the long term, muni prices should
improve on a relative basis. From a historical perspective, munis are cheap
today. Investors can take advantage of this by dollar cost averaging.
Another topic that's been a concern during the past year has been the bankruptcy
of Orange County. What's been the long-term impact on the municipal bond market?
The biggest impact has been in investor perception. Historically, general
obligation bonds (those that are backed by the full faith and credit of the
issuer) have been perceived as the safest kind of municipal bond. But in a
bankruptcy situation, like in Orange County, the investments that are most
affected are general obligations. Revenue bonds, backed by dedicated revenue
streams -- such as those from airport authority, solid waste authority,
transportation and the like -- haven't really been impacted. Investors in
general have re-thought how they look at revenue bonds and general obligation
bonds.
We have also seen an increase in the use of bond insurance, especially in
California. This year, the percentage of insured bonds for the entire market is
approximately 44% of total issuance while in California, 52% of all issues
obtained insurance.
Is that a big increase?
For the muni industry overall, it has increased from 37%; in California, it has
increased from 32%. In my opinion, that's a big jump. As a result, insured bonds
have become less expensive to purchase relative to uninsured bonds simply
because of the increased supply. And we have taken advantage of that by buying
more insured bonds this year.
What about interest rates? Have changes in interest rates affected your buying
decisions?
No. We don't try to second guess the market in terms of where we think rates are
headed, or alter our fundamental approach because of economic changes. Many
portfolio managers attempt this in an effort to capture capital growth.
Our approach is very straight forward. We seek safety and income. I don't think
shareholders want the volatility you might generate by chasing capital growth.
We don't want to be number one in total return one year, and number 100 the
next. We use a consistent, conservative, "plain vanilla" approach. We manage our
funds for tax-free income and take a long-term approach. Over time, income will
drive total return. For example, as measured by the Lehman Brothers 20-Year
Municipal Bond Index, income has been responsible for over 99% of total return
of municipal bonds over the last five years.3 So, by investing for income, we
should generate good total return performance. We think our shareholders are
better served by the using this consistent approach. Investors in tax-free funds
want to maximize tax-free income.
3. Source: Lehman Brothers 20-Year Municipal Bond Index.
How much research do you do before you buy a bond?
It really depends on the quality and type of bond. Lower-rated and non-rated
bonds will typically require more credit analysis than higher-rated bonds. Since
we purchase over 95% of our portfolio holdings in the new issue market, we spend
a lot of time up front performing site visits, addressing legal issues, and
structuring the issue to meet our credit and portfolio requirements. We have 23
analysts who spend much of their time not only investigating new issues, but
also monitoring these issues after purchase.
What are Franklin's total holdings in municipal bonds?
We currently have approximately $41 billion in municipal bonds in 42 tax-free
funds. Franklin is the largest buyer of municipal bonds in the country.
Does that size give you any advantages?
Sure. We get the attention of issuers and underwriters and we try to capitalize
on that by encouraging them to visit us in San Mateo to discuss their issue.
This allows us to give our input on structuring a deal. They, of course, hope
that we buy their deal.
When you say input, does that commit you to purchasing?
No. You can have input from a structuring standpoint, the actual bond structure,
or you can have input from a pricing standpoint, in terms of coupons and
maturities. And all of that input can go to the underwriter of the issue without
any commitment on our part at all. But if they make those changes to meet our
needs, then we're more likely to buy it than if they don't. So it can be to
everyone's advantage. We end up with an issue that meets our needs in terms of
credit, price, coupon and maturity, and the issuer ends up with a marketable
product.
Where do you see the municipal bond market going through the end of the year,
and through the first six months of 1996? I'd say the muni market is going to
remain stable. We're going to see more of the same, probably through the
election next fall. I think uncertainty surrounding tax reform is going to
continue to hold down munis for a while longer. No matter what happens to the
bond market, the economy, or interest rates, we'll do what we've always done --
we'll do our homework, maximize tax-free income for our shareholders, and
maintain a long-term investment horizon.
Thanks, Tom.
It's been my pleasure.
PERFORMANCE SUMMARY
Class I Shares
The price of the California Tax-Free Income Fund's Class I share price, as
measured by net asset value, increased to $7.19 on September 30, 1995 from $7.11
on March 31, 1995.
The fund continued to meet its objective of providing shareholders with a high
level of current tax-free income. Class I shares paid monthly income
distributions totaling 22.2 cents ($0.222) per share during the six-month period
ended September 30, 1995. Dividends will vary based on the earnings of the
fund's portfolio, and past distributions are not necessarily predictive of
future results.
At the close of the reporting period, Class I shares' distribution rate was
5.91%, based on an annualization of the current monthly dividend of 3.7 cents
($0.037) per share and the maximum offering price of $7.51 on September 30,
1995. This double tax-free rate is generally higher than the after-tax return on
a comparable taxable investment. As the chart to the right illustrates, if you
are in the maximum combined federal and California state income tax bracket of
46.2%, you would have to earn 10.99% from a taxable investment to match your
fund's tax-free distribution rate.
GRAPHIC MATERIAL 2 OMMITTED - SEE APPENDIX AT END OF DOCUMENT
Based on dividend income and change in share price, the fund's Class I shares
produced a total return of 4.32% for the six-month period ended September 30,
1995 and a one-year total return of 8.80%. Total return measures the change in
value of an investment over the periods indicated, assuming reinvestment of
dividends and any capital gains. This calculation excludes the initial sales
charge and past performance is not predictive of future results.
For example, as the table on page 14 demonstrates, the fund's Class I shares
have provided an average annual total return of 8.02% over the last 10 years.
Please refer to the table on page 14 for more information regarding the fund's
performance.
Class II Shares
Class II shares were introduced on May 1, 1995. The price of the fund's Class II
shares, as measured by net asset value, was $7.05 on May 1, 1995 compared with
the closing price of $7.19 on September 30, 1995.
The fund continued to meet its objective of providing shareholders with a high
level of current tax-free income. The fund's Class II shares provided income
totaling 16.9 cents ($0.169) per share for the period ended September 30, 1995.
Dividends will vary based on the earnings of the fund's portfolio, and past
distributions are not necessarily predictive of future results.
At the close of the reporting period, the fund's Class II shares posted a
distribution rate of 5.45%, based on an annualization of the current monthly
dividend of 3.3 cents ($0.033) per share and the maximum offering price of $7.26
on September 30, 1995. This double tax-free rate is generally higher than the
after-tax return on a comparable taxable investment. As the chart above
illustrates, if you are in the maximum combined federal and California state
income tax bracket of 46.2%, you would have to earn 10.14% from a taxable
investment to match your fund's Class II shares' tax-free distribution rate.
GRAPHIC MATERIAL 3 OMMITTED - SEE APPENDIX AT END OF DOCUMENT
Please refer to the table on page 14 for more information regarding the fund's
performance.
Franklin California Tax-Free Income Fund
Periods ended September 30, 1995
<TABLE>
<CAPTION>
Since Since
Inception Inception
1-Year 5-Year 10-Year (02/01/77) (05/01/95)
<S> <C> <C> <C> <C>
Cumulative Total Return1
Class I Shares 8.80% 47.14% 125.85% 200.61%
Class II Shares -- -- -- -- 4.43%
Average Annual Total Return2
Class I Shares 4.21% 7.10% 8.02% 5.83%
Aggregate Total Return3
Class II Shares -- -- -- -- 2.41%
<S> <C> <C> <C>
Distribution Rate4 Taxable Equivalent Distribution Rate5
Class I Shares 5.91% Class I Shares 10.99%
Class II Shares 5.45% Class II Shares 10.14%
30-Day Standardized Yield6 Taxable Equivalent Yield5
Class I Shares 5.16% Class I Shares 9.60%
Class II Shares 4.71% Class II Shares 8.76%
</TABLE>
1. Cumulative total return measures the change in value of an investment over
the periods indicated and does not include the current maximum 4.25% initial
sales charge for Class I shares or the maximum 1.00% initial sales charge and
1.00% contingent deferred sales charge for Class II shares, applicable to shares
redeemed within the first 18 months of investment. See note below.
2. Average annual total return represents the average annual change in value of
an investment over the specified periods. The figures have been restated to
reflect the maximum 4.25% initial sales charge, 1.00% contingent deferred sales
charge for Class II shares. See note below.
3. Aggregate total return, which includes the 1.0% initial sales charge and
represents the change in value of an investment since the inception date of the
fund's Class II shares. It also includes the 1.0% contingent deferred sales
charge applicable to shares redeemed within 18 months of purchase and assumes
reinvestment of dividends and capital gains. Since Class II shares have existed
for less than one year, average annual total returns are not provided.
4. Distribution rate for Class I shares is based on an annualization of the
fund's current 3.7 cents per share monthly dividend and the maximum offering
price of $7.51 on September 30, 1995. For Class II shares, distribution rate is
based on an annualization of the fund's current 3.3 cents per share monthly
dividend and the maximum offering price of $7.26 on September 30, 1995.
5. Taxable equivalent distribution rate and yield assume the 1995 maximum
combined 46.2% federal and California state income tax bracket, based on the
39.6% federal income tax rate.
6. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended September 30, 1995.
Note: Prior to July 1, 1994, fund shares were offered at a
lower initial sales charge, with dividends reinvested at the public offering
price. Thus, actual total returns for purchasers of shares during that period
would have been somewhat different than noted above. Effective May 1, 1994, for
Class I shares, the fund eliminated the sales charge on reinvested dividends and
implemented a plan of distribution under Rule 12b-1, which will affect future
performance. Class II shares, which the fund began offering on May 1, 1995, are
subject to different fees and expenses, which will affect their performance.
Please see the prospectus for more details regarding Class I and Class II
shares.
All total return calculations assume reinvestment of dividends and capital gains
at net asset value. Investment return and principal value will fluctuate with
market conditions, and you may have a gain or loss when you sell your shares.
Past performance cannot guarantee future results.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Statement of Investments in Securities and Net Assets, September 30, 1995
(unaudited)
<TABLE>
<CAPTION>
Face Value
Amount (Note 1)
<S> <C> <C>
Long Term Investments 98.6%
Bonds 94.3%
ABAG Finance Authority of Nonprofit Corporations, COP,
$ 3,955,000 6.75%, 08/01/20 .................................................... $ 4,041,773
5,650,000 Buttle Valley-Tulelake Rural Health, 6.65%, 10/01/22 ............... 5,687,855
1,250,000 Insured, Miramonte Mental Health Services, 6.60%, 07/01/22 ......... 1,258,888
2,000,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%,
06/01/12.......................................................... 2,020,840
2,370,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%,
06/01/22.......................................................... 2,386,827
2,325,000 Peninsula Family YMCA, Series A, 6.80%, 10/01/11 ................... 2,388,287
2,905,000 United Way of Santa Clara County Project, 7.20%, 07/01/11 .......... 3,166,508
4,500,000 ABAG Finance Corp., COP, ABAG XXV, 6.80%, 08/01/12 ...................... 4,590,270
105,000 Adelanto Improvement Agency, SFRMR, Series 1983-A, 10.25%, 04/01/17 ..... 105,313
Adelanto Improvement Agency, Tax Allocation,
12,710,000 Adelanto Improvement Project, Series 1990, Pre-Refunded, 8.00%,
08/01/20........................................................... 14,715,765
1,870,000 Adelanto Improvement Project, Series 1991, Pre-Refunded, 8.25%,
08/01/20........................................................... 2,162,805
7,925,000 Refunding, Series 1985, Pre-Refunded, 8.125%, 06/01/15 ............. 9,144,578
16,345,000 Agua Mansa Industrial Growth Association, Special Tax, CFD No. 89-1, 8.25%,
09/01/17........................................................... 16,872,453
Alameda 1915 Act, Improvement Board,
24,755,000 Harbor Bay Park, AD No. 92-1, 7.50%, 09/02/12 ...................... 25,599,888
170,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/98 ......... 176,200
185,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/99 ......... 191,747
200,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/00 ......... 207,294
215,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/01 ......... 222,841
230,000 Marina Village AD No. 84-3, Series 1986-1, 8.125%, 09/02/02 ........ 238,388
250,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/03 ......... 259,118
270,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/04 ......... 279,847
290,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/05 ......... 300,576
315,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/06 ......... 326,488
23,675,000 Alameda-Contra Costa Transit District, Refunding, COP, 7.60%, 08/01/18 .. 24,772,573
Alameda County COP, Capital Projects,
4,250,000 Series 1992, 6.25%, 06/01/06 ....................................... 4,401,725
10,500,000 Series 1992, 6.75%, 06/01/16 ....................................... 10,803,345
775,000 Alameda County, MFMR, Series B, Mandatory Put 12/01/95, 9.00%, 12/01/00 . 775,085
40,000 Alameda County, SFMR, Series A, 9.50%, 04/01/14 ......................... 42,269
2,560,000 Alhambra RDA, Refunding, Tax Allocation, Industrial Redevelopment Project,
6.375%, 05/01/23 ..................................................... 2,449,638
5,730,000 Anaheim COP, California Lutheran Homes, Pre-Refunded, 8.20%, 01/01/18 ... 6,306,266
Anaheim Public Financing Authority Revenue,
$ 5,215,000 Local Agency, CFD, Series A, MBIA Insured, 5.75%, 09/01/14 ......... $ 5,074,143
5,500,000 Electric Utilities, San Juan 4, Second Series, FGIC Insured, 5.75%,
10/01/22 .......................................................... 5,253,710
Antelope Valley East Kern Water Agency, Special Tax, CFD No. 90-1,
7,395,000 Series A, Issue 01/01/91, 8.60%, 09/01/21 .......................... 7,486,846
4,820,000 Series A, Issue 04/01/91, 8.60%, 09/01/21 .......................... 4,879,864
Antelope Valley Insured Hospital District, COP,
5,515,000 Series 1989, 7.30%, 01/01/06 ....................................... 5,789,978
21,600,000 Series 1989, 7.35%, 01/01/20 ....................................... 22,652,784
Antioch 1915 Act,
1,295,000 AD No. 26, Hillcrest, Series 1987, 8.00%, 09/02/04 ................. 1,338,590
1,560,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/05 ................. 1,612,494
1,595,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/06 ................. 1,648,672
375,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/07 ................. 387,619
890,000 AD No. 27, Lone Tree, Series 1988, 8.20%, 09/02/09 ................. 920,812
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/10 ................. 920,803
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/11 ................. 920,803
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/12 ................. 920,803
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/13 ................. 920,803
4,895,000 Antioch Development Agency, Refunding, Tax Allocation, Project 1,
FGIC Insured, 6.40%, 09/01/17 ..................................... 5,048,654
3,500,000 Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 06/01/20 .... 3,699,185
Arcadia Hospital Revenue,
9,000,000 Methodist Hospital of Southern California, 7.875%, 08/01/10 ........ 9,492,840
2,295,000 Methodist Hospital of Southern California, 6.50%, 11/15/12 ......... 2,308,862
3,750,000 Methodist Hospital of Southern California, 6.625%, 11/15/22 ........ 3,778,913
Arcata CDA, Tax Allocation,
1,250,000 Community Development Project, Pre-Refunded, 7.90%, 11/01/12 ....... 1,402,125
1,620,000 Community Development Project, Pre-Refunded, 7.90%, 11/01/13 ....... 1,688,980
10,225,000 Azusa Public Financing Authority Revenue, Local Agency, Series A,
Pre-Refunded, 7.75%, 08/01/20 .......................................... 11,888,608
45,000 Azusa RDA, SFRMR, Series A, GNMA Secured, 9.875%, 12/01/18 .............. 47,106
Azusa RDA, Tax Allocation, West End Redevelopment Project,
940,000 Series A, Pre-Refunded, 8.00%, 08/01/15 ............................ 990,469
2,525,000 Series A, Pre-Refunded, 8.00%, 08/01/16 ............................ 2,623,425
5,750,000 Bakersfield COP, Waste Water Treatment Plant No. 3 Project, Pre-Refunded,
8.00%, 01/01/10 ..................................................... 6,260,715
Bakersfield Hospital Revenue,
$ 2,205,000 Bakersfield Memorial Hospital, Series A, 6.375%, 01/01/12 .......... $ 2,218,032
2,750,000 Bakersfield Memorial Hospital, Series A, 6.50%, 01/01/22 ........... 2,767,050
11,070,000 Bakersfield Public Financing Authority Revenue, Series A, 6.10%, 09/15/10 10,888,563
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
2,000,000 Refunding, Series A, 7.10%, 09/01/24 ............................... 2,057,920
12,630,000 Series A, 7.75%, 08/01/19 .......................................... 13,442,741
5,795,000 Series B, 7.75%, 08/01/21 .......................................... 6,167,908
1,455,000 Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 .................... 1,665,990
5,705,000 Bell CRDA, Refunding, Tax Allocation, Bell Redevelopment Project Area,
Pre-Refunded, 8.10%, 08/01/17 .......................................... 6,209,893
6,325,000 Bell Gardens RDA, Tax Allocation, Central City Project, Pre-Refunded, 8.00%,
07/01/19 ............................................................... 6,640,807
Belmont RDA, Tax Allocation, Los Costanos Community Development,
1,235,000 Series A, 6.70%, 08/01/14 .......................................... 1,277,114
2,080,000 Series A, 6.25%, 08/01/17 .......................................... 2,065,086
2,310,000 Series A, 6.80%, 08/01/23 .......................................... 2,388,378
3,500,000 Berkeley COP, AMBAC Insured, 7.50%, 06/01/19 ............................ 3,790,920
Berkeley Hospital Revenue, Alta Bates Hospital,
7,395,000 Series 1985-B, Pre-Refunded, 7.65%, 12/01/15 ....................... 8,444,498
2,850,000 Series 1985-C, Pre-Refunded, 7.60%, 12/01/15 ....................... 3,295,284
Beverly Hills COP, Refunding, Civic Center Improvement Project,
2,580,000 Series 1989, 7.00%, 06/01/15 ....................................... 2,688,154
4,745,000 Series 1989, Pre-Refunded, 7.00%, 06/01/15 ......................... 5,255,230
2,345,000 Blythe, MFHR, Series 1989, 8.125%, 05/01/20 ............................. 2,354,779
11,000,000 Brea and Olinda USD, COP, Brea H.O.P.E., Inc., Brea High School Project,
Pre-Refunded, 7.70%, 08/01/18 .......................................... 11,562,210
Brea and Olinda USD, COP,
2,025,000 Series 1989, Pre-Refunded, 7.85%, 08/01/09 ......................... 2,310,282
11,835,000 Series 1989, Pre-Refunded, 7.90%, 08/01/18 ......................... 13,523,026
Brea and Olinda USD, COP, Refunding, High School Refining Program,
12,645,000 Series A, CGIC Insured, 6.25%, 08/01/18 ............................ 12,780,175
9,120,000 Series B, 7.00%, 08/01/18 .......................................... 9,232,267
Brea Public Finance Authority Revenue, Tax Allocation, Redevelopment Project,
1,720,000 Series A, MBIA Insured, 7.00%, 08/01/15 ............................ 1,868,402
4,395,000 Series A, MBIA Insured, 6.75%, 08/01/22 ............................ 4,586,798
6,365,000 Series A, MBIA Insured, 7.00%, 08/01/23 ............................ 6,864,589
11,070,000 Brea Public Financing Authority Water Revenue, Series B, FGIC Insured,
6.25%, 07/01/21 ..................................................... 11,165,423
$ 12,845,000 Brea RDA, Refunding, Tax Allocation, Redevelopment Project, MBIA Insured,
6.125%, 08/01/13 ..................................................... $ 13,018,536
20,255,700 Brentwood 1915 Act, Improvement Board, AD No. 92-1, 8.40%, 09/02/17 ..... 20,936,089
2,000,000 Brentwood RDA, Tax Allocation, Brentwood Redevelopment Project, Series A,
7.70%, 11/01/08 ..................................................... 2,116,840
3,390,000 Brisbane COP, Civic Center Financing Project, 8.25%, 04/01/18 ........... 3,580,620
5,700,000 Brisbane Public Finance Authority Revenue, 8.00%, 09/02/15 .............. 5,806,134
7,000,000 Buena Park CRDA, Refunding, Tax Allocation, Central Business District Project,
Series A, 7.10%, 09/01/14 .............................................. 7,199,080
1,700,000 Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 ..... 1,764,107
Burbank RDA, Refunding, Tax Allocation,
5,000,000 City Center Redevelopment Project, Refunding, Series A, CGIC Insured,
5.50%, 12/01/23 ................................................... 4,636,200
6,500,000 Series A, 6.00%, 12/01/23 .......................................... 6,003,335
1,320,000 Butte Valley USD, COP, 7.75%, 03/01/15 .................................. 1,394,092
5,455,000 Calexico COP, CRDA, Water and Waste Improvement Project, 7.80%,
11/01/13 ............................................................... 5,647,889
5,500,000 Calexico CRDA, Tax Allocation, Sub-Notes, 6.25%, 10/01/98 ............... 5,577,495
Calexico USD, COP, Financing Project,
745,000 Series 1992, 7.25%, 09/01/08 ....................................... 778,175
3,185,000 Series 1992, 7.375%, 09/01/17 ...................................... 3,306,794
California Counties Lease Financing Authority, COP, CSAC Financing Corp.,
2,565,000 Amador County Project, ETM 10/01/01, 7.70%, 10/01/09 ............... 3,124,863
4,585,000 Contra Costa County Project II, Pre-Refunded, 7.85%, 10/01/09 ...... 4,952,900
4,165,000 Contra Costa County Project II, Pre-Refunded, 7.90%, 10/01/19 ...... 4,503,115
1,810,000 Glenn County Project, 8.125%, 10/01/08 ............................. 1,858,255
8,000,000 Nevada County Project, Pre-Refunded, 7.60%, 10/01/19 ............... 8,709,200
5,160,000 San Luis Obispo County Project, Pre-Refunded, 8.20%, 04/01/09 ...... 5,320,682
1,700,000 San Luis Obispo County Project II, Pre-Refunded, 7.85%, 04/01/09 ... 1,808,596
1,295,000 Trinity County Project, 7.70%, 10/01/09 ............................ 1,348,199
California Educational Facilities Authority Revenue,
1,685,000 Chapman College Project, 7.30%, 01/01/02 ........................... 1,862,852
3,000,000 Chapman College Project, 7.50%, 01/01/18 ........................... 3,191,820
1,100,000 Loyola Marymount University, Series B, 6.60%, 10/01/22 ............. 1,150,787
3,460,000 Refunding, Los Angeles Chiropractic College, 7.125%, 11/01/07 ...... 3,618,641
2,100,000 St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 2,427,810
18,025,000 California Health Facilities Authority Revenue, Pacific Presbyterian Medical
Center, Series C, 7.60%, 06/01/15 ...................................... 18,992,943
California Health Facilities Financing Authority Revenue,
$ 7,300,000 Adventist Health System, Series A, 8.375%, 03/01/08 ................ $ 7,711,209
2,930,000 Adventist Health System, Series B, MBIA Insured, 6.25%, 03/01/21 ... 2,957,396
54,275,000 Children's Hospital of Los Angeles, Series A, Pre-Refunded, 7.125%,
06/01/21 .......................................................... 62,161,700
2,965,000 Community Provider, Pooled Loan Program, Series A, 7.35%, 06/01/20 . 3,157,784
2,605,000 County Program, Series B, 7.20%, 01/01/12 .......................... 2,700,135
935,000 Insured, AIDS Hospice Foundation, Pre-Refunded, 7.15%, 01/01/15 .... 1,048,958
6,550,000 Insured, American Baptist Homes, Series A, 7.65%, 04/01/14 ......... 6,966,056
3,650,000 Insured, Association for Retarded Citizens of San Diego, 7.00%, 05/01/21 3,781,802
1,575,000 Insured, Cedarknoll Health Facilities, Series B, 7.50%, 08/01/20 ... 1,686,605
4,500,000 Insured, Clinicas Del Camino, Series A, 6.55%, 05/01/25 ............ 4,521,420
2,700,000 Insured, Episcopal Homes Foundation Project, Series A, 7.75%, 07/01/06 2,893,131
9,860,000 Insured, Episcopal Homes Foundation Project, Series A, 7.80%, 07/01/15 10,666,745
3,425,000 Insured, Episcopal Homes Foundation Project, Series A, 7.70%, 07/01/18 3,660,263
7,750,000 Insured, Episcopal Homes Foundation Project, Series B, 7.80%, 07/01/06 7,955,375
18,900,000 Insured, Episcopal Homes Foundation Project, Series B, 7.85%, 07/01/15 19,390,833
4,240,000 Insured, Feedback Foundation, Inc., Series A, 6.50%, 12/01/22 ...... 4,242,374
4,000,000 Insured, Lodi Memorial Hospital Association, Series A, 7.70%, 09/01/10 4,420,480
3,900,000 Insured, Marshall Hospital, Series A, 6.625%, 11/01/22 ............. 3,935,412
2,000,000 Insured, On Lok Senior Health Services, Series A, 6.40%, 12/01/12 .. 2,008,020
7,525,000 Insured, On Lok Senior Health Services, Series A, 6.50%, 12/01/22 .. 7,529,214
2,595,000 Insured, St. Paul's Episcopal Home, 6.50%, 09/01/14 ................ 2,641,451
3,000,000 Insured, San Diego Children's Hospital, MBIA Insured, 7.00%, 07/01/13 3,232,920
5,500,000 Insured, Small Facilities Loan, Health Facilities, Series A, 6.75%, 03/01/20 5,591,080
3,000,000 Insured, South Coast Medical Center, 7.25%, 07/01/15 ............... 3,155,850
5,000,000 Kaiser Permanente, Series A, 7.00%, 10/01/18 ....................... 5,321,900
8,870,000 Kaiser Permanente, Series A, 6.75%, 10/01/19 ....................... 9,264,005
11,000,000 Kaiser Permanente, Series A, 6.50%, 12/01/20 ....................... 11,238,150
11,880,000 Marin General Hospital, Series A, Pre-Refunded, 8.20%, 08/01/14 .... 12,952,051
5,000,000 Mills-Peninsula Hospital, Series A, Pre-Refunded, 7.75%, 01/15/05 .. 5,329,600
5,000,000 Mills-Peninsula Hospital, Series A, Pre-Refunded, 7.875%, 01/15/12 . 5,337,350
3,500,000 Pomona Valley Community Hospital, Series A, 7.00%, 01/01/17 ........ 3,532,550
14,000,000 Pomona Valley Hospital Medical Center, 7.375%, 01/01/14 ............ 14,698,600
4,000,000 Refunding, Catholic Healthcare West, Series A, AMBAC Insured, 5.75%,
07/01/15........................................................... 3,866,840
2,000,000 Refunding, Cedars Sinai Medical Center, Pre-Refunded, 7.00%, 11/01/15 2,266,180
13,920,000 Refunding, Hospital of the Good Samaritan, 6.90%, 09/01/07 ......... 15,085,522
71,050,000 Refunding, Hospital of the Good Samaritan, 7.00%, 09/01/21 ......... 73,746,348
California Health Facilities Financing Authority Revenue, (cont.)
$ 1,750,000 Refunding, Insured, AIDS Health Care Foundation, Series C, 6.25%,
09/01/17........................................................... $ 1,721,195
5,000,000 Refunding, Insured, Small Facilities Loan, Health Facilities, Series B,
7.50%, 04/01/22.................................................... 5,483,000
5,665,000 Refunding, Mills-Peninsula Hospital, Series A, Connie Lee Insured,
5.75%, 01/15/15 ................................................... 5,428,996
8,250,000 Refunding, San Diego Hospital Association, Series A, MBIA Insured,
6.20%, 08/01/20 ................................................... 8,310,308
7,000,000 Refunding, St. Francis Medical Center, Series H, AMBAC Insured, 6.35%,
10/01/23 .......................................................... 7,153,230
21,145,000 San Diego Hospital Association, Series A, 6.95%, 10/01/21 .......... 22,146,004
18,485,000 San Diego Hospital Association, Series B, Pre-Refunded, 8.25%, 08/01/18 20,186,359
4,730,000 S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 ..... 4,984,711
9,725,000 Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 9,914,638
3,500,000 Sisters of Providence Project, Pre-Refunded, 8.375%, 10/01/07 ...... 3,849,335
1,375,000 St. Elizabeth Hospital Project, Health Facilities, 6.30%, 11/15/15 . 1,387,196
7,500,000 Sutter Health, Series A, 6.70%, 01/01/13 ........................... 7,715,775
1,275,000 Unihealth America, Series A, AMBAC Insured, 7.625%, 10/01/15 ....... 1,385,581
3,225,000 Walden House, State Guaranteed, 6.85%, 03/01/22 .................... 3,299,046
11,250,000 California HFA, SFM, Purchase Issue A-2, Refunding, 6.45%, 08/01/25 ..... 11,432,700
California HFAR,
6,675,000 Home Mortgage, Series 1986-B, 6.90%, 08/01/16 ...................... 6,812,572
440,000 Home Mortgage, Series 1988-A, 8.125%, 08/01/19 ..................... 459,848
13,620,000 Home Mortgage, Series 1988-B, 8.60%, 08/01/19 ...................... 14,330,964
3,815,000 Home Mortgage, Series 1988-C, 8.30%, 08/01/19 ...................... 3,972,331
20,290,000 Home Mortgage, Series 1988-E, 8.35%, 08/01/19 ...................... 21,004,614
2,295,000 Home Mortgage, Series 1988-F, 7.875%, 08/01/19 ..................... 2,356,460
13,045,000 Home Mortgage, Series 1988-G, 8.15%, 08/01/19 ...................... 13,473,137
2,635,000 Home Mortgage, Series 1989-A, 7.75%, 08/01/17 ...................... 2,758,898
7,610,000 Home Mortgage, Series 1989-B, 7.90%, 08/01/09 ...................... 7,976,193
44,505,000 Home Mortgage, Series 1989-B, 8.00%, 08/01/29 ...................... 46,558,461
6,815,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/20 ...................... 7,107,023
30,250,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/29 ...................... 31,544,700
18,760,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/23 ...................... 19,595,946
7,650,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/29 ...................... 7,990,884
7,645,000 Home Mortgage, Series 1989-G, 7.55%, 08/01/23 ...................... 7,970,524
22,830,000 Home Mortgage, Series 1990-A, 7.70%, 08/01/30 ...................... 23,976,066
60,145,000 Home Mortgage, Series 1990-C, 7.60%, 08/01/30 ...................... 62,962,192
3,880,000 Home Mortgage, Series 1990-D, 7.75%, 08/01/10 ...................... 4,102,052
California HFAR, (cont.)
$ 820,000 Home Mortgage, Series 1990-D, 7.875%, 08/01/31 ..................... $ 869,233
3,100,000 Home Mortgage, Series 1991-D, 7.25%, 08/01/17 ...................... 3,271,523
895,000 Home Mortgage, Series 1991-F, 6.75%, 08/01/11 ...................... 945,469
4,400,000 Home Mortgage, Series 1991-G, 7.05%, 08/01/27 ...................... 4,578,816
6,885,000 Home Mortgage, Series 1994-A, 6.55%, 08/01/26 ...................... 7,099,537
9,150,000 Home Mortgage, Series 1994-E, 6.70%, 08/01/25 ...................... 9,442,068
3,380,000 Home Mortgage, Series F-1, 6.875%, 08/01/15 ........................ 3,563,264
20,950,000 Home Mortgage, Series F-1, 7.00%, 08/01/26 ......................... 21,880,390
465,000 Home Mortgage, SF, Series A, 10.25%, 02/01/14 ...................... 470,785
170,000 Home Mortgage, SF, Series B, 10.625%, 02/01/14 ..................... 170,755
2,340,000 Housing Revenue, Series 1985-B, MBIA Insured, 8.625%, 08/01/15 ..... 2,400,512
9,025,000 Housing Revenue, Series 1989-A, MBIA Insured, 7.65%, 08/01/24 ...... 9,440,421
4,365,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.625%, 08/01/14 ..... 4,586,393
11,855,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.75%, 08/01/26 ...... 12,477,150
11,345,000 Housing Revenue, Series 1994-F, MBIA Insured, 6.90%, 08/01/26 ...... 11,935,734
2,465,000 Multi-Unit Rental Housing, Series A, 6.875%, 02/01/22 .............. 2,468,426
California PCFA, PCR,
1,900,000 Gilton Project, 7.60%, 09/15/04 .................................... 1,964,106
1,750,000 Pacific Gas & Electric Co., Series A, 6.625%, 06/01/09 ............. 1,858,010
6,500,000 Pacific Gas & Electric Co., Series A, 7.50%, 05/01/16 .............. 6,745,115
134,770,000 Pacific Gas & Electric Co., Series B, 8.875%, 01/01/10 ............. 148,996,321
3,500,000 San Diego Gas & Electric Co., Series A, MBIA Insured, 5.85%, 06/01/21 3,347,645
2,500,000 Small Business, Desert Valley, Series A, 7.625%, 10/01/00 .......... 2,570,025
2,510,000 Southern California Edison Co., 6.90%, 12/01/17 .................... 2,648,803
29,000,000 Southern California Edison Co., Series B, 6.40%, 12/01/24 .......... 29,316,680
12,120,000 Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 12,465,056
17,205,000 California PCFA Revenue, Solid Waste Disposal, Keller Canyon Landfill Co.
Project, 6.875%, 11/01/27 .............................................. 17,891,652
California Public Capital Improvements Financing Authority Revenue,
29,270,000 Pooled Projects, Joint Powers Agency, Series E, 8.375%, 03/01/03 ... 31,551,889
65,910,000 Pooled Projects, Series A, 8.40%, 03/01/08 ......................... 70,422,858
121,300,000 Pooled Projects, Series A, 8.50%, 03/01/18 ......................... 129,619,967
California Special Districts Association Finance Corp., COP,
970,000 Series F, 8.10%, 09/01/10 .......................................... 1,004,086
1,630,000 Series H, 7.75%, 02/01/15 .......................................... 1,700,465
1,500,000 Series H, 7.80%, 02/01/21 .......................................... 1,564,785
1,440,000 Series N, 8.30%, 03/01/12 .......................................... 1,507,824
1,000,000 Series O, 7.40%, 03/01/17 .......................................... 1,033,190
California Special Districts Finance Authority, COP,
$ 19,940,000 Series A, 8.40%, 07/01/05 .......................................... $ 21,799,604
70,000,000 Series A, 8.50%, 07/01/18 .......................................... 75,598,600
California Special Districts Lease Financing Program, COP,
3,000,000 Series C, 7.90%, 04/01/14 .......................................... 3,081,450
1,100,000 Series E, 7.70%, 12/01/09 .......................................... 1,134,199
3,100,000 Series E, 7.75%, 12/01/19 .......................................... 3,176,973
2,000,000 California State Department of Transportation, COP, East Bay State Building,
Series A, 6.50%, 03/01/16 .............................................. 2,079,540
California State Department of Water Resources, Central Valley Project, Water
System Revenue,
40,070,000 Refunding, Series L, 5.875%, 12/01/25 .............................. 38,722,446
13,140,000 Series J-1, 6.00%, 12/01/20 ........................................ 13,054,327
28,875,000 Series J-2, 6.00%, 12/01/20 ........................................ 28,686,735
25,010,000 Series J-3, 6.00%, 12/01/20 ........................................ 24,846,935
13,035,000 Series K, 6.00%, 12/01/21 .......................................... 12,931,632
4,000,000 Series K, 6.40%, 12/01/26 .......................................... 4,069,680
California State GO,
26,490,000 MBIA Insured, 6.00%, 08/01/24 ...................................... 26,508,013
2,750,000 Series 1991, 6.30%, 02/01/04 ....................................... 2,979,075
2,500,000 Series 1991, 6.40%, 02/01/05 ....................................... 2,732,750
500,000 Series 1991, 6.40%, 02/01/06 ....................................... 549,520
13,625,000 Series 1991, 6.60%, 02/01/10 ....................................... 14,981,914
1,000,000 Series 1992, 6.25%, 09/01/12 ....................................... 1,050,220
5,000,000 Series 1992, FGIC Insured, 5.75%, 11/01/17 ......................... 4,883,700
5,000,000 Series 1992, FGIC Insured, 6.00%, 08/01/19 ......................... 5,003,400
7,000,000 Series 1994, 6.00%, 03/01/24 ....................................... 6,877,780
30,290,000 Series 1994, 6.00%, 05/01/24 ....................................... 29,760,228
21,920,000 Various Purpose, 5.50%, 04/01/15 ................................... 20,718,126
5,000,000 Various Purpose, 5.75%, 03/01/19 ................................... 4,795,050
5,430,000 Various Purpose, MBIA Insured, 6.00%, 10/01/21 ..................... 5,433,692
3,780,000 Various Purpose, Series 1991, 6.50%, 09/01/10 ...................... 4,128,592
California State GO, Veterans Bonds,
2,000,000 Series AX, 7.00%, 04/01/16 ......................................... 2,041,320
235,000 Series BA, 7.375%, 02/01/19 ........................................ 236,981
50,000,000 Series BD, BE, BF, 6.55%, 02/01/25 ................................. 50,423,500
11,500,000 Series BD, BE, BF, AMBAC Insured, 6.20%, 02/01/16 .................. 11,502,990
32,500,000 Series BD, BE, BF, AMBAC Insured, 6.375%, 02/01/27 ................. 32,660,225
California State Public Works, Board Lease Revenue,
$ 9,835,000 California Community Colleges, Series A, 6.75%, 09/01/11 ........... $ 10,287,017
5,000,000 California State University, Library Projects, Series A, 6.25%, 09/01/16 4,993,850
5,250,000 California State University, Various Projects, Series A, 6.30%, 10/01/04 5,654,985
6,815,000 California State University, Various Projects, Series A, 6.375%, 10/01/05 7,328,510
10,695,000 California State University, Various Projects, Series A, 6.50%, 10/01/06 11,476,911
8,610,000 California State University, Various Projects, Series A, 6.625%, 10/01/10 9,034,559
11,480,000 California State University, Various Projects, Series A, 6.375%, 10/01/14 11,720,850
23,130,000 California State University, Various Projects, Series A, 6.375%, 11/01/14 23,616,424
51,770,000 California State University, Various Projects, Series A, 6.70%, 10/01/17 53,858,402
2,150,000 California State University, Various Projects, Series A, 6.375%, 10/01/19 2,177,929
11,470,000 Department of Corrections, Calipatria State Prison, Imperial County,
Series A, 6.50%, 09/01/11 .......................................... 11,782,558
2,500,000 Department of Corrections, State Prison, Del Norte, Pre-Refunded,
6.625%, 09/01/09 .................................................. 2,663,275
5,000,000 Department of Justice Building, Series A, FSA Insured, 5.80%, 05/01/15 4,891,050
5,000,000 Department of Justice Building, Series A, FSA Insured, 5.625%, 05/01/20 4,735,750
7,725,000 Franchise Tax Board, Phases II, Series A, 6.25%, 09/01/11 .......... 7,815,537
3,515,000 Refunding, University of California, Various Projects, Series A,
Connie Lee Insured, 5.50%, 06/01/21 ............................... 3,209,019
18,560,000 Secretary of State, Series A, 6.75%, 12/01/12 ...................... 19,514,541
3,000,000 Southern California Veterans Home, Series A, 6.375%, 10/01/08 ...... 3,173,730
3,750,000 Southern California Veterans Home, Series A, 6.50%, 10/01/14 ....... 3,850,688
4,700,000 University of California, Various Projects, Series A, AMBAC Insured,
6.40%, 12/01/16.................................................... 4,867,320
7,415,000 University of California, Various Projects, Series B, 6.625%, 12/01/14 7,689,429
2,185,000 California State University Foundation Revenue, Hayward Auxiliary Organization,
MBIA Insured, 6.25%, 08/01/20 .......................................... 2,229,530
California Statewide CDA Revenue, COP,
23,530,000 Cedars Sinai Medical Center, 6.75%, 08/01/22 ....................... 24,325,785
5,365,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/15 ......... 5,285,759
3,775,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/20 ......... 3,689,459
4,755,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/25 ......... 4,677,161
7,860,000 Good Samaritan Health System, 6.50%, 05/01/24 ...................... 8,046,518
5,120,000 Insured, 7.25%, 12/01/22 ........................................... 5,466,880
2,590,000 Insured Health Facilities, AIDS Project, Series A, 6.25%, 08/01/22 . 2,511,186
2,765,000 Insured Health Facilities, Children's Campus, 6.375%, 09/01/12 ..... 2,771,304
3,000,000 Insured Health Facilities, Children's Campus, 6.50%, 09/01/22 ...... 3,011,820
9,600,000 Insured Health Facilities, Eskaton Properties, 6.75%, 05/01/21 ..... 9,793,056
California Statewide CDA Revenue, COP, (cont.)
$ 250,000 Refunding, Health Facilities, Barton Memorial Hospital, Series B, 6.40%,
12/01/05........................................................... $ 263,420
2,000,000 Refunding, Insured Hospital, Triad Health Care, 6.25%, 08/01/06 .... 2,010,700
77,480,000 Refunding, Insured Hospital, Triad Health Care, 6.50%, 08/01/22 .... 76,694,353
7,000,000 Refunding, Insured, Retirement Housing Foundation, 6.625%, 04/15/12 7,129,640
16,000,000 Refunding, Insured, Retirement Housing Foundation, 6.75%, 04/15/22 . 16,321,120
6,465,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.00%, 08/15/09 6,625,073
9,330,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.125%, 08/15/22 9,351,179
4,000,000 Refunding, Sutter Health Obligated Group, MBIA Insured, 5.50%, 08/15/23 3,684,960
7,065,000 Salk Institute, Connie Lee Insured, 6.20%, 07/01/24 ................ 7,045,289
8,395,000 St. Joseph Health System Group, 6.50%, 07/01/15 .................... 8,756,573
12,500,000 St. Joseph Health System Group, 6.625%, 07/01/21 ................... 13,110,500
19,520,000 Sutter Health Obligation Group, MBIA Insured, 5.50%, 08/15/22 ...... 18,126,077
4,000,000 California Statewide CDA, Lease Revenue, Refunding, Oakland Convention
Center Project, AMBAC Insured, 5.50%, 10/01/14 ......................... 3,801,160
4,615,000 California Statewide CDA, Water Revenue, Refunding, Series A, 6.10%, 07/01/21 4,608,493
California Statewide Community Development Corp., COP,
1,675,000 Insured, United Western Medical Centers, 6.80%, 12/01/09 ........... 1,751,481
23,100,000 Insured, United Western Medical Centers, 6.75%, 12/01/21 ........... 23,546,061
5,000,000 Insured, Villaview Community Hospital, 7.00%, 09/01/09 ............. 5,333,450
6,270,000 Pacific Homes, Series A, 6.00%, 04/01/17 ........................... 5,951,233
2,575,000 California Urban Waterfront Area Restoration, 7.40%, 10/01/20 ........... 2,723,114
5,125,000 Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 04/01/08 5,760,346
1,570,000 Cambria Community Services Sewer and Water District Revenue, Refunding,
BIG Insured, 7.40%, 05/01/15 ........................................... 1,713,325
940,000 Cambria Community Services, Sewer District Revenue, Refunding, BIG Insured,
7.40%, 05/01/15 ..................................................... 1,025,813
1,410,000 Campbell COP, Refunding, Civic Center Project, Series 1991, 6.75%, 10/01/17 1,448,451
5,615,000 Campbell Housing Facility Revenue, San Tomas Gardens Project, Series A,
6.625%, 10/20/34 ..................................................... 5,697,653
3,250,000 Campbell USD, Series A, MBIA Insured, 6.25%, 08/01/19 ................... 3,316,235
Camrosa Water District, COP, Water System Improvement Projects,
5,120,000 MBIA Insured, 6.00%, 01/15/20 ...................................... 5,061,376
2,365,000 Pre-Refunded, 7.15%, 07/15/11 ...................................... 2,680,846
2,800,000 Capistrano Bay Park and Recreation District, COP, Special Lease Finance,
Series Q, 6.35%, 08/01/12 .............................................. 2,768,332
$ 5,000,000 Capitola COP, Capitola Public Facilities Corp., 7.80%, 08/01/03 ......... $ 5,030,950
3,000,000 Carlsbad COP, Carlsbad Public Improvement Corp., 8.00%, 08/01/08 ........ 3,298,770
Carson RDA, Refunding, Project Area No. 1,
3,965,000 Series 1992, 6.375%, 10/01/12 ...................................... 3,922,456
1,565,000 Series 1992, 6.375%, 10/01/16 ...................................... 1,528,755
Castaic Lake Water Agency, COP, Water System Improvement Project,
11,540,000 Refunding, Series A, MBIA Insured, 6.125%, 08/01/15 ................ 11,661,516
5,345,000 c Refunding, Series A, MBIA Insured, 6.00%, 08/01/18 ................. 5,318,115
35,000,000 Series 1990, Pre-Refunded, 7.35%, 08/01/20 ......................... 40,008,850
1,000,000 Cathedral City RDA, Tax Allocation, Project No. 1, Series A, 7.40%, 08/01/19 1,017,090
Central Coast Water Authority Revenue, Water State Project, Regional Facilities,
10,000,000 Series 1992, AMBAC Insured, 6.50%, 10/01/14 ........................ 10,456,500
26,635,000 Series 1992, AMBAC Insured, 6.60%, 10/01/22 ........................ 28,130,555
5,800,000 Central San Joaquin Water Conservation District, COP, Series 1990, 7.65%,
12/01/18 ............................................................... 5,854,984
2,000,000 Central School District, San Bernardino County, Series A, 7.05%, 05/01/16 2,230,360
5,000,000 Chaffey Community College District, COP, 7.40%, 11/01/14 ................ 5,371,150
1,955,000 Chico Public Financing Authority Revenue, Southeast Chico Redevelopment
Project, Series A, FGIC Insured, 6.625%, 04/01/21 ...................... 2,048,996
Chico RDAR, COP, Insured Health Facilities,
4,110,000 Sierra Sunrise Lodge, 6.80%, 02/01/11 .............................. 4,257,796
2,800,000 Sierra Sunrise Lodge, 6.75%, 02/01/21 .............................. 2,841,552
9,980,000 Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%,
09/01/22................................................................ 10,205,648
Chino USD, COP,
2,570,000 Land Acquisition, Series G, BIG Insured, Pre-Refunded, 7.35%, 09/01/24 2,897,572
9,000,000 Refunding, Capital Construction Project, Series A, 8.00%, 09/01/04 . 9,572,490
5,000,000 Chula Vista RDA, COP, Capital Improvements Project, Series A, Pre-Refunded,
8.75%, 09/01/12 ..................................................... 5,516,750
16,435,000 Chula Vista RDA, Tax Allocation, Bayfront/Town Center, Pre-Refunded, 7.875%,
05/01/11................................................................ 17,142,855
Clayton 1915 Act, Limited Obligation, Oakhurst Country Club,
430,000 Contra Costa County, 8.10%, 09/02/01 ............................... 445,699
655,000 Contra Costa County, 8.20%, 09/02/02 ............................... 678,908
670,000 Contra Costa County, 8.25%, 09/02/03 ............................... 694,455
865,000 Contra Costa County, 8.30%, 09/02/04 ............................... 896,573
995,000 Contra Costa County, 8.30%, 09/02/05 ............................... 1,031,318
980,000 Contra Costa County, 8.35%, 09/02/06 ............................... 1,015,770
1,160,000 Contra Costa County, 8.35%, 09/02/07 ............................... 1,202,340
1,220,000 Contra Costa County, 8.375%, 09/02/08 .............................. 1,264,530
Clayton 1915 Act, Limited Obligation, Oakhurst Country Club, (cont.)
$ 1,305,000 Contra Costa County, 8.375%, 09/02/09 .............................. $ 1,352,633
135,000 Contra Costa County, 8.40%, 09/02/10 ............................... 139,928
1,320,000 Contra Costa County, 8.40%, 09/02/11 ............................... 1,368,180
1,655,000 Contra Costa County, 8.40%, 09/02/12 ............................... 1,715,408
1,835,000 Contra Costa County, 8.40%, 09/02/13 ............................... 1,901,978
6,435,000 Clayton Special Tax, CFD No. 90-1, 8.60%, 09/02/22 ...................... 6,530,753
3,000,000 Clovis CDA, Tax Allocation, 7.625%, 08/01/15 ............................ 3,085,050
2,670,000 Clovis COP, 7.20%, 08/01/11 ............................................. 2,779,550
1,750,000 Coachella RDA, Refunding, Tax Allocation, Project Area No. 4, Pre-Refunded,
8.45%, 09/01/20 ..................................................... 2,085,405
3,000,000 Coachella Valley COP, ID No. 71, Storm Water District, Flood Central Project,
6.75%, 10/01/12 ..................................................... 3,106,140
6,375,000 Coachella Valley USD, COP, 8.25%, 09/01/12 .............................. 6,810,094
8,120,000 Coalinga Public Financing Authority Revenue, Series B, 6.625%, 09/15/21 . 8,015,577
Coast Community College District, Refunding, COP, Coastline Community College,
1,360,000 Second Project, 7.90%, 02/01/99 .................................... 1,436,010
1,450,000 Second Project, 8.00%, 02/01/00 .................................... 1,531,911
1,595,000 Second Project, 8.05%, 02/01/01 .................................... 1,683,985
1,665,000 Second Project, 8.10%, 02/01/02 .................................... 1,757,840
1,860,000 Second Project, 8.10%, 02/01/03 .................................... 1,962,486
2,010,000 Second Project, 8.10%, 02/01/04 .................................... 2,119,424
Coastside County Water District, 1915 Act, Improvement Board,
940,000 Crystal Springs, AD No. 1, 7.00%, 09/02/02 ......................... 971,565
945,000 Crystal Springs, AD No. 1, 7.10%, 09/02/03 ......................... 976,733
930,000 Crystal Springs, AD No. 1, 7.15%, 09/02/04 ......................... 961,229
660,000 Crystal Springs, AD No. 1, 7.20%, 09/02/05 ......................... 682,163
655,000 Crystal Springs, AD No. 1, 7.25%, 09/02/06 ......................... 676,988
Colton Joint USD, Special Tax,
170,000 CFD No. 1, Southridge Village, 7.75%, 09/01/00 ..................... 171,149
185,000 CFD No. 1, Southridge Village, 7.75%, 09/01/01 ..................... 186,177
195,000 CFD No. 1, Southridge Village, 7.75%, 09/01/02 ..................... 196,160
215,000 CFD No. 1, Southridge Village, 7.75%, 09/01/03 ..................... 216,193
230,000 CFD No. 1, Southridge Village, 7.75%, 09/01/04 ..................... 231,185
250,000 CFD No. 1, Southridge Village, 7.75%, 09/01/05 ..................... 251,185
265,000 CFD No. 1, Southridge Village, 7.75%, 09/01/06 ..................... 266,150
285,000 CFD No. 1, Southridge Village, 7.75%, 09/01/07 ..................... 286,123
310,000 CFD No. 1, Southridge Village, 7.75%, 09/01/08 ..................... 311,097
335,000 CFD No. 1, Southridge Village, 7.75%, 09/01/09 ..................... 336,119
Colton Joint USD, Special Tax, (cont.)
$ 360,000 CFD No. 1, Southridge Village, 7.75%, 09/01/10 ..................... $ 361,130
390,000 CFD No. 1, Southridge Village, 7.75%, 09/01/11 ..................... 391,147
420,000 CFD No. 1, Southridge Village, 7.75%, 09/01/12 ..................... 421,147
450,000 CFD No. 1, Southridge Village, 7.75%, 09/01/13 ..................... 451,139
Colton Public Financing Authority Revenue, Tax Allocation,
5,855,000 Series A, 7.60%, 05/15/19 .......................................... 6,062,443
20,830,000 Series B, 7.60%, 05/15/19 .......................................... 21,568,007
4,100,000 Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 07/01/22 ..... 4,248,789
1,555,000 Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 02/01/18 ........ 1,579,647
31,825,000 Commerce of California Energy Authority Revenue, Refunding, Collateralized,
8.75%, 07/01/10 ..................................................... 36,054,861
Commerce RDA, Tax Allocation, Project Area No. 1,
1,000,000 Series 1988-A, 7.60%, 08/01/98 ..................................... 1,064,620
1,655,000 Series 1988-A, 7.70%, 08/01/99 ..................................... 1,792,679
1,420,000 Series 1988-A, 7.75%, 08/01/00 ..................................... 1,538,016
16,000,000 Series 1988-A, 8.00%, 08/01/10 ..................................... 17,257,920
18,240,000 Compton COP, Refunding, Tax Allocation, Convention Center Project, 8.00%,
08/01/16................................................................ 19,021,949
Compton CRDA, Tax Allocation,
7,375,000 Series 1, CGIC Insured, 6.75%, 08/01/13 ............................ 7,187,896
13,000,000 Walnut Industrial Park, Series 1985, AMBAC Insured, Pre-Refunded,
10.20%, 08/01/09 .................................................. 16,008,590
Compton Public Finance Authority Revenue,
1,075,000 Rosecrans Redevelopment Project Area No. 1, Series B, Pre-Refunded,
9.25%, 02/01/01.................................................... 1,191,648
25,165,000 Walnut Industrial Park Project, Series A, Pre-Refunded, 9.30%, 08/01/13 27,865,708
Compton Sewer Revenue,
1,405,000 Series 1993, 6.60%, 07/01/12 ....................................... 1,421,705
4,535,000 Series 1993, 6.75%, 07/01/23 ....................................... 4,621,165
5,895,000 Concord RDA, Refunding, Tax Allocation, Central Concord Redevelopment
Project, Sub-Series A, 6.00%, 07/01/19 ................................. 5,426,819
Contra Costa County, COP,
11,740,000 Merrithew Memorial Hospital, 6.60%, 11/01/12 ....................... 12,218,288
49,500,000 Merrithew Memorial Hospital, 6.625%, 11/01/22 ...................... 50,939,955
4,500,000 Series 1994, 6.50%, 08/01/24 ....................................... 4,548,195
5,930,000 Contra Costa County MFHR, Refunding, Byron Park Project, Series C,
GNMA Secured, 6.40%, 01/20/31 .......................................... 6,001,634
Contra Costa Transportation Authority Revenue, Sales Tax,
$ 13,900,000 Series A, ETM 03/01/05, 6.875%, 03/01/07 ........................... $ 15,691,710
1,000,000 Series A, FGIC Insured, ETM 03/01/09, 6.50%, 03/01/09 .............. 1,113,050
1,465,000 Corcoran Hospital District Revenue, Series A, 6.55%, 07/01/12 ........... 1,479,342
Corcoran Joint Powers Finance Authority Revenue, Tax Allocation,
1,250,000 Corcoran Industrial Sector Redevelopment Project, 8.75%, 12/01/11 .. 1,282,238
840,000 Corcoran Industrial Sector Redevelopment Project, 8.75%, 12/01/12 .. 861,664
Corona 1915 Act,
760,000 AD No. 79-2, Northeast Area, Series B, 7.625%, 09/02/98 ............ 784,708
815,000 AD No. 79-2, Northeast Area, Series B, 7.75%, 09/02/99 ............. 842,645
875,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/00 ............. 903,936
945,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/01 ............. 975,864
1,015,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/02 ............. 1,047,927
1,090,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/03 ............. 1,124,913
1,180,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/04 ............. 1,217,300
1,475,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/99 ..................... 1,527,082
1,590,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/00 ..................... 1,644,807
1,715,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/01 ..................... 1,773,413
1,850,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/02 ..................... 1,912,234
1,995,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/03 ..................... 2,061,294
2,160,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/04 ..................... 2,230,870
23,500,000 Corona CFD No. 90-1, Special Tax, Series A, 8.40%, 09/01/20 ............. 23,088,280
Corona COP,
15,000,000 Corona Community Hospital Project, Pre-Refunded, 9.425%, 09/01/20 .. 20,467,800
5,765,000 Public Improvement Corp., Waste Water Treatment Facility, 7.625%,
08/01/16........................................................... 5,919,214
22,325,000 Refunding, Vista Hospital System, Series C, 9.50%, 07/01/20 ........ 23,536,578
3,000,000 Corona RDA, Tax Allocation, Refunding, Redevelopment Project Area A,
Series A, FGIC Insured, 6.25%, 09/01/16 ................................ 3,061,590
130,000 Corona RDAR, SFRMR, 10.20%, 02/01/17 .................................... 132,270
24,125,000 Corona-Norco USD, Lease Revenue, Land Acquisition, Series A, FSA Insured,
6.00%, 04/15/29 ..................................................... 23,646,601
Corona-Norco USD, Special Tax,
4,490,000 CFD No. 6, 8.00%, 10/01/12 ......................................... 4,736,097
4,195,000 CFD No. 7, 9.30%, 11/01/07 ......................................... 4,546,331
5,195,000 CFD No. 88-1, 7.55%, 10/01/14 ...................................... 5,391,371
13,000,000 Coronado CDA, Tax Allocation, Coronado Community Development Project,
MBIA Insured, 6.30%, 09/01/22 .......................................... 13,209,040
6,000,000 Costa Mesa RDA, Refunding, Tax Allocation, Pre-Refunded, 8.00%, 02/01/17 6,199,800
17,345,000 Covina CDA, Tax Allocation, Covina Revitalization No. 1, 9.75%, 11/01/09 18,983,582
$ 2,100,000 CSAC Finance Corp., COP, Sutter County, Health Facilities Program, 7.80%,
01/01/21 ............................................................... $ 2,107,266
1,750,000 Cucamonga School District, COP, 7.60%, 12/01/15 ......................... 1,861,563
Culver City Redevelopment Finance Authority Revenue, Subordinated Lien
Project Loans,
1,630,000 Series B, AMBAC Insured, 7.50%, 12/01/08 ........................... 1,818,102
7,955,000 Series B, AMBAC Insured, 7.60%, 12/01/15 ........................... 8,854,870
3,370,000 Series B, Pre-Refunded, 7.50%, 12/01/08 ............................ 3,839,744
16,445,000 Series B, Pre-Refunded, 7.60%, 12/01/15 ............................ 18,799,266
Cupertino COP,
4,110,000 Memorial Park Expansion Project, Bank Qualified, Pre-Refunded, 7.25%,
07/01/10........................................................... 4,672,865
11,750,000 Refunding, Series A, 5.75%, 01/01/16 ............................... 11,066,268
3,535,000 Refunding, Series B, 6.25%, 07/01/10 ............................... 3,577,243
3,440,000 Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%, 08/01/17 3,081,483
Davis RDA, Tax Allocation,
2,490,000 Davis Redevelopment Project, Pre-Refunded, 7.35%, 09/01/11 ......... 2,746,619
3,510,000 Davis Redevelopment Project, Pre-Refunded, 7.40%, 09/01/12 ......... 3,876,479
2,900,000 Delano CRDA, Tax Allocation, Delano Redevelopment Project Area No. 1,
Notes, 7.25%, 03/01/98 ................................................. 2,938,019
Desert Hot Springs RDA, Refunding, Tax Allocation, Redevelopment Project No. 1,
2,190,000 Series A, Pre-Refunded, 7.90%, 07/15/07 ............................ 2,374,004
1,625,000 Series B, Pre-Refunded, 8.00%, 07/15/12 ............................ 1,763,418
2,120,000 Desert Hot Springs RDA, Tax Allocation, Redevelopment Project No. 2,
Series A, 6.625%, 09/01/20 ............................................. 2,095,620
20,000,000 Desert Sands USD, COP, Measure `O' Project, Series B, Pre-Refunded, 7.30%,
03/01/04................................................................ 20,681,600
5,370,000 Duarte COP, City Civic Center, Refunding, 7.00%, 06/15/22 ............... 5,520,414
Duarte RDA, Refunding, Tax Allocation,
13,085,000 Davis Addition Project, 8.375%, 06/01/17 ........................... 13,997,417
2,045,000 Las Lomas Redevelopment Project, 8.00%, 08/01/07 ................... 2,120,317
9,515,000 Dublin, COP, Refunding, Civic Center Project, Pre-Refunded, 7.875%, 02/01/10 10,378,486
East Bay MUD Revenue, Water System,
20,800,000 AMBAC Insured, 6.50%, 06/01/24 ..................................... 21,875,776
15,100,000 Refunding, Series 1992, 6.00%, 06/01/20 ............................ 15,108,607
13,905,000 Series 1986-D, Pre-Refunded, 7.50%, 03/01/12 ....................... 14,458,558
15,000,000 Series 1990, MBIA Insured, Pre-Refunded, 7.50%, 06/01/18 ........... 17,217,150
1,000,000 East Bay MUD, Special District, Series D, Pre-Refunded, 7.00%, 04/01/16 . 1,040,220
$ 1,600,000 East Bay MUD, Waste Water Treatment System Revenue, AMBAC Insured,
6.375%, 06/01/21 ..................................................... $ 1,654,768
East Bay Regional Park District,
1,220,000 Series 1989, 6.25%, 09/01/13 ....................................... 1,245,217
3,390,000 Series C, FGIC Insured, 6.00%, 09/01/20 ............................ 3,372,406
Eastern Municipal Water District Revenue, Water and Sewer, COP,
16,055,000 Refunding, Series A, 6.90%, 07/01/23 ............................... 16,330,825
7,975,000 Refunding, Series A, FGIC Insured, 6.30%, 07/01/20 ................. 8,100,766
3,500,000 Series 1991, 6.00%, 07/01/23 ....................................... 3,501,750
3,750,000 Series 1991, MBIA Insured, 6.00%, 07/01/23 ......................... 3,729,488
10,975,000 Eden Township Hospital District Revenue, COP, Insured Health Facility,
Eden Hospital Health Services Corp., Pre-Refunded, 7.80%, 07/01/18 ..... 12,182,909
1,500,000 El Camino Hospital District Revenue, Crossover Refunding, COP, Series A,
8.50%, 09/01/17 ..................................................... 1,636,005
8,945,000 El Camino Hospital District Revenue, Refunding, Series A, 7.25%, 08/15/09 9,831,718
5,500,000 El Dorado County Board Authority Lease Revenue, Capital Facilities Project,
7.40%, 11/01/09 ..................................................... 5,976,685
3,390,000 El Dorado Union High School District, COP, Capital Projects, 6.30%, 08/01/12 3,419,256
2,595,000 El Monte Public Financing Authority Revenue, Tax Allocation, Downtown
El Monte Redevelopment Project, Series A, 6.35%, 12/01/23 .............. 2,474,021
Elsinore Valley Municipal Water District, COP,
2,590,000 Refunding, Series A, FGIC Insured, 5.75%, 07/01/19 ................. 2,511,497
330,000 Series A, 8.20%, 08/01/06 .......................................... 338,270
10,000,000 Series A, BIG Insured, Pre-Refunded, 7.30%, 08/01/19 ............... 11,008,800
6,085,000 Emeryville Public Financing Authority Revenue, Incremental Lien, 6.20%,
09/01/25................................................................ 5,923,261
Emeryville Public Financing Authority Revenue, Subordinated Lien, Emeryville
Redevelopment,
1,730,000 Series A, Pre-Refunded, 8.00%, 02/01/08 ............................ 1,840,910
6,000,000 Series A, Pre-Refunded, 8.10%, 02/01/17 ............................ 6,429,300
3,620,000 Series A, Pre-Refunded, 8.10%, 02/01/18 ............................ 3,879,011
1,165,000 Empire Union School District, COP, Garst School Supplies Financing Project,
6.75%, 12/01/17 ..................................................... 1,200,148
2,700,000 Empire Union School District, Refunding, Special Tax, CFD No. 1989-1,
Series A, MBIA Insured, 6.50%, 10/01/17 ................................ 2,823,255
5,000,000 Encina Financing Authority Revenue, Joint Powers Waste Water, Phase IV,
Expansion Project, Series A, AMBAC Insured, 6.50%, 08/01/14 ............ 5,172,850
Escondido COP,
1,000,000 Escondido Mobile Home Park, 7.25%, 03/01/07 ........................ 1,041,080
4,910,000 Escondido Mobile Home Park, 7.40%, 03/01/21 ........................ 5,073,012
$ 2,375,000 Eureka Public Financing Authority Revenue, Tax Allocation, Eureka
Redevelopment Projects, CGIC Insured, Pre-Refunded, 7.40%, 11/01/13 .... $ 2,630,859
1,205,000 Fairfield 1915 Act, Green Valley Road/Mangels Boulevard, 8.00%, 09/02/11 1,242,114
450,000 Fairfield 1915 Act, North Cordelia, ID, 8.00%, 09/02/11 ................. 463,860
Fairfield Public Financing Authority Revenue, Fairfield Redevelopment Project,
2,145,000 Series A, 7.80%, 08/01/19 .......................................... 2,221,491
19,115,000 Series A, Pre-Refunded, 7.80%, 08/01/19 ............................ 20,717,410
Fairfield RDA, Tax Allocation,
4,045,000 Highway 12 Redevelopment Project, Pre-Refunded, 8.00%, 10/01/10 .... 4,283,412
4,045,000 Highway 12 Redevelopment Project, Pre-Refunded, 8.50%, 10/01/16 .... 4,302,909
2,120,000 Highway 12 Redevelopment Project, Pre-Refunded, 9.00%, 10/01/18 .... 2,265,390
1,960,000 Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 ................. 2,104,315
6,000,000 Fallbrook Union High School District, San Diego County, Series A,
MBIA Insured, 6.25%, 09/01/19 .......................................... 6,123,180
2,590,000 Fillmore COP, Water System Improvement Project, AMBAC Insured, 7.70%,
05/01/19 ............................................................... 3,048,793
Folsom Public Financing Authority Revenue,
3,000,000 Local Agency, 7.25%, 10/01/10 ...................................... 3,112,860
7,590,000 Local Agency, 8.00%, 10/01/18 ...................................... 7,866,200
Folsom Special Tax,
2,000,000 CFD No. 1, Willow Creek, 8.25%, 12/01/06 ........................... 2,108,520
3,910,000 CFD No. 2, 7.60%, 12/01/09 ......................................... 4,072,695
3,950,000 CFD No. 2, 7.70%, 12/01/19 ......................................... 3,995,504
4,000,000 Fontana COP, 1915 Act, Police Facilities Project, Pre-Refunded, 7.75%,
04/01/16 ............................................................... 4,155,720
Fontana Public Financing Authority Revenue, Tax Allocation, North Fontana
Redevelopment,
1,905,000 Series B, 6.30%, 01/15/24 .......................................... 1,785,804
2,000,000 Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 ......... 2,365,800
11,005,000 Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 ......... 13,076,471
Fontana RDA, Tax Allocation,
16,830,000 Refunding, Jurupa Hills Redevelopment Project, Pre-Refunded, Series A,
7.90%, 10/01/18 ................................................... 18,351,600
10,000,000 Refunding, Jurupa Hills Redevelopment Project, Series A, 7.10%,
10/01/23 ......................................................... 10,226,200
16,610,000 Subordinated, North Fontana, Redevelopment Project, Pre-Refunded,
8.00%, 09/01/18 ................................................... 18,624,129
31,750,000 Fontana Special Tax, CFD No. 2, Series B, 8.50%, 09/01/17 ............... 33,570,545
Foothill-De Anza Community College District, COP,
$ 1,690,000 Parking Structure Project, Pre-Refunded, 8.20%, 07/01/08 ........... $ 1,906,979
3,110,000 Parking Structure Project, Pre-Refunded, 8.25%, 07/01/18 ........... 3,513,274
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue,
Senior Lien,
51,500,000 Series A, 6.50%, 01/01/32 .......................................... 51,137,955
5,000,000 Series A, 6.00%, 01/01/34 .......................................... 4,634,900
2,120,000 Fort Bragg COP, Capital Improvement Authority, Pre-Refunded, 7.85%,
08/01/14 ............................................................... 2,361,616
2,015,000 Fort Bragg RDAR, Tax Allocation, Fort Bragg Redevelopment Project, Series A,
6.875%, 05/01/18 ..................................................... 2,029,568
2,000,000 Fortuna and Susanville Cities, COP, Series B, 7.375%, 09/01/17 .......... 2,076,860
4,640,000 Franklin McKinley School District, COP, Refunding, Series 1993, 6.625%,
05/01/16 ............................................................... 4,726,861
Fremont COP,
8,320,000 Series A, MBIA Insured, 5.90%, 08/01/25 ............................ 8,215,667
3,585,000 Series B, 6.10%, 08/01/25 .......................................... 3,374,310
6,035,000 Fremont COP, Park Facilities Corp., 6.75%, 08/01/11 ..................... 6,158,295
1,980,000 Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%,
08/01/06 ............................................................... 2,047,696
Fresno County COP,
240,000 American Avenue Landfill Project, ETM 11/01/96, 7.40%, 11/01/96 .... 248,878
255,000 American Avenue Landfill Project, ETM 11/01/97, 7.50%, 11/01/97 .... 272,065
275,000 American Avenue Landfill Project, ETM 11/01/98, 7.60%, 11/01/98 .... 301,279
295,000 American Avenue Landfill Project, ETM 11/01/99, 7.75%, 11/01/99 .... 332,657
320,000 American Avenue Landfill Project, ETM 11/01/00, 7.90%, 11/01/00 .... 370,429
345,000 American Avenue Landfill Project, ETM 11/01/01, 8.00%, 11/01/01 .... 407,938
7,185,000 American Avenue Landfill Project, Pre-Refunded, 8.25%, 11/01/13 .... 8,732,936
110,000 Fresno County HFR, Mortgage Loans, Series A, 12.50%, 09/15/12 ........... 111,531
2,470,000 Fresno County Office of Education, COP, Capital Outlay Financing Program,
Series C, 7.50%, 12/01/10 .............................................. 2,639,590
3,000,000 Fresno IDR, Refunding, Civic Center Square Project, 8.60%, 04/01/08 ..... 3,013,830
1,505,000 Fresno RDAR, Tax Allocation, Mariposa Redevelopment Project, Series A,
6.625%, 02/01/23 ..................................................... 1,477,790
7,065,000 Fresno USD, COP, Project Phase VI, Series A, 7.20%, 05/01/11 ............ 7,521,328
3,355,000 Fullerton Joint Union High School District, COP, Financing Project, Series 1992,
6.50%, 09/01/07 ..................................................... 3,379,324
6,015,000 Galt 1915 Act, Improvement Board, AD No. 92-1, 7.75%, 09/02/24 .......... 6,203,751
3,340,000 Galt COP, Waste Water Improvement, 7.80%, 09/01/10 ...................... 3,488,196
$ 3,520,000 Galt High and Elementary School, Joint Powers Facilities Authority Revenue,
Series A, 7.00%, 11/01/17 .............................................. $ 3,574,490
3,980,000 Galt Middle School, Joint Powers Authority, Special Tax, CFD No. 1, 8.00%,
09/01/15 ............................................................. 4,067,202
25,515,000 Glendale Memorial Hospital and Health Revenue, Refunding, Series A, 9.00%,
11/01/17 ............................................................. 26,778,503
7,250,000 Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 03/01/19 ............. 7,213,388
10,090,000 Golden Hills School District, COP, Capital Financing Project, Pre-Refunded,
7.75%, 03/01/18 ..................................................... 10,452,029
Goleta Sanitation and Water Districts, COP,
600,000 Series 1991, Pre-Refunded, 7.25%, 12/01/01 ......................... 663,132
1,000,000 Series 1991, Pre-Refunded, 7.30%, 12/01/02 ......................... 1,106,690
1,000,000 Series 1991, Pre-Refunded, 7.35%, 12/01/03 ......................... 1,108,150
1,280,000 Series 1991, Pre-Refunded, 7.35%, 12/01/04 ......................... 1,418,432
1,315,000 Series 1991, Pre-Refunded, 7.40%, 12/01/05 ......................... 1,459,137
1,475,000 Series 1991, Pre-Refunded, 7.40%, 12/01/06 ......................... 1,636,675
11,380,000 Series 1991, Pre-Refunded, 7.50%, 12/01/12 ......................... 12,660,705
2,945,000 Grand Terrace Public Financing Authority, Series A, 7.85%, 06/01/21 ..... 3,153,977
3,000,000 Grass Valley Insured, Hospital Revenue, Sierra Nevada Memorial Hospital,
7.25%, 04/01/19 ..................................................... 3,151,770
Hawaiian Gardens Public Finance Authority, Tax Allocation,
3,105,000 Redevelopment Project No. 1, Series A, Pre-Refunded, 7.15%, 12/01/17 3,627,851
9,375,000 Series 1988, Pre-Refunded, 7.90%, 12/01/13 ......................... 10,539,750
8,095,000 Hawaiian Gardens RDA, Refunding, Tax Allocation, Project No. 1, ETM
12/01/95, 8.00%, 12/01/10 .............................................. 9,173,416
5,000,000a,b,f Hawthorne CRDA, Special Tax, CFD No. 91-1, 8.25%, 10/01/14 .............. 3,993,750
2,250,000 Hawthorne CRDA, Tax Allocation, Hawthorne Redevelopment Project No. 2,
Pre-Refunded, 7.875%, 07/01/15 ......................................... 2,501,955
1,985,000 Hayward RDA, Tax Allocation, Downtown Hayward Redevelopment Project,
7.75%, 03/01/14 ..................................................... 2,060,232
4,000,000 Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 .............. 4,799,000
2,705,000 Hemet Valley Hospital District Revenue, COP, Hemacinto Community Corp.
Project, Series A, 7.75%, 05/01/19 ..................................... 2,735,107
Hemet Valley Hospital District Revenue, Moreno Valley Regional Medical Center,
3,625,000 Series A, 8.25%, 07/01/05 .......................................... 3,786,421
22,490,000 Series A, 8.50%, 07/01/18 .......................................... 23,323,929
Hercules, COP, Capital Improvements Project,
2,145,000 Series 1986, Pre-Refunded, 8.125%, 12/01/05 ........................ 2,246,716
5,190,000 Series 1986, Pre-Refunded, 8.25%, 06/01/15 ......................... 5,440,262
$ 4,000,000 Hesperia Public Financing Authority Revenue, Highway and Street
Improvement, Series A, 6 .10%, 10/01/10 ................................ $ 3,915,480
5,000,000 Hesperia Water District, COP, Refunding, Water Facilities Improvement Project,
FGIC Insured, 7 .15%, 06/01/26 ......................................... 5,547,750
Highland Special Tax, CFD No. 90-1,
2,000,000 Series A, 8.50%, 09/01/10 .......................................... 2,045,200
3,000,000 Series A, 8.60%, 09/01/15 .......................................... 3,067,980
Hollister RDA, Tax Allocation, Community Development Project,
2,000,000 Series 1989, 7.55%, 10/01/13 ....................................... 2,095,140
1,905,000 Series 1992-B, CGIC Insured, 6.625%, 10/01/07 ...................... 2,072,240
1,495,000 Series 1992-B, CGIC Insured, 6.75%, 10/01/13 ....................... 1,588,019
3,655,000 Huntington Beach, COP, Refunding, Emerald Cove Senior Citizens Housing
Project, 7.00%, 09/01/21 ................................................ 3,629,598
14,500,000 Huntington Beach, MFHR, Refunding, Huntington Breakers Project, 7.20%,
07/01/14 .............................................................. 15,127,270
Huntington Beach, Public Financing Authority Revenue, Huntington Beach
Redevelopment Projects,
2,630,000 Refunding, Series 1992, 7.00%, 08/01/24 ............................ 2,556,755
14,855,000 Series A, Pre-Refunded, 8.375%, 05/01/18 ........................... 16,608,187
5,500,000 Huntington Park IDA, IDR, Staff Development Co. Project, 10.00%, 12/01/97 5,548,620
4,930,000 Huntington Park Public Financing Authority, Lease Revenue, Series A, 7.875%,
09/01/19................................................................ 5,139,821
10,000,000 Huntington Park Public Financing Authority, Local Agency Revenue, Refunding,
Series A, MBIA Insured, 6.45%, 09/01/22 ................................ 10,363,800
11,665,000 Huntington Park RDA, Sales and Use Tax Revenue, Junior Lien, Tax Allocation,
Merged Project, Pre-Refunded, 8.00%, 01/01/22 .......................... 13,451,728
5,880,000 Huntington Park RDAR, Refunding, Tax Allocation, Huntington Park Industrial
Project, Pre-Refunded, 8.25%, 04/01/12 ................................. 6,122,197
21,010,000 Imperial Irrigation District, COP, Electric System Project, Series 1994, 6.00%,
11/01/08 20,801,581
Indio Public Financing Authority Revenue, Refunding, Tax Allocation,
255,000 Series 1992, 6.85%, 08/15/01 ....................................... 271,639
275,000 Series 1992, 6.95%, 08/15/02 ....................................... 294,429
300,000 Series 1992, 7.10%, 08/15/03 ....................................... 321,762
12,120,000 Series 1992, 7.30%, 08/15/22 ....................................... 12,500,689
11,380,000 Industry, COP, Refunding, 6.625%, 06/01/06 .............................. 12,229,858
2,095,000 Industry, IDA, Camco Chemical Project, Series A, 7.00%, 12/01/00 ........ 2,098,960
5,860,000 Industry, Urban Development Agency, Refunding, Tax Allocation, Transportation
District No. 3 Project, 6.90%, 11/01/07 ................................ 6,156,575
12,000,000 Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc., 6.75%, 05/01/13 12,255,360
$ 7,410,000 Inglewood Public Financing Authority Revenue, La Cinega Redevelopment
Project, Series A, AMBAC Insured, 6.00%, 05/01/16 ...................... $ 7,414,446
3,330,000 Inglewood RDA, Tax Allocation, Century Redevelopment Project, Series B,
Pre-Refunded, 7.875%, 09/01/18 ......................................... 3,515,747
2,990,000 Inglewood USD, COP, 7.375%, 10/01/05 .................................... 3,199,928
37,885,000 Intercommunity Hospital Financing Authority, COP, Solano County, 7.75%,
11/01/19................................................................ 38,593,828
Intermodal Container Transfer Facility, Joint Powers Authority Revenue,
Refunding,
9,640,000 Series A, 7.65%, 11/01/04 .......................................... 10,180,129
27,465,000 Series A, 7.70%, 11/01/14 .......................................... 29,003,040
1,470,000 Inyo County COP, Series 1990, 7.30%, 12/01/10 ........................... 1,523,949
Irvine Ranch Water District Revenue, Joint Powers Agency,
13,000,000 Local Pool, 7.80%, 02/15/08 ........................................ 13,714,870
228,390,000 Local Pool, 7.875%, 02/15/23 ....................................... 240,547,200
15,000,000 Local Pool, Issue II, 8.20%, 08/15/08 .............................. 16,185,750
253,995,000 Local Pool, Issue II, 8.25%, 08/15/23 .............................. 273,009,066
Irwindale CRDA, Tax Allocation,
1,630,000 Individual Development Project, 6.60%, 08/01/18 .................... 1,627,881
9,100,000 Individual Development Project, 6.625%, 08/01/26 ................... 9,092,902
Irwindale CDA, Sales and Use Tax Revenue,
2,000,000 City Industrial Development Project, Pre-Refunded, 7.875%, 05/01/01 2,085,560
7,255,000 City Industrial Development Project, Pre-Refunded, 8.00%, 05/01/11 . 7,569,142
1,950,000 Irwindale COP, Refunding, Municipal Facilities Project, 7.75%, 04/01/05 . 2,009,612
10,000,000 Irwindale Public Finance Authority, Special Tax, CFD No. 1, 8.50%, 11/01/20 10,634,700
1,760,000 John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 06/01/23 1,794,602
Jurupa Community Service District, COP, Waste Water Facility Project,
800,000 Series 1990, Pre-Refunded, 7.55%, 10/01/05 ......................... 887,536
510,000 Series 1990, Pre-Refunded, 7.55%, 10/01/06 ......................... 565,804
980,000 Series 1990, Pre-Refunded, 7.55%, 10/01/07 ......................... 1,087,232
2,000,000 Keppel Union School District, Special Tax, CFD No. 1-91, Series A, 7.40%,
09/01/16 ............................................................... 2,098,060
5,170,000 Kern County Housing Authority, RRMR, Series 1985-A, 9.875%, 09/01/08 .... 5,196,057
Kern County Housing Authority, SFMR,
260,000 Series A, GNMA Secured, 7.45%, 12/01/02 ............................ 266,170
580,000 Series A, GNMA Secured, 7.55%, 12/01/07 ............................ 611,094
840,000 Series A, GNMA Secured, 7.65%, 12/01/12 ............................ 855,994
3,840,000 Series A, GNMA Secured, 7.70%, 12/01/23 ............................ 3,928,896
835,000 Series A, GNMA Secured, 7.50%, 10/01/24 ............................ 844,895
Kings River Conservation District, Pine Flat Power Revenue, Refunding,
$ 5,000,000 Series D, 6.00%, 01/01/17 .......................................... $ 5,005,250
5,750,000 Series D, 5.50%, 01/01/20 .......................................... 5,398,503
3,000,000 La Habra COP, Park La Habra and Viewpark Projects, FSA Insured, 6.625%,
11/01/22 ............................................................... 3,121,050
4,335,000 La Mesa Parking Authority Lease Revenue, Refunding, Municipal Forwards,
AMBAC Insured, 6.00%, 10/01/07 ......................................... 4,571,431
2,960,000 La Mirada Public Financing Authority Revenue, Tax Allocation, Beach
Boulevard Redevelopment Project, Pre-Refunded, 7.75%, 08/15/19 ......... 3,145,503
La Mirada RDA, Special Tax, Civic Theater Project,
295,000 CFD No. 89-1, 7.90%, 10/01/01 ...................................... 314,623
315,000 CFD No. 89-1, 8.00%, 10/01/02 ...................................... 337,494
340,000 CFD No. 89-1, 8.00%, 10/01/03 ...................................... 362,787
12,725,000 CFD No. 89-1, 8.25%, 10/01/20 ...................................... 13,581,902
7,100,000 La Mirada RDA, Tax Allocation, Housing, Refunding, Series A, CGIC Insured,
5.875%, 08/15/25 ..................................................... 6,938,191
La Mirada RDA, Tax Allocation, Industrial and Commercial Redevelopment
Project,
630,000 Series 1985, Pre-Refunded, 8.90%, 11/15/10 ......................... 649,436
3,300,000 Series A, Pre-Refunded, 7.40%, 11/01/21 ............................ 3,806,814
1,915,000 Series B, Pre-Refunded, 6.75%, 08/15/11 ............................ 2,145,451
2,395,000 La Mirada SFMR, 7.65%, 04/01/24 ......................................... 2,529,216
La Palma Community Development Commission, Tax Allocation,
4,945,000 La Palma Community Development Project No. 1, 7.10%, 06/01/21 ...... 4,802,485
2,355,000 Refunding, La Palma Community Development Project No. 1, 6.10%,
06/01/22........................................................... 2,000,620
7,500,000 La Quinta RDA, Tax Allocation, Housing & Redevelopment Project,
Areas No. 1 & 2, MBIA Insured, 6.00%, 09/01/25 ......................... 7,458,150
1,500,000 La Quinta RDA, Tax Allocation, La Quinta Redevelopment Project,
Pre-Refunded, 8.00%, 09/01/12 .......................................... 1,679,700
La Verne COP,
3,500,000 RDA, Capital Improvement, Series 1987, Pre-Refunded, 8.375%,
06/01/17 .......................................................... 3,803,835
2,000,000 Series 1989, Pre-Refunded, 7.60%, 03/01/04 ......................... 2,031,160
4,000,000 Series 1989, Pre-Refunded, 7.70%, 03/01/09 ......................... 4,063,080
10,000,000 Lake Arrowhead Community Services District, COP, Refunding, FGIC Insured,
6.50%, 06/01/15 ..................................................... 10,466,800
5,150,000 Lake Elsinore USD, COP, Refunding, 6.90%, 02/01/20 ...................... 5,322,474
Lake Elsinore USD, Special Tax,
$ 4,825,000 CFD No. 88-1, 7.50%, 09/01/14 ...................................... $ 4,842,225
4,200,000 CFD No. 88-1, 8.25%, 09/01/16 ...................................... 4,412,940
6,705,000 Lakewood RDA, Refunding, Tax Allocation, Redevelopment Project No. 1,
Series A, CGIC Insured, 6.50%, 09/01/17 ................................ 6,961,332
4,155,000 Lancaster CFD No. 89-1,7.60%, 09/01/20 .................................. 3,739,500
Lancaster COP, Refunding, School District Project,
2,640,000 CGIC Insured, 6.95%, 03/01/12 ...................................... 2,916,065
3,555,000 CGIC Insured, 7.00%, 03/01/22 ...................................... 3,925,964
5,000 Lancaster RDA, RMR, Los Angeles County, Series 1983-A, 10.125%, 09/01/16 5,101
Lancaster RDA, Tax Allocation,
3,250,000 Lancaster Residential, Sub-Notes, 6.625%, 10/01/97 ................. 3,266,510
6,055,000 Refunding, Amargosa Redevelopment Project, MBIA Insured, 6.85%,
02/01/19 ......................................................... 6,419,874
4,250,000 School District Notes, Redevelopment Project No. 5, 6.90%, 10/01/97 4,292,160
Lassen County COP, Public Facility Project,
1,260,000 Series A, 7.50%, 11/01/04 .......................................... 1,350,455
1,840,000 Series A, 7.60%, 11/01/09 .......................................... 1,951,191
1,045,000 Series B, 7.50%, 11/01/04 .......................................... 1,120,021
1,050,000 Series B, 7.60%, 11/01/09 .......................................... 1,113,452
18,370,000 Lassen MUD, COP, Lassen District Electric System, 8.75%, 05/01/08 ....... 19,101,126
1,000,000 Lemon Grove CDA Revenue, Tax Allocation, Lemon Redevelopment Project,
6.90%, 08/01/20 ..................................................... 1,021,700
4,400,000 Lemoore Financing Authority Lease Revenue, Water and Waste Water System
Improvement Project, AMBAC Insured, 6.20%, 12/01/20 .................... 4,473,964
6,105,000 Lemoore RDA, Tax Allocation, Refunding, 6.85%, 08/01/25 ................. 6,169,347
2,745,000 Liberty Union High School District, Series A, CGIC Insured, 6.20%, 08/01/19 2,779,230
Lincoln USD, Special Tax,
3,000,000 CFD No. 1-A, AMBAC Insured, 6.90%, 09/01/21 ........................ 3,207,210
1,210,000 CFD No. 1-B, 7.20%, 09/01/21 ....................................... 1,297,060
Little Lake City School District, COP, Refunding,
280,000 Series A, 6.15%, 06/01/06 .......................................... 284,858
300,000 Series A, 6.20%, 06/01/07 .......................................... 304,371
315,000 Series A, 6.25%, 06/01/08 .......................................... 318,720
335,000 Series A, 6.25%, 06/01/09 .......................................... 337,134
355,000 Series A, 6.25%, 06/01/10 .......................................... 355,344
3,650,000 Local Government Finance Authority Revenue, Refunding, Santa Maria,
Series A, 7.50%, 08/01/19 .............................................. 4,119,609
15,000,000 Local Government Finance, Joint Powers Authority Revenue, Anaheim RDA,
Series A, Pre-Refunded, 8.20%, 09/01/15 ................................ 16,878,150
$ 9,850,000 Local Medical Facilities Financing Authority, COP, 7.55%, 03/01/20 ...... $ 10,529,355
Local Medical Facilities Financing Authority II, COP,
4,310,000 California Health Clinic Project, 7.55%, 11/01/20 .................. 4,634,672
3,030,000 California Health Clinic Project, Series B, 6.85%, 10/01/21 ........ 3,097,145
3,700,000 Local Medical Facilities Financing Authority III, COP, Insured Health Clinic
Projects, 6.90%, 07/02/22 .............................................. 3,879,894
4,750,000 Lodi USD, COP, Refunding, Educational Support Center, FSA Insured, 5.75%,
09/01/20 ............................................................... 4,543,993
11,525,000 Loma Linda Hospital Revenue, Refunding, Loma Linda University Medical
Center, Series A, AMBAC Insured, 6.55%, 12/01/18 ....................... 12,056,303
3,000,000 Long Beach COP, Airport Improvement Project, MBIA Insured, Pre-Refunded,
6.95%, 06/01/16 ..................................................... 3,322,980
Long Beach COP, Fleet Services Project,
7,715,000 Series A, 6.60%, 05/01/14 .......................................... 7,874,855
3,680,000 Series A, 6.00%, 05/01/17 .......................................... 3,567,355
2,500,000 Long Beach Health Care System Revenue, Sisters Charity Incarnate Word,
6.50%, 01/01/15 ..................................................... 2,569,300
3,645,000 Long Beach HMR, Series 1983-A, 9.60%, 11/01/14 .......................... 3,809,754
Long Beach RDA, Downtown Redevelopment Project,
3,080,000 Series B, Pre-Refunded, 8.20%, 11/01/05 ............................ 3,430,504
3,410,000 Series B, Pre-Refunded, 8.30%, 11/01/10 ............................ 3,806,276
3,735,000 Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%,
12/01/12 ............................................................... 3,791,660
5,400,000 Long Beach Water Revenue, Refunding, 6.25%, 05/01/24 .................... 5,500,008
Los Angeles Community College District, COP,
7,175,000 Capital Improvement Project, Series A, Pre-Refunded, 7.50%, 08/15/09 8,119,302
4,330,000 Refunding, Series A, CGIC Insured, 6.00%, 08/15/20 ................. 4,279,989
4,000,000 Series 1990, Pre-Refunded, 7.00%, 08/15/10 ......................... 4,524,760
Los Angeles COP,
3,405,000 Ararat Mission Hills Project, Series A, 7.25%, 06/01/21 ............ 3,590,266
5,335,000 Bay Harbor Hospital, Inc., 7.30%, 04/01/20 ......................... 5,618,502
6,000,000 Los Angeles County, Capital Asset Leasing Corp., Leasehold Revenue,
Refunding, AMBAC Insured, 6.00%, 12/01/16 .............................. 6,003,600
Los Angeles County COP,
3,250,000 Civic Center Heating and Refrigeration Plant, Pre-Refunded, 8.00%,
06/01/10 ......................................................... 3,612,863
34,995,000 Correctional Facilities Projects, MBIA Insured, 6.50%, 09/01/13 .... 36,290,165
11,560,000 Disney Parking Project, 5.50%, 09/01/21 ............................ 9,978,014
13,060,000 Disney Parking Project, 6.50%, 03/01/23 ............................ 12,959,830
1,000,000 Hospital Information System, Medical Center, 5.90%, 12/01/97 ....... 1,025,110
Los Angeles County COP, (cont.)
$ 15,545,000 Insured Health Clinic Program, Series A, 7.30%, 01/01/21 ........... $ 16,444,900
7,175,000 Insured Health Clinic Program, Series B, 7.05%, 08/01/21 ........... 7,453,175
1,295,000 Insured Health Clinic Program, Series C, 6.90%, 01/01/22 ........... 1,332,451
17,615,000 Marina del Rey, Series A, 6.50%, 07/01/08 .......................... 17,269,570
6,000,000 Multiple Capital Facilities Project III, 6.25%, 11/01/07 ........... 5,831,520
3,400,000 Refunding, Retirement Housing Foundation, 6.625%, 04/15/12 ......... 3,451,816
7,665,000 Refunding, Retirement Housing Foundation, 6.75%, 04/15/22 .......... 7,793,695
1,605,000 Refunding, Sheriffs Training Academy, Pre-Refunded, 7.75%, 07/01/06 1,682,602
1,500,000 Refunding, Sheriffs Training Academy, Pre-Refunded, 7.75%, 07/01/16 1,572,525
6,540,000 Series 1989, 7.00%, 06/01/09 ....................................... 6,804,674
1,000,000 Series 1992, 6.625%, 07/01/22 ...................................... 1,008,760
6,100,000 Los Angeles County MTA, Sales Tax Revenue, Refunding, Proposition A,
Series A, FGIC Insured, 5.00%, 07/01/21 ................................ 5,311,880
35,355,000 Los Angeles County Public Works, Financing Authority Revenue, Regional Park
and Open Space District, Series A, 6.00%, 10/01/15 ..................... 34,909,173
Los Angeles County, SFMR,
2,535,000 Issue 1986-A, GNMA Secured, 7.875%, 08/01/16 ....................... 2,623,624
3,885,000 Issue 1987-A, GNMA Secured, 8.00%, 03/01/17 ........................ 4,163,632
Los Angeles County, Special Tax, CFD No. 1,
230,000 Palmdale/Lancaster Waterworks, Series A, 8.00%, 09/01/06 ........... 238,045
4,350,000 Palmdale/Lancaster Waterworks, Series A, 8.125%, 09/01/18 .......... 4,524,348
Los Angeles County, Special Tax, CFD No. 2,
1,070,000 Rowland Heights Area, 7.90%, 09/01/08 .............................. 1,121,628
6,255,000 Rowland Heights Area, 8.00%, 09/01/18 .............................. 6,567,875
5,785,000 Los Angeles County, Special Tax, CFD No. 3, Series A, 7.60%, 09/01/14 ... 6,017,962
17,763,000 Los Angeles County Transportation Commission, Lease Revenue, FSA Insured,
7.375%, 12/15/06 ..................................................... 20,085,512
Los Angeles County Transportation Commission, Sales Tax Revenue,
26,410,000 Refunding, Series A, 7.40%, 07/01/09 ............................... 28,927,665
1,830,000 Refunding, Series A, 7.40%, 07/01/15 ............................... 2,004,454
8,240,000 Refunding, Series A, Pre-Refunded, 8.00%, 07/01/18 ................. 9,193,698
4,300,000 Refunding, Series B, 6.50%, 07/01/13 ............................... 4,447,189
5,000,000 Refunding, Series B, FGIC Insured, 6.50%, 07/01/13 ................. 5,202,600
26,095,000 Refunding, Series B, FGIC Insured, 5.75%, 07/01/18 ................. 25,162,887
6,695,000 Refunding, Series B, MBIA Insured, 5.75%, 07/01/18 ................. 6,455,855
1,200,000 Series A, FGIC Insured, 6.25%, 07/01/16 ............................ 1,201,656
1,355,000 Series A, Pre-Refunded, 7.60%, 07/01/06 ............................ 1,419,566
5,625,000 Series A, Pre-Refunded, 7.60%, 07/01/12 ............................ 5,893,031
15,000,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.25%, 07/01/13 15,363,150
Los Angeles County Transportation Commission, Sales Tax Revenue, (cont.)
$ 29,590,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.625%, 07/01/09 $ 32,130,597
55,780,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.00%, 07/01/23 55,474,883
Los Angeles CRDA, Financing Authority Revenue, Pooled Financing,
7,500,000 Beacon Normandie, Series B, 6.625%, 09/01/14 ....................... 7,275,600
5,000,000 Bunker Harbor, Series A, 6.375%, 09/01/14 .......................... 4,900,200
100,000 Los Angeles CRDA, Housing Revenue, Angelus Plaza Project,
FHA Mortgage Insured, 11.00%, 04/01/23 ................................. 101,063
17,245,000 Los Angeles CRDA, Tax Allocation, Refunding, Central Business District,
Series G, Refunding, Central Business District, Series G, 6.75%, 07/01/10 17,507,296
Los Angeles Department of Airport Revenue, Refunding,
28,750,000 Series B, 7.375%, 05/01/06 ......................................... 30,595,750
6,065,000 Series B, 7.40%, 05/01/10 .......................................... 6,428,900
Los Angeles Department of Water and Power Electric Plant Revenue,
33,125,000 Crossover Refunding, 5.875%, 09/01/30 .............................. 31,958,338
11,545,000 Crossover Refunding, FGIC Insured, 5.75%, 09/01/13 ................. 11,366,861
37,080,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/20 .... 41,303,041
7,775,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/25 .... 8,660,495
26,250,000 Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 09/01/23 ... 24,072,300
24,690,000 c Refunding, Second Issue, MBIA Insured, 5.25%, 11/15/26 ............. 22,124,215
8,245,000 Refunding, Series 1992, 6.375%, 02/01/20 ........................... 8,490,454
7,790,000 Refunding, Series 1992, 6.00%, 02/01/28 ............................ 7,604,598
11,060,000 Refunding, Series 1992, MBIA Insured, 6.00%, 02/01/28 .............. 10,918,874
36,555,000 Second Issue, 6.00%, 08/15/32 ...................................... 35,965,002
14,535,000 Series 1987, 7.60%, 07/15/27 ....................................... 15,712,190
22,800,000 Series 1988, 7.90%, 05/01/28 ....................................... 25,247,124
9,305,000 Series 1989, 7.375%, 02/01/29 ...................................... 10,251,784
4,875,000 Series 1990, 7.125%, 05/15/30 ...................................... 5,438,599
25,890,000 Series 1990, 7.25%, 09/15/30 ....................................... 29,307,480
26,450,000 Series 1990, 7.10%, 01/15/31 ....................................... 29,865,753
65,000,000 Series 1992, 6.75%, 04/01/32 ....................................... 72,952,750
86,170,000 Series 1993, 6.125%, 01/15/33 ...................................... 86,189,819
5,000,000 Series 1993, FGIC Insured, 6.125%, 01/15/33 ........................ 5,011,700
Los Angeles Department of Water and Power Waterworks Revenue,
10,520,000 Crossover Refunding, Series 1993, 5.80%, 04/15/24 .................. 10,081,737
11,100,000 FGIC Insured, 6.125%, 05/15/25 ..................................... 11,131,080
21,900,000 Refunding, 7.00%, 04/01/31 ......................................... 24,709,113
2,000,000 Refunding, Second Issue, 7.375%, 11/15/22 .......................... 2,124,400
21,590,000 Refunding, Series 1992, 6.40%, 05/15/28 ............................ 22,283,471
1,000,000 Second Issue, 6.50%, 11/01/14 ...................................... 1,051,580
Los Angeles Department of Water and Power Waterworks Revenue, (cont.)
$ 14,815,000 Second Issue, 6.40%, 11/01/31 ...................................... $ 15,303,599
15,590,000 Second Issue, 6.00%, 07/15/32 ...................................... 15,338,222
5,500,000 Second Issue, FGIC Insured, 6.40%, 11/01/31 ........................ 5,675,725
3,200,000 Second Issue, FGIC Insured, 6.00%, 07/15/32 ........................ 3,157,536
4,330,000 Second Issue, MBIA Insured, 6.00%, 07/15/32 ........................ 4,241,452
3,850,000 Series 1989, 7.20%, 02/15/19 ....................................... 4,262,643
3,500,000 Series 1992, 6.50%, 04/15/32 ....................................... 3,610,705
3,000,000 Series 1994, MBIA Insured, 6.375%, 07/01/34 ........................ 3,066,330
Los Angeles GO,
6,465,000 Series A, FGIC Insured, 6.10%, 09/01/12 ............................ 6,541,158
8,130,000 Series A, FGIC Insured, 6.125%, 09/01/13 ........................... 8,210,568
11,470,000 Series A, FGIC Insured, 6.30%, 09/01/15 ............................ 11,646,409
Los Angeles Health Facilities Revenue, COP, Insured, Keiro Nursing Home,
2,935,000 Series A, Pre-Refunded, 7.25%, 01/01/09 ............................ 3,046,735
5,935,000 Series A, Pre-Refunded, 7.35%, 01/01/19 ............................ 6,162,311
Los Angeles HMR,
255,000 Series 1982, 13.00%, 08/01/14 ...................................... 261,880
690,000 Series 1985, 9.00%, 06/15/18 ....................................... 700,516
3,000,000 Los Angeles Municipal Improvement Corp., Lease Revenue, Refunding,
Central Library Project, Series A, 6.30%, 06/01/18 ..................... 2,985,330
5,000,000 Los Angeles, Series A, MBIA Insured, 6.00%, 09/01/12 .................... 5,083,700
Los Angeles USD, COP, Refunding,
3,040,000 Dr. Francisco Bravo Medical, 6.50%, 06/01/04 ....................... 3,238,269
1,145,000 Dr. Francisco Bravo Medical, 6.60%, 06/01/05 ....................... 1,221,017
3,610,000 Dr. Francisco Bravo Medical, 6.60%, 06/01/06 ....................... 3,828,947
8,505,000 Dr. Francisco Bravo Medical, 6.625%, 06/01/08 ...................... 8,993,697
Los Angeles Waste Water System Revenue,
15,000,000 Refunding, Series A, FGIC Insured, 6.00%, 12/01/12 ................. 15,152,550
24,735,000 Refunding, Series A, MBIA Insured, 5.70%, 06/01/20 ................. 23,814,611
10,190,000 Refunding, Series A, MBIA Insured, 5.80%, 06/01/21 ................. 9,936,880
15,495,000 Refunding, Series C, 7.10%, 06/01/18 ............................... 17,008,087
4,000,000 Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 ................. 4,032,840
24,665,000 Series A, FGIC Insured, 6.00%, 12/01/18 ............................ 24,678,319
45,400,000 Series A, MBIA Insured, 5.875%, 06/01/24 ........................... 44,684,496
10,650,000 Series B, AMBAC Insured, 6.00%, 06/01/22 ........................... 10,656,071
7,440,000 Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 07/01/13 .... 7,233,317
Lynwood USD, COP,
520,000 Series 1986, Financing Project, 8.25%, 06/01/07 .................... 528,138
490,000 Series A, 7.70%, 11/01/07 .......................................... 506,307
Lynwood USD, COP,
$ 300,000 Series A, 7.70%, 11/01/08 .......................................... $ 309,825
1,140,000 Series A, 7.70%, 11/01/09 .......................................... 1,176,138
2,470,000 Madera-Chowchilla Power Authority, Hydroelectric Revenue, Refunding, 8.00%,
01/01/14................................................................ 2,651,644
18,000,000 Madera County COP, Valley Children's Hospital, MBIA Insured, 6.125%,
03/15/23................................................................ 18,124,200
1,250,000 Madera USD, COP, 6.50%, 12/01/07 ........................................ 1,305,050
2,330,000 Marin County COP, Capital Improvement Project, 6.625%, 08/01/06 ......... 2,533,036
Martinez USD, Refunding,
1,260,000 Series 1992, 6.00%, 08/01/06 ....................................... 1,296,049
1,265,000 Series 1992, 6.00%, 08/01/10 ....................................... 1,279,674
1,110,000 Marysville COP, Capital Improvement Financing Project, 7.125%, 02/01/13 . 1,138,161
7,345,000 Mayer's Memorial Hospital District, Health Facility Revenue, Fall River Mills,
IDBI Insured Pre-Refunded, 7.70%, 02/01/19 ............................. 8,225,739
6,310,000 Mendocino County COP, Refunding, BIG Insured, 7.40%, 08/15/06 ........... 6,917,905
Mendota and Parlier USD, COP,
1,025,000 Capital Outlay Financing Program, 7.50%, 01/01/11 .................. 1,053,926
795,000 Capital Outlay Financing Program, 7.55%, 01/01/17 .................. 815,940
3,475,000 Menlo Park CDA, MFHR, Gateway Project, Series A, FHA Insured, 8.25%,
12/01/28 ............................................................... 3,620,776
3,580,000 Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 3,582,399
Metropolitan Water District Revenue,
29,970,000 Refunding, Southern California Waterworks, 6.00%, 07/01/21 ......... 29,966,404
10,125,000 Refunding, Southern California Waterworks, 6.75%, 06/01/22 ......... 10,434,724
8,250,000 Southern California Waterworks, 6.625%, 07/01/12 ................... 8,825,768
41,660,000 Southern California Waterworks, 5.50%, 07/01/19 .................... 38,887,527
5,250,000 Southern California Waterworks, 5.00%, 07/01/20 .................... 4,558,943
Mid Peninsula Regional Open Space District,
1,215,000 Series 1990, 7.50%, 09/01/07 ....................................... 1,316,744
1,305,000 Series 1990, 7.50%, 09/01/08 ....................................... 1,409,504
1,400,000 Series 1990, 7.50%, 09/01/09 ....................................... 1,506,988
1,500,000 Series 1990, 7.50%, 09/01/10 ....................................... 1,611,900
Mid Peninsula Regional Open Space District, COP,
1,150,000 Series 1990, Pre-Refunded, 7.55%, 09/01/10 ......................... 1,302,548
5,000,000 Series 1990, Pre-Refunded, 7.60%, 09/01/20 ......................... 5,672,150
5,200,000 Special Districts Association Finance Corp., 5.75%, 09/01/20 ....... 4,892,160
2,750,000 Mill Valley Revenue, COP, 7.10%, 12/01/20 ............................... 2,868,443
1,625,000 Millbrae Elementary School District, COP, Green Hills School Project, 7.10%,
09/01/11 ............................................................... 1,631,403
$ 13,000,000 Modesto COP, Water System Improvement Project, AMBAC Insured, 6.25%,
10/01/22 ............................................................... $ 13,212,030
2,210,000 Modesto EDR, Evergreen Convalescent Home, FHA Mortgage Insured, 10.50%,
08/01/19 ............................................................... 2,307,527
Modesto Health Facility Revenue, Memorial Hospital Association,
3,800,000 Series A, MBIA Insured, 6.85%, 06/01/16 ............................ 4,033,852
6,800,000 Series A, Pre-Refunded, 7.875%, 08/01/18 ........................... 7,579,484
Modesto Irrigation District, COP,
12,120,000 Geysers Geothermal Power Project, Series 1986-A, 7.25%, 10/01/15 ... 12,488,690
10,000,000 Refunding and Capital Improvement Project, Series A, MBIA Insured,
6.00%, 10/01/21 .................................................. 9,947,800
3,000,000 Modesto Irrigation District, Financing Authority Revenue, Domestic Water
Project, Series A, AMBAC Insured, 6.125%, 09/01/19 ..................... 3,027,420
Mohave Water Agency ID,
5,500,000 MBIA Insured, 6.95%, 09/01/21 ...................................... 5,893,525
670,000 Morongo Basin, 6.20%, 09/01/01 ..................................... 701,242
545,000 Morongo Basin, 6.375%, 09/01/03 .................................... 573,427
5,295,000 Morongo Basin, 6.70%, 09/01/08 ..................................... 5,578,283
1,200,000 Morongo Basin, 6.60%, 09/01/13 ..................................... 1,231,812
3,100,000 Morongo Basin, 6.60%, 09/01/22 ..................................... 3,157,629
420,000 Montclair-Pomona HFA, RMR, Series A, 9.60%, 04/01/16 .................... 424,028
Montclair RDA, Tax Allocation,
1,645,000 Redevelopment Project No. IV, 6.90%, 10/01/22 ...................... 1,700,009
4,245,000 Redevelopment Project No. V, 6.90%, 10/01/22 ....................... 4,386,953
9,725,000 Montebello COP, Police Facilities Expansion Project, Pre-Refunded, 7.20%,
11/01/24 ............................................................... 11,106,923
1,505,000 Monterey Bay, Unified Air Pollution Control District, COP, 7.375%, 12/01/15 1,576,864
Monterey County COP, Natividad Medical Center, Improvement Project,
1,095,000 Series A, 6.10%, 08/01/23 .......................................... 1,060,727
5,170,000 Series B, MBIA Insured, 6.10%, 08/01/27 ............................ 5,172,637
3,500,000 Series C, MBIA Insured, 6.50%, 08/01/15 ............................ 3,664,430
13,250,000 Series C, MBIA Insured, 6.60%, 08/01/23 ............................ 13,983,918
13,385,000 Series C, MBIA Insured, 6.25%, 08/01/28 ............................ 13,562,217
7,265,000 Monterey County COP, Refunding, Sheriff's Facility Project, Series 1985,
USF & G Insured, Pre-Refunded, 7.875%, 12/01/17 ........................ 7,966,436
Monterey Hospital Revenue,
1,735,000 Monterey Peninsula Hospital Project, Series A, 7.375%, 07/01/14 .... 1,791,544
1,155,000 Refunding, Monterey Peninsula Hospital, Series B, 7.375%, 07/01/14 . 1,192,641
13,680,000 Monterey Park RDA, Tax Allocation, Refunding, Atlantic-Garvey Redevelopment
Project No. 1, 6.85%, 09/01/14 ......................................... 13,888,073
Moreno Valley USD, COP,
$ 10,000 Palm Middle School, ETM 09/01/01, 7.00%, 09/01/01 .................. $ 11,284
10,000 Palm Middle School, Pre-Refunded, 7.10%, 09/01/02 .................. 11,489
10,000 Palm Middle School, Pre-Refunded, 7.20%, 09/01/03 .................. 11,540
10,000 Palm Middle School, Pre-Refunded, 7.25%, 09/01/04 .................. 11,566
5,000 Palm Middle School, Pre-Refunded, 7.30%, 09/01/05 .................. 5,796
10,000 Palm Middle School, Pre-Refunded, 7.35%, 09/01/06 .................. 11,617
35,000 Palm Middle School, Pre-Refunded, 7.375%, 09/01/11 ................. 40,706
50,000 Palm Middle School, Pre-Refunded, 7.40%, 09/01/16 .................. 58,216
1,000,000 Refunding, Series 1992, ETM 02/01/99, 6.70%, 02/01/99 .............. 1,073,540
Moulton-Niguel Water District, Orange Water and Sewer Facilities,
10,000,000 ID No. 6, Series I, Pre-Refunded, 7.875%, 02/01/10 ................. 10,690,800
3,350,000 ID No. 6, Series I, Pre-Refunded, 8.00%, 05/01/13 .................. 3,611,066
5,000,000 Mount Diablo, USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 08/01/22 5,104,500
4,270,000 Mount Shasta Hospital Revenue, COP, Mercy Medical Center, Series A,
Pre-Refunded, 7.25%, 07/01/19 .......................................... 4,655,496
Mountain View Capital Improvements, Financing Authority Revenue,
3,110,000 City Hall, MBIA Insured, 6.25%, 08/01/12 ........................... 3,198,666
2,000,000 City Hall, MBIA Insured, 6.50%, 08/01/16 ........................... 2,081,740
10,000,000 Mountain View COP, Revitalization Authority, Pre-Refunded, 8.00%, 12/01/15 10,973,500
2,175,000 Mountain View-Los Altos UHSD, COP, Financing Project, 7.40%, 08/01/16 ... 2,238,271
Mountain View School District, COP, Santa Clara County,
1,010,000 Financing Project, 6.75%, 04/01/07 ................................. 1,039,835
1,430,000 Financing Project, 6.90%, 04/01/12 ................................. 1,463,491
M-S-R Public Power Agency Revenue, San Juan Project,
16,550,000 Series C, 6.875%, 07/01/19 ......................................... 16,866,436
5,000,000 Series C, AMBAC Insured, 6.875%, 07/01/19 .......................... 5,159,650
4,500,000 Series C, AMBAC Insured, 5.50%, 07/01/21 ........................... 4,184,145
8,490,000 Series E, MBIA Insured, 6.00%, 07/01/22 ............................ 8,444,239
6,250,000 Series F, AMBAC Insured, 6.00%, 07/01/20 ........................... 6,217,375
1,510,000 Murieta County Water District, Special Tax, CFD No. 88-1, 8.10%, 10/01/18 1,610,566
6,125,000 Napa Housing Facility Revenue, Napa Park Apartments, Series A, 6.35%, 06/20/35 6,144,294
2,000,000 Napa Mortgage Revenue, Refunding, Creekside II Apartments Project, Series A,
MBIA Insured, 6.625%, 07/01/25 ......................................... 2,042,140
1,580,000 Needles Public Financing Authority Revenue, Tax Allocation, Redevelopment
Project, Series A, 7.50%, 08/15/22 ..................................... 1,642,457
Nevada County COP, Jail and Government Center Project, Refunding,
4,185,000 FSA Insured, 5.80%, 10/01/14 ....................................... 4,072,382
6,275,000 FSA Insured, 5.875%, 10/01/19 ...................................... 6,105,889
$ 3,195,000 Nevada Irrigation District COP, Water System Improvement Project,
Pre-Refunded, 7.40%, 01/01/13 .......................................... $ 3,547,089
8,030,000 Nevada Power Authority Revenue, Refunding, Hydroelectric, Bowman Project,
7.50%, 05/01/13 ....................................................... 8,217,420
Norco RDA, Tax Allocation,
8,820,000 Redevelopment Project Area No. 1, Pre-Refunded, 8.10%, 03/01/18 .... 9,763,475
5,305,000 Redevelopment Project Area No. 1, Pre-Refunded, 8.10%, 03/01/19 .... 5,872,476
14,325,000 North West City, West School Facilities Financing Authority, Special Tax,
CFD No. 1, Series A, Pre-Refunded, 7.85%, 09/01/19 ..................... 16,378,346
Northern California Public Power Agency Revenue,
114,910,000 Hydroelectric Project No. 1, Series E, 7.15%, 07/01/24 ............. 120,441,767
38,780,000 Hydroelectric Project No. 1, Series F, 7.15%, 07/01/24 ............. 40,646,869
38,780,000 Hydroelectric Project No. 1, Series G, 7.15%, 07/01/24 ............. 40,646,869
83,715,000 Refunding, Hydroelectric Project No. 1, Series B-1, Pre-Refunded, 8.00%,
07/01/24 ......................................................... 91,909,024
60,945,000 Refunding, Hydroelectric Project No. 1, Series B-2, Pre-Refunded, 8.00%,
07/01/24........................................................... 66,910,297
7,625,000 Northern California Transmission Revenue, Ore Transmission Project, Series A,
MBIA Insured, 6.00%, 05/01/24 ......................................... 7,628,660
14,720,000 Norwalk Community Facilities Financing Authority Revenue, Tax Allocation,
Projects No. 1 & 2, Pre-Refunded, 8.00%, 12/01/19 ..................... 16,970,246
Novato Special Tax,
450,000 CFD No. 1, Pre-Refunded, 7.60%, 10/01/01 ........................... 499,865
4,565,000 CFD No. 1, Pre-Refunded, 8.65%, 10/01/11 ........................... 5,200,037
16,350,000 CFD No. 1, Pre-Refunded, 8.75%, 10/01/21 ........................... 18,669,902
1,720,000 Novato USD, COP, Capital Improvement Project, Series A, 6.70%, 10/01/12 . 1,723,079
Oakland Housing Finance Revenue,
300,000 Issue D-1, 6.80%, 01/01/99 ......................................... 311,580
320,000 Issue D-1, 6.80%, 07/01/99 ......................................... 326,666
335,000 Issue D-1, 6.875%, 01/01/00 ........................................ 342,852
340,000 Issue D-1, 6.875%, 07/01/00 ........................................ 341,649
355,000 Issue D-1, 6.95%, 01/01/01 ......................................... 355,717
1,115,000 Issue D-1, 6.95%, 07/01/01 ......................................... 1,117,442
4,540,000 Issue D-1, 7.10%, 01/01/10 ......................................... 4,621,311
365,000 Issue D-2, 6.95%, 07/01/01 ......................................... 365,799
2,725,000 Issue D-2, 7.10%, 01/01/10 ......................................... 2,797,976
5,800,000 Issue D-2, 7.15%, 01/01/24 ......................................... 5,867,338
Oakland Revenue, Refunding,
6,000,000 Series A, FGIC Insured, 7.60%, 08/01/21 ............................ 6,544,920
5,405,000 YMCA Project, Series 1990, 7.40%, 06/01/10 ......................... 5,783,188
$ 6,065,000 Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 ........ $ 6,731,786
4,205,000 Oceanside COP, La Salina Waste Water Treatment, Pre-Refunded, 7.00%,
05/01/21 .............................................................. 4,783,650
5,000,000 Oceanside COP, Refunding, Oceanside Civic Center Project, MBIA Insured,
5.75%, 08/01/15 . ................................................... 4,889,700
Oceanside COP, Refunding,
4,435,000 Series A, 6.375%, 04/01/12 ......................................... 4,445,866
9,000,000 Series A, 6.625%, 04/01/23 ......................................... 9,005,580
2,000,000 Oceanside COP, Water Use Association Finance Program, Series A,
AMBAC Insured, 6.40%, 10/01/12 ......................................... 2,091,680
1,900,000 Ontario Montclair School District, COP, Series A, 7.50%, 10/01/12 ....... 1,967,374
Orange County Airport Revenue, GO, John Wayne International Airport,
10,505,000 Series 1987, 8.10%, 07/01/07 ....................................... 10,879,398
32,910,000 Series 1987, 8.125%, 07/01/16 ...................................... 34,068,761
4,495,000 Series 1987, Pre-Refunded, 8.10%, 07/01/07 ......................... 4,867,231
14,090,000 Series 1987, Pre-Refunded, 8.125%, 07/01/16 ........................ 15,262,570
Orange County COP,
4,500,000 Civic Center Expansion Project, AMBAC Insured, 6.00%, 08/01/21 ..... 4,389,975
13,800,000 Juvenile Justice Center Project, Pre-Refunded, 7.50%, 06/01/09 ..... 15,515,202
16,500,000 Juvenile Justice Center Project, Pre-Refunded, 7.625%, 06/01/19 .... 18,619,920
2,375,000 Loma Ridge/Data Center Project, AMBAC Insured, 6.00%, 06/01/21 ..... 2,317,098
3,250,000 Public Facilities Corp., 7.875%, 12/01/13 .......................... 3,281,948
5,000,000 Refunding, Juvenile Justice Center Facilities, AMBAC Insured, 6.375%,
06/01/11 .......................................................... 5,094,250
Orange County Financing Authority Revenue, Refunding, Tax Allocation,
5,615,000 Series A, MBIA Insured, 6.50%, 09/01/21 ............................ 5,722,134
8,000,000 Series A, MBIA Insured, 6.50%, 09/01/22 ............................ 8,152,640
Orange County Purchaser Certificates, Master Lease,
2,000,000 Series 1990, 7.00%, 09/01/97 ....................................... 1,984,760
2,000,000 Series 1990, 7.00%, 09/01/98 ....................................... 1,972,560
1,000,000 Series 1990, 7.00%, 09/01/99 ....................................... 980,590
1,975,000 Series 1990, 7.00%, 09/01/00 ....................................... 1,924,638
Orange County Special Tax,
4,700,000 CFD No. 87-1, Dimensions Business Park, Pre-Refunded, 8.25%,
08/15/13 .......................................................... 5,287,547
5,000,000 CFD No. 87-4, Foothill Ranch, Pre-Refunded, 8.00%, 08/15/10 ........ 5,853,750
9,900,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, Pre-Refunded, 8.00%,
08/15/05........................................................... 11,071,566
43,265,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, Pre-Refunded, 8.10%,
08/15/13........................................................... 48,500,498
$ 2,865,000 Orange County Transportation District COP, Business Acquistion Project,
6.75%, 12/01/05 ..................................................... $ 2,960,576
4,000,000 Orange County USD, COP, Pre-Refunded, 6.875%, 06/01/21 .................. 4,413,400
Orange County Water District, COP,
2,000,000 AMBAC Insured, 6.50%, 08/15/11 ..................................... 2,049,620
9,430,000 Refunding, Series A, 5.50%, 08/15/14 ............................... 8,730,577
3,400,000 Orange Cove Irrigation District Revenue, COP, Rehabilitation Project, 7.25%,
02/01/12................................................................ 3,586,762
Orange RDAR, Tax Allocation, Refunding,
8,530,000 Northwest Redevelopment Project, Series B, 5.70%, 10/01/23 ......... 6,581,577
4,650,000 Southwest Redevelopment Project, Pre-Refunded, 7.35%, 08/01/16 ..... 4,874,549
3,045,000 Orangevale Recreation and Park District, COP, Series A, CGIC Insured, 6.65%,
10/01/12................................................................ 3,226,512
12,150,000 Oroville Public Financing Authority Revenue, Series A, AMBAC Insured, 6.30%,
09/15/20................................................................ 12,428,600
11,055,000 Oroville Wyandotte Irrigation District Revenue, Refunding, Hydroelectric, 6.20%,
01/01/09 ............................................................... 11,232,322
Oxnard 1915 Act,
955,000 AD No. 86-3, Northeast Industrial Area, 8.10%, 09/02/00 ............ 958,935
2,020,000 AD No. 86-3, Northeast Industrial Area, 8.10%, 09/02/01 ............ 2,025,939
965,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/02 ............ 966,737
1,490,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/03 ............ 1,490,924
1,330,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/04 ............ 1,329,335
1,590,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/05 ............ 1,587,456
2,235,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/06 ............ 2,229,167
790,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%,
09/02/02........................................................... 780,259
860,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%,
09/02/03........................................................... 848,313
930,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%,
09/02/04........................................................... 916,236
1,005,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%,
09/02/05........................................................... 989,051
1,090,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%,
09/02/06 .......................................................... 1,071,634
6,625,000 Oxnard COP, Refunding, River Ridge Golf Course Project, Pre-Refunded,
7.60%, 02/01/16 ..................................................... 6,837,795
Oxnard Public Facilities Corp., COP,
20,135,000 AMBAC Insured, Pre-Refunded, 7.50%, 09/01/06 ....................... 22,467,438
3,750,000 Civic Library Project, Pre-Refunded, 8.00%, 10/01/08 ............... 4,203,863
$ 11,650,000a,b,f Oxnard Special Tax, CFD No. 88-1, 8.15%, 10/01/13 ....................... $ 2,912,500
1,445,000 Palm Desert 1915 Act, Improvement Board, AD No. 92-1, 7.60%, 09/02/12 ... 1,460,678
Palm Desert, Financing Authority Revenue, Tax Allocation, Project Area No.1,
5,595,000 Series A, MBIA Insured, 6.625%, 04/01/23 ........................... 5,885,716
15,075,000 Series A, MBIA Insured, 5.95%, 04/01/24 ............................ 14,891,387
1,890,000 Palm Desert RDA, Tax Allocation, Project Area No. 1, MBIA Insured, 7.40%,
05/01/09 ............................................................... 1,991,739
5,000,000 Palm Springs COP, Municipal Gold Course Expansion Project, 7.40%, 11/01/18 5,208,850
Palm Springs Financing Authority Revenue, Tax Allocation,
2,230,000 Series B, 6.875%, 08/01/21 ......................................... 2,302,810
2,770,000 Series B, Pre-Refunded, 6.875%, 08/01/21 ........................... 3,192,314
4,930,000 Palm Springs Housing Authority, MFHR, GNMA Secured, 7.50%, 12/20/30 ..... 5,146,181
Palmdale 1915 Act,
500,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/00 ......................... 517,335
555,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/01 ......................... 574,242
625,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/02 ......................... 646,669
700,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/03 ......................... 724,269
775,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/04 ......................... 801,869
850,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/05 ......................... 879,470
945,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/06 ......................... 977,763
1,040,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/07 ......................... 1,076,057
11,580,000 Palmdale Civic Authority Revenue, Refunding, Merged Redevelopment Project
Areas, Series A, MBIA Insured, 6.15%, 09/01/24 ......................... 11,726,024
Palmdale School District, COP,
495,000 Series 1990, 7.40%, 08/01/20 ....................................... 504,455
3,360,000 Series 1990, Pre-Refunded, 7.40%, 08/01/20 ......................... 3,618,250
20,400,000 Palo Alto Medical Foundation, Insured Revenue, Series 1987, ETM 05/15/02,
7.875%, 05/15/17 ..................................................... 21,662,760
4,210,000 Palomar Community College District, COP, Building Acquisition Project,
Connie Lee Insured, 6.75%, 10/01/19 .................................... 4,454,475
6,300,000 Palomar Pomerado Hospital District Revenue, Refunding and Project, Series A,
MBIA Insured, 5.00%, 11/01/14 ......................................... 5,563,530
3,000,000 Panoche Water District, COP, 7.50%, 12/01/08 ............................ 3,191,100
Pasadena COP,
8,250,000 Art Center, College of Design, Connie Lee Insured, 6.50%, 12/01/19 . 8,533,635
10,510,000 Pasadena Civic Improvement Corp., Series 1987, Pre-Refunded, 8.00%,
11/01/12........................................................... 11,503,405
2,000,000 Pasadena Civic Improvement Corp., Series 1989, Pre-Refunded, 7.00%,
12/01/14........................................................... 2,241,040
4,000,000 Pasadena Water Revenue, 6.00%, 07/01/13 ................................. 4,031,800
$ 4,215,000 Perris CFD No. 88-3, Series A, 7.40%, 09/01/19 .......................... $ 4,266,549
6,985,000 Perris Public Financing Authority Revenue, Local Agency, Series A, 6.90%,
08/15/18................................................................ 7,098,925
Perris Public Financing Authority Revenue, Refunding, Tax Allocation,
5,280,000 Series B, MBIA Insured, 6.35%, 08/15/17 ............................ 5,426,995
3,330,000 Series C, 7.10%, 11/15/17 .......................................... 3,414,848
Perris Public Financing Authority Revenue, Special Tax,
205,000 Series A, 7.45%, 09/01/01 .......................................... 210,599
235,000 Series A, 7.50%, 09/01/02 .......................................... 241,411
270,000 Series A, 7.55%, 09/01/03 .......................................... 277,360
305,000 Series A, 7.60%, 09/01/04 .......................................... 313,305
325,000 Series A, 7.60%, 09/01/05 .......................................... 333,353
5,595,000 Series A, 7.80%, 09/01/19 .......................................... 5,748,807
Perris RDA, Tax Allocation,
4,535,000 Central and North Perris Redevelopment Project, Series B, Pre-Refunded,
7.875%, 10/01/14 .................................................. 5,394,110
2,935,000 Refunding, Central and North Perris Redevelopment Project, Series A,
Pre-Refunded, 7.875%, 10/01/10 .................................... 3,514,809
865,000 Series 1991, 7.15%, 08/01/11 ....................................... 895,197
2,040,000 Series 1991, 7.20%, 08/01/21 ....................................... 2,098,548
Perris Special Tax,
50,000 CFD No. 88-1, Series A, ETM 09/01/99, 8.00%, 09/01/99 .............. 56,530
65,000 CFD No. 88-1, Series A, ETM 09/01/00, 8.05%, 09/01/00 .............. 75,274
85,000 CFD No. 88-1, Series A, ETM 09/01/01, 8.10%, 09/01/01 .............. 100,570
100,000 CFD No. 88-1, Series A, ETM 09/01/02, 8.15%, 09/01/02 .............. 120,603
6,040,000 CFD No. 88-1, Series A, Pre-Refunded, 8.30%, 09/01/18 .............. 7,542,390
5,395,000 CFD No. 91-1, 8.75%, 09/01/21 ...................................... 5,883,733
10,615,000 Perris Union High School District, CFD No. 87-1, 8.25%, 10/01/13 ........ 11,145,644
4,800,000 Petaluma Community Development Commission, MFR, Park Lane Apartments,
Series A, 6.875%, 11/20/34 ............................................. 4,965,888
4,815,000 Petaluma Hospital District Revenue, Petaluma Hospital Building Corp. Project,
Loan Program, Series A, 6.50%, 03/01/08 ................................ 4,816,685
19,780,000 Pico Rivera RDA, Tax Allocation, Refunding, Redevelopment Project
Area No. 1, 8.15%, 05/01/07 ............................................ 20,953,152
1,200,000 Pismo Beach Public Financing Authority Revenue, 6.90%, 09/15/22 ......... 1,207,200
Pittsburgh RDA, Tax Allocation,
$ 6,045,000 Los Medanos Community Development Project, Pre-Refunded, 7.75%,
08/01/08 .......................................................... $ 6,358,917
7,050,000 Los Medanos Community Development Project, Pre-Refunded, 7.75%,
08/01/15........................................................... 7,416,107
10,000,000 Los Medanos Community Development Project, Series B, CGIC Insured,
5.80%, 08/01/34.................................................... 9,498,100
1,770,000 Placentia COP, Refunding, Redevelopment Agency, Series A, 6.90%, 01/01/14 1,798,285
3,230,000 Pleasant Valley School District, Ventura County COP, Woodcreek Road,
Elementary School Project, 6.375%, 08/01/18 ............................ 3,118,694
Pleasanton COP,
2,180,000 Capital Improvements, 6.70%, 10/01/11 .............................. 2,234,173
3,500,000 Capital Projects No. 1 & 2, Pre-Refunded, 8.75%, 10/01/08 .......... 3,870,615
4,585,000 Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 09/01/14 . 5,246,295
Pomona 1915 Act,
410,000 AD No. 294, Series 1986, 8.00%, 09/02/99 ........................... 424,215
450,000 AD No. 294, Series 1986, 8.00%, 09/02/00 ........................... 465,602
490,000 AD No. 294, Series 1986, 8.00%, 09/02/01 ........................... 506,988
530,000 AD No. 294, Series 1986, 8.00%, 09/02/02 ........................... 548,375
575,000 AD No. 294, Series 1986, 8.00%, 09/02/03 ........................... 594,935
615,000 AD No. 294, Series 1986, 8.00%, 09/02/04 ........................... 636,322
695,000 AD No. 294, Series 1986, 8.00%, 09/02/05 ........................... 719,096
745,000 AD No. 294, Series 1986, 8.00%, 09/02/06 ........................... 770,829
945,000 AD No. 294, Series 1988, 7.70%, 09/02/00 ........................... 977,773
960,000 AD No. 294, Series 1988, 7.80%, 09/02/01 ........................... 993,293
955,000 AD No. 294, Series 1988, 7.90%, 09/02/02 ........................... 988,110
945,000 AD No. 294, Series 1988, 8.00%, 09/02/03 ........................... 977,763
950,000 AD No. 294, Series 1988, 8.00%, 09/02/04 ........................... 982,937
1,345,000 AD No. 294, Series 1988, 8.00%, 09/02/05 ........................... 1,391,631
Pomona Public Financing Authority Revenue,
6,490,000 Refunding, Series P, 5.75%, 10/01/15 ............................... 6,073,342
10,205,000 Series H, AMBAC Insured, 7.40%, 05/01/18 ........................... 11,119,062
Pomona RDA, Tax Allocation,
2,370,000 Holt Ave./Indian Hill Blvd., Redevelopment Project, 8.25%, 06/01/16 2,449,395
2,795,000 Refunding, Reservoir Street Industrial Redevelopment Project, 8.25%,
06/01/13........................................................... 2,888,633
15,765,000 Southwest Pomona Redevelopment Project, 11.45%, 01/01/07 ........... 20,605,486
4,675,000 West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 02/01/15 4,883,692
3,080,000 Port Hueneme COP, Capital Improvements Project, Pre-Refunded, 8.15%,
04/01/18................................................................ 3,236,402
$ 3,240,000 Port Hueneme RDA, Refunding, Tax Allocation, R-76 Project, 6.50%, 05/01/23 $ 3,150,835
Port of Oakland, Revenue,
2,310,000 Series A, BIG Insured, 7.60%, 11/01/16 ............................. 2,459,203
1,525,000 Series E, MBIA Insured, 6.25%, 11/01/05 ............................ 1,645,567
1,050,000 Series E, MBIA Insured, 6.30%, 11/01/06 ............................ 1,125,600
500,000 Series E, MBIA Insured, 6.40%, 11/01/07 ............................ 533,990
11,495,000 Series E, MBIA Insured, 6.40%, 11/01/22 ............................ 11,739,844
Port of Oakland, Special Facilities Revenue, Mitsui O.S.K. Lines Limited,
6,100,000 Series A, 6.70%, 01/01/07 .......................................... 6,527,671
4,890,000 Series A, 6.75%, 01/01/12 .......................................... 5,122,520
8,075,000 Series A, 6.80%, 01/01/19 .......................................... 8,408,175
1,950,000 Porterville COP, Refunding, Public Building Project, AMBAC Insured, 6.30%,
10/01/18................................................................ 1,998,146
Poway COP, Royal Mobile Home Park Project,
6,500,000 Capital Improvement, FSA Insured, Pre-Refunded, 7.00%, 07/01/20 .... 7,369,895
5,400,000 Refunding, FSA Insured, 6.00%, 08/01/20 ............................ 5,337,630
15,000,000 Refunding, FSA Insured, 6.00%, 08/01/28 ............................ 14,703,300
8,100,000 Poway COP, RDA, Poinsettia Mobile Home Park, Pre-Refunded, 8.375%,
06/01/18................................................................ 9,080,019
Poway RDA, Tax Allocation,
3,325,000 Refunding, Series 1991, Pre-Refunded, 7.75%, 12/15/21 .............. 3,953,891
15,000,000 Sub-Paguay Redevelopment Project, Series A, Pre-Refunded, 7.60%,
12/15/22........................................................... 17,131,950
1,320,000 Poway Special Tax, CFD No. 88-1, Parkway Business Center, 8.625%,
08/15/15................................................................ 1,052,700
610,000 Ramona Municipal Water District, COP, 8.50%, 07/15/11 ................... 646,313
8,250,000 Rancho Cucamonga, Palmdale, Potterville, Colton HFA, SFMR, Series 1986,
GNMA Secured, 7.55%, 08/01/18 .......................................... 8,790,540
1,100,000 Rancho Cucamonga, Refunding, Special Tax, CFD No. 7, CGIC Insured,
6.40%, 08/01/04 ..................................................... 1,177,495
Rancho Murieta Community Services District, 1915 Act,
970,000 ID No. 1, 8.25%, 09/02/01 .......................................... 1,006,569
940,000 ID No. 1, 8.25%, 09/02/02 .......................................... 975,241
985,000 ID No. 1, 8.30%, 09/02/03 .......................................... 1,021,918
960,000 ID No. 1, 8.40%, 09/02/04 .......................................... 996,163
970,000 ID No. 1, 8.40%, 09/02/05 .......................................... 1,006,336
970,000 ID No. 1, 8.40%, 09/02/06 .......................................... 1,006,142
825,000 Redlands RDA, Refunding, Tax Allocation, Redlands Redevelopment Project,
MBAC Insured, 6.625%, 07/01/15 ......................................... 846,252
$ 3,795,000 Redwood City MFHR, Refunding, Redwood Plaza Project, Series 1987-A,
GNMA Secured, 8.25%, 09/01/26 .......................................... $ 3,866,953
3,750,000 Redwood City Public Financing Authority Revenue, Local Agency, Series B,
7.25%, 07/15/11 ..................................................... 3,937,763
Rialto COP,
145,000 Series 1989, 7.50%, 11/01/01 ....................................... 157,773
3,165,000 Series 1989, 7.50%, 11/01/15 ....................................... 3,286,220
3,500,000 Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, 6.75%, 03/01/24 3,533,530
2,000,000 Richmond Joint Power Finance Authority, Series B, 7.00%, 05/15/07 ....... 2,145,840
3,715,000 Richmond Revenue, West Contra Costa YMCA Project, 7.75%, 06/01/17 ....... 4,003,470
4,420,000 Ridgecrest COP, RDA, 7.60%, 03/01/13 .................................... 4,605,640
Ridgecrest RDA, Tax Allocation,
235,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/09 .................. 247,239
255,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/10 .................. 267,997
275,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/11 .................. 288,712
295,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/12 .................. 309,384
315,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/13 .................. 330,010
340,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/14 .................. 356,201
365,000 Ridgecrest Redevelopment Project, 7.80%, 02/01/15 .................. 378,443
395,000 Ridgecrest Redevelopment Project, 7.40%, 02/01/16 .................. 405,740
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project,
23,000,000 Series A, 6.375%, 06/01/09 ......................................... 23,538,200
20,125,000 Series A, 6.50%, 06/01/12 .......................................... 20,808,043
19,500,000 Series A, 6.25%, 06/01/19 .......................................... 19,535,685
2,000,000 Series A, BIG Insured, 6.25%, 06/01/19 ............................. 2,013,400
Riverside County Board of Education, COP,
7,945,000 Financing Project, Series A, 6.65%, 11/01/17 ....................... 8,235,231
1,330,000 Series 1989, Pre-Refunded, 7.40%, 11/01/14 ......................... 1,507,595
Riverside County CFD,
660,000 No. 84-2, Refunding, Lakehills Project, 7.60%, 09/01/00 ............ 607,200
5,130,000 No. 84-2, Refunding, Lakehills Project, 7.50%, 09/01/06 ............ 4,719,600
2,425,000 No. 85-1, Crossover Refunding, Golden Triangle Project Series A, 7.50%,
09/01/06........................................................... 2,562,255
575,000 No. 85-1, Crossover Refunding, Golden Triangle Project Series B, 7.50%,
09/01/06........................................................... 607,545
440,000 No. 85-2, California Oaks Project, 7.70%, 09/01/97 ................. 458,163
260,000 No. 85-2, California Oaks Project, 7.80%, 09/01/98 ................. 274,849
295,000 No. 85-2, California Oaks Project, 7.90%, 09/01/99 ................. 315,408
485,000 No. 85-2, California Oaks Project, 8.00%, 09/01/00 ................. 528,180
Riverside County CFD, (cont.)
$ 585,000 No. 85-2, California Oaks Project, 8.05%, 09/01/01 ................. $ 627,372
8,375,000 No. 85-2, California Oaks Project, 8.30%, 09/01/06 ................. 8,682,698
11,970,000 No. 85-2, California Oaks Project, 8.25%, 09/01/13 ................. 12,633,737
23,195,000 No. 86-1, Menifee Village Project, 7.875%, 09/01/11 ................ 23,263,889
305,000 No. 87-5, Special Tax, 7.90%, 09/01/98 ............................. 319,732
325,000 No. 87-5, Special Tax, 7.95%, 09/01/99 ............................. 346,063
355,000 No. 87-5, Special Tax, 8.00%, 09/01/00 ............................. 374,188
380,000 No. 87-5, Special Tax, 8.05%, 09/01/01 ............................. 400,003
7,500,000 No. 87-5, Special Tax, 8.20%, 09/01/13 ............................. 7,863,225
2,820,000 No. 87-5, Special Tax, 8.75%, 09/01/13 ............................. 2,709,174
4,730,000 No. 89-1, Special Tax, 8.25%, 09/01/16 ............................. 4,637,245
8,900,000 Riverside County CFD No. 85-2, California Care Project, 8.20%, 09/01/07 . 9,108,171
16,000,000 Riverside County CFD No. 86-1, Mello Roos, Series 1987, 8.75%, 09/01/16 . 16,088,480
Riverside County COP,
4,975,000 Capital Projects, Series A, 6.875%, 11/01/09 ....................... 5,214,397
15,900,000 Capital Projects, Series A, 6.125%, 11/01/21 ....................... 15,231,564
4,775,000 Desert Justice Facility Project, MBIA Insured, 6.00%, 12/01/17 ..... 4,778,104
4,625,000 Desert Justice Facility Project, MBIA Insured, 6.25%, 12/01/21 ..... 4,715,049
3,945,000 Refunding, Juvenile Facility, Pre-Refunded, 8.00%, 10/01/18 ........ 4,422,463
4,500,000 Refunding, Public Facilities Financing Project, Type 1, 7.75%, 12/01/03 4,729,950
38,615,000 Refunding, Public Facilities Financing Project, Type 1, 7.875%, 12/01/15 40,059,201
Riverside County Flood Control and Water, Conservation District, Elsinore
Valley AD, Zone 3,
165,000 Series 1993, 7.875%, 09/01/03 ...................................... 190,875
180,000 Series 1993, 7.875%, 09/01/04 ...................................... 209,639
190,000 Series 1993, 7.875%, 09/01/05 ...................................... 222,357
205,000 Series 1993, 7.875%, 09/01/06 ...................................... 240,652
225,000 Series 1993, 7.875%, 09/01/07 ...................................... 265,583
240,000 Series 1993, 7.875%, 09/01/08 ...................................... 282,151
260,000 Series 1993, 7.875%, 09/01/09 ...................................... 306,878
280,000 Series 1993, 7.875%, 09/01/10 ...................................... 329,703
305,000 Series 1993, 7.875%, 09/01/11 ...................................... 361,678
325,000 Series 1993, 7.875%, 09/01/12 ...................................... 386,835
350,000 Series 1993, 7.875%, 09/01/13 ...................................... 416,661
380,000 Series 1993, 7.875%, 09/01/14 ...................................... 454,560
410,000 Series 1993, 7.875%, 09/01/15 ...................................... 489,999
440,000 Series 1993, 7.875%, 09/01/16 ...................................... 528,004
475,000 Series 1993, 7.875%, 09/01/17 ...................................... 572,195
Riverside County Housing Authority Revenue,
$ 6,750,000 Riverside Apartment Project, 7.875%, 11/01/19 ...................... $ 6,994,485
13,980,000 Series 1988-A, 7.85%, 10/01/08 ..................................... 14,634,823
33,080,000 Series 1988-A, 7.90%, 10/01/18 ..................................... 34,536,512
Riverside County RDA, Tax Allocation,
1,100,000 Series A, 7.60%, 10/01/25 .......................................... 1,171,357
2,750,000 Series B, 7.60%, 10/01/25 .......................................... 2,928,393
1,600,000 Series C, 7.60%, 10/01/25 .......................................... 1,703,792
2,100,000 Series D, 7.60%, 10/01/25 .......................................... 2,236,227
5,600,000 Series E, 7.60%, 10/01/25 .......................................... 5,963,272
Riverside County SFMR,
715,000 Series 1989-B, GNMA Secured, 7.60%, 11/01/19 ....................... 786,765
1,855,000 Series 1991-A, GNMA Secured, 6.00%, 10/01/24 ....................... 1,891,915
Riverside Hospital Revenue,
5,000,000 Parkview Community Hospital Medical Center Project, 8.25%, 08/01/14 5,285,350
7,000,000 Refunding, Parkview Community Hospital Medical Center Project, 9.25%,
12/01/05........................................................... 7,388,710
6,210,000 Riverside MFHR, Palm Shadows Apartments, Series A, 6.50%, 01/01/18 ...... 6,302,776
Riverside Public Financing Authority Revenue, Airport and Central Industrial
Redevelopment Project,
750,000 Series A, Pre-Refunded, 7.80%, 02/01/08 ............................ 801,098
9,155,000 Series A, Pre-Refunded, 7.90%, 02/01/18 ............................ 9,790,357
3,000,000 Riverside Water Revenue, 6.00%, 10/01/05 ................................ 3,014,910
Rocklin 1915 Act,
460,000 Refunding, 7.55%, 09/02/03 ......................................... 475,957
495,000 Refunding, 7.60%, 09/02/04 ......................................... 512,172
535,000 Refunding, 7.65%, 09/02/05 ......................................... 553,554
580,000 Refunding, 7.65%, 09/02/06 ......................................... 600,114
625,000 Refunding, 7.65%, 09/02/07 ......................................... 646,675
675,000 Refunding, 7.65%, 09/02/08 ......................................... 698,409
6,085,000 Rocklin USD, CFD No. 1, 7.70%, 09/01/12 ................................. 6,351,706
7,500,000 Rohnert Park CDA, Tax Allocation, Rohnert Park Redevelopment Project,
Pre-Refunded, 8.20%, 06/01/18 .......................................... 8,374,725
Roseville 1915 Act, Limited Obligation, Refunding,
120,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/99 .. 124,291
125,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/00 .. 129,470
135,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/01 .. 139,828
145,000 North Roseville, Rocklin Sewer District No. 88-3, 8.10%, 09/02/02 .. 150,184
160,000 North Roseville, Rocklin Sewer District No. 88-3, 8.15%, 09/02/03 .. 165,720
170,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/04 .. 176,078
Roseville 1915 Act, Limited Obligation, Refunding, (cont.)
$ 185,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/05 .. $ 362,513
200,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/06 .. 207,150
220,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/07 .. 227,865
235,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/08 .. 243,401
205,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/09 .. 212,329
220,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/99 ............ 227,867
245,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/00 ............ 253,761
260,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/01 ............ 269,298
285,000 Rocky Ridge-Harding, District No. 88-4, 8.10%, 09/02/02 ............ 295,189
305,000 Rocky Ridge-Harding, District No. 88-4, 8.15%, 09/02/03 ............ 315,904
330,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/04 ............ 341,798
350,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/05 ............ 191,614
2,050,000 Roseville City School District, COP, 7.50%, 09/01/15 .................... 2,101,148
Roseville Special Tax,
715,000 CFD No. 1, 7.50%, 09/01/02 ......................................... 743,357
825,000 CFD No. 1, 7.60%, 09/01/04 ......................................... 854,156
15,660,000 CFD No. 1, 7.70%, 09/01/20 ......................................... 16,212,015
355,000 CFD No. 2, 8.00%, 09/01/06 ......................................... 381,607
7,165,000 CFD No. 2, 8.25%, 09/01/21 ......................................... 7,657,737
1,725,000 Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 .................. 1,794,500
1,860,000 Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 .................. 1,942,510
10,000,000 Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 .................. 10,377,700
12,000,000 Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 .................. 12,413,760
1,000,000 Northeast Roseville CFD No. 1, 7.95%, 12/01/00 ..................... 1,060,240
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/01 ..................... 1,058,710
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/02 ..................... 1,057,240
6,000,000 Northeast Roseville CFD No. 1, 8.30%, 12/01/08 ..................... 6,367,560
5,450,000 Rubidoux Community Services District, COP, Water System Improvement
Project, AMBAC Insured, 6.25%, 12/01/24 ................................ 5,548,209
Sacramento 1915 Act,
1,000,000 North Natomas AD No. 88-3, 8.20%, 09/02/10 ......................... 932,110
2,210,000 North Natomas AD No. 88-3, 8.20%, 09/02/11 ......................... 2,057,974
2,865,000 North Natomas AD No. 88-3, 8.25%, 09/02/12 ......................... 2,665,711
3,105,000 North Natomas AD No. 88-3, 8.25%, 09/02/13 ......................... 2,886,843
3,350,000 North Natomas AD No. 88-3, 8.25%, 09/02/14 ......................... 3,112,351
1,500,000 Sacramento Area Council of Governments, COP, Sacog Administrative Building
Project, 7.125%, 7/01/16 ............................................... 1,548,660
Sacramento City Financing Authority Revenue,
$ 1,300,000 Series 1991, 6.60%, 11/01/05 ....................................... $ 1,400,724
920,000 Series 1991, 6.70%, 11/01/11 ....................................... 962,476
3,425,000 Sacramento City Public Facilities Financing Authority, COP, Pre-Refunded,
7.75%, 07/01/06 .................................................... 3,604,915
Sacramento County 1915 Act, Cordova Industrial Park,
250,000 Unit 3, Series C-I, 8.25%, 09/02/05 ................................ 259,500
270,000 Unit 3, Series C-I, 8.25%, 09/02/06 ................................ 280,260
290,000 Unit 3, Series C-I, 8.25%, 09/02/07 ................................ 301,020
315,000 Unit 3, Series C-I, 8.25%, 09/02/08 ................................ 326,970
340,000 Unit 3, Series C-I, 8.25%, 09/02/09 ................................ 352,920
370,000 Unit 3, Series C-I, 8.25%, 09/02/10 ................................ 384,060
400,000 Unit 3, Series C-I, 8.25%, 09/02/11 ................................ 415,200
Sacramento County CFD, Special Tax,
2,250,000 Improvement Area 1, Series 1990, 8.20%, 12/01/10 ................... 2,338,178
7,610,000 Improvement Area 1, Series 1990, 8.25%, 12/01/20 ................... 7,886,471
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.00%, 12/01/98 ................. 1,659,765
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.20%, 12/01/99 ................. 1,665,885
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.30%, 12/01/00 ................. 1,668,960
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.40%, 12/01/01 ................. 1,672,020
13,000,000 Laguna, Series 1987, Pre-Refunded, 8.625%, 12/01/06 ................ 14,550,640
Sacramento County COP,
2,735,000 Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 .. 3,106,522
3,500,000 Cherry Island Golf Course Project, Series B, 6.80%, 07/01/18 ....... 3,638,005
11,000,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured,
6.40%, 10/01/19 ................................................... 11,359,260
29,500,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured,
6.40%, 10/01/24 ................................................... 30,463,470
1,495,000 Refunding, Cherry Island Golf Course Project, Series B, 6.80%, 07/01/12 1,553,948
2,325,000 Refunding, Parking Facility Project, Series 1987-A, 6.80%, 07/01/12 2,416,675
Sacramento MUD, Electric Revenue,
9,250,000 Refunding, Series R, 6.00%, 02/01/17 ............................... 8,967,968
5,740,000 Refunding, Series Z, FGIC Insured, 6.25%, 07/01/04 ................. 6,213,148
3,000,000 Refunding, Series Z, FGIC Insured, 6.35%, 07/01/05 ................. 3,246,420
16,110,000 Refunding, Subordinated, 8.00%, 11/15/10 ........................... 16,172,668
1,200,000 Series B, MBIA Insured, 6.25%, 08/15/11 ............................ 1,246,164
5,950,000 Series B, MBIA Insured, 6.375%, 08/15/22 ........................... 6,167,294
4,500,000 Series I, MBIA Insured, 6.00%, 01/01/24 ............................ 4,502,880
5,265,000 Series Q, FGIC Insured, Pre-Refunded, 7.50%, 05/01/16 .............. 5,480,654
1,000,000 Series V, 7.60%, 08/15/00 .......................................... 1,095,980
Sacramento MUD, Electric Revenue, (cont.)
$ 2,225,000 Series W, 7.60%, 08/15/00 .......................................... $ 2,438,556
6,150,000 Series W, Pre-Refunded, 7.75%, 08/15/03 ............................ 6,850,916
5,405,000 Series W, Pre-Refunded, 7.875%, 08/15/16 ........................... 6,039,061
2,760,000 Sacramento Public Television Facility Revenue, KVIE, Inc., Series A, 7.50%,
07/01/20 ............................................................... 2,861,209
2,500,000 Sacramento RDA, Tax Allocation, Merged Downtown Project, Series A,
MBIA Insured, 6.50%, 11/01/13 .......................................... 2,601,700
Sacramento Regional Transit District, COP,
1,605,000 Series A, 6.20%, 03/01/00 .......................................... 1,692,585
1,100,000 Series A, 6.25%, 03/01/01 .......................................... 1,169,201
1,000,000 Series A, 6.375%, 03/01/02 ......................................... 1,073,970
1,200,000 Series A, 6.40%, 03/01/03 .......................................... 1,294,404
1,000,000 Series A, 6.375%, 03/01/04 ......................................... 1,077,100
1,100,000 Series A, 6.375%, 03/01/05 ......................................... 1,170,884
Sacramento-Yolo Port District Revenue, Refunding,
3,620,000 Facilities Improvement, Series A, Pre-Refunded, 8.875%, 12/01/12 ... 4,041,151
11,645,000 Port Facilities, Series A, 7.25%, 07/01/13 ......................... 12,160,874
Salida Area Public Facility Financing Agency, Special Tax,
215,000 CFD No. 88-1, 7.70%, 09/01/99 ...................................... 220,857
250,000 CFD No. 88-1, 7.75%, 09/01/00 ...................................... 257,755
290,000 CFD No. 88-1, 7.80%, 09/01/01 ...................................... 298,984
260,000 CFD No. 88-1, 7.85%, 09/01/02 ...................................... 268,044
385,000 CFD No. 88-1, 7.90%, 09/01/03 ...................................... 396,897
435,000 CFD No. 88-1, 7.95%, 09/01/04 ...................................... 449,329
495,000 CFD No. 88-1, 7.95%, 09/01/05 ...................................... 511,305
460,000 CFD No. 88-1, 8.00%, 09/01/06 ...................................... 474,177
630,000 CFD No. 88-1, 8.00%, 09/01/07 ...................................... 649,417
700,000 CFD No. 88-1, 8.00%, 09/01/08 ...................................... 721,574
6,075,000 CFD No. 88-1, 8.05%, 09/01/14 ...................................... 6,261,989
2,495,000 Salinas Union High School District, COP, Refunding, Facility Financing Projects,
7.375%, 01/01/14 ..................................................... 2,618,977
San Bernardino 1915 Act, Refunding,
855,000 AD No. 961, 7.60%, 09/02/02 ........................................ 746,868
920,000 AD No. 961, 7.65%, 09/02/03 ........................................ 802,258
990,000 AD No. 961, 7.70%, 09/02/04 ........................................ 862,221
1,065,000 AD No. 961, 7.75%, 09/02/05 ........................................ 926,678
San Bernardino County COP,
$ 5,000,000 Medical Center Financing Project, Series A, MBIA Insured, 5.50%,
08/01/15.......................................................... $ 4,717,450
49,000,000 c Medical Center Financing Project, Series A, MBIA Insured, 5.50%,
08/01/22........................................................... 45,502,380
34,000,000 Medical Center Financing Project, Series A, MBIA Insured, 5.875%,
08/01/26 .......................................................... 32,985,100
8,905,000 Refunding and Capital Improvement Projects, 7.80%, 07/01/16 ........ 9,246,240
3,705,000 West Valley Detention Center Project, MBIA Insured, 6.25%, 11/01/04 4,067,460
3,935,000 West Valley Detention Center Project, MBIA Insured, 6.35%, 11/01/05 4,318,426
4,185,000 West Valley Detention Center Project, MBIA Insured, 6.40%, 11/01/06 4,565,751
20,000,000 West Valley Detention Center Project, MBIA Insured, 6.50%, 11/01/12 21,062,400
9,275,000 West Valley Detention Center Project, MBIA Insured, 6.20%, 11/01/25 9,392,978
475,000 San Bernardino County Mortgage Revenue, Refunding, Don Miguel Apartments
Projects, MBIA Insured, 6.00%, 09/01/03 ................................ 488,504
San Bernardino County SFMR,
915,000 Series A, GNMA Secured, 7.50%, 12/01/07 ............................ 972,984
4,455,000 Series A, GNMA Secured, 7.65%, 06/01/23 ............................ 4,606,069
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation,
3,000,000 Central City Merged Project, Series B, 7.50%, 11/01/20 ............. 3,023,130
450,000 Refunding, Central City Merged Project, Series A, 6.75%, 11/01/00 .. 480,119
480,000 Refunding, Central City Merged Project, Series A, 6.90%, 11/01/01 .. 518,645
510,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/02 .. 554,926
550,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/03 .. 597,614
585,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/04 .. 632,496
625,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/05 .. 673,981
670,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/06 .. 718,937
720,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/07 .. 768,722
15,585,000 Refunding, Central City Merged Project, Series A, 7.10%, 11/01/20 .. 16,134,527
2,250,000 South Valley Redevelopment Project, Series A, 7.50%, 01/01/15 ...... 2,380,815
1,695,000 Tri-City Redevelopment Project, Series B, 7.60%, 01/01/08 .......... 1,815,447
3,705,000 Tri-City Redevelopment Project, Series B, 7.65%, 01/01/15 .......... 3,885,396
4,715,000 San Bernardino Joint Powers Financing Authority Revenue, COP, Police Station
Financing Authority Project, 6.60%, 04/01/20 ........................... 4,783,037
905,000 San Bernardino Municipal Water Department, COP, FGIC Insured, 6.25%, 02/01/12 926,765
75,000,000 San Bernardino PBA Revenue, Capital Improvement, 8.30%, 09/02/19 ........ 77,153,250
8,465,000 San Carlos Mortgage Revenue, Elms Project, FHA Mortgage Insured, 6.875%,
08/01/37................................................................ 8,814,774
$ 2,200,000 San Diego Community College District, COP, Financing Project, Series 1987,
Pre-Refunded, 8.625%, 12/01/09 ......................................... $ 2,442,264
San Diego County COP,
2,260,000 Children's Center Project, 6.00%, 10/01/02 ......................... 2,293,245
10,625,000 Inmate Reception Center and Cooling, MBIA Insured, 6.25%, 08/01/24 . 10,841,538
6,750,000 Vista Detention Facility Expansion Project, Pre-Refunded, 7.875%,
04/01/07........................................................... 7,247,205
San Diego County Regional Transportation Commission, Sales Tax Revenue,
1,250,000 Series A, ETM 04/01/07, 6.00%, 04/01/08 ............................ 1,341,025
9,000,000 Series A, Pre-Refunded, 7.375%, 04/01/06 ........................... 10,059,120
San Diego IDR, San Diego Gas & Electric Co. Project,
11,605,000 Series 1986-A, 7.625%, 07/01/21 .................................... 12,043,901
12,230,000 Series 1987-A, 8.75%, 03/01/23 ..................................... 13,176,480
19,800,000 Series 1992-A, 6.40%, 09/01/18 ..................................... 20,311,434
2,200,000 San Diego RDA, Refunding, Tax Allocation, Columbia Redevelopment Project,
Series A, Pre-Refunded, 8.75%, 12/01/08 ................................ 2,440,240
22,000,000 San Diego Regional Building Authority, Lease Revenue, Metropolitan Transit
System Tower Project, Series A, Pre-Refunded, 7.75%, 11/01/19 .......... 24,008,160
75,000 San Diego SFMR, Issue A, 9.20%, 07/15/16 ................................ 79,532
28,845,000 San Diego, Special Tax, CFD No.1, Series A, 8.50%, 09/01/16 ............. 29,862,075
1,440,000 San Francisco Bay Area Rapid Transportation District Revenue, Sales Tax,
FGIC Insured, 6.60%, 07/01/12 .......................................... 1,538,741
2,810,000 San Francisco City and County COP, San Francisco Courthouse Project,
CGIC Insured, 5.875%, 04/01/21 ......................................... 2,732,247
San Francisco City and County International Airports, Commission Revenue,
2,500,000 Second Series, Issue 6, AMBAC Insured, 6.50%, 05/01/18 ............. 2,598,650
13,250,000 Second Series, Issue 6, AMBAC Insured, 6.60%, 05/01/24 ............. 13,822,798
4,000,000 San Francisco City and County Public Utilities Commission, Water Revenue,
Crossover Refunding, Series A, 6.50%, 11/01/09 ......................... 4,297,320
9,415,000 San Francisco City and County RDA, Hotel Tax Revenue, Refunding,
CGIC Insured, 6.75%, 07/01/25 .......................................... 10,013,041
17,000,000 San Francisco City and County RDA, Lease Revenue, George R. Moscone,
Crossover Refunding, Series 1992, 5.50%, 07/01/18 ...................... 15,066,760
8,350,000 San Francisco City and County RDA, Mortgage Revenue, Refunding, Series A,
MBIA Insured, 6.65%, 07/01/24 .......................................... 8,361,022
3,000,000 San Francisco City and County Revenue, Irwin Memorial Blood Center,
Series A, 6.80%, 12/01/21 .............................................. 3,057,840
690,000 San Francisco City and County SFMR, Series 1985, 9.375%, 10/01/12 ....... 725,445
1,750,000 San Francisco State Building Authority, COP, Pre-Refunded, 7.375%, 07/01/13 1,829,870
$ 5,000,000 San Francisco USD, COP, Civic Improvement and Financing Corp.,
Pre-Refunded, 8.40%, 07/01/03 .......................................... $ 5,264,150
1,000,000 San Gabriel Valley Mosquito Abatement District, COP, Lease Finance,
Series R, 6.60%, 08/01/12 .............................................. 1,007,550
San Gabriel Valley Schools Financing Authority Revenue,
3,620,000 Refunding, Oxnard Union High School, 6.50%, 03/01/18 ............... 3,581,809
4,145,000 Refunding, Oxnard Union High School, 6.60%, 03/01/24 ............... 4,123,570
1,765,000 Series A, 7.70%, 11/01/19 .......................................... 1,867,476
1,815,000 San Gorgonio Memorial Health Care District, Health Facilities Revenue, Insured,
6.375%, 06/01/08 ..................................................... 1,868,887
San Jacinto RDA, COP,
1,065,000 Fire Station Project, 7.90%, 12/01/08 .............................. 1,127,792
2,375,000 Fire Station Project, 8.00%, 12/01/15 .............................. 2,493,085
San Jacinto, Special Tax,
540,000 CFD No. 2, 7.55%, 09/01/00 ......................................... 459,000
520,000 CFD No. 2, 7.60%, 09/01/01 ......................................... 442,000
775,000 CFD No. 2, 7.65%, 09/01/02 ......................................... 658,750
1,000,000 CFD No. 2, 7.70%, 09/01/04 ......................................... 850,000
1,275,000 CFD No. 2, 7.75%, 09/01/06 ......................................... 1,083,750
1,465,000 CFD No. 2, 7.75%, 09/01/07 ......................................... 1,245,250
1,240,000 CFD No. 2, 7.80%, 09/01/08 ......................................... 1,054,000
805,000 CFD No. 2, 7.80%, 09/01/09 ......................................... 684,250
12,675,000 CFD No. 2, 7.90%, 09/01/14 ......................................... 10,773,750
San Jacinto USD, COP,
32,880,000 General Hospital Project, 6.25%, 09/01/13 .......................... 32,287,502
36,500,000 General Hospital Project, 6.625%, 09/01/20 ......................... 36,509,855
San Joaquin County Special Tax,
1,420,000 CFD No. 89-1, 7.625%, 09/01/10 ..................................... 1,352,294
2,990,000 CFD No. 89-1, 7.75%, 09/01/20 ...................................... 2,833,832
San Joaquin Hills Transportation, Corridor Agency, Toll Road Revenue,
95,255,000 Senior Lien, 7.00%, 01/01/30 ....................................... 97,845,936
60,170,000 Senior Lien, 6.75%, 01/01/32 ....................................... 60,778,319
51,430,000 Senior Lien, 5.00%, 01/01/33 ....................................... 40,652,329
San Jose 1915 Act, Refunding,
70,000 ID 86-196SJ, 8.00%, 09/02/98 ....................................... 72,008
70,000 ID 86-196SJ, 8.00%, 09/02/99 ....................................... 72,248
125,000 ID 87-198SJ, 7.90%, 09/02/99 ....................................... 129,523
130,000 ID 87-198SJ, 8.00%, 09/02/00 ....................................... 134,755
92,315,000 San Jose COP, Public Facilities Financing Corp., Convention Center Project,
Pre-Refunded, 7.875%, 09/01/10 ......................................... 97,464,331
San Jose Financing Authority Revenue,
$ 55,550,000 Convention Center Project, Series C, 6.40%, 09/01/22 ............... $ 56,059,394
16,100,000 Refunding, Convention Center Project, Series C, 6.40%, 09/01/17 .... 16,297,708
San Jose RDA, Tax Allocation,
10,000,000 Merged Area Redevelopment Project, Series 1993, MBIA Insured, 5.00%,
08/01/21........................................................... 8,706,300
10,525,000 Merged Area Redevelopment Project, Series 1993-D, MBIA Insured,
5.75%, 08/01/24.................................................... 9,878,028
1,160,000 Park Center Redevelopment Project, 7.00%, 10/01/07 ................. 1,201,319
1,240,000 Park Center Redevelopment Project, 7.00%, 10/01/08 ................. 1,278,800
1,325,000 Park Center Redevelopment Project, 7.00%, 10/01/09 ................. 1,360,775
25,400,000 Refunding, Merged Area Redevelopment Project, Series 1986-A,
Pre-Refunded, 7.80%, 08/01/11 ..................................... 26,718,514
10,000,000 Refunding, Merged Area Redevelopment Project, Series 1986-B,
Pre-Refunded, 7.50%, 08/01/04 ..................................... 10,499,200
745,000 San Juan USD, COP, Financing Project, 7.80%, 08/01/98 ................... 758,887
65,000 San Leandro RDA, RMR, Pre-Refunded, 11.25%, 04/01/13 .................... 90,724
3,500,000 San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 08/01/12 ....... 3,668,490
4,350,000 San Luis Obispo Capital Improvement Board Lease Revenue, Capital
Improvement Project, Pre-Refunded, 8.25%, 06/01/06 ..................... 4,559,757
San Luis Obispo County COP,
1,830,000 Jail Expansion Project, 6.75%, 10/01/16 ............................ 1,860,524
1,475,000 Jail Expansion Project, 6.80%, 10/01/21 ............................ 1,503,232
1,980,000 San Luis Obispo County COP, Community College District, 7.00%, 07/01/21 . 2,026,847
San Marcos Public Facilities Authority Revenue,
18,260,000 Capital Improvement, 8.25%, 01/01/19 ............................... 19,334,601
53,153,000 Civic Center, Mission Boulevard Project, Pre-Refunded, 7.40%, 09/02/22 60,026,746
5,350,000 Rancheros Mobilehome Park Project, 7.00%, 10/01/24 ................. 5,531,472
7,895,000 Refunding & Improvement, Civic Center, Mission Blvd. Project, Series A,
6.20%, 08/01/22.................................................... 7,349,929
25,000,000 San Marcos Public Financing Authority Revenue, Series A, 6.25%, 09/02/22 25,284,000
San Marcos, Special Tax,
11,500,000 CFD No. 88-1, 7.75%, 09/01/18 ...................................... 11,784,970
10,650,000 CFD No. 88-1, 7.625%, 09/01/19 ..................................... 10,807,514
1,185,000 San Mateo County Board of Education, COP, Administrative Building Project,
7.10%, 05/01/21 ..................................................... 1,222,173
San Mateo County COP,
$ 2,430,000 Capital Projects Program, Series 1985-A, 9.125%, 07/01/98 .......... $ 2,675,017
6,000,000 San Mateo County Health Care Center, Series A, FSA Insured, 6.125%,
07/15/14........................................................... 6,062,940
15,870,000 San Mateo County Health Care Center, Series A, FSA Insured, 5.75%,
07/15/22........................................................... 15,159,976
9,000,000 San Mateo County Joint Powers Financing Authority, Lease Revenue, Capital
Projects,Capital Projects, Series A, FSA Insured, 5.75%, 07/15/27 ...... 8,571,240
2,175,000 San Mateo County Transit District, Sales Tax Revenue, Series A, MBIA Insured,
6.50%, 06/01/20 .................................................... 2,318,485
9,305,000 San Mateo RDA, COP, Refunding, Bridge and Water Pumping Station,
Pre-Refunded, 8.10%, 08/01/13 ......................................... 9,812,029
San Pablo 1915 Act, Limited Obligation Improvement, Town Center Assessment,
160,000 Series A, 8.00%, 09/02/02 .......................................... 165,853
175,000 Series A, 8.00%, 09/02/03 .......................................... 181,402
185,000 Series A, 8.05%, 09/02/04 .......................................... 191,804
205,000 Series A, 8.05%, 09/02/05 .......................................... 212,540
220,000 Series A, 8.05%, 09/02/06 .......................................... 228,092
240,000 Series A, 8.05%, 09/02/07 .......................................... 248,827
260,000 Series A, 8.05%, 09/02/08 .......................................... 269,563
305,000 Series A, 8.10%, 09/02/10 .......................................... 316,279
330,000 Series A, 8.10%, 09/02/11 .......................................... 342,203
355,000 Series A, 8.10%, 09/02/12 .......................................... 368,128
385,000 Series A, 8.10%, 09/02/13 .......................................... 399,237
420,000 Series A, 8.10%, 09/02/14 .......................................... 435,532
3,500,000 San Pablo RDA, Tax Allocation, Merged Project Area, FGIC Insured, 6.25%, 12/01/19 3,572,905
6,740,000 San Rafael RDA, Refunding, Tax Allocation, Central San Rafael Redevelopment,
FGIC Insured, 6.45%, 12/01/17 ........................................... 6,979,405
2,200,000 San Rafael Sanitation District, COP, Waste Water Facilities Financing, 6.80%,
08/01/11................................................................. 2,250,512
1,730,000 San Ramon COP, San Ramon Capital Improvement Projects, Series 1993,
6.00%, 03/01/18 ...................................................... 1,642,185
San Ramon Public Finance Authority,
49,235,000 Local Agency Revenue, 8.80%, 09/02/18 .............................. 52,260,491
13,050,000 Tax Allocation, Refunding, 6.90%, 02/01/24 ......................... 13,267,022
130,000 Tax Allocation, Series A, ETM 02/01/97, 7.10%, 02/01/97 ............ 135,225
135,000 Tax Allocation, Series A, ETM 02/01/98, 7.20%, 02/01/98 ............ 144,025
145,000 Tax Allocation, Series A, ETM 02/01/99, 7.30%, 02/01/99 ............ 158,331
160,000 Tax Allocation, Series A, Pre-Refunded, 7.40%, 02/01/00 ............ 177,979
San Ramon Public Finance Authority, (cont.)
$ 170,000 Tax Allocation, Series A, Pre-Refunded, 7.50%, 02/01/01 ............ $ 189,623
7,280,000 Tax Allocation, Series A, Pre-Refunded, 7.625%, 02/01/20 ........... 8,148,213
6,275,000 San Ramon Valley Fire Protection District, COP, Refunding, Financing Corp.,
6.00%, 07/01/19 ..................................................... 5,962,631
San Ramon Valley USD, COP,
9,000,000 Measure A, Capital Project, Series A, 5.95%, 10/01/01 .............. 9,343,620
970,000 Refunding, 7.40%, 02/01/98 ......................................... 1,008,102
1,040,000 Refunding, 7.40%, 02/01/99 ......................................... 1,083,971
6,505,000 Refunding, 7.55%, 02/01/04 ......................................... 6,766,241
6,000,000 Refunding, Pre-Refunded, 7.70%, 02/01/10 ........................... 7,078,320
21,495,000 Refunding, Series 1992, 7.00%, 02/01/22 ............................ 21,981,002
20,600,000 Series A, 6.35%, 10/01/01 .......................................... 21,271,354
2,070,000 Santa Ana COP, Parking Facilities Project, Refunding, Series A,
AMBAC Insured, 6.125%, 06/01/16 ........................................ 2,075,009
Santa Ana CRDA, Tax Allocation, Refunding,
2,000,000 Mainplace Project, 7.40%, 09/01/19 ................................. 1,956,000
2,500,000 Series A, 7.25%, 09/01/19 .......................................... 2,589,375
10,105,000 Series B, 7.375%, 09/01/09 ......................................... 10,544,568
6,000,000 Series C, 7.25%, 09/01/17 .......................................... 6,214,500
2,260,000 Series C, 6.75%, 09/01/19 .......................................... 2,266,644
5,000,000 Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%, 09/01/24 5,012,500
Santa Ana Mountains, County Water District,
18,140,000 CFD No. 7, Special Tax, Pre-Refunded, 9.50%, 10/01/12 .............. 20,318,433
10,625,000 CFD No. 7, Special Tax, Pre-Refunded, 8.40%, 10/01/13 .............. 12,029,094
7,830,000 Refunding, CFD No. 2, Pre-Refunded, 7.875%, 04/15/15 ............... 8,151,422
1,865,000 Santa Barbara COP, California Health Facilities, Loan Program, 7.65%, 05/01/15 1,996,277
8,090,000 Santa Barbara COP, Refunding, Harbor Project, 6.75%, 10/01/27 ........... 8,266,119
4,595,000 Santa Barbara County, COP, Series 1990, Pre-Refunded, 7.50%, 02/01/11 ... 5,188,077
4,000,000 Santa Barbara County Retirement Facility Revenue, COP, Montecito
Retirement Center, Pre-Refunded, 7.80%, 04/01/18 ....................... 4,290,320
6,315,000 Santa Barbara Housing Authority Revenue, Refunding and Acquisition, 7.93%,
11/15/20................................................................ 6,385,665
Santa Barbara SFMR,
555,000 GNMA Secured, 7.625%, 10/01/10 ..................................... 572,649
1,615,000 GNMA Secured, 7.65%, 10/01/23 ...................................... 1,662,400
Santa Clara County COP,
10,000,000 Refunding, Santa Clara Convention Center, Pre-Refunded, 7.875%,
07/01/10 .......................................................... 10,492,600
3,090,000 Refunding, Terraces of Los Gatos Project, 6.125%, 03/01/11 ......... 3,045,906
Santa Clara County COP, (cont.)
$ 12,200,000 Refunding, Terraces of Los Gatos Project, 6.125%, 03/01/18 ......... $ 11,746,526
4,000,000 Terraces of Los Gatos Project, 6.90%, 03/01/18 ..................... 4,106,720
Santa Clara County Financing Authority Lease Revenue, VMC Facilities
Replacement Project,
$13,000,000 Series A, AMBAC Insured, 6.75%, 11/15/20 ........................... 13,956,150
29,025,000 Series A, AMBAC Insured, 6.25%, 11/15/22 ........................... 29,546,579
Santa Clara Electric Revenue,
33,500,000 Crossover Refunding, Series B, 7.80%, 07/01/10 ..................... 34,926,765
6,000,000 Series A, MBIA Insured, 5.75%, 07/01/24 ............................ 5,763,360
Santa Clara Housing Authority, MFHR,
6,465,000 Arastradero Park Apartments Project, Series A, 6.65%, 05/20/35 ..... 6,622,100
5,625,000 Elana Gardens Apartments Project, Series A, 6.40%, 06/20/35 ........ 5,646,600
3,860,000 Sierra Vista I Apartments Project, Series A, 6.65%, 06/20/35 ....... 3,954,145
17,000,000 Santa Clara Valley Water District, COP, Refunding & Improvement, Series A,
FGIC Insured, 6.00%, 02/01/24 .......................................... 16,906,500
3,150,000 Santa Cruz City School District, COP, Education Center Financing Project,
7.00%, 05/01/24 ..................................................... 3,220,529
3,500,000 Santa Cruz County COP, Capital Facilities Project, MBIA Insured, 6.70%,
09/01/20................................................................ 3,707,165
Santa Cruz County Housing Authority, MFHR,
3,840,000 Dominican Oaks, Series 1987, GNMA Secured, 8.20%, 12/20/10 ......... 4,019,904
7,080,000 Dominican Oaks, Series 1987, GNMA Secured, 8.25%, 12/20/17 ......... 7,417,362
9,230,000 Series 1990-B, 7.75%, 07/01/23 ..................................... 9,686,239
5,555,000 Santa Cruz County Public Finance Authority, Series 1990-C, Pre-Refunded,
7.10%, 08/01/20 ..................................................... 6,205,268
Santa Margarita Water District,
2,000,000 ID No. 2A, Series C, Pre-Refunded, 8.00%, 06/01/13 ................. 2,223,300
2,400,000 ID No. 3A, Series A, Pre-Refunded, 8.00%, 06/01/08 ................. 2,667,960
2,585,000 ID No. 3A, Series A, Pre-Refunded, 8.00%, 06/01/13 ................. 2,873,615
5,000,000 ID No. 4, Series D, Pre-Refunded, 8.00%, 06/01/08 .................. 5,558,250
11,000,000 ID No. 4, Series D, Pre-Refunded, 8.00%, 06/01/13 .................. 12,228,150
4,000,000 ID No. 4A, Series A, Pre-Refunded, 7.75%, 08/01/06 ................. 4,331,840
5,000,000 ID No. 4A, Series B, Pre-Refunded, 8.00%, 06/01/08 ................. 5,558,250
5,000,000 ID No. 4A, Series B, Pre-Refunded, 8.00%, 06/01/13 ................. 5,558,250
2,750,000 Santa Maria Bonita School District, COP, Refunding, MBIA Insured, 7.00%,
03/01/16................................................................ 2,969,450
3,600,000 Santa Maria COP, Revenue, Marian Medical Center, 6.75%, 09/01/22 ........ 3,679,344
3,865,000 Santa Maria COP, Town Center and Westside Parking Facilities, Pre-Refunded,
7.20%, 06/01/16 ..................................................... 4,026,055
$ 11,675,000 Santa Monica COP, Santa Monica Improvements Project, Pre-Refunded,
7.875%, 08/01/16 ..................................................... $ 12,288,054
Santa Monica RDA, Refunding, Tax Allocation, Ocean Park Redevelopment
Project,
3,805,000 Series A, Pre-Refunded, 8.25%, 07/01/18 ............................ 4,264,492
1,260,000 Series B, Pre-Refunded, 8.25%, 07/01/18 ............................ 1,412,158
Santa Rosa 1915 Act, Refunding,
290,000 Northpoint Park No. 85-1, 8.05%, 09/02/09 .......................... 300,370
315,000 Northpoint Park No. 85-1, 8.10%, 09/02/10 .......................... 326,583
340,000 Northpoint Park No. 85-1, 8.10%, 09/02/11 .......................... 352,502
3,150,000 Santa Rosa Central Parking Service Facilities District Project No. 89-1, 7.60%,
07/02/15................................................................ 3,273,732
1,970,000 Sausalito School District, Marin County, COP, Capital Outlay Financing
Program, Series A, 7.75%, 04/01/09 ..................................... 2,069,406
2,880,000 Seal Beach RDA, Refunding, Sub-Lien, Tax Allocation, Riverfront, Series A,
6.70%, 09/01/13 ..................................................... 2,859,005
2,500,000 Sebastopol COP, Capital Projects, Pre-Refunded, 7.40%, 06/01/14 ......... 2,802,350
Sequoia Hospital District Revenue, Refunding,
6,070,000 Pre-Refunded, 7.50%, 09/01/08 ...................................... 6,720,218
2,835,000 Pre-Refunded, 7.60%, 09/01/14 ...................................... 3,146,368
Shasta Joint Powers Financing Authority Lease Revenue, Courthouse County
Improvement Project,
1,000,000 Series A, 6.60%, 06/01/12 .......................................... 1,016,340
2,500,000 Series A, 6.70%, 06/01/23 .......................................... 2,535,700
Sierra Madre Financing Authority Revenue, Local Agency,
240,000 Series 1988-A, 7.50%, 11/01/98 ..................................... 258,094
260,000 Series 1988-A, 7.60%, 11/01/99 ..................................... 284,773
280,000 Series 1988-A, 7.70%, 11/01/00 ..................................... 306,202
5,500,000 Series 1988-A, 7.80%, 11/01/18 ..................................... 5,805,745
15,000,000 Sierra View Local Hospital District Revenue, Insured Health Facilities, 6.40%,
03/01/22................................................................ 14,829,300
Signal Hill RDA, Tax Allocation,
1,015,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.10%, 10/01/01 ....... 1,136,617
1,100,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.20%, 10/01/02 ....... 1,236,675
1,135,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.25%, 10/01/03 ....... 1,278,543
1,225,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.30%, 10/01/04 ....... 1,382,645
21,000,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.40%, 10/01/15 ....... 23,795,730
3,000,000 Simi Valley CDA, Commercial Mortgage Revenue, Sycamore Plaza II, 8.20%,
09/01/12................................................................ 3,042,540
Simi Valley SFRMR,
$ 4,900,000 a,b,f Series 1989-A, 7.625%, 08/01/22 .................................... $ 1,470,000
1,690,000 Series 1990-A, 7.70%, 03/01/25 ..................................... 1,804,650
1,000,000 Snowline Joint USD, COP, 7.25%, 04/01/18 ................................ 1,048,340
4,160,000 Soledad RDA, Refunding, Tax Allocation, Soledad Redevelopment Project,
7.40%, 11/01/12 ..................................................... 4,363,923
1,745,000 Sonoma County Office of Education, COP, Series 1990, Pre-Refunded, 7.375%,
07/01/20................................................................ 1,993,209
South Coast Air Quality Management District Revenue, Building Corp.,
Installment Sale Headquarters,
5,280,000 Series 1992, 6.00%, 08/01/09 ....................................... 5,465,856
3,000,000 Series A, Pre-Refunded, 7.80%, 08/01/13 ............................ 3,342,210
South Gate Public Finance Authority Revenue, Tax Allocation,
3,540,000 Series A-1, Pre-Refunded, 7.60%, 09/01/09 .......................... 3,934,568
13,265,000 Series A-2, Pre-Refunded, 7.375%, 09/01/09 ......................... 14,941,961
8,505,000 South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 09/01/24 . 8,370,791
4,500,000 South Napa Waste Management Authority Revenue, Solid Waste Transfer
Facilities Project, 6.50%, 02/15/14 .................................... 4,442,625
18,850,000 South Orange County Public Financing Authority, Special Tax Revenue,
Refunding, Senior Lien, Series A, MBIA Insured, 6.00%, 09/01/18 ........ 18,640,577
South San Francisco 1915 Act,
1,175,000 Gateway AD No. ST-82-2, 8.00%, 09/02/97 ............................ 1,212,882
1,260,000 Gateway AD No. ST-82-2, 8.00%, 09/02/98 ............................ 1,305,826
1,335,000 Gateway AD No. ST-82-2, 8.00%, 09/02/99 ............................ 1,383,554
1,455,000 Gateway AD No. ST-82-2, 8.00%, 09/02/00 ............................ 1,507,918
1,570,000 Gateway AD No. ST-82-2, 8.00%, 09/02/01 ............................ 1,627,101
1,675,000 Gateway AD No. ST-82-2, 8.00%, 09/02/02 ............................ 1,735,920
1,560,000 South San Francisco Capital Improvements Financing Authority Revenue,
Conference Center Project, Pre-Refunded, 6.90%, 09/01/12 ............... 1,784,406
South Tahoe Joint Powers Financing Authority Revenue, Refunding, Tahoe
Redevelopment Project, Area 1-A,
8,995,000 Series S, 6.90%, 10/01/13 .......................................... 8,813,661
30,130,000 Series S, 7.20%, 10/01/23 .......................................... 30,129,397
14,000,000 Southeast Resource Recovery Facilities Authority, Lease Revenue, Long Beach,
9.00%, 12/01/08 ..................................................... 14,354,200
Southern California HFA, SFMR,
5,435,000 GNMA Secured, 7.625%, 10/01/22 ..................................... 5,700,445
6,525,000 GNMA Secured, 7.75%, 03/01/24 ...................................... 6,928,115
845,000 Series A, GNMA Secured, 6.75%, 09/01/22 ............................ 875,589
1,250,000 Series B, GNMA Secured, 6.90%, 10/01/24 ............................ 1,305,275
Southern California Public Power Authority Revenue,
$ 10,000,000 Multi Purpose Projects, 6.75%, 07/01/13 ............................ $ 10,788,000
29,645,000 Multi Purpose Projects, 6.00%, 07/01/18 ............................ 28,853,182
Southern California Public Power Authority Revenue, (cont.)
7,795,000 Refunding, Hydroelectric-Hoover Uprating, 6.00%, 10/01/17 .......... 7,729,132
10,670,000 Refunding, Palo Verde Project, Pre-Refunded, 7.125%, 07/01/15 ...... 11,141,721
400,000 Refunding, Palo Verde Project, Series A, 6.875%, 07/01/15 .......... 410,784
600,000 Refunding, Palo Verde Project, Series A, Pre-Refunded, 6.875%,
07/01/15........................................................... 625,440
28,625,000 Refunding, Palo Verde Project, Series B, 5.75%, 07/01/17 ........... 27,357,771
7,000,000 Refunding, Transmission Project, Series B, 5.50%, 07/01/23 ......... 6,379,940
33,470,000 Refunding, Transmission Project, Series B, 7.375%, 07/01/21 ........ 35,046,102
10,500,000 Southern Transmission Project, FGIC Insured, 6.00%, 07/01/20 ....... 10,499,580
46,035,000 Sub-Crossover Refunding, Southern Transmission Project, 6.125%,
07/01/18........................................................... 46,199,345
16,360,000 Sub-Crossover Refunding, Southern Transmission Project, 5.50%,
07/01/20........................................................... 15,171,937
21,200,000 Sub-Crossover Refunding, Southern Transmission Project, 5.75%,
07/01/21........................................................... 20,319,776
6,335,000 Sub-Crossover Refunding, Southern Transmission Project, MBIA Insured,
5.75%, 07/01/21.................................................... 6,136,018
2,250,000 Southern Kern USD, COP, 7.10%, 09/01/17 ................................. 2,313,990
1,390,000 Standard Elementary School District, COP, 7.375%, 06/01/11 .............. 1,475,610
26,000,000 Stanislaus County COP, Refunding, Pre-Refunded, 7.55%, 04/01/18 ......... 26,617,761
3,500,000 Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%,
01/01/99................................................................ 3,673,705
Stockton 1915 Act, Limited Obligation,
295,000 Weber/Sperry Ranch Project No. 88-1, 8.30%, 09/02/07 ............... 251,856
345,000 Weber/Sperry Ranch Project No. 88-1, 8.30%, 09/02/08 ............... 294,544
380,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/09 ............... 324,425
475,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/10 ............... 405,531
545,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/11 ............... 465,294
620,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/12 ............... 529,325
705,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/13 ............... 601,894
Stockton Central Parking District,
3,650,000 Project No. 86-1, Pre-Refunded, 8.00%, 09/01/01 .................... 3,804,249
5,700,000 Refunding, Series 1991, 7.90%, 08/01/11 ............................ 5,763,555
3,200,000 Stockton COP, Water Facility Project, Participation 1986, Pre-Refunded, 7.50%,
08/01/16................................................................ 3,296,320
Stockton, East Water District, COP,
$ 20,000,000 Refunding, Series 1990-B, 6.40%, 04/01/22 .......................... $ 20,631,800
19,000,000 Series 1990-A, AMBAC Insured, Pre-Refunded, 7.30%, 04/01/20 ........ 21,577,730
28,575,000 Series 1990-B, 7.45%, 04/01/05 ..................................... 42,671,333
12,000,000 Stockton Health Facilities Revenue, Refunding, Dameron Hospital Association,
Series 1988, 8.30%, 12/01/14 ........................................... 12,688,080
5,250,000 Stockton Hospital Revenue, St. Joseph Hospital, Series A, 6.70%, 06/01/15 5,308,695
2,250,000 Stockton Port District Revenue, Port Facilities Improvement, Series A, 8.10%,
01/01/14................................................................ 2,417,265
8,000,000 Stockton Public Financing Authority, Special Tax, CFD No. 90-4, 8.50%,
09/01/16................................................................ 8,533,600
Stockton, South Stockton Special Tax,
3,000,000 CFD No. 90-1, 8.10%, 09/01/09 ...................................... 3,163,440
5,400,000 CFD No. 90-1, 8.125%, 09/01/15 ..................................... 5,675,778
Stockton Special Tax,
455,000 CFD No. 1, Weston Ranch, 7.80%, 09/01/99 ........................... 461,338
545,000 CFD No. 1, Weston Ranch, 7.85%, 09/01/00 ........................... 552,581
635,000 CFD No. 1, Weston Ranch, 7.90%, 09/01/01 ........................... 643,827
680,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/02 ........................... 689,438
625,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/03 ........................... 633,675
7,910,000 CFD No. 1, Weston Ranch, 8.00%, 09/01/09 ........................... 7,953,584
11,890,000 CFD No. 1, Weston Ranch, 8.10%, 09/01/14 ........................... 11,955,395
725,000 CFD No. 90-2, Series 002, 7.30%, 08/01/00 .......................... 757,422
780,000 CFD No. 90-2, Series 002, 7.35%, 08/01/01 .......................... 815,069
835,000 CFD No. 90-2, Series 002, 7.40%, 08/01/02 .......................... 877,660
895,000 CFD No. 90-2, Series 002, 7.45%, 08/01/03 .......................... 940,645
965,000 CFD No. 90-2, Series 002, 7.50%, 08/01/04 .......................... 1,014,128
3,000,000 CFD No. 90-2, Series 002, 7.70%, 08/01/09 .......................... 3,143,370
3,000,000 CFD No. 90-2, Series 006, 7.75%, 08/01/15 .......................... 3,110,130
1,430,000 CFD No. 90-2, Series 305, Brookside, 8.50%, 08/01/09 ............... 1,554,596
2,710,000 CFD No. 90-2, Series 305, Brookside, 8.65%, 08/01/15 ............... 2,945,120
Suisun City COP,
2,205,000 Civic Center Financing Project, Pre-Refunded, 9.125%, 11/01/15 ..... 2,462,257
2,105,000 Refunding, Civic Center Project, 6.45%, 11/01/15 ................... 2,020,358
Suisun City RDA, Tax Allocation,
3,285,000 Refunding, Suisun City Redevelopment Project, MBIA Insured, 6.00%,
10/01/18........................................................... 3,228,695
6,450,000 Refunding, Suisun City Redevelopment Project, MBIA Insured, 5.90%,
10/01/23........................................................... 6,244,181
5,500,000 Suisun City Redevelopment Project, Pre-Refunded, 7.50%, 10/01/19 ........ 6,278,470
$ 4,690,000 Suisun City Redevelopment Project, Pre-Refunded, 7.25%, 10/01/20 ........ $ 5,306,501
4,735,000 Sunnyvale Financing Authority Revenue, Utilities Waste Water Reuse and
Sludge, Series A, 6.30%, 10/01/12 ...................................... 4,831,310
2,500,000 Tehachapi COP, Series 1990, 8.20%, 11/01/20 ............................. 2,711,250
3,000,000 Tehachapi, Cummings County Water District, COP, Capital Improvement
Project, MBIA Insured, 6.30%, 08/01/14 ................................. 3,083,400
2,325,000 Tehachapi USD, COP, Tompkins Elementary School Project, Pre-Refunded,
7.80%, 02/01/21 ..................................................... 2,721,180
Temecula Valley USD,
1,250,000 Series D, FGIC Insured, 6.00%, 09/01/14 ............................ 1,250,763
3,110,000 Series D, FGIC Insured, 6.125%, 09/01/19 ........................... 3,127,789
5,460,000 Series E, CGIC Insured, 6.35%, 09/01/19 ............................ 5,578,591
1,170,000 Temecula Valley USD, COP, Capital Appreciation, Series A, FSA Insured,
7.25%, 09/01/25 ..................................................... 1,237,322
19,180,000a,b,f Temecula Valley USD, Special Tax, CFD No. 89-3, 8.00%, 09/01/19 ......... 11,891,600
Thousand Oaks SFHMR,
400,000 GNMA Secured, 7.45%, 09/01/10 ...................................... 408,640
575,000 GNMA Secured, 7.55%, 09/01/15 ...................................... 593,584
1,595,000 GNMA Secured, 7.625%, 03/01/23 ..................................... 1,625,369
188,000 GNMA Secured, 8.00%, 09/01/23 ...................................... 278,616
Torrance Hospital Revenue, Refunding,
3,995,000 Little Co. of Mary Hospital, 6.875%, 07/01/15 ...................... 4,152,483
2,000,000 Torrance Memorial Hospital Medical Center, 6.75%, 01/01/12 ......... 2,036,860
7,500,000 Torrance RDA, Refunding, Tax Allocation, Industrial Redevelopment Project,
7.75%, 09/01/13 ..................................................... 7,908,525
Trabuco Canyon Public Financing Authority, Special Tax Revenue, Refunding,
13,775,000 Series A, FSA Insured, 6.00%, 10/01/10 ............................. 14,343,081
13,220,000 Series A, FSA Insured, 6.10%, 10/01/15 ............................. 13,388,026
3,040,000 Series C, FSA Insured, 6.00%, 07/01/12 ............................. 3,074,960
5,215,000 Series C, FSA Insured, 6.10%, 10/01/19 ............................. 5,286,550
Tracy Area Public Facilities Financing Agency, Special Tax, CFD No. 87-1,
6,100,000 Series A, 8.50%, 10/01/14 .......................................... 6,348,697
5,000,000 Series C, 7.80%, 10/01/16 .......................................... 5,151,450
Travis USD, COP,
320,000 Foxboro Elementary School Construction Project, 6.00%, 09/01/99 .... 328,246
335,000 Foxboro Elementary School Construction Project, 6.10%, 09/01/00 .... 344,826
355,000 Foxboro Elementary School Construction Project, 6.20%, 09/01/01 .... 367,187
170,000 Foxboro Elementary School Construction Project, 6.30%, 09/01/02 .... 176,630
405,000 Foxboro Elementary School Construction Project, 6.40%, 09/01/03 .... 422,557
430,000 Foxboro Elementary School Construction Project, 6.50%, 09/01/04 .... 450,378
Travis USD, COP, (cont.)
$ 455,000 Foxboro Elementary School Construction Project, 6.60%, 09/01/05 .... $ 476,467
490,000 Foxboro Elementary School Construction Project, 6.70%, 09/01/06 .... 513,020
3,670,000 Foxboro Elementary School Construction Project, 7.00%, 09/01/12 .... 3,802,340
2,665,000 Tri-Cities Municipal Water District, COP, Special District Lease Program,
Series T, 6.55%, 12/01/17 .............................................. 2,419,713
6,895,000 Tri-City Hospital District Revenue, MBIA Insured, 7.50%, 02/01/17 ....... 7,823,412
51,580,000 Tri-Dam Power Authority Revenue, Refunding, Hydroelectric Sand Bar Project,
7.50%, 01/01/17 ..................................................... 52,454,797
Trinity County PUD, COP, Electric District Facilities, Refunding,
2,565,000 Series 1993, 6.60%, 04/01/11 ....................................... 2,557,587
4,000,000 Series 1993, 6.75%, 04/01/23 ....................................... 3,990,040
500,000 Truckee-Donner PUD, COP, Water System Improvement Project, MBIA Insured,
6.75%, 11/15/21 ..................................................... 530,685
1,100,000 Tulare County COP, Financing Project, Series B, 6.875%, 11/15/12 ........ 1,132,175
3,280,000 Ukiah Electric Revenue, Refunding, Series A, Pre-Refunded, 8.00%, 06/01/03 3,421,630
University of California Regents COP,
15,945,000 UCLA Central Chiller/Cogeneration Facilities, Pre-Refunded, 7.00%,
11/01/18........................................................... 17,805,941
40,920,000 UCLA Central Chiller/Cogeneration Facilities, Pre-Refunded, 7.00%,
11/01/21........................................................... 45,695,773
University of California Revenues,
5,820,000 Multi Purpose Projects, Series 1989-B, AMBAC Insured, Pre-Refunded,
6.90%, 09/01/12 ................................................... 6,468,464
5,975,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.30%, 09/01/15 6,163,392
7,540,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/19 7,816,567
44,995,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/24 46,487,484
26,780,000 Research Facilities, Series B, 6.55%, 09/01/24 ..................... 27,283,196
5,750,000 Seismic Safety Project, Pre-Refunded, 7.30%, 09/01/20 .............. 6,334,775
6,355,000 UCLA Medical Center, Pre-Refunded, 7.30%, 12/01/20 ................. 7,033,015
6,500,000 Upland Hospital Revenue, COP, San Antonio Community Hospital,
Pre-Refunded, 7.80%, 01/01/18 .......................................... 7,294,105
4,440,000 Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 07/01/20 . 4,628,611
Upland Public Financing Authority Revenue, Refunding, Loan Agency,
2,500,000 Series B, 8.10%, 12/01/08 .......................................... 2,673,650
10,645,000 Series B, 8.25%, 12/01/15 .......................................... 11,429,430
12,925,000 Vacaville COP, 9.40%, 10/01/15 .......................................... 14,747,942
75,880,000 Vacaville Public Financing Authority Revenue, Local Agency, 8.65%, 09/02/18 78,591,192
5,400,000 Vacaville Public Financing Authority Revenue, Tax Allocation, Vacaville
Redevelopment Project, Pre-Refunded, 8.25%, 09/01/13 ................... 5,909,058
Vacaville Special Tax, Nut Tree, CFD No. 2,
$ 1,885,000 Series A, 8.25%, 09/01/10 .......................................... $ 1,945,622
1,000,000 Series A, 8.20%, 09/01/15 .......................................... 1,029,510
Val Verde School District, Special Tax,
2,855,000 CFD No. 87-1, 8.30%, 10/01/08 ...................................... 2,951,670
7,760,000 CFD No. 87-1, 8.375%, 10/01/13 ..................................... 8,033,385
Val Verde USD, COP,
7,315,000 Thomas Rivera Middle School, 6.50%, 06/01/22 ....................... 7,517,187
2,785,000 Vista Verde Project, 6.95%, 06/01/21 ............................... 2,927,815
Val Verde USD, COP, Solano County Fairgrounds Drive, AD No. 65,
255,000 Phase I, 7.90%, 09/02/99 ........................................... 264,172
275,000 Phase I, 8.00%, 09/02/00 ........................................... 285,002
295,000 Phase I, 8.05%, 09/02/01 ........................................... 305,788
320,000 Phase I, 8.05%, 09/02/02 ........................................... 331,702
340,000 Phase I, 8.10%, 09/02/03 ........................................... 352,502
370,000 Phase I, 8.10%, 09/02/04 ........................................... 383,605
400,000 Phase I, 8.15%, 09/02/05 ........................................... 414,788
430,000 Phase I, 8.15%, 09/02/06 ........................................... 445,897
465,000 Phase I, 8.15%, 09/02/07 ........................................... 482,191
505,000 Phase I, 8.20%, 09/02/08 ........................................... 523,771
545,000 Phase I, 8.20%, 09/02/09 ........................................... 565,258
590,000 Phase I, 8.20%, 09/02/10 ........................................... 611,930
640,000 Phase I, 8.20%, 09/02/11 ........................................... 663,789
2,445,000 Vallejo Housing Authority Revenue, MF, First Nationwide Savings Program,
9.00%, 12/01/97 ..................................................... 2,449,205
2,485,000 Vallejo RDA, Tax Allocation, Waterfront Redevelopment Project, 7.90%,
05/01/19................................................................ 2,550,306
6,000,000 Vallejo Revenue, Golf Course Project, Series A, 7.90%, 06/01/17 ......... 6,389,400
Vallejo USD, Special Tax Revenue,
2,300,000 CFD No. 2, 7.75%, 09/01/15 ......................................... 2,369,782
5,100,000 CFD No. 2, 8.125%, 09/01/16 ........................................ 5,378,154
5,100,000 Victor Valley UHSD, COP, 7.875%, 11/01/12 ............................... 5,516,058
Victorville RDA, Tax Allocation,
1,200,000 Bear Valley Road Redevelopment Project, Pre-Refunded, 7.50%,
11/01/06........................................................... 1,407,756
2,405,000 Refunding, Bear Valley Road Redevelopment Project, Series A,
FSA Insured, 6.125%,9/01/19 ....................................... 2,411,013
3,245,000 Refunding, Bear Valley Road Redevelopment Project, Series A,
FSA Insured, 6.125%, 09/01/24 ..................................... 3,253,113
8,000,000 Victorville Special Tax, CFD No. 90-1, Series A, 8.30%, 09/01/16 ........ 7,690,880
$ 7,500,000 c Vista Community Development Commission, Tax Allocation Revenue, Vista
Redevelopment Project Area, MBIA Insured, 5.50%, 09/01/23 .............. $ 6,964,200
Vista Joint Powers Financing Authority Revenue,
4,000,000 Series A, 7.45%, 01/01/09 .......................................... 4,207,440
9,100,000 Series A, 7.50%, 01/01/16 .......................................... 9,530,248
3,675,000 Series A, 7.625%, 02/01/20 ......................................... 3,881,094
570,000 Walnut Improvement Agency, RMR, Series A, 10.25%, 05/01/17 .............. 587,037
Walnut Improvement Agency, Tax Allocation, Walnut Improvement Project,
1,665,000 Series A, 8.00%, 09/01/18 .......................................... 1,761,337
9,135,000 Series A, Pre-Refunded, 8.00%, 09/01/18 ............................ 10,242,710
8,285,000 Walnut Public Financing Authority Revenue, Refunding, Tax Allocation,
Improvement Project, MBIA Insured, 6.50%, 09/01/22 ..................... 8,630,816
5,000,000 Washington Township Hospital District Revenue, AMBAC Insured, 5.25%,
07/01/23................................................................ 4,471,000
Watsonville Hospital Revenue, Watsonville Community Hospital,
3,990,000 Insured, Series A, 6.30%, 07/01/15 ................................. 3,927,557
5,435,000 Insured, Series A, 6.35%, 07/01/24 ................................. 5,335,757
1,745,000 Watsonville RDA, Tax Allocation, Watsonville Redevelopment Project, 6.30%,
08/01/06................................................................ 1,745,838
23,665,000 West and Center Basin Financing Authority Revenue, AMBAC Insured, 6.125%,
08/01/22................................................................ 23,798,471
7,750,000 West Covina COP, Refunding, Civic Center Complex, 6.875%, 09/01/14 ...... 7,896,243
23,000,000 West Covina RDA, Special Tax, CFD No. 1, 7.80%, 09/01/22 ................ 23,864,340
145,000 West Covina SFMR, 10.50%, 12/01/15 ...................................... 87,000
9,255,000 c West Hollywood COP, Capital Projects, Series A, 6.50%, 02/01/25 ......... 9,029,178
West Sacramento 1915 Act,
360,000 Raleys Landing AD, 7.90%, 09/02/08 ................................. 371,405
630,000 Raleys Landing AD, 7.95%, 09/02/09 ................................. 650,084
835,000 Raleys Landing AD, 7.95%, 09/02/10 ................................. 861,102
900,000 Raleys Landing AD, 7.95%, 09/02/11 ................................. 928,134
970,000 Raleys Landing AD, 7.95%, 09/02/12 ................................. 1,000,322
1,045,000 Raleys Landing AD, 7.95%, 09/02/13 ................................. 1,077,667
15,550,000 West Sacramento Financing Authority Revenue, MBIA Insured, 6.25%,
09/01/24................................................................ 15,807,042
4,725,000 West Sacramento RDA, Tax Allocation, West Sacramento Redevelopment
Project, MBIA Insured, 6.25%, 09/01/21 ................................. 4,786,331
6,455,000 Westminster RDAR, Refunding, Tax Allocation, Commercial Redevelopment
Project No. 1, Series A, 7.30%, 08/01/21 ............................... 6,686,993
5,325,000 Whittier Educational Facilities Revenue, Whittier College, Series A,
Pre-Refunded, 7.00%, 12/01/09 .......................................... 5,515,901
$ 5,095,000 Whittier Special Tax, CFD No. 89-1, 7.75%, 09/01/19 ..................... $ 5,256,053
4,000,000 William S. Hart Joint School Financing Authority, Special Tax Revenue,
Refunding, Community Facilities, CGIC Insured, 6.50%, 09/01/14 ......... 4,189,000
William S. Hart Union High School District, Special Tax,
1,210,000 CFD No. 87-1, Pre-Refunded, 7.75%, 09/01/14 ........................ 1,379,134
3,225,000 CFD No. 87-1, Pre-Refunded, 8.10%, 09/01/18 ........................ 3,620,095
3,000,000 Wilsona USD, COP, Ameri-Cal Improvement Corp., 8.50%, 06/01/07 .......... 3,206,310
2,895,000 Woodland ID, East Main St., Series 90-1, 7.90%, 09/02/15 ................ 2,985,469
Yucaipa Public Finance Authority Revenue, Public Improvement,
19,050,000 Series 1991, 7.50%, 09/02/01 ....................................... 19,133,630
21,990,000 Series 1991, 7.75%, 09/02/06 ....................................... 22,108,526
14,775,000 Yucaipa-Sweetwater School Facilities Financing Authority Revenue,
Special Tax, Sweetwater Project, Pre-Refunded, 8.00%, 09/01/15 ......... 16,675,804
Total Bonds (Cost $11,779,761,330)................................. 12,387,313,246
d Zero Coupon/Step-up Bonds 4.3%
Adelanto Improvement Agency, Refunding, Tax Allocation,
840,000 Series B, FGIC Insured, (original accretion rate 4.90%), 12/01/96 .. 801,511
115,000 Series B, FGIC Insured, (original accretion rate 5.70%), 12/01/99 .. 95,611
155,000 Series B, FGIC Insured, (original accretion rate 5.90%), 12/01/00 .. 122,340
145,000 Series B, FGIC Insured, (original accretion rate 6.10%), 12/01/01 .. 108,334
175,000 Series B, FGIC Insured, (original accretion rate 6.20%), 12/01/02 .. 123,835
235,000 Series B, FGIC Insured, (original accretion rate 6.25%), 12/01/03 .. 157,194
290,000 Series B, FGIC Insured, (original accretion rate 6.30%), 12/01/04 .. 183,010
370,000 Series B, FGIC Insured, (original accretion rate 6.40%), 12/01/05 .. 219,861
270,000 Series B, FGIC Insured, (original accretion rate 6.45%), 12/01/06 .. 149,961
465,000 Series B, FGIC Insured, (original accretion rate 6.50%), 12/01/07 .. 240,693
540,000 Series B, FGIC Insured, (original accretion rate 6.60%), 12/01/08 .. 261,414
540,000 Series B, FGIC Insured, (original accretion rate 6.70%), 12/01/09 .. 244,004
2,965,000 Auburn Union School District, COP, Land Acquisition Program, Series A,
FSA Insured, zero coupon to 09/01/00, (original accretion rate 7.00%), 7.00%
thereafter, 09/01/28 .................................................. 2,304,872
Baldwin Park RDA, Refunding, Tax Allocation, San Gabriel,
540,000 Series A, ETM 02/01/99, (original accretion rate 7.50%), 02/01/99 .. 465,723
550,000 Series A, ETM 02/01/00, (original accretion rate 7.60%), 02/01/00 .. 448,932
560,000 Series A, ETM 02/01/01, (original accretion rate 7.70%), 02/01/01 .. 435,002
565,000 Series A, ETM 02/01/02, (original accretion rate 7.75%), 02/01/02 .. 415,976
570,000 Series A, ETM 02/01/03, (original accretion rate 7.80%), 02/01/03 .. 396,977
575,000 Series A, ETM 02/01/04, (original accretion rate 7.85%), 02/01/04 .. 378,080
585,000 Series A, ETM 02/01/05, (original accretion rate 7.90%), 02/01/05 .. 362,454
Burton Elementary School District, COP, Loan Acquisition,
Capital Appreciation,
$ 830,000 Series A, FSA Insured, zero coupon to
09/01/98, (original accretion rate
6.60%), 6.60% thereafter, 09/01/27 .................................... $ 693,009
985,000 Series B, FSA Insured, zero coupon to 09/01/00, (original accretion rate
6.60%), 6.60% thereafter, 09/01/27 ................................. 722,675
13,970,000 California Health Facilities Financing Authority Revenue, Kaiser Permanente,
Series A, (original accretion rate 7.15%), 10/01/11 ..................... 5,335,842
California HFAR,
615,000 Capital Appreciation, Home Mortgage, Series 1985-A, (original accretion
rate 10.989%), 08/01/16 ............................................ 66,389
54,765,000 Capital Appreciation, Home Mortgage, Series 1990-A, (original accretion
rate 7.90%), 08/01/23 ............................................ 6,522,512
37,580,000 Home Mortgage, Series 1991-C, (original accretion rate 7.80%), 08/01/21 5,208,964
7,230,000 Home Ownership Mortgage, Series 1985-A, zero coupon to 08/01/98,
(original accretion rate 9.875%), 9.875% thereafter, 08/01/17 ....... 5,506,440
California Public School District, Financing Authority Lease Revenue,
Los Banos School,
1,980,000 Series A, FSA Insured, zero coupon to 10/01/00, (original accretion rate
6.20%), 6.20% thereafter, 10/01/23 ................................. 1,411,166
10,035,000 Series B, FSA Insured, zero coupon to 10/01/00, (original accretion rate
6.20%), 6.20% thereafter, 10/01/23 ................................. 7,152,045
California State, GO,
7,500,000 Principal Eagles II, Series 3, (original accretion rate 7.15%), 03/01/09 3,493,425
10,000,000 Principal Eagles II, Series 4, (original accretion rate 6.50%), 06/01/06 5,614,300
5,000,000 Principal Eagles II, Series 6, (original accretion rate 6.50%), 03/01/09 2,328,950
9,000,000 Principal M-Raes, Series 8, (original accretion rate 7.20%), 04/01/09 4,172,220
California Statewide CDA Revenue, COP, Refunding, Insured Hospital,
6,450,000 Triad Health Care, (original accretion rate 7.00%), 08/01/09 ....... 2,600,317
6,745,000 Triad Health Care, (original accretion rate 7.00%), 08/01/10 ....... 2,528,161
3,115,000 Triad Health Care, (original accretion rate 7.00%), 08/01/11 ....... 1,084,455
10,035,000 Center USD, COP, School Building Program, FSA Insured, zero coupon to
01/01/99, (original accretion rate 6.00%), 6.00% thereafter, 01/01/24 .. 7,751,434
Chino USD, COP, Land Acquisition,
2,250,000 Series A, FSA Insured, zero coupon to 09/01/99, (original accretion rate
6.60%), 6.60% thereafter, 09/01/14 ................................ 1,783,034
11,855,000 Series A, FSA Insured, zero coupon to 09/01/99, (original accretion rate
6.70%), 6.70% thereafter, 09/01/29 ................................ 9,332,848
2,810,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate
6.60%), 6.60% thereafter, 09/01/14 ................................ 1,851,311
Chino USD, COP, Land Acquisition, (cont.)
$ 8,485,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate
6.70%), 6.70% thereafter, 09/01/29 ................................. $ 5,602,984
2,685,000 Series C, BIG Insured, zero coupon to 09/01/96, (original accretion rate
7.45%), 7.45% thereafter, 09/01/24 ................................. 3,036,815
7,980,000 Series D, BIG Insured, zero coupon to 09/01/96, (original accretion rate
7.45%), 7.45% thereafter, 09/01/24 ................................. 8,314,601
525,000 Series E, BIG Insured, zero coupon to 09/01/96, (original accretion rate
7.50%), 7.50% thereafter, 09/01/24 ................................. 496,061
6,810,000 Contra Costa County, COP, Merrithew Memorial Hospital, (original accretion
rate 7.05%), 11/01/15 ................................................... 1,960,394
Contra Costa County Home Mortgage Finance Authority, HMR,
10,770,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.05%), 09/01/17 1,822,714
5,890,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.05%), 09/01/17 1,026,685
9,635,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 1,698,746
8,615,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 1,598,426
8,095,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 1,468,918
7,700,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 1,502,038
7,135,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 1,362,142
6,275,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 1,259,203
Contra Costa School Financing Authority Revenue, Capital Appreciation,
1,785,000 Antioch USD Community, Series B, (original accretion rate 7.30%),
09/01/07............................................................. 857,727
1,000,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate
6.50%), 09/01/03..................................................... 691,790
3,820,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate
7.00%), 09/01/17..................................................... 1,003,666
Fairfield-Suisun USD, Special Tax,
445,000 CFD No. 1, (original accretion rate 9.25%), 06/01/97 ............... 404,157
415,000 CFD No. 1, Series A, (original accretion rate 9.00%), 06/01/96 ..... 400,076
4,325,000 CFD No. 1, zero coupon to 12/01/97, (original accretion rate 10.50%),
10.50% thereafter,12/01/23 ........................................ 4,211,208
7,175,000 Grossmont UHSD, COP, Capital Appreciation, FSA Insured, zero coupon to
09/01/96, (original accretion rate 7.375%), 7.375% thereafter, 09/01/25 7,326,535
11,810,000 Kern County Housing Authority, RRMR, Series 1985-A, (original accretion rate
10.875%), 03/01/17 ..................................................... 1,222,452
26,750,000 Los Angeles Convention and Exhibition Center Authority, COP, Series 1985,
ETM 12/01/05, (original accretion rate 6.85%), 12/01/05 ................ 15,723,382
Los Angeles County Transportation Commission Sales Tax Revenue,
Refunding, Capital Appreciation,
$ 4,895,000 Series A, (original accretion rate 7.25%), 07/01/03 ................ $ 3,136,128
4,895,000 Series A, MBIA Insured, (original accretion rate 7.30%), 07/01/04 .. 2,902,931
3,330,000 Los Angeles HMR, Series 1986-A, GNMA Secured, (original accretion rate
8.50%), 08/25/16 ..................................................... 584,981
38,500,000 Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded, (original
accretion rate 8.20%), 05/01/14 ........................................ 10,081,994
Moreno Valley USD, COP, Land Acquisition,
250,000 Series E, FSA Insured, zero coupon to 09/01/96, (original accretion rate
6.70%), 6.70% thereafter, 09/01/11 ................................ 238,792
2,895,000 Series E, FSA Insured, zero coupon to 09/01/96, (original accretion rate
6.75%), 6.75% thereafter, 09/01/27 ................................ 2,763,942
7,680,000 Series F, FSA Insured, zero coupon to 09/01/98, (original accretion rate
6.75%), 6.75% thereafter, 09/01/27 ................................ 6,429,618
Orange County COP,
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate
7.50%), 06/01/01................................................... 2,525,830
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate
7.55%), 06/01/02................................................... 2,343,133
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate
7.60%), 06/01/03................................................... 2,171,556
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate
7.60%), 06/01/04 .................................................. 2,015,461
4,715,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate
7.70%), 06/01/10................................................... 1,832,342
4,715,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate
7.70%), 06/01/11................................................... 1,699,002
4,715,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate
7.70%), 06/01/12................................................... 1,575,375
Paramount USD, COP, Land Acquisition,
2,500,000 Series B, FSA Insured, zero coupon to 09/01/01, (original accretion rate
6.85%), 6.85% thereafter, 09/01/14 ................................ 1,780,500
11,300,000 Series B, FSA Insured, zero coupon to 09/01/01, (original accretion rate
7.00%), 7.00% thereafter, 09/01/29 ................................ 8,105,037
4,090,000 Pasadena Special Tax, CFD No. 1, Civic Center West, (original accretion rate
7.70%), 12/01/17 ..................................................... 834,114
17,225,000 Perris SFMR, Series A, GNMA Secured, ETM 06/01/23, (original accretion rate
8.705%), 06/01/23 ..................................................... 2,975,791
$ 510,000 Placer Hills Union Elementary School District, COP, Series B, zero coupon to
03/01/00, (original accretion rate 7.125%), 7.125% thereafter, 03/01/09 . $ 378,037
2,095,000 Placer Union High School District, COP, Series A, zero coupon to 03/01/00,
(original accretion rate 7.125%), 7.125% thereafter, 03/01/19 .......... 1,540,075
Port of Oakland Revenue,
10,000,000 Series A, BIG Insured, (original accretion rate 7.70%), 11/01/19 ... 1,734,500
36,000,000 Series B, BIG Insured, (original accretion rate 7.45%), 11/01/19 ... 6,602,400
1,340,000 Porterville Union High School District, COP, Convertible, Capital Appreciation,
Land Acquisition, Series A, FSA Insured, zero coupon to 09/01/97, (original
accretion rate 6.60%), 6.60% thereafter, 09/01/27 ..................... 1,189,102
Rancho Water District Financing Authority Revenue,
1,250,000 AMBAC Insured, (original accretion rate 6.80%), 08/15/08 ........... 615,024
1,250,000 AMBAC Insured, (original accretion rate 6.80%), 08/15/09 ........... 574,237
8,605,000 AMBAC Insured, (original accretion rate 6.90%), 08/15/16 ........... 2,436,505
13,605,000 AMBAC Insured, (original accretion rate 6.90%), 08/15/17 ........... 3,626,141
13,605,000 AMBAC Insured, (original accretion rate 6.90%), 08/15/18 ........... 3,413,357
Redlands USD, COP,
750,000 Series A, FSA Insured, zero coupon to 09/01/96, (original accretion rate
6.15%), 6.15% thereafter, 09/01/11 ................................. 697,207
4,310,000 Series A, FSA Insured, zero coupon to 09/01/96, (original accretion rate
6.25%), 6.25% thereafter, 09/01/27 ................................. 3,948,650
Rialto USD, COP, Land Acquisition, Capital Appreciation,
1,670,000 Series A, FSA Insured, zero coupon to 09/01/98, (original accretion rate
6.60%), 6.60% thereafter, 09/01/11 ................................ 1,436,050
6,005,000 Series A, FSA Insured, zero coupon to 09/01/98, (original accretion rate
6.70%), 6.70% thereafter, 09/01/27 ................................ 5,179,852
1,440,000 Series B, FSA Insured, zero coupon to 09/01/00, (original accretion rate
6.60%), 6.60% thereafter, 09/01/11 ................................ 1,091,131
5,095,000 Series B, FSA Insured, zero coupon to 09/01/00, (original accretion rate
6.70%), 6.70% thereafter, 09/01/27 ................................ 3,869,601
1,250,000 Riverside County Board of Education, COP, Financing Projects, Series A,
(original accretion rate 6.75%), 11/01/05 .............................. 706,100
Riverside County SFMR,
20,220,000 Series 1987-A, GNMA Secured, ETM 09/01/14, (original accretion rate
8.50%), 09/01/14 .................................................. 6,315,312
25,055,000 Series 1988-A, GNMA Secured, ETM 05/01/13, (original accretion rate
8.55%), 11/01/20................................................... 5,038,561
26,160,000 Series 1988-B, GNMA Secured, ETM 12/01/13, (original accretion rate
8.75%), 06/01/23................................................... 4,519,401
$ 5,555,000 Riverside USD, COP, Series B, FSA Insured, zero coupon to 09/01/98, (original
accretion rate 7.375%), 7.375% thereafter, 09/01/26 .................... $ 4,825,461
Rocklin USD,
3,660,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/08 .. 1,785,127
4,100,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/09 .. 1,866,155
4,595,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/10 .. 1,947,957
5,145,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/11 .. 2,027,541
5,760,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/12 .. 2,105,971
33,960,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/16 .. 9,493,177
Roseville City School District,
3,115,000 Series A, (original accretion rate 6.50%), 08/01/11 ................ 1,207,311
30,770,000 Series A, (original accretion rate 6.60%), 08/01/17 ................ 8,031,277
Roseville Joint Union High School District,
1,820,000 Series A, (original accretion rate 6.50%), 08/01/10 ................ 754,334
1,965,000 Series A, (original accretion rate 6.50%), 08/01/11 ................ 761,594
18,155,000 Series A, (original accretion rate 6.60%), 08/01/17 ................ 4,738,636
San Bernardino County COP,
3,270,000 West Valley Detention Center Project, Pre-Refunded, (original accretion
rate 7.30%), 11/01/00 .......................................... 2,552,561
3,270,000 West Valley Detention Center Project, Pre-Refunded, (original accretion
rate 7.35%), 11/01/01 .......................................... 2,372,515
3,170,000 West Valley Detention Center Project, Pre-Refunded, (original accretion
rate 7.40%), 11/01/02 .......................................... 2,135,691
3,250,000 West Valley Detention Center Project, Pre-Refunded, (original accretion
rate 7.45%), 11/01/03 .......................................... 2,031,217
3,135,000 West Valley Detention Center Project, Pre-Refunded, (original accretion
rate 7.50%), 11/01/04 .......................................... 1,815,885
8,195,000 San Dieguito Union High School District, COP, Junior High School Project,
Series A, FSA Insured, zero coupon to 04/01/00, (original accretion rate
5.95%), 5.95% thereafter, 04/01/23 .................................... 6,049,794
San Francisco City and County RDA Lease Revenue, George R. Moscone Center,
12,820,000 Capital Appreciation, (original accretion rate 6.90%), 07/01/05 .... 7,457,137
11,320,000 Capital Appreciation, (original accretion rate 6.90%), 07/01/06 .... 6,163,626
4,570,000 Capital Appreciation, (original accretion rate 6.95%), 07/01/07 .... 2,324,758
7,785,000 Capital Appreciation, (original accretion rate 6.95%), 07/01/08 .... 3,692,658
16,300,000 Capital Appreciation, Pre-Refunded, (original accretion rate 8.50%),
07/01/16........................................................... 3,986,816
16,300,000 Capital Appreciation, Pre-Refunded, (original accretion rate 8.50%),
07/01/17........................................................... 3,668,477
San Francisco City and County RDA Lease Revenue, George R. Moscone
Center, (cont.)
$ 16,300,000 Capital Appreciation, Pre-Refunded, (original accretion rate 8.50%),
07/01/18........................................................... $ 3,375,403
46,000,000 Capital Appreciation, zero coupon to 07/01/02, (original accretion rate
8.50%), 8.50% thereafter, 07/01/14 ................................ 33,810,460
6,540,000 San Francisco City and County SFMR, Series 1985, (original accreation rate
10.375%), 10/01/18 ..................................................... 630,782
2,250,000 San Gabriel USD, COP, Facilities Development Program, Series B, FSA Insured,
(original accretion rate 7.15%), 09/01/29 .............................. 1,458,067
1,590,000 San Jacinto USD, COP, Series 1991-B, FSA Insured, zero coupon to 09/01/96,
(originalaccretion rate 9.24%), 6.75% thereafter, 09/01/26 ............. 1,521,836
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue,
33,545,000 Senior Lien, (original accretion rate 7.75%), 01/01/28 ............. 3,660,765
37,050,000 Senior Lien, (original accretion rate 7.75%), 01/01/29 ............. 3,774,653
21,585,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.50%),
7.50% thereafter, 01/01/09 ........................................ 15,460,040
10,745,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.55%),
7.55% thereafter, 01/01/10 ........................................ 7,720,711
25,935,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.60%),
7.60% thereafter, 01/01/11 ........................................ 18,576,721
25,215,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.65%),
7.65% thereafter, 01/01/12 ........................................ 18,004,265
27,350,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.65%),
7.65% thereafter, 01/01/13 ........................................ 19,411,662
7,470,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.70%),
7.70% thereafter, 01/01/14 ........................................ 5,317,071
60,155,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.70%),
7.70% thereafter, 01/01/15 ........................................ 42,817,726
305,000 Santa Ana HMR, Series 1985-A, FGIC Insured, zero coupon to 06/01/98,
(original accretion rate 9.50%), 9.50% thereafter, 06/01/12 ............ 238,308
26,375,000 Santa Cruz County Housing Authority, MFHR, Dominican Oaks, Series 1987,
GNMA Secured, (original accretion rate 9.00%), 06/20/29 ................ 1,367,015
1,910,000 Simi Valley SFRMR, Series 1990-A, (original accretion rate 8.00%), 09/01/25 180,246
Southern California Public Power Authority Revenue, Refunding,
12,000,000 Series A, AMBAC Insured, (original accretion rate 7.25%), 07/01/11 . 4,812,000
16,890,000 Series A, AMBAC Insured, (original accretion rate 7.25%), 07/01/12 . 6,287,808
16,000,000 Series A, AMBAC Insured, (original accretion rate 7.25%), 07/01/13 . 5,566,880
103,885,000 Stockton East Water District, COP, Refunding, Series 1990-A, AMBAC Insured,
(original accretion rate 7.00%), 04/01/16 .............................. 28,287,885
$ 3,410,000 Temecula Valley USD, COP, Convertible, Capital Appreciation, Series B,
FSA Insured, zero coupon to 09/01/96, (original accretion rate 7.375%),
7.375% thereafter, 09/01/25 ........................................... $ 3,224,291
8,380,000 Vista USD, COP, MBIA Insured, Pre-Refunded, (original accretion rate 7.25%),
09/01/11................................................................ 2,780,064
------------
Total Zero Coupon/Step-up Bonds (Cost $504,170,723)................ 567,054,106
------------
Total Long Term Investments (Cost $12,283,932,053)................. 12,954,367,352
------------
Short Term Investments .1%
900,000 d Adelanto Improvement Agency, Refunding, Tax Allocation, Series B,
FGIC Insured, (original accretion rate 4.50%), 12/01/95 ................ 894,771
1,195,000 Adelanto Improvement Agency, Tax Allocation, Adelanto Improvement Project,
8.25%, 08/01/96 ..................................................... 1,223,620
580,000 California Alternative Energy Source Financing Authority Revenue,
Cogeneration, Refunding, University of San Francisco, Series 1987-A, 8.00%,
12/01/95............................................................... 582,651
1,900,000 e California CDA Revenue, COP, Sutter Health Obligation Group, AMBAC Insured,
Daily VRDN and Put, 4.30%, 07/01/15 .................................... 1,900,000
225,000 Fresno County COP, American Avenue Landfill Project, ETM 11/01/95, 7.30%,
11/01/95................................................................ 225,612
6,800,000 Los Angeles County TRAN, 4.50%, 07/01/96 ................................ 6,828,696
2,500,000 Orange County Purchaser Certificates, Master Lease, Series 1990, 7.00%,
09/01/96................................................................ 2,492,625
120,000 San Ramon Public Finance Authority, Tax Allocation, Series A, ETM 02/01/96,
7.00%, 02/01/96 ..................................................... 121,254
1,090,000 South San Francisco 1915 Act, Gateway AD No. ST-82-2, 8.00%, 09/02/96 ... 1,107,211
------------
Total Short Term Investments (Cost $14,229,337).................... 15,376,440
------------
Total Investments (Cost $12,298,161,390) 98.7%................ 12,969,743,792
Other Assets and Liabilities, Net 1.3%........................ 173,778,580
------------
Net Assets 100.0% ............................................ $13,143,522,372
============
At September 30, 1995, the net unrealized appreciation based
on the cost of investments for income tax purposes of $12,298,370,227 was as
follows:
Aggregate gross unrealized appreciation for all investments in which there
was an excess of value over tax cost ................................. $ 711,074,960
Aggregate gross unrealized depreciation for all investments in which there
was an excess of tax cost over value ................................. (39,701,395)
------------
Net unrealized appreciation ........................................... $ 671,373,565
============
</TABLE>
PORTFOLIO ABBREVIATIONS:
1915 Act - Improvement Bond Act of 1915
ABAG - The Association of Bay Area Governments
AD - Assessment District
AMBAC - American Municipal Bond Assurance Corp.
BIG - Bond Investors Guaranty Insurance Co.
CDA - Community Development Agency/Authority
CFD - Community Facilities District
CGIC - Capital Guaranty Insurance Co.
COP - Certificate of Participation
CRDA - Community Redevelopment Agency/Authority
CSAC - County Supervisors Association of California
EDR - Economic Development Revenue
ETM - Escrow to Maturity
FGIC - Financial Guaranty Insurance Corp.
FHA - Federal Housing Agency/Authority
FSA - Financial Security Assistance
GNMA - Government National Mortgage Association
GO - General Obligation
HFA - Housing Finance Agency/Authority
HFAR - Housing Finance Agency Revenue
HFR - Home Financial Revenue
HMR - Home Mortgage Revenue
ID - Improvement District
IDA - Industrial Development Agency/Authority
IDBI - Industrial Development Bond Insurance
IDR - Industrial Development Revenue
MBIA - Municipal Bond Investors Assurance Corp.
MF - Multi-Family
MFHR - Multi-Family Housing Revenue
MFMR - Multi-Family Mortgage Revenue
MFR - Multi-Family Revenue
MTA - Metropolitan Transit Authority
MUD - Municipal Utility District
PBA - Public Building Authority
PCFA - Pollution Control Financing Authority
PCR - Pollution Control Revenue
PUD - Public Utility District
RDA - Redevelopment Agency
RDAR - Redevelopment Agency Revenue
RMR - Residential Mortgage Revenue
RRMR - Residential Rental Mortgage Revenue
SF - Single Family
SFHMR - Single Family Home Mortgage Revenue
SFM - Single Family Mortgage
SFMR - Single Family Mortgage Revenue
SFRMR - Single Family Residential Mortgage Revenue
TRAN - Tax and Revenue Anticipation Notes
UHSD - Unified High School District
USD - Unified School District
USF & G - United States Fidelity & Guaranty Co.
aNon-income producing.
bSee Note 6 regarding defaulted securities.
cSee Note 1(e) regarding securities purchased on a when-issued basis.
dZero coupon/step-up bonds. The current effective yield may vary. The original
accretion rate will remain constant. eVariable rate demand notes (VRDNs) are
tax-exempt obligations which contain a floating or variable interest rate
adjustment formula and an unconditional right of demand to receive payment of
the principal balance plus accrued interest upon short notice prior to specified
dates. The interest rate may change on specified dates in relationship with
changes in a designated rate (such as the prime interest rate or U.S. Treasury
Bills rate). fSee Note 1 regarding securities valued by the Board of
Directors.
The accompanying notes are an integral part of these financial statements.
FRANKLIN CALIFORNIATAX-FREEINCOMEFUND, INC.
<TABLE>
<CAPTION>
Financial Statements
Statement of Assets and Liabilities
September 30, 1995 (unaudited)
Assets:
<S> <C>
Investments in securities, at value (identified cost $12,298,161,390)....................... $12,969,743,792
Cash........................................................................................ 4,585,499
Receivables:
Interest................................................................................... 209,483,010
Investment securities sold................................................................. 23,330,993
Capital shares sold........................................................................ 6,804,391
------------
Total assets........................................................................... 13,213,947,685
------------
Liabilities:
Payables:
Investment securities purchased
Regular delivery.......................................................................... 699,324
When-issued basis (Note 1)................................................................ 60,711,336
Distributions to shareholders.............................................................. 89
Capital shares repurchased................................................................. 1,603,074
Management fees............................................................................ 4,910,736
Distribution fees.......................................................................... 1,641,173
Accrued expenses and other liabilities...................................................... 859,581
------------
Total liabilities...................................................................... 70,425,313
------------
Net assets, at value......................................................................... $13,143,522,372
============
Net assets consist of:
Undistributed net investment income......................................................... $ 23,542,531
Unrealized appreciation on investments...................................................... 671,582,402
Accumulated net realized loss............................................................... (10,465,961)
Class I capital shares...................................................................... 18,258,498
Class II capital shares..................................................................... 23,270
Additional paid-in capital.................................................................. 12,440,581,632
------------
Net assets, at value......................................................................... $13,143,522,372
============
Class I shares:
Net assets, at value........................................................................ $13,126,798,814
============
Shares outstanding.......................................................................... 1,825,849,763
============
Net asset value per share*.................................................................. $7.19
============
Class Il shares:
Net assets, at value........................................................................ $ 16,723,558
============
Shares outstanding.......................................................................... 2,327,015
============
Net asset value per share*.................................................................. $7.19
============
*Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
The accompanying notes are an integral part of these financial statements.
</TABLE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
<TABLE>
<CAPTION>
Financial Statements (cont.)
Statement of Operations
for the six months ended September 30, 1995 (unaudited)
Investment income:
<S> <C> <C>
Interest (Note 1)............................................................................... $444,026,084
Expenses:
Management fees (Note 5)......................................................... $29,337,849
Distribution fees- Class I (Note 5).............................................. 4,078,006
Distribution fees- Class II (Note 5)............................................. 21,608
Shareholder servicing costs (Note 5)............................................. 667,704
Reports to shareholders.......................................................... 1,198,055
Custodian fees................................................................... 646,891
Professional fees................................................................ 153,390
Registration and filing fees..................................................... 66,088
Directors' fees and expenses..................................................... 52,318
Other............................................................................ 329,236
------------
Total expenses............................................................................. 36,551,145
------------
Net investment income..................................................................... 407,474,939
------------
Realized and unrealized gain on investments:
Net realized gain............................................................................... 3,676,847
Net unrealized appreciation..................................................................... 135,570,282
------------
Net realized and unrealized gain on investments.................................................. 139,247,129
------------
Net increase in net assets resulting from operations............................................. $546,722,068
============
The accompanying notes are an integral part of these financial statements.
</TABLE>
FRANKLIN CALIFORNIATAX-FREEINCOMEFUND, INC.
<TABLE>
<CAPTION>
Financial Statements (cont.)
Statement of Changes in Net Assets
for the six months ended September 30, 1995 (unaudited)
and the year ended March 31, 1995
Six months ended Year ended
September 30, 1995 March 31, 1995
------------ ------------
Increase (decrease) in net assets:
Operations:
<S> <C> <C>
Net investment income................................................... $ 407,474,939 $ 828,376,997
Net realized gain from security transactions............................ 3,676,847 11,263,296
Net unrealized appreciation (depreciation) on investments............... 135,570,282 (55,222,581)
------------ ------------
Net increase in net assets resulting from operations................ 546,722,068 784,417,712
Distributions to shareholders from undistributed net investment income:
Class I................................................................. (405,058,692) (823,677,726)
Class II................................................................ (151,628) --
Increase (decrease) in net assets from capital share transactions (Note 2) 78,972,554 (383,122,253)
------------ ------------
Net increase (decrease) in net assets............................... 220,484,302 (422,382,267)
Net assets:
Beginning of period...................................................... 12,923,038,070 13,345,420,337
------------ ------------
End of period (including undistributed net investment income of
$23,542,531 - 9/30/95 and $21,277,878 - 3/31/95)......................... $13,143,522,372 $12,923,038,070
============ ============
The accompanying notes are an integral part of these financial statements.
FRANKLIN CALIFORNIATAX-FREEINCOMEFUND, INC.
Notes to Financial Statements (unaudited)
</TABLE>
1. SIGNIFICANT ACCOUNTING POLICIES
Franklin California Tax-Free Income Fund, Inc. (the Fund) is an open-end,
diversified management investment company (mutual fund), registered under the
Investment Company Act of 1940 as amended.
The Fund offers two classes of shares, Class I and Class II. Class I shares are
sold with a higher front-end sales charge than Class II shares. Each class of
shares may be subject to a contingent deferred sales charge and has the same
rights, except with respect to the effect of the respective sales charges, the
distribution fees borne by each class, voting rights on matters affecting a
single class and the exchange privilege of each class.
The offering of Class II shares began May 1, 1995, at which time all previously
outstanding shares became Class I shares. Realized and unrealized gains or
losses and net investment income, other than class specific expenses, are
allocated daily to each class of shares based upon the relative proportion of
net assets of each class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies.
a. Security Valuation:
Tax-free bonds generally trade in the over-the-counter market rather than on a
national securities exchange. Often there are no transactions in a particular
security on any given day. In the absence of a recorded sale or reported bid and
ask prices, information with respect to bond and note transactions, quotations
from bond dealers, market transactions in comparable securities, and various
relationships between securities are used to determine the value of the
security. The Fund may also utilize a pricing service, bank or broker/dealer
experienced in such matters to perform any of the pricing functions, under
procedures approved by the Board of Directors. Other securities for which market
quotations are not available, if any, are valued in accordance with procedures
established by the Board of Trustees.
b. Income Taxes:
The Fund intends to continue to qualify for the tax treatment applicable to
regulated investment companies under the Internal Revenue Code and to make the
requisite distributions to its shareholders which will be sufficient to relieve
it from income and excise taxes. Therefore, no income tax provision is required.
c. Security Transactions:
Security transactions are accounted for on the date the securities are purchased
or sold (trade date). Realized gains and losses on security transactions are
determined on the basis of specific identification for both financial statement
and income tax purposes.
d. Investment Income, Expenses and Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Interest
income and estimated expenses are accrued daily. Bond discount and premium, if
any, are amortized as required by the Internal Revenue Code.
Net investment income differs for financial statement and tax purposes primarily
due to differing treatment of defaulted securities - see Note 6. Net realized
capital gains differ for financial statement and tax purposes primarily due to
differing treatment of wash sale transactions.
1. SIGNIFICANT ACCOUNTING POLICIES (cont.)
e. Securities Purchased on a When-Issued Basis or Delayed Delivery Basis:
The Fund may trade securities on a when-issued or delayed delivery basis, with
payment and delivery scheduled for a future date. These transactions are subject
to market fluctuations and are subject to the risk that the value at delivery
may be more or less than the trade date purchase price. Although the Fund will
generally purchase these securities with the intention of acquiring such
securities, they may sell such securities before the settlement date. These
securities are identified on the accompanying statement of investments in
securities and net assets. The Fund has set aside sufficient investment
securities as collateral for these purchase commitments.
2. CAPITAL STOCK
At September 30, 1995 there were 10,000,000,000 shares of $.01 par value capital
stock authorized of which 5,000,000,000 was allocated to Class I and Class II
shares respectively, and paid-in capital aggregated $12,458,863,400.
Transactions in the Fund's Class I and Class II shares were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
September 30, 1995 March 31, 1995
--------------------- ------------------------
Class I Shares Shares Amount Shares Amount
--------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
Shares sold................................... 58,852,312 $420,539,649 112,197,205 $ 787,101,674
Shares issued in reinvestment of distributions 21,323,072 151,675,700 42,945,713 299,925,161
Shares redeemed............................... (64,721,840) (462,597,909) (180,767,270) (1,258,990,443)
Changes from exercise of the exchange
privilege:
Shares sold................................. 39,179,176 279,664,591 107,087,111 748,183,522
Shares redeemed............................. (45,687,314) (326,954,574) (137,848,941) (959,342,167)
--------- ----------- ---------- ------------
Net increase (decrease)....................... 8,945,406 $ 62,327,457 (56,386,182) $ (383,122,253)
========= =========== ========== ============
May 1, 1995 to
September 30, 1995
-------------------
Class II Shares Shares Amount
-------- ----------
<S> <C> <C>
Shares sold...................................... 2,309,103 $16,517,394
Shares issued in reinvestment of distributions... 12,623 89,972
Shares redeemed.................................. (6,537) (46,707)
Changes from exercise of the exchange privilege:
Shares sold..................................... 12,033 85,913
Shares redeemed................................. (207) (1,475)
-------- ----------
Net increase..................................... 2,327,015 $16,645,097
======== ==========
</TABLE>
3. CAPITAL LOSS CARRYOVERS
At March 31, 1995, for tax purposes, the Fund had a capital loss carryover of
$14,135,262 expiring in the year 2003.
For tax purposes, the aggregate cost of securities is higher (and unrealized
appreciation is lower) than for financial reporting purposes at September 30,
1995 by $208,837.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the year ended September 30, 1995 aggregated $1,307,979,866 and
$1,130,937,346, respectively.
5. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Franklin Advisers, Inc., under the terms of an agreement, provides investment
advice, administrative services, office space and facilities to the Fund and
receives fees computed monthly on the net assets of the Fund at the last day of
the month at an annualized rate of 5/8 of 1% of the first $100 million of net
assets, 1/2 of 1% of net assets in excess of $100 million to $250 million,
45/100 of 1% of net assets in excess of $250 million to $10 billion, 44/100 of
1% of net assets in excess of $10 billion to $12.5 billion, 42/100 of 1% of net
assets in excess of $12.5 billion to $15 billion, 40/100 of 1% of net assets in
excess of $15 billion to $17.5 billion, 38/100 of 1% of net assets in excess of
$17.5 billion to $20 billion and 36/100 of 1% of net assets in excess of $20
billion. Such management fees incurred by the Fund aggregated $29,337,849 for
the six months ended September 30, 1995.
The terms of the management agreement provide that annual aggregate expenses of
the Fund be limited to the extent necessary to comply with the limitations set
forth in the laws, regulations and administrative interpretations of the states
in which the Fund's shares are registered. For the six months ended September
30, 1995, the Fund's expenses did not exceed these limitations.
In its capacity as underwriter for the shares of the Fund, Franklin/Templeton
Distributors, Inc. receives commissions on sales of the Fund's capital stock.
Commissions are deducted from the gross proceeds received from the sale of the
capital stock of the Fund and as such are not expenses of the Fund.
Franklin/Templeton Distributors, Inc. may also make payments, out of its own
resources, to the dealers for certain sales of Class I and Class II shares.
Commissions received by Franklin/Templeton Distributors, Inc. and the amounts
paid to other dealers for the six months ended September 30, 1995 were as
follows:
<TABLE>
<CAPTION>
Class I Class II
--------- -------
<S> <C> <C>
Total commissions received............................................................ $11,619,868 $159,965
========= =======
Paid to other dealers................................................................. $11,331,833 $323,171
========= =======
</TABLE>
Under the terms of a shareholder services agreement with Franklin/Templeton
Investor Services, Inc., the Fund pays costs on a per shareholder account basis.
Shareholder servicing costs incurred for the six months ended September 30, 1995
aggregated $667,704, all of which was paid to Franklin/Templeton Investor
Services, Inc. Legal fees and expenses of $15,633 were incurred to a law firm in
which Brian E. Lorenz, Secretary of the Fund, is a partner.
Under the terms of a Distribution Plan pursuant to Rule 12b-1 of the Investment
Company Act of 1940, which was effective May 1, 1994 for Class I shares, and
which became effective for Class II shares on May 1, 1995, the Fund will
reimburse Franklin/Templeton Distributors, Inc. in an amount up to a maximum of
0.10% for Class I and 0.65% for Class II per annum of the average daily net
assets of each class for costs incurred in the promotion, offering and marketing
of the Class I and Class II shares. Fees incurred by the classes under the
agreement aggregated $4,099,614 for the six months ended September 30, 1995.
Certain officers and directors of the Fund are also officers and/or directors of
Franklin/Templeton Distributors, Inc., Franklin Advisers, Inc., and
Franklin/Templeton Investor Services, Inc., all wholly-owned subsidiaries of
Franklin Resources, Inc.
6. CREDIT RISK AND DEFAULTED SECURITIES
Although the Fund has a diversified investment portfolio, all of its investments
are in the securities of issuers in California. Such concentration may subject
the Fund to economic changes occurring within that state.
Although the Fund has a diversified portfolio, 1.2% of its portfolio is invested
in lower rated and comparable quality unrated high yield securities. Investments
in higher yield securities are accompanied by a greater degree of credit risk
and such lower quality securities tend to be more sensitive to economic
conditions than higher rated securities. The risk of loss due to default by the
issuer may be significantly greater for the holders of high yielding securities,
because such securities are generally unsecured and are often subordinated to
other creditors of the issuer. At September 30, 1995 the Fund held four
defaulted securities issued by four separate issuers with a value aggregating
$20,267,850, representing .15% of the Fund's net assets. For more information as
to specific securities, see the accompanying Statement of Investments in
Securities and Net Assets.
For financial reporting purposes, it is the Fund's accounting practice to
discontinue accrual of income and provide an estimate for probable losses due to
unpaid interest income on defaulted bonds for the current reporting period.
7. FINANCIAL HIGHLIGHTS
Selected data for each share of capital stock outstanding throughout the year
are as follows:
<TABLE>
<CAPTION>
Six months
ended Year Ended March 31,
-----------------------------------------------
Class I Shares: 9/30/95 1995 1994 1993 1992 1991
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net asset value at beginning
of year.......................... $7.11 $7.12 $7.36 $7.07 $6.92 $6.89
--------- --------- --------- --------- --------- ---------
Net investment income............. .22 .45 .46 .48 .49 .50
Net realized and unrealized gain
(loss) on securities............. .082 (.016) (.226) .288 .154 .036
--------- --------- --------- --------- --------- ---------
Total from investment operations.. .302 .434 .234 .768 .644 .536
--------- --------- --------- --------- --------- ---------
Less distributions from:
Net investment income............ (.222) (.444) (.456) (.478) (.494) (.506)
Capital gains.................... -- -- (.018) -- -- --
--------- --------- --------- --------- --------- ---------
Total distributions............... (.222) (.444) (.474) (.478) (.494) (.506)
--------- --------- --------- --------- --------- ---------
Net asset value at end of year.... $7.19 $7.11 $7.12 $7.36 $7.07 $6.92
========= ========= ========= ========= ========= =========
Total return**.................... 4.32% 6.37% 2.88% 10.95% 9.32% 7.76%
Ratios/Supplemental Data
Net assets at end of year
(in 000's)....................... $13,126,799 $12,923,031 $13,345,420 $13,541,443 $12,303,807 $11,466,168
Ratio of expenses to average
net assets....................... .56%* .55% .49% .49% .49% .48%
Ratio of net investment income
to average net assets............ 6.24%* 6.36% 6.19% 6.61% 6.93% 7.22%
Portfolio turnover rate........... 8.81% 14.07% 18.12% 15.63% 16.13% 15.83%
7. FINANCIAL HIGHLIGHTS (cont.)
May 1, 1995 to
Class II Shares: September 30, 1995
<S> <C>
Per Share Operating Performance
Net asset value at beginning of period....................................................... $7.05
------------
Net investment income........................................................................ .18
Net realized and unrealized gains on securities.............................................. .129
------------
Total from investment operations............................................................. .309
Less distributions from net investment income................................................ (.169)
------------
Net asset value at end of period............................................................. $7.19
============
Total return**............................................................................... 4.43%
Ratios/Supplemental Data
Net assets at end of year (in 000's)......................................................... $16,724
Ratio of expenses to average net assets...................................................... 1.13%*
Ratio of net investment income to average net assets......................................... 5.63%*
Portfolio turnover rate...................................................................... 8.81%
</TABLE>
*Annualized.
**Total return measures the change in value of an investment over the periods
indicated, and is not annualized. It does not include the maximum initial sales
charge or deferred contingent sales charge and assumes reinvestment of dividends
and capital gains, if any, at net asset value. Prior to May 1, 1994, dividends
were reinvested at the maximum offering price. Ratios have been calculated using
the daily average net assets during the period.
To ensure the highest quality of service, telephone calls to or from our service
departments may be monitored, recorded and accessed. These calls can be
determined by the presence of a regular beeping tone.
Franklin California Tax-Free Income Fund
APPENDIX
DESCRIPTION OF GRAPHIC MATERIAL OMITTED FROM EDGAR FILING (PURSUANT TO ITEM 304
(a) OF REGULATION S-T)
GRAPHIC MATERIAL (1)
This chart shows in pie chart format the fund's securities breakdown by sector
as a percentage of the fund's total net assets.
Sector Breakdown on 9/30/95
Utilities 16.6%
Marks-Roos Bonds 9.2%
Hospitals 6.8%
Housing 5.1%
Transportation 5.7%
Mello-Roos Bonds 5.6%
Tax Allocation Bonds 6.8%
Education 0.5%
Certificates of Participation 16.6%
Industrial 0.5%
Pre-Refunded 19.6%
Health Care 1.2%
Special Assessment Bonds (1915 Act) 1.7%
General Obligations 2.6%
Other Revenue 1.5%
GRAPHIC MATERIAL (2)
This bar chart shows the comparison between the fund's distribution rate of
5.91% and the taxable equivalent distribution rate of 10.99%.
GRAPHIC MATERIAL (3)
This bar chart shows the comparison between the fund's distribution rate of
5.45% and the taxable equivalent distribution rate of 10.14%.
