CONTENTS
MESSAGE FROM THE CHAIRMAN 1
SPECIAL FEATURE-- 3
PORTFOLIO UPDATE:
FRANKLIN'S TAX-FREE
INCOME FUNDS
MANAGER'S DISCUSSION 7
PERFORMANCE SUMMARY 9
STATEMENT OF INVESTMENTS 14
FINANCIAL STATEMENTS 60
NOTES TO FINANCIAL 63
STATEMENTS
REPORT OF 67
INDEPENDENT AUDITORS
Charles B. Johnson
Chairman
Dear Shareholder:
It's a pleasure to bring you the annual report for the Franklin California
Tax-Free Income Fund covering the period ended March 31, 1996.
Declining interest rates, moderate growth and mild inflation characterized most
of the period under review. Economic growth slowed significantly, prompting the
Federal Reserve Board to lower the federal funds rate on three separate
occasions -- in July and December 1995, and in February 1996. Bond markets in
general anticipated the Federal Reserve's actions as long-term bond yields had
been decreasing steadily since the beginning of 1995, and prices of fixed-income
securities appreciated.
However, interest rates did rise following stronger-than-expected employment
reports released in March and April, which caused some temporary weakness in the
financial markets. While there was still no clear evidence of increasing
inflation, hopes for immediate rate reductions dimmed somewhat as the economy
began to show signs of improvement.
After a prolonged recession, California's economy moved into its third year of
recovery. Several factors have contributed to the state's rebound, including the
implementation of the North American Free Trade Agreement, growth in Pacific
trade, expansion in high technology industries, increases in construction, and a
decreased number of military cutbacks.+ Furthermore, the December 1994 municipal
bankruptcy of Orange County has had little, if any, long- lasting effects on the
state's economy. The county has thus far been able to implement its recovery
plan without use of state financial aid and increased or new taxes.
Looking forward, we anticipate continued moderate growth, mild inflation, and
relatively stable interest rates. Despite the recent fluctuations in interest
rates, we believe rates may stabilize or possibly decline in the coming year,
should inflation remain subdued. We think California's economy should continue
to recover from the recession of the early '90s. Two bond measures approved in
the March 1996 elections suggest an increase in voter confidence. However,
municipal issuance in the state, which fell to $20.2 billion in 1995, from $25.6
billion in 1994, may remain low, relative to the 1994 figures.++ As a result,
California municipal bonds should maintain their scarcity value as demand
exceeds supply, and their prices may continue upward. More detailed information
about these conditions and their effects on the fund are contained in the
Manager's Discussion on page 7 of this report.
The rebound of the municipal securities market in 1995 reinforced our philosophy
that investors should maintain a long-term investment perspective. While your
fund may experience volatility from time to time, we believe that the
performance of the Franklin California Tax-Free Income Fund will be rewarding
over the long term.
As always, we appreciate your continued support, welcome your comments, and look
forward to serving you in the years to come.
Sincerely,
Charles B. Johnson
Chairman
Franklin California Tax-Free Income Fund
+ Source: Standard & Poor's Creditweek Municipal, 9/11/95.
++ Source: The Bond Buyer.
AN UPDATE ON TAX REFORM
Tax reform is an issue that has weighed heavily on everyone's mind -- including
ours. In January, the National Commission on Tax Reform and Economic Growth
released its long-anticipated report. Although the Commission endorsed the idea
of sweeping tax reform, the report may have actually raised more questions than
it answered:
o What would be an acceptable tax rate?
o Would low-income families be excluded?
o What would be the tax status of investment income?
o Would the rich and poor gain at the expense of the middle class?
While several, more detailed tax reform plans are being discussed, investors
should keep in mind that making such dramatic change is not a simple process. We
recognize that media attention regarding a few of the high-profile proposals has
caused some investors concern over their municipal investments, and we believe
it is important to note that the municipal bond market could be affected by tax
reform. However, we feel that dramatic changes, if any, are probably far down
the road. For more information regarding tax reform and its effects on the
municipal market, please see the Portfolio Update on the next page.
PORTFOLIO UPDATE:
FRANKLIN'S TAX-FREE INCOME FUNDS
Tom Kenny, director of Franklin Templeton's Municipal Bond Department, and
portfolio managers Bernie Schroer, Sheila Amoroso and Don Duerson take a look at
the important issues that shaped the municipal bond market last year.
Did the municipal market measure up to your expectations in 1995?
Tom Kenny: In our last portfolio update, we told you we were anticipating a
strong municipal market in 1995. We expected that the supply of new municipal
bonds would continue to be low, and that the interest-rate environment would be
more favorable for bond investors, thereby increasing demand. Generally
speaking, we were right. Tax-free income funds fared well in 1995, and
Franklin's funds were no exception. After enduring one of the worst fixed-income
markets of the last 25 years in 1994, last year's rebound only reinforced our
philosophy that investors should keep a long-term perspective (see Fig. 1 on
next page). That being said, the municipal market's performance wasn't quite as
robust as we had anticipated.
Why was that?
Tom: While investor demand was strong in the beginning of the year, it started
to decline in April, due in part to a "hangover" effect from the tough 1994
market. Additionally, the stock market performed so well that it pulled a lot of
assets into equities.
Bernie Schroer: There was also the fear of a "flat tax."
(PICTURE OMITTED)
Portfolio managers Don Duerson (left) and Sheila Amoroso (right) discuss aspects
of a new bond issue with Tom Kenny, director of Franklin Templeton's Municipal
Bond Department.
The media has focused considerable attention on a proposed "flat tax." What does
tax reform mean for individual municipal bonds and bond funds?
Don Duerson: It really depends upon which tax-reform proposal you are
discussing. There are several proposals out there, such as a flat tax, a
value-added tax, an unlimited savings allowance, and a consumption tax. The
popular appeal of most of these proposals is that they attempt to bring
simplicity to what is now a complex tax code.
Ultimately, however, no one proposal addresses every problem. So while we are
closely following the debate, we think it's too early to make any investment
decisions based purely on speculation.
Sheila Amoroso: The debate, however, has had an impact on the market, keeping
municipal securities' prices lower than they otherwise might have been.
What are the chances that some type of tax reform will be enacted this year?
Don: Because it is so complicated and the effects so far-reaching, tax reform
probably won't be addressed before 1997 -- although the political rhetoric will
certainly be a big part of the upcoming presidential election. Also, keep in
mind what happened to the health care reform proposals a few years ago. After
all the political debate and havoc that was wrought on health care securities,
the issue has quietly faded into the background.
Sheila: Change of this magnitude is not a simple process, as we have seen
recently with the balanced budget proposals. In that case, everyone agrees on
the goal of balancing the budget, but they disagree on how to get there. Tax
reform is much more difficult because the goals are not the same for all the
parties involved.
How about Orange County? Did that situation continue to affect the market in
1995?
Tom: Generally speaking, the overall municipal market was impacted by Orange
County's bankruptcy for a relatively short time, rebounding very quickly. The
California market, on the other hand, was affected well into 1995, until Orange
County established a recovery plan. While the "Orange County effect" is
essentially behind us, it does point out one of the major benefits of owning a
Franklin tax-free mutual fund as our funds invest in a variety of issues, and
the impact of any one issue, sector or region is usually very limited.
Interestingly, one measurable effect of Orange County's financial difficulties
may be the increased volume of insured bonds in the market. Approximately 44% of
new municipal bonds in 1995 were insured, versus 37% in 1994 (see Fig. 2).1 In
California that figure was even higher.
Does this mean the funds are buying more insured securities?
Bernie: Yes. Recently, we have been buying mostly insured bonds for many of the
Franklin tax-free funds, but that is primarily due to the narrow yield spread
between AAA and lesser-quality issues.2
What do you mean by "narrow spread?"
Bernie: In a declining or low interest-rate environment, investors tend to
"reach for yield," trying to obtain the same yield level they had in an earlier,
higher interest-rate environment. To accomplish this, investors have to buy
lesser-quality bonds, which are usually higher yielding. Paradoxically, this
added demand generally drives the prices of these securities higher and results
in lower relative yields. The end result is a much smaller yield difference, or
"narrow spread," between a AAA insured bond and a lesser-grade BBB bond. When
this happens, it makes more sense for us to buy the insured bonds.
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
1. Source: The Bond Buyer, 01/08/96.
2. Portfolio holdings are subject to change and may not represent future
portfolio composition.
(PICTURE OMITTED)
Staying on top of the municipal market. (From left) Andrew Jennings, Sr., Bernie
Schroer, Tom Kenny and Don Duerson.
Sheila, are you even purchasing insured bonds for the Franklin High Yield
Tax-Free Income Fund?3
Sheila: Yes, recently we have been. Higher risk should mean higher potential
reward, but there just isn't enough of a yield spread in the rated market to
warrant the added risk in lower-quality bonds right now. In addition, we have
been focusing heavily on non-rated issues where yields have remained attractive.
We have one of the largest teams of municipal market analysts of any fund group
in the nation.4 With their hard work, we can determine which bonds meet our
strict internal ratings criteria, and we still get paid the higher yield for
buying a "non-rated" security. We feel this can definitely be an advantage for
our shareholders.
Do you anticipate a continued low supply of new issues this year?
Tom: Municipal bonds finance the building and repair of infrastructure across
the country. While the need for these projects clearly exists, nationally there
has been a taxpayer revolt. Across the country, many new Republican governors
have been swept into office on a theme of lower taxes, and many states continue
to face budget pressures. As a result, states and municipalities simply can't
afford to issue new securities. So while the need is there, I think the
economics and politics of the matter bode well for continued low supply (see
Fig. 3).
That could be good news for our shareholders, because if supply continues to
remain low, stronger investor demand could make municipal securities attractive
investments.
GRAPHIC MATERIAL 2 OMITTED - SEE APPENDIX AT END OF DOCUMENT
3. Portfolio holdings are subject to change and may not represent future
portfolio composition.
4. Source: Research and Ratings Review, 08/31/95.
GRAPHIC MATERIAL 3 OMITTED - SEE APPENDIX AT END OF DOCUMENT
What do you see in the months ahead?
Tom: We think the fundamentals look good for municipal bonds. But regardless of
changing market conditions, we will continue to focus on providing our
shareholders with high current income free from regular federal and, depending
on the fund, state personal income taxes.5
Franklin has become the largest tax-free fund manager in the nation by following
a very straightforward, "plain vanilla" investment philosophy, which has proved
successful in both strong and weak markets.6 Over time, income has provided a
much greater percentage of total return than has capital appreciation, based on
the unmanaged Lehman Brothers 20-Year Municipal Bond Index (see Fig. 4). We plan
to maintain our approach and continue to make tax-free income our focus.
Looking ahead, I think municipal securities will remain an excellent investment
option for many individuals, and our 870,000 tax-free fund shareholders will
continue to find investing in our funds to be one of the most effective and
convenient ways to participate in the municipal securities market.
GRAPHIC MATERIAL 4 OMITTED - SEE APPENDIX AT END OF DOCUMENT
5. For investors subject to federal or state alternative minimum tax, all or a
portion of this income may be subject to such tax, depending on the fund.
Distributions of capital gains and of ordinary income from accrued market
discount, if any, are generally taxable.
6. Past performance is not predictive of future results.
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 portfolio consisting primarily of California municipal bonds.*
California's municipal bond market responded positively to the state's
relatively new economic strength, lower municipal bond supply and increased
investor confidence during the reporting period.
During the fiscal year, we reduced the number of pre-refunded bonds in the
portfolio, choosing to sell these securities at a profit and reduce the fund's
exposure to bonds which would be called by their issuers in the near future.
Pre-refunding occurs when a bond issuer pays off a bond by issuing a new,
lower-coupon bond. We felt that the risk -- that the supply of new issues might
be insufficient to satisfy demand on the call dates -- would result in our
paying higher prices for bonds. Therefore, we opted to sell these securities
before they were called by their issuers in the next few years, and invested the
proceeds in full coupon bonds (bonds paying interest rates at or near the
current market rate) offering better call protection.
We also purchased more AAA-rated and AAA-rated insured bonds during the year, as
yield spreads narrowed between AAA-rated issues and the lower-rated, BBB bonds.
The narrowing of yield spreads was partially due to an increased number of
insured bonds available during the year. Insured bonds represented 52.5% of
total California municipal bonds issued in 1995, up from 36.9% in 1994.++ In
addition, investor demand for higher yields pushed up prices (and thus lowered
yields) on lower-quality bonds. As a result, the number of AAA-rated securities
held in the fund's portfolio rose to 39.5% of total long-term investments, from
35.6% one year earlier. This increase in quality should enable the fund to
protect itself further against credit risk, while helping it to take advantage
of competitive yields.
* For investors subject to the federal alternative minimum tax, a small portion
of this income may be subject to such tax. Distributions of capital gains and of
ordinary income from accrued market discount, if any, are generally taxable.
++ Source: The Bond Buyer.
GRAPHIC MATERIAL 5 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Franklin California
Tax Free Income Fund
Portfolio Breakdown on 3/31/96
Based on Total Long-Term Investments
%Total
Long-Term
Sector Investments
Utilities 18.5%
Certificates of Participation 17.6%
Pre-Refunded 12.1%
Marks-Roos Bonds 8.8%
Tax-Allocation Bonds 8.6%
Hospitals 7.0%
Transportation 6.2%
Housing 5.1%
Mello-Roos Bonds 5.1%
General Obligations 3.5%
Other Revenue 2.1%
Special Assessment Bonds (1915 Act) 1.6%
Sales Tax Revenue 1.4%
Healthcare 1.4%
Industrial 0.5%
Education 0.5%
For a complete list of portfolio holdings, please see page 14 of this report.
We also continued our practice of purchasing highly rated "essential service"
bonds. These securities tend to have a relatively reliable income stream
generated from hospitals, utilities and transportation projects, to name a few.
Budgetary and political changes tend to have a limited affect on these bonds,
and we believe they are very attractive investments, particularly in a municipal
cost-cutting environment. The chart to the left illustrates that the fund is
well-diversified across several sectors, and contains bonds from a wide range of
cities, counties and other municipal entities throughout California.
Moving ahead, we anticipate continued economic growth, mild inflation and
relatively stable interest rates. We believe California's economy will continue
to grow. The possibility of improving bond prices, coupled with the high quality
of the bonds within the California Tax-Free Income Fund's portfolio, should
enable the fund to perform positively in the coming year.
PERFORMANCE SUMMARY
CLASS I
(Class II Performance Summary starts on page 11.)
GRAPHIC MATERIAL 6 OMITTED - SEE APPENDIX AT END OF DOCUMENT
We are pleased to report that the Franklin California Tax-Free Income Fund's
Class I share price, as measured by net asset value, increased to $7.18 on March
31, 1996, from $7.11 on March 31, 1995.
At the end of the reporting period, the distribution rate of Class I shares was
5.92%, based on an annualization of the current monthly dividend of 3.7 cents
($0.037) per share and the maximum offering price of $7.50 on March 31, 1996.
This double tax-free rate is generally higher than the after-tax return from a
comparable taxable investment. As the chart above illustrates, if you are in the
maximum combined federal and California state personal income tax bracket of
46.2%, you would have to earn 11.00% from a taxable investment of similar
quality to match your fund's tax-free distribution rate.
The chart on page 10 illustrates that for the 10 years ended March 31, 1996,
your fund's Class I shares have far outperformed the Consumer Price Index (CPI),
keeping your purchasing power well-ahead of inflation --a primary goal of any
investment. The fund's Class I shares generally followed the performance of the
unmanaged Lehman Brothers Municipal Bond Index. Of course, such unmanaged market
indices have inherent performance differentials in comparison with any fund.
They do not pay management fees to cover salaries of securities analysts or
portfolio managers, nor do they pay commissions or market spreads to buy and
sell bonds. Unlike unmanaged indices, mutual funds are never 100% invested
because they need to have cash on hand to redeem shares. The fund's performance
figures also include the maximum initial sales charge, all fund expenses and
account fees. If operating expenses such as the Franklin California Tax-Free
Income Fund's had been applied to this index, the index's performance would have
been lower. In addition, the index consists of municipal bonds from across the
country, while your fund consists primarily of California municipal bonds.
Please remember that an index is simply a measure of performance, and one cannot
invest in an index directly. Past performance is not predictive of future
results.
Franklin California Tax-Free Income Fund
Class I
Dividend Distributions 4/01/95 - 3/31/96
Dividend
Month per Share
April 3.7 cents
May 3.7 cents
June 3.7 cents
July 3.7 cents
August 3.7 cents
September 3.7 cents
October 3.7 cents
November 3.7 cents
December 3.7 cents
January 3.7 cents
February 3.7 cents
March 3.7 cents
Total 44.4 cents
GRAPHIC MATERIAL 7 OMITTED - SEE APPENDIX AT END OF DOCUMENT
PERFORMANCE SUMMARY
CLASS II
GRAPHIC MATERIAL 8 OMITTED - SEE APPENDIX AT END OF DOCUMENT
We are pleased to report that the Franklin California Tax-Free Income Fund's
Class II share price, as measured by net asset value, increased to $7.18 on
March 31, 1996, from $7.05 on May 1, 1995, the date the fund began offering
these shares.
At the end of the reporting period, the distribution rate of the fund's Class II
shares was 6.24%, based on an annualization of the current monthly dividend of
3.77 cents ($0.0377) per share and the offering price of $7.25 on March 31,
1996.++ This double tax-free rate is generally higher than the after-tax income
from a comparable taxable investment. As the chart above illustrates, if you are
in the maximum combined federal and California state personal income tax bracket
of 46.2%, you would have to earn 11.60% from a taxable investment of similar
quality to match your fund's tax-free distribution rate.
As illustrated by the chart on page 12, your fund's Class II shares have
outperformed the Consumer Price Index (CPI) since they became available on May
1, 1995, keeping your purchasing power well ahead of inflation -- a primary goal
of any investment. The fund's Class II shares underperformed the unmanaged
Lehman Brothers Municipal Bond Index. Of course, such unmanaged market indices
have inherent performance differentials in comparison with any fund. They do not
pay management fees to cover salaries of securities analysts or portfolio
managers, nor do they pay commissions or market spreads to buy and sell bonds.
Unlike unmanaged indices, mutual funds are never 100% invested because they need
to have cash on hand to redeem shares. The fund's performance figures also
include the initial sales charge, all fund expenses and account fees. If
operating expenses such as the California Tax-Free Income Fund's had been
applied to this index, the index's performance would have been lower. In
addition, the index consists of municipal bonds from across the country, while
your fund consists primarily of California municipal bonds. Please remember that
an index is simply a measure of performance, and one cannot invest in an index
directly. Past performance is not predictive of future results.
Franklin California Tax-Free Income Fund
Class II
Dividend Distributions 5/01/95 - 3/31/96+++
Dividend
Month per Share
May 3.7 cents
June 3.3 cents
July 3.3 cents
August 3.3 cents
September 3.3 cents
October 3.3 cents
November 3.3 cents
December 3.3 cents
January 3.3 cents
February 3.3 cents
March 3.77 cents
Total 37.17 cents
+++ The Class II shares dividend and distribution rate reflect the
reconciliation of the 12b-1 differential between Class I and Class II shares.
Subsequent dividend distributions may revert to the dividend prior to
adjustment.
GRAPHIC MATERIAL 9 OMITTED - SEE APPENDIX AT END OF DOCUMENT
<TABLE>
<CAPTION>
Franklin California Tax-Free Income Fund
Periods ended March 31, 1996
Since
Inception
Class II
1-Year 5-Year 10-Year (5/1/95)
Cumulative Total Return1
<S> <C> <C> <C> <C>
Class I 7.40% 43.72% 106.63%
Class II -- -- -- 7.23%
Average Annual Total Return2
Class I 2.77% 6.58% 7.07%
Total Return2
Class II -- -- -- 5.18%
Distribution Rate3 Taxable Equivalent Distribution Rate4
Class I 5.92% Class I 11.00%
Class II 6.24% Class II 11.60%
30-Day Standardized Yield5 Taxable Equivalent Yield4
Class I 5.03% Class I 9.35%
Class II 4.63% Class II 8.61%
</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 1.0% initial sales charge and the 1.0%
contingent deferred sales charge (CDSC) for Class II shares, applicable to
shares redeemed within the first 18 months of investment. See Note below.
2. Average annual total returns represent the average annual change in value of
an investment over the specified periods and include the current, maximum 4.25%
initial sales charge. Aggregate total return 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% CDSC applicable to
shares redeemed within the first 18 months of investment. See Note below.
3. Class I shares distribution rate is based on an annualization of the current
3.7 cent per share monthly dividend and the maximum offering price of $7.50 on
March 31, 1996. Class II shares distribution rate is based on an annualization
of the current 3.77 cent per share monthly dividend and the offering price of
$7.25 on March 31, 1996. This rate reflects an adjustment to the Class II shares
dividend, which reconciles the 12b-1 differential between Class I and Class II
shares. Subsequent dividend distributions may revert to the dividend amount
prior to adjustment.
4. Taxable equivalent distribution rates and yields assume the 1996 maximum
combined federal and California state personal income tax rate of 46.2%, based
on the federal income tax rate of 39.6%.
5. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended March 31, 1996.
Note: Prior to July 1, 1994, Class I 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, the fund eliminated
the sales charge on reinvested dividends and implemented a plan of distribution
under Rule 12b-1, which affects subsequent performance. For Class I shares,
total returns reflect 12b-1 fees from the date of the plan's implementation.
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 is not predictive of future results.
<TABLE>
<CAPTION>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Statement of Investments in Securities and Net Assets, March 31, 1996
Face Value
Amount (Note 1)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Long Term Investments 98.4%
Bonds 94.0%
ABAG Finance Authority of Nonprofit Corporations, COP,
$ 3,955,000 6.75%, 08/01/20 ................................................................. $ 4,064,830
4,245,000 6.125%, 03/01/21 ................................................................ 4,120,791
5,650,000 Butte Valley - Tulelake Rural Health, 6.65%, 10/01/22 ........................... 5,671,696
1,250,000 Insured, Miramonte Mental Health Services, 6.60%, 07/01/22 ...................... 1,271,250
2,000,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%, 06/01/12 ... 2,033,920
2,370,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%, 06/01/22 ... 2,410,100
2,325,000 Peninsula Family YMCA, Series A, 6.80%, 10/01/11 ................................ 2,397,773
2,905,000 United Way of Santa Clara County Project, 7.20%, 07/01/11 ....................... 3,159,594
4,500,000 ABAG Finance Corp., COP, ABAG XXV, 6.80%, 08/01/12 .................................. 4,603,635
Adelanto Improvement Agency, Tax Allocation,
1,195,000 Adelanto Improvement Project, 8.25%, 08/01/96 ................................... 1,208,037
12,710,000 Adelanto Improvement Project, Series 1990, Pre-Refunded, 8.00%, 08/01/20 ........ 14,579,641
1,870,000 Adelanto Improvement Project, Series 1991, Pre-Refunded, 8.25%, 08/01/20 ........ 2,206,226
7,925,000 Refunding, Series 1985, Pre-Refunded, 8.125%, 06/01/15 .......................... 8,987,267
16,345,000 Agua Mansa Industrial Growth Association, Special Tax, CFD No. 89-1, 8.25%, 09/01/17 16,770,297
Alameda 1915 Act, Improvement Board,
24,755,000 Harbor Bay Park, AD No. 92-1, 7.50%, 09/02/12 ................................... 25,592,462
170,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/98 ...................... 176,018
185,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/99 ...................... 191,497
200,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/00 ...................... 207,020
215,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/01 ...................... 222,456
230,000 Marina Village AD No. 84-3, Series 1986-1, 8.125%, 09/02/02 ..................... 237,903
250,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/03 ...................... 258,560
270,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/04 ...................... 279,131
290,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/05 ...................... 299,686
315,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/06 ...................... 325,389
23,675,000 Alameda-Contra Costa Transit District, Refunding, COP, 7.60%, 08/01/18 .............. 24,968,129
Alameda County COP,
6,400,000 Capital Projects, 6.00%, 06/01/22 ............................................... 6,131,008
4,250,000 Capital Projects, Series 1992, 6.25%, 06/01/06 .................................. 4,431,390
10,500,000 Capital Projects, Series 1992, 6.75%, 06/01/16 .................................. 10,877,895
11,000,000 Refunding, Santa Rita Jail Project, MBIA Insured, 5.70%, 12/01/14 ............... 10,679,460
40,000 Alameda County SFMR, Series A, 9.50%, 04/01/14 ...................................... 40,000
2,560,000 Alhambra RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 6.375%,
05/01/23 ........................................................................... 2,475,059
Anaheim COP,
5,555,000 California Lutheran Homes, Pre-Refunded, 8.20%, 01/01/18 ........................ 6,022,842
5,885,000 Refunding, Anaheim Memorial Hospital Association, AMBAC Insured, 5.125%,
05/15/20 ....................................................................... 5,315,744
Anaheim Public Financing Authority Revenue,
25,940,000 Electric Utilities, San Juan 4, Second Series, FGIC Insured, 5.75%, 10/01/22 .... 25,151,424
5,215,000 Local Agency, CFD, Series A, MBIA Insured, 5.75%, 09/01/14 ...................... 5,139,017
Antelope Valley East Kern Water Agency, Special Tax, CFD No. 90-1, Series A,
7,395,000 Issue 01/01/91, 8.60%, 09/01/21 ................................................. 6,719,837
4,820,000 Issue 04/01/91, 8.60%, 09/01/21 ................................................. 4,379,934
Antelope Valley Insured Hospital District, COP, Series 1989,
5,515,000 7.30%, 01/01/06 ................................................................. 5,748,560
21,600,000 7.35%, 01/01/20 ................................................................. 22,506,768
Antioch 1915 Act,
1,240,000 AD No. 26, Hillcrest, Series 1987, 8.00%, 09/02/04 .............................. 1,281,366
1,495,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/05 .............................. 1,544,858
$ 1,535,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/06 .............................. $ 1,586,192
355,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/07 .............................. 366,839
890,000 AD No. 27, Lone Tree, Series 1988, 8.20%, 09/02/09 .............................. 920,545
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/10 .............................. 920,536
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/11 .............................. 920,536
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/12 .............................. 920,536
885,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/13 .............................. 915,364
5,000,000 Antioch Area Public Facilities Financing Authority, Special Tax, Community Facilities District
No. 1989-1, Refunding, FGIC Insured, 5.375%,08/01/13 .............................. 4,753,500
4,895,000 Antioch Development Agency, Refunding, Tax Allocation, Project 1, FGIC Insured, 6.40%,
09/01/17 ........................................................................... 5,111,114
3,500,000 Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 06/01/20 ................ 3,709,055
Arcadia Hospital Revenue, Methodist Hospital of Southern California,
9,000,000 7.875%, 08/01/10 ................................................................ 9,402,210
2,295,000 6.50%, 11/15/12 ................................................................. 2,302,275
3,750,000 6.625%, 11/15/22 ................................................................ 3,767,925
Arcata CDA, Tax Allocation, Community Development Project, Pre-Refunded,
1,250,000 7.90%, 11/01/12 ................................................................. 1,384,275
1,590,000 7.90%, 11/01/13 ................................................................. 1,654,284
10,225,000 Azusa Public Financing Authority Revenue, Local Agency, Series A, Pre-Refunded, 7.75%,
08/01/20 ........................................................................... 11,708,034
5,200,000 Azusa Public Financing Authority Revenue, Refunding, Water Systems Acquisition Project,
Series A, FGIC Insured, 5.50%, 07/01/20 ............................................. 4,913,844
25,000 Azusa RDA, SFRMR, Series A, GNMA Secured, 9.875%, 12/01/18 .......................... 25,994
5,750,000 Bakersfield COP, Waste Water Treatment Plant No. 3 Project, Pre-Refunded, 8.00%,
01/01/10 ............................................................................ 6,171,763
Bakersfield Hospital Revenue, Bakersfield Memorial Hospital, Series A,
2,205,000 6.375%, 01/01/12 ................................................................ 2,212,056
2,750,000 6.50%, 01/01/22 ................................................................. 2,759,570
11,070,000 Bakersfield Public Financing Authority Revenue, Series A, 6.10%, 09/15/10 ........... 11,027,491
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
2,000,000 Refunding, Series A, 7.10%, 09/01/24 ............................................ 2,068,180
12,630,000 Series A, 7.75%, 08/01/19 ....................................................... 13,341,827
5,795,000 Series B, 7.75%, 08/01/21 ....................................................... 6,121,606
1,455,000 Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 ................................ 1,639,290
Belmont RDA, Tax Allocation, Los Costanos Community Development, Series A,
1,235,000 6.70%, 08/01/14 ................................................................. 1,288,130
2,080,000 6.25%, 08/01/17 ................................................................. 2,082,184
2,310,000 6.80%, 08/01/23 ................................................................. 2,417,877
3,500,000 Berkeley COP, AMBAC Insured, 7.50%, 06/01/19 ........................................ 3,744,930
Berkeley Hospital Revenue, Alta Bates Hospital, Pre-Refunded,
7,110,000 Series 1985-B, 7.65%, 12/01/15 .................................................. 8,053,284
2,850,000 Series 1985-C, 7.60%, 12/01/15 .................................................. 3,246,720
2,580,000 Beverly Hills COP, Refunding, Civic Center Improvement Project, Series 1989, 7.00%,
06/01/15............................................................................ 2,755,053
2,345,000 Blythe MFHR, Series 1989, 8.125%, 05/01/20 .......................................... 2,343,499
Brea and Olinda USD, COP, Series 1989, Pre-Refunded,
2,025,000 7.85%, 08/01/09 ................................................................. 2,280,656
11,835,000 7.90%, 08/01/18 ................................................................. 13,347,276
Brea and Olinda USD, COP, Refunding, High School Refinancing Program,
$ 12,645,000 Series A, CGIC Insured, 6.25%, 08/01/18 ......................................... $ 12,906,625
9,120,000 Series B, 7.00%, 08/01/18 ....................................................... 9,314,530
Brea Public Finance Authority Revenue, Tax Allocation, Redevelopment Project, Series A,
MBIA Insured,
1,720,000 7.00%, 08/01/15 ................................................................. 1,885,928
4,395,000 6.75%, 08/01/22 ................................................................. 4,725,900
6,365,000 7.00%, 08/01/23 ................................................................. 6,947,907
11,070,000 Brea Public Financing Authority Water Revenue, Series B, FGIC Insured, 6.25%,07/01/21 11,309,112
Brea RDA, Refunding, Tax Allocation, Redevelopment Project, MBIA Insured,
12,845,000 6.125%, 08/01/13 ................................................................ 13,253,214
11,320,000 5.75%, 08/01/23 ................................................................. 10,970,438
20,225,700 Brentwood 1915 Act, Improvement Board, AD No. 92-1, 8.40%, 09/02/17 ................. 20,869,686
2,000,000 Brentwood RDA, Tax Allocation, Brentwood Redevelopment Project, Series A, 7.70%,
11/01/08............................................................................ 2,115,420
3,390,000 Brisbane COP, Civic Center Financing Project, Pre-Refunded, 8.25%, 04/01/18 ......... 3,712,423
5,700,000 Brisbane Public Finance Authority Revenue, 8.00%, 09/02/15 .......................... 5,776,380
7,000,000 Buena Park CRDA, Refunding, Tax Allocation, Central Business District Project, Series A,
7.10%, 09/01/14..................................................................... 7,227,080
1,700,000 Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 ................. 1,784,609
Burbank RDA, Refunding, Tax Allocation, Series A,
6,500,000 6.00%, 12/01/23 ................................................................. 6,092,385
5,000,000 City Center Redevelopment Project, CGIC Insured, 5.50%, 12/01/23 ................ 4,676,850
1,320,000 Butte Valley USD, COP, 7.75%, 03/01/15 .............................................. 1,386,119
5,455,000 Calexico COP, CRDA, Water and Waste Improvement Project, 7.80%, 11/01/13 ............ 5,626,342
5,840,000 Calexico RDA, Tax Allocation, Refunding, Merged Central Business and Residential,
FSA Insured, 5.80%, 08/01/24 ....................................................... 5,735,814
Calexico USD, COP, Financing Project, Series 1992,
745,000 7.25%, 09/01/08 ................................................................. 779,121
3,185,000 7.375%, 09/01/17 ................................................................ 3,313,037
California Counties Lease Financing Authority, COP, CSAC Financing Corp.,
2,565,000 Amador County Project, ETM, 7.70%, 10/01/09 ..................................... 3,139,098
4,585,000 Contra Costa County Project II, Pre-Refunded, 7.85%, 10/01/09 ................... 4,892,149
4,165,000 Contra Costa County Project II, Pre-Refunded, 7.90%, 10/01/19 ................... 4,447,012
1,810,000 Glenn County Project, 8.125%, 10/01/08 .......................................... 1,848,408
1,295,000 Trinity County Project, 7.70%, 10/01/09 ......................................... 1,345,078
California Educational Facilities Authority Revenue,
1,685,000 Chapman College Project, 7.30%, 01/01/02 ........................................ 1,822,985
3,000,000 Chapman College Project, 7.50%, 01/01/18 ........................................ 3,206,490
1,100,000 Loyola Marymount University, Series B, 6.60%, 10/01/22 .......................... 1,167,441
3,460,000 Refunding, Los Angeles Chiropractic College, 7.125%, 11/01/07 ................... 3,603,417
2,100,000 St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 ......... 2,392,761
18,025,000 California Health Facilities Authority Revenue, Pacific Presbyterian Medical Center,
Series C, 7.60%, 06/01/15 .......................................................... 19,123,804
California Health Facilities Financing Authority Revenue,
7,300,000 Adventist Health System, Series A, 8.375%, 03/01/08 ............................. 7,625,726
2,930,000 Adventist Health System, Series B, MBIA Insured, 6.25%, 03/01/21 ................ 2,990,651
25,000,000 Children's Hospital of Los Angeles, Series A, Pre-Refunded, 7.125%, 06/01/21 .... 28,325,750
910,000 CHFCLP Insured, AIDS Hospice Foundation, Pre-Refunded, 7.15%, 01/01/15 .......... 1,007,561
6,550,000 CHFCLP Insured, American Baptist Homes, Series A, 7.65%, 04/01/14 ............... 6,932,651
3,650,000 CHFCLP Insured, Association for Retarded Citizens of San Diego, 7.00%, 05/01/21 . 3,808,629
3,560,000 CHFCLP Insured, California Autism Foundation, Inc., Series A, 6.25%, 11/01/20 ... 3,481,146
$ 1,575,000 CHFCLP Insured, Cedarknoll Health Facilities, Series B, 7.50%, 08/01/20 ......... $ 1,689,314
4,500,000 CHFCLP Insured, Clinicas Del Camino, Series A, 6.55%, 05/01/25 .................. 4,577,670
2,700,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.75%, 07/01/06 ... 2,884,140
9,860,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.80%, 07/01/15 ... 10,586,189
3,425,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.70%, 07/01/18 ... 3,643,755
7,750,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.80%, 07/01/06 ... 7,919,648
18,900,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.85%, 07/01/15 ... 19,308,807
4,240,000 CHFCLP Insured, Feedback Foundation, Inc., Series A, 6.50%, 12/01/22 ............ 4,287,022
4,000,000 CHFCLP Insured, Lodi Memorial Hospital Association, Series A, 7.70%, 09/01/10 ... 4,406,520
3,900,000 CHFCLP Insured, Marshall Hospital, Series A, 6.625%, 11/01/22 ................... 3,974,958
2,000,000 CHFCLP Insured, On Lok Senior Health Services, Series A, 6.40%, 12/01/12 ........ 2,022,280
7,525,000 CHFCLP Insured, On Lok Senior Health Services, Series A, 6.50%, 12/01/22 ........ 7,608,452
5,500,000 CHFCLP Insured, Small Facilities Loan, Health Facilities, Series A, 6.75%,03/01/20 5,641,570
3,000,000 CHFCLP Insured, South Coast Medical Center, 7.25%, 07/01/15 ..................... 3,169,920
2,595,000 CHFCLP Insured, St. Paul's Episcopal Home, 6.50%, 09/01/14 ...................... 2,632,005
1,400,000 Community Provider, Pooled Loan Program, Series A, 7.35%, 06/01/20 .............. 1,489,880
2,585,000 County Program, Series B, 7.20%, 01/01/12 ....................................... 2,679,895
5,000,000 Kaiser Permanente, Series A, 7.00%, 10/01/18 .................................... 5,344,550
8,870,000 Kaiser Permanente, Series A, 6.75%, 10/01/19 .................................... 9,411,425
11,000,000 Kaiser Permanente, Series A, 6.50%, 12/01/20 .................................... 11,636,900
11,880,000 Marin General Hospital, Series A, Pre-Refunded, 8.20%, 08/01/14 ................. 12,775,514
3,500,000 Pomona Valley Community Hospital, Series A, 7.00%, 01/01/17 ..................... 3,557,365
14,000,000 Pomona Valley Hospital Medical Center, 7.375%, 01/01/14 ......................... 14,624,960
4,000,000 Refunding, Catholic Healthcare West, Series A, AMBAC Insured, 5.75%, 07/01/15 ... 3,940,120
10,475,000 Refunding, Children's Hospital, MBIA Insured, 5.375%, 07/01/20 .................. 9,731,275
13,920,000 Refunding, Hospital of the Good Samaritan, 6.90%, 09/01/07 ...................... 14,973,744
71,050,000 Refunding, Hospital of the Good Samaritan, 7.00%, 09/01/21 ...................... 73,528,935
1,750,000 Refunding, Insured, AIDS Health Care Foundation, Series C, 6.25%, 09/01/17 ...... 1,752,135
5,000,000 Refunding, Insured, Small Facilities Loan, Health Facilities, Series B, 7.50%, 04/01/22 5,526,300
5,665,000 Refunding, Mills-Peninsula Hospital, Series A, Connie Lee Insured, 5.75%, 01/15/15 5,506,097
8,250,000 Refunding, San Diego Hospital Association, Series A, MBIA Insured, 6.20%, 08/01/20 8,421,023
7,000,000 Refunding, St. Francis Medical Center, Series H, AMBAC Insured, 6.35%, 10/01/23 . 7,272,020
21,145,000 San Diego Hospital Association, Series A, 6.95%, 10/01/21 ....................... 22,395,304
18,485,000 San Diego Hospital Association, Series B, Pre-Refunded, 8.25%, 08/01/18 ......... 19,902,984
4,655,000 S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 .................. 4,900,086
9,725,000 Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 ............. 10,109,040
3,500,000 Sisters of Providence Project, Pre-Refunded, 8.375%, 10/01/07 ................... 3,793,965
1,375,000 St. Elizabeth Hospital Project, Health Facilities, Pre-Refunded, 6.30%, 11/15/15 1,518,990
7,500,000 Sutter Health, Series A, 6.70%, 01/01/13 ........................................ 7,688,100
1,275,000 Unihealth America, Series A, AMBAC Insured, 7.625%, 10/01/15 .................... 1,375,738
3,225,000 Walden House, State Guaranteed, 6.85%, 03/01/22 ................................. 3,327,845
California HFA Revenue,
6,675,000 Home Mortgage, Series 1986-B, 6.90%, 08/01/16 ................................... 6,782,668
425,000 Home Mortgage, Series 1988-A, 8.125%, 08/01/19 .................................. 443,267
13,150,000 Home Mortgage, Series 1988-B, 8.60%, 08/01/19 ................................... 13,793,561
3,365,000 Home Mortgage, Series 1988-C, 8.30%, 08/01/19 ................................... 3,501,249
19,165,000 Home Mortgage, Series 1988-E, 8.35%, 08/01/19 ................................... 19,844,783
2,180,000 Home Mortgage, Series 1988-F, 7.875%, 08/01/19 .................................. 2,260,660
12,430,000 Home Mortgage, Series 1988-G, 8.15%, 08/01/19 ................................... 12,843,670
2,490,000 Home Mortgage, Series 1989-A, 7.75%, 08/01/17 ................................... 2,637,806
7,610,000 Home Mortgage, Series 1989-B, 7.90%, 08/01/09 ................................... 7,932,664
$ 44,505,000 Home Mortgage, Series 1989-B, 8.00%, 08/01/29 ................................... $ 46,553,565
6,645,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/20 ................................... 6,936,583
29,550,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/29 ................................... 30,845,177
18,760,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/23 ................................... 19,613,017
7,650,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/29 ................................... 7,997,846
7,480,000 Home Mortgage, Series 1989-G, 7.55%, 08/01/23 ................................... 7,810,840
22,830,000 Home Mortgage, Series 1990-A, 7.70%, 08/01/30 ................................... 24,003,005
57,260,000 Home Mortgage, Series 1990-C, 7.60%, 08/01/30 ................................... 60,819,854
3,875,000 Home Mortgage, Series 1990-D, 7.75%, 08/01/10 ................................... 4,114,901
3,000,000 Home Mortgage, Series 1991-D, 7.25%, 08/01/17 ................................... 3,134,460
895,000 Home Mortgage, Series 1991-F, 6.75%, 08/01/11 ................................... 940,171
4,400,000 Home Mortgage, Series 1991-G, 7.05%, 08/01/27 ................................... 4,533,584
6,875,000 Home Mortgage, Series 1994-A, 6.55%, 08/01/26 ................................... 7,055,744
9,010,000 Home Mortgage, Series 1994-E, 6.70%, 08/01/25 ................................... 9,168,396
3,380,000 Home Mortgage, Series F-1, 6.875%, 08/01/15 ..................................... 3,511,651
20,950,000 Home Mortgage, Series F-1, 7.00%, 08/01/26 ...................................... 21,425,775
465,000 Home Mortgage, SF, Series A, 10.25%, 02/01/14 ................................... 470,729
170,000 Home Mortgage, SF, Series B, 10.625%, 02/01/14 .................................. 170,723
2,340,000 Housing Revenue, Series 1985-B, MBIA Insured, 8.625%, 08/01/15 .................. 2,379,406
8,980,000 Housing Revenue, Series 1989-A, MBIA Insured, 7.65%, 08/01/24 ................... 9,335,339
4,365,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.625%, 08/01/14 .................. 4,530,128
11,855,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.75%, 08/01/26 ................... 12,390,846
11,345,000 Housing Revenue, Series 1994-F, MBIA Insured, 6.90%, 08/01/26 ................... 11,853,937
5,000,000 MFHR, Series A, AMBAC Insured, 6.25%, 02/01/37 .................................. 5,062,000
2,465,000 Multi-Unit Rental Housing, Series A, 6.875%, 02/01/22 ........................... 2,468,550
11,250,000 California HFA, SFM, Purchase Issue A-2, Refunding, 6.45%, 08/01/25 ................. 11,517,525
California Maritime Infrastructure Authority, Airport Revenue, San Diego Unified Port District,
AMBAC Insured,
10,150,000 5.375%, 11/01/12 ................................................................ 9,662,800
6,345,000 5.25%, 11/01/15 ................................................................. 5,848,821
7,250,000 5.00%, 11/01/20 ................................................................. 6,340,705
California PCFA, PCR,
1,750,000 Pacific Gas & Electric Co., Series A, 6.625%, 06/01/09 .......................... 1,853,110
6,500,000 Pacific Gas & Electric Co., Series A, 7.50%, 05/01/16 ........................... 6,658,145
134,770,000 Pacific Gas & Electric Co., Series B, 8.875%, 01/01/10 .......................... 146,094,723
2,500,000 Small Business, Desert Valley, Series A, 7.625%, 10/01/00 ....................... 2,549,250
2,510,000 Southern California Edison Co., 6.90%, 12/01/17 ................................. 2,649,983
12,120,000 Southern California Edison Co., Series B, 6.40%, 12/01/24 ....................... 12,667,097
29,000,000 Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 ......... 29,245,630
17,205,000 California PCFA Revenue, Solid Waste Disposal, Keller Canyon Landfill Co. Project,
6.875%, 11/01/27 ................................................................... 17,886,318
California Public Capital Improvements Financing Authority Revenue, Pooled Projects,
26,555,000 Joint Powers Agency, Series E, 8.375%, 03/01/03 ................................. 28,278,951
62,925,000 Series A, 8.40%, 03/01/08 ....................................................... 66,743,918
121,300,000 Series A, 8.50%, 03/01/18 ....................................................... 128,673,827
California Special Districts Association Finance Corp., COP,
970,000 Series F, 8.10%, 09/01/10 ....................................................... 1,002,136
1,630,000 Series H, 7.75%, 02/01/15 ....................................................... 1,695,070
1,500,000 Series H, 7.80%, 02/01/21 ....................................................... 1,559,835
1,385,000 Series N, 8.30%, 03/01/12 ....................................................... 1,448,253
1,000,000 Series O, 7.40%, 03/01/17 ....................................................... 1,035,730
California Special Districts Finance Authority, COP, Series A,
$ 19,940,000 8.40%, 07/01/05 ................................................................. $ 21,583,854
70,000,000 8.50%, 07/01/18 ................................................................. 75,022,500
California Special Districts Lease Financing Program, COP,
3,000,000 Series C, 7.90%, 04/01/14 ....................................................... 3,076,860
1,100,000 Series E, 7.70%, 12/01/09 ....................................................... 1,132,912
3,100,000 Series E, 7.75%, 12/01/19 ....................................................... 3,182,863
2,000,000 California State Department of Transportation, COP, East Bay State Building, Series A,
6.50%, 03/01/16 .................................................................. 2,084,420
California State Department of Water Resources, Central Valley Project, Water System
Revenue,
38,895,000 Refunding, Series L, 5.50%, 12/01/23 ............................................ 36,133,844
40,070,000 Refunding, Series L, 5.875%, 12/01/25 ........................................... 39,760,259
31,375,000 Series J-1, 6.00%, 12/01/20 ..................................................... 31,483,871
13,140,000 Series J-2, 6.00%, 12/01/20 ..................................................... 13,185,596
26,010,000 Series J-3, 6.00%, 12/01/20 ..................................................... 26,100,255
13,035,000 Series K, 6.00%, 12/01/21 ....................................................... 13,056,247
4,000,000 Series K, 6.40%, 12/01/26 ....................................................... 4,152,840
California State GO,
5,500,000 5.50%, 03/01/20 ................................................................. 5,199,425
15,200,000 5.25%, 10/01/20 ................................................................. 13,782,448
5,000,000 5.75%, 03/01/23 ................................................................. 4,846,750
9,500,000 AMBAC Insured, 5.15%, 10/01/19 .................................................. 8,622,770
26,490,000 MBIA Insured, 6.00%, 08/01/24 ................................................... 26,629,073
2,750,000 Series 1991, 6.30%, 02/01/04 .................................................... 2,993,843
2,500,000 Series 1991, 6.40%, 02/01/05 .................................................... 2,743,375
500,000 Series 1991, 6.40%, 02/01/06 .................................................... 550,925
13,625,000 Series 1991, 6.60%, 02/01/10 .................................................... 15,173,890
1,000,000 Series 1992, 6.25%, 09/01/12 .................................................... 1,076,940
5,000,000 Series 1992, FGIC Insured, 5.75%, 11/01/17 ...................................... 4,950,950
5,000,000 Series 1992, FGIC Insured, 6.00%, 08/01/19 ...................................... 5,026,250
7,000,000 Series 1994, 6.00%, 03/01/24 .................................................... 7,061,950
30,290,000 Series 1994, 6.00%, 05/01/24 .................................................... 30,561,701
21,920,000 Various Purposes, 5.50%, 04/01/15 ............................................... 21,217,683
15,000,000 cVarious Purposes, 5.75%, 03/01/19 .............................................. 14,663,100
42,250,000 Various Purposes, 5.90%, 04/01/23 ............................................... 42,080,155
8,000,000 Various Purposes, AMBAC Insured, 5.90%, 03/01/25 ................................ 8,012,240
6,500,000 Various Purposes, FSA Insured, 5.50%, 04/01/19 .................................. 6,190,665
5,430,000 Various Purposes, MBIA Insured, 6.00%, 10/01/21 ................................. 5,455,032
3,780,000 Various Purposes, Series 1991, 6.50%, 09/01/10 .................................. 4,184,460
California State GO, Veterans Bonds,
2,000,000 Series AX, 7.00%, 04/01/16 ...................................................... 2,042,940
120,000 Series BA, 7.375%, 02/01/19 ..................................................... 121,080
50,000,000 Series BD, BE, BF, 6.55%, 02/01/25 .............................................. 51,042,000
11,500,000 Series BD, BE, BF, AMBAC Insured, 6.20%, 02/01/16 ............................... 11,584,180
32,500,000 Series BD, BE, BF, AMBAC Insured, 6.375%, 02/01/27 .............................. 32,929,975
California State Public Works, Board Lease Revenue,
9,835,000 California Community Colleges, Series A, 6.75%, 09/01/11 ........................ 10,478,209
5,000,000 California State University, Library Projects, Series A, 6.25%, 09/01/16 ........ 5,036,300
5,250,000 California State University, Various Projects, Series A, 6.30%, 10/01/04 ........ 5,670,263
6,815,000 California State University, Various Projects, Series A, 6.375%, 10/01/05 ....... 7,349,160
10,695,000 California State University, Various Projects, Series A, 6.50%, 10/01/06 ........ 11,544,611
$ 8,610,000 California State University, Various Projects, Series A, 6.625%, 10/01/10 ....... $ 9,170,167
11,480,000 California State University, Various Projects, Series A, 6.375%, 10/01/14 ....... 11,802,588
23,130,000 California State University, Various Projects, Series A, 6.375%, 11/01/14 ....... 23,782,266
51,770,000 California State University, Various Projects, Series A, 6.70%, 10/01/17 ........ 54,646,859
2,150,000 California State University, Various Projects, Series A, 6.375%, 10/01/19 ....... 2,202,009
23,000,000 Department of Corrections, California State Prison at Coalinga, Series B,
MBIA Insured, 5.375%, 12/01/19 ................................................. 21,330,430
7,065,000 Department of Corrections, California State Prison at Susanville, Series D,
MBIA Insured, 5.375%, 06/01/18 ................................................. 6,567,765
11,470,000 Department of Corrections, Calipatria State Prison, Imperial County, Series A, 6.50%,
09/01/11 ....................................................................... 11,947,267
5,500,000 Department of Justice Building, Series A, FSA Insured, 5.80%, 05/01/15 .......... 5,449,620
5,000,000 Department of Justice Building, Series A, FSA Insured, 5.625%, 05/01/20 ......... 4,805,500
7,725,000 Franchise Tax Board, Phase II, Series A, 6.25%, 09/01/11 ........................ 7,931,489
18,560,000 Secretary of State, Series A, 6.75%, 12/01/12 ................................... 19,667,475
3,000,000 Southern California Veterans Home, Series A, 6.375%, 10/01/08 ................... 3,219,540
3,750,000 Southern California Veterans Home, Series A, 6.50%, 10/01/14 .................... 3,891,450
4,700,000 University of California, Various Projects, Series A, AMBAC Insured, 6.40%, 12/01/16 4,944,917
7,415,000 University of California, Various Projects, Series B, 6.625%, 12/01/14 .......... 7,829,128
5,000,000 Various Community College Projects, Series A, 5.625%, 12/01/18 .................. 4,733,400
2,185,000 California State University Foundation Revenue, Hayward Auxiliary Organization,
MBIA Insured, 6.25%, 08/01/20 ...................................................... 2,255,226
California Statewide CDA Revenue, COP,
2,255,000 6.10%, 12/01/15 ................................................................. 2,209,291
5,000,000 Catholic Health Care West, MBIA Insured, 5.50%, 07/01/23 ........................ 4,678,750
23,530,000 Cedars Sinai Medical Center, 6.75%, 08/01/22 .................................... 24,224,841
5,120,000 CHFCLP Insured, 7.25%, 12/01/22 ................................................. 5,521,766
2,590,000 CHFCLP Insured Health Facilities, AIDS Project, Series A, 6.25%, 08/01/22 ....... 2,579,770
2,765,000 CHFCLP Insured Health Facilities, Children's Campus, 6.375%, 09/01/12 ........... 2,790,742
3,000,000 CHFCLP Insured Health Facilities, Children's Campus, 6.50%, 09/01/22 ............ 3,042,390
9,600,000 CHFCLP Insured Health Facilities, Eskaton Properties, 6.75%, 05/01/21 ........... 9,881,760
16,000,000 CHFCLP Insured Health Facilities, Unihealth, Series A, AMBAC Insured, 5.75%,
10/01/25 ....................................................................... 15,600,800
5,365,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/15 ...................... 5,352,607
3,775,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/20 ...................... 3,765,223
4,755,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/25 ...................... 4,741,734
250,000 Refunding, Health Facilities, Barton Memorial Hospital, Series B, 6.40%, 12/01/05 262,503
2,000,000 Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.25%, 08/01/06 .......... 2,027,100
80,230,000 Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.50%, 08/01/22 .......... 80,373,612
7,000,000 Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.625%, 04/15/12 ...... 7,172,410
16,000,000 Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.75%, 04/15/22 ....... 16,468,160
6,465,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.00%, 08/15/09 ........ 6,644,016
9,330,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.125%, 08/15/22 ....... 9,509,323
10,925,000 Refunding, Sutter Health Obligated Group, MBIA Insured, 5.50%, 08/15/23 ......... 10,292,006
7,065,000 Salk Institute, Connie Lee Insured, 6.20%, 07/01/24 ............................. 7,112,053
8,395,000 St. Joseph Health System Group, 6.50%, 07/01/15 ................................. 8,810,049
12,500,000 St. Joseph Health System Group, 6.625%, 07/01/21 ................................ 13,187,875
25,520,000 Sutter Health Obligation Group, MBIA Insured, 5.50%, 08/15/22 ................... 24,063,829
21,000,000 California Statewide CDA, Lease Revenue, Refunding, Oakland Convention Center Project,
AMBAC Insured, 5.50%, 10/01/14 ..................................................... 20,107,290
4,615,000 California Statewide CDA, Water Revenue, Refunding, Series A, 6.10%, 07/01/21 ....... 4,674,072
California Statewide Community Development Corp., COP,
$ 1,675,000 CHFCLP Insured, United Western Medical Centers, 6.80%, 12/01/09 ................. $ 1,774,060
23,100,000 CHFCLP Insured, United Western Medical Centers, 6.75%, 12/01/21 ................. 23,749,572
5,000,000 CHFCLP Insured, Villaview Community Hospital, 7.00%, 09/01/09 ................... 5,365,150
6,270,000 Pacific Homes, Series A, 6.00%, 04/01/17 ........................................ 6,102,278
2,575,000 California Urban Waterfront Area Restoration, 7.40%, 10/01/20 ....................... 2,719,818
5,125,000 Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 04/01/08 ............ 5,689,211
1,570,000 Cambria Community Services, Sewer and Water District Revenue, Refunding, BIG Insured,
Pre-Refunded, 7.40%, 05/01/15 ...................................................... 1,741,177
940,000 Cambria Community Services, Sewer District Revenue, Refunding, BIG Insured,
Pre-Refunded, 7.40%, 05/01/15 ...................................................... 1,042,488
1,410,000 Campbell COP, Refunding, Civic Center Project, Series 1991, 6.75%, 10/01/17 ......... 1,457,616
5,615,000 Campbell Housing Facility Revenue, San Tomas Gardens Project, Series A, 6.625%,
10/20/34 ........................................................................... 5,699,000
3,250,000 Campbell USD, Series A, MBIA Insured, 6.25%, 08/01/19 ............................... 3,367,228
5,120,000 Camrosa Water District, COP, Water System Improvement Projects, MBIA Insured, 6.00%,
01/15/20 ........................................................................... 5,167,974
2,800,000 Capistrano Bay Park and Recreation District, COP, Special Lease Finance, Series Q,
6.35%, 08/01/12 .................................................................... 2,791,236
5,000,000 Capitola COP, Capitola Public Facilities Corp., 7.80%, 08/01/03 ..................... 5,032,550
3,000,000 Carlsbad COP, Carlsbad Public Improvement Corp., 8.00%, 08/01/08 .................... 3,271,500
Carson RDA, Refunding, Project Area No. 1, Series 1992,
3,965,000 6.375%, 10/01/12 ................................................................ 3,954,969
1,565,000 6.375%, 10/01/16 ................................................................ 1,542,996
Castaic Lake Water Agency, COP, Water System Improvement Project,
11,540,000 Refunding, Series A, MBIA Insured, 6.125%, 08/01/15 ............................. 11,800,227
5,345,000 Refunding, Series A, MBIA Insured, 6.00%, 08/01/18 .............................. 5,393,586
35,000,000 Series 1990, Pre-Refunded, 7.35%, 08/01/20 ...................................... 39,457,250
11,210,000 Cathedral City Public Financing Authority Revenue, Refunding, Tax Allocation,
Redevelopment Projects, Series A, MBIA Insured, 5.70%, 08/01/24 .................... 10,932,216
Central Coast Water Authority Revenue, Water State Project, Regional Facilities,
Series 1992, AMBAC Insured,
10,000,000 6.50%, 10/01/14 ................................................................. 10,748,700
26,635,000 6.60%, 10/01/22 ................................................................. 28,773,524
5,800,000 Central San Joaquin Water Conservation District, COP, Series 1990, 7.65%, 12/01/18 .. 5,829,000
5,500,000 Cerritos Public Financing Authority Revenue, Los Coyotes Redevelopment Project, Loan,
Series A, AMBAC Insured, 5.75%, 11/01/22 ........................................... 5,404,135
5,000,000 Chaffey Community College District, COP, 7.40%, 11/01/14 ............................ 5,387,450
1,955,000 Chico Public Financing Authority Revenue, Southeast Chico Redevelopment Project,
Series A, FGIC Insured, 6.625%, 04/01/21 ........................................... 2,076,679
Chico RDA Revenue, COP, Insured Health Facilities, Sierra Sunrise Lodge,
4,110,000 6.80%, 02/01/11 ................................................................. 4,296,183
2,800,000 6.75%, 02/01/21 ................................................................. 2,864,036
9,980,000 Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%, 09/01/22 ...... 10,287,584
Chino USD, COP,
2,685,000 Land Acquisition, Series C, BIG Insured, 7.45%, 09/01/24 ........................ 3,001,535
7,980,000 Land Acquisition, Series D, BIG Insured, 7.45%, 09/01/24 ........................ 8,225,385
2,570,000 Land Acquisition, Series G, BIG Insured, Pre-Refunded, 7.35%, 09/01/24 .......... 2,864,882
9,000,000 Refunding, Capital Construction Project, Series A, Pre-Refunded, 8.00%, 09/01/04 9,938,790
5,000,000 Chula Vista RDA, COP, Capital Improvements Project, Series A, Pre-Refunded, 8.75%,
09/01/12 ........................................................................... 5,431,450
Clayton 1915 Act, Limited Obligation, Contra Costa County, Oakhurst Country Club,
$ 330,000 8.10%, 09/02/01 ................................................................. $ 341,444
500,000 8.20%, 09/02/02 ................................................................. 517,330
500,000 8.25%, 09/02/03 ................................................................. 517,220
645,000 8.30%, 09/02/04 ................................................................. 667,072
750,000 8.30%, 09/02/05 ................................................................. 775,350
725,000 8.35%, 09/02/06 ................................................................. 749,346
875,000 8.35%, 09/02/07 ................................................................. 904,015
915,000 8.375%, 09/02/08 ................................................................ 945,058
975,000 8.375%, 09/02/09 ................................................................ 1,006,824
100,000 8.40%, 09/02/10 ................................................................. 103,253
1,000,000 8.40%, 09/02/11 ................................................................. 1,032,530
1,235,000 8.40%, 09/02/12 ................................................................. 1,274,915
1,375,000 8.40%, 09/02/13 ................................................................. 1,419,440
6,435,000 Clayton Special Tax, CFD No. 90-1, 8.60%, 09/02/22 .................................. 6,564,408
3,000,000 Clovis CDA, Tax Allocation, 7.625%, 08/01/15 ........................................ 3,086,490
2,670,000 Clovis COP, 7.20%, 08/01/11 ......................................................... 2,786,706
1,750,000 Coachella RDA, Refunding, Tax Allocation, Project Area No. 4, Pre-Refunded, 8.45%,
09/01/20 ........................................................................... 2,048,585
3,000,000 Coachella Valley COP, ID No. 71, Storm Water District, Flood Central Project, 6.75%,
10/01/12 ........................................................................... 3,137,880
6,375,000 Coachella Valley USD, COP, 8.25%, 09/01/12 .......................................... 6,764,066
8,120,000 Coalinga Public Financing Authority Revenue, Series B, 6.625%, 09/15/21 ............. 8,094,828
Coast Community College District, Refunding, COP, Coastline Community College,
Second Project,
1,360,000 7.90%, 02/01/99 ................................................................. 1,418,344
1,450,000 8.00%, 02/01/00 ................................................................. 1,512,756
1,595,000 8.05%, 02/01/01 ................................................................. 1,664,016
1,665,000 8.10%, 02/01/02 ................................................................. 1,737,011
1,860,000 8.10%, 02/01/03 ................................................................. 1,939,664
2,010,000 8.10%, 02/01/04 ................................................................. 2,095,244
Coastside County Water District, 1915 Act, Improvement Board, Crystal Springs, AD No. 1,
925,000 7.00%, 09/02/02 ................................................................. 955,775
940,000 7.10%, 09/02/03 ................................................................. 971,274
920,000 7.15%, 09/02/04 ................................................................. 950,608
650,000 7.20%, 09/02/05 ................................................................. 671,626
650,000 7.25%, 09/02/06 ................................................................. 671,626
Colton Public Financing Authority Revenue, Tax Allocation,
5,855,000 Series A, 7.60%, 05/15/19 ....................................................... 5,928,129
20,830,000 Series B, 7.60%, 05/15/19 ....................................................... 21,090,167
4,100,000 Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 07/01/22 ................. 4,225,419
1,555,000 Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 02/01/18 .................... 1,585,120
31,825,000 Commerce Energy Authority Revenue, Refunding, Collateralized, 8.75%, 07/01/10 ....... 35,784,030
Commerce RDA, Tax Allocation, Project Area No. 1, Series 1988-A,
1,000,000 7.60%, 08/01/98 ................................................................. 1,054,560
1,655,000 7.70%, 08/01/99 ................................................................. 1,776,444
1,420,000 7.75%, 08/01/00 ................................................................. 1,524,114
16,000,000 8.00%, 08/01/10 ................................................................. 17,150,240
18,240,000 Compton COP, Refunding, Tax Allocation, Convention Center Project, 8.00%, 08/01/16 .. 18,774,979
Compton CRDA, Tax Allocation,
$ 7,375,000 Series 1, CGIC Insured, 6.75%, 08/01/13 ......................................... $ 7,248,593
13,000,000 Walnut Industrial Park, Series 1985, AMBAC Insured, Pre-Refunded, 10.20%,
08/01/09 ....................................................................... 15,668,900
Compton Public Finance Authority Revenue, Pre-Refunded,
1,075,000 Rosecrans Redevelopment Project Area No. 1, Series B, Pre-Refunded, 9.25%,
02/01/01 ....................................................................... 1,170,503
25,165,000 Walnut Industrial Park Project, Series A, Pre-Refunded, 9.30%, 08/01/13 ......... 27,299,747
Compton Sewer Revenue, Series 1993,
1,405,000 6.60%, 07/01/12 ................................................................. 1,438,748
4,535,000 6.75%, 07/01/23 ................................................................. 4,675,086
Concord RDA, Refunding, Tax Allocation, Central Concord Redevelopment Project,
5,000,000 AMBAC Insured, 5.25%, 07/01/13 .................................................. 4,712,650
4,500,000 AMBAC Insured, 5.25%, 07/01/19 .................................................. 4,142,745
8,395,000 Sub-Series A, 6.00%, 07/01/19 ................................................... 7,990,613
Contra Costa County, COP,
11,740,000 Merrithew Memorial Hospital, 6.60%, 11/01/12 .................................... 12,190,229
49,500,000 Merrithew Memorial Hospital, 6.625%, 11/01/22 ................................... 51,145,380
4,500,000 Series 1994, 6.50%, 08/01/24 .................................................... 4,573,890
5,930,000 Contra Costa County MFHR, Refunding, Byron Park Project, Series C, GNMA Secured,
6.40%, 01/20/31 .................................................................... 6,004,837
Contra Costa Transportation Authority Revenue, Sales Tax, Series A,
13,900,000 ETM, 6.875%, 03/01/07 ........................................................... 15,819,173
1,000,000 FGIC Insured, ETM, 6.50%, 03/01/09 .............................................. 1,115,090
6,000,000 Contra Costa Water Treatment Authority Revenue, Refunding, Series A, FGIC Insured,
5.75%, 10/01/20 .................................................................. 5,861,340
1,465,000 Corcoran Hospital District Revenue, Series A, 6.55%, 07/01/12 ....................... 1,474,991
Corona 1915 Act,
760,000 AD No. 79-2, Northeast Area, Series B, 7.625%, 09/02/98 ......................... 779,433
815,000 AD No. 79-2, Northeast Area, Series B, 7.75%, 09/02/99 .......................... 842,392
875,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/00 .......................... 903,665
945,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/01 .......................... 975,571
1,015,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/02 .......................... 1,047,612
1,090,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/03 .......................... 1,124,564
1,180,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/04 .......................... 1,216,922
1,420,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/99 .................................. 1,469,714
1,535,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/00 .................................. 1,587,451
1,660,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/01 .................................. 1,716,042
1,790,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/02 .................................. 1,849,679
1,925,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/03 .................................. 1,988,371
2,080,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/04 .................................. 2,147,600
23,500,000 Corona CFD No. 90-1, Special Tax, Series A, 8.40%, 09/01/20 ......................... 23,376,390
Corona COP,
15,000,000 Corona Community Hospital Project, Pre-Refunded, 9.425%, 09/01/20 ............... 20,440,050
5,765,000 Public Improvement Corp., Waste Water Treatment Facility, 7.625%, 08/01/16 ...... 5,906,704
22,325,000 Refunding, Vista Hospital System, Series C, 9.50%, 07/01/20 ..................... 23,408,209
3,000,000 Corona RDA, Tax Allocation, Refunding, Redevelopment Project Area A, Series A,
FGIC Insured, 6.25%, 09/01/16 ...................................................... 3,097,110
80,000 Corona RDA Revenue, SFRMR, 10.20%, 02/01/17 ......................................... 81,381
24,125,000 Corona-Norco USD, Lease Revenue, Land Acquisition, Series A, FSA Insured, 6.00%,
04/15/29 ........................................................................... 24,250,450
Corona-Norco USD, Special Tax,
$ 4,490,000 CFD No. 6, 8.00%, 10/01/12 ...................................................... $ 4,656,489
4,015,000 CFD No. 7, 9.30%, 11/01/07 ...................................................... 4,282,560
5,195,000 CFD No. 88-1, 7.55%, 10/01/14 ................................................... 5,361,136
13,000,000 Coronado CDA, Tax Allocation, Coronado Community Development Project, MBIA Insured,
6.30%, 09/01/22 .................................................................. 3,362,570
16,790,000 Covina CDA, Tax Allocation, Covina Revitalization No. 1, 9.75%, 11/01/09 ............ 18,110,701
2,100,000 CSAC Finance Corp., COP, Sutter County, Health Facilities Program, 7.80%, 01/01/21 .. 2,111,193
1,750,000 Cucamonga School District, COP, 7.60%, 12/01/15 ..................................... 1,852,200
Culver City Redevelopment Finance Authority Revenue, Subordinated Lien, Project Loans,
Series B,
1,630,000 AMBAC Insured, 7.50%, 12/01/08 .................................................. 1,801,655
7,955,000 AMBAC Insured, 7.60%, 12/01/15 .................................................. 8,790,832
3,370,000 Pre-Refunded, 7.50%, 12/01/08 ................................................... 3,782,994
16,445,000 Pre-Refunded, 7.60%, 12/01/15 ................................................... 18,515,426
Cupertino COP,
4,110,000 Memorial Park Expansion Project, Bank Qualified, Pre-Refunded, 7.25%, 07/01/10 .. 4,609,899
5,000,000 Refunding, Series A, 5.75%, 01/01/16 ............................................ 4,728,900
3,535,000 Refunding, Series B, 6.25%, 07/01/10 ............................................ 3,614,431
3,440,000 Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%, 08/01/17 ......... 3,530,231
2,900,000 Delano CRDA, Tax Allocation, Delano Redevelopment Project Area No. 1, notes, 7.25%,
03/01/98 ........................................................................... 2,937,236
2,120,000 Desert Hot Springs RDA, Tax Allocation, Redevelopment Project No. 2, Series A, 6.625%,
09/01/20 .......................................................................... 2,116,014
5,370,000 Duarte COP, City Civic Center, Refunding, 7.00%, 06/15/22 ........................... 5,617,664
Duarte RDA, Refunding, Tax Allocation,
13,085,000 Davis Addition Project, 8.375%, 06/01/17 ........................................ 13,680,106
2,045,000 Las Lomas Redevelopment Project, 8.00%, 08/01/07 ................................ 2,098,109
15,100,000 East Bay MUD Revenue, Water System, Refunding, Series 1992, 6.00%, 06/01/20 ......... 15,156,474
East Bay Regional Park District,
1,220,000 Series 1989, 6.25%, 09/01/13 .................................................... 1,253,940
3,390,000 Series C, FGIC Insured, 6.00%, 09/01/20 ......................................... 3,431,053
Eastern Municipal Water District Revenue, Water and Sewer, COP,
16,055,000 Refunding, Series A, 6.90%, 07/01/23 ............................................ 16,260,986
7,975,000 Refunding, Series A, FGIC Insured, 6.30%, 07/01/20 .............................. 8,169,351
3,500,000 Series 1991, 6.00%, 07/01/23 .................................................... 3,505,705
3,750,000 Series 1991, MBIA Insured, 6.00%, 07/01/23 ...................................... 3,775,800
10,975,000 Eden Township Hospital District Revenue, COP, Insured Health Facility, Eden Hospital
Health Services Corp., Pre-Refunded, 7.80%, 07/01/18 ............................... 12,024,100
1,500,000 El Camino Hospital District Revenue, Crossover Refunding, COP, Series A, 8.50%,
09/01/17 ........................................................................... 1,613,520
8,945,000 El Camino Hospital District Revenue, Refunding, Series A, 7.25%, 08/15/09 ........... 9,824,920
5,500,000 El Dorado County Board Authority Lease Revenue, Capital Facilities Project, 7.40%,
11/01/09 ........................................................................... 6,003,305
3,390,000 El Dorado Union High School District, COP, Capital Projects, 6.30%, 08/01/12 ........ 3,437,799
2,570,000 El Monte Public Financing Authority Revenue, Tax Allocation, Downtown El Monte
Redevelopment Project, Series A, 6.35%, 12/01/23 ................................... 2,475,887
Elsinore Valley Municipal Water District, COP, Series A,
330,000 8.20%, 08/01/06 ................................................................. 335,957
2,590,000 Refunding, FGIC Insured, 5.75%, 07/01/19 ........................................ 2,563,530
6,085,000 Emeryville Public Financing Authority Revenue, Incremental Lien, 6.20%, 09/01/25 .... 5,987,518
$ 1,165,000 Empire Union School District, COP, Garst School Supplies Financing Project, 6.75%,
12/01/17 ........................................................................... $ 1,204,913
2,700,000 Empire Union School District, Refunding, Special Tax, CFD No. 1989-1, Series A,
MBIA Insured, 6.50%, 10/01/17 ...................................................... 2,847,555
5,000,000 Encina Financing Authority Revenue, Joint Powers Waste Water, Phase IV, Expansion
Project, Series A, AMBAC Insured, 6.50%, 08/01/14 .................................. 5,251,850
Escondido COP, Escondido Mobile Home Park,
1,000,000 7.25%, 03/01/07 ................................................................. 1,043,390
4,910,000 7.40%, 03/01/21 ................................................................. 5,086,269
1,180,000 Fairfield 1915 Act, Green Valley Road/Mangels Boulevard, 8.00%, 09/02/11 ............ 1,215,966
435,000 Fairfield 1915 Act, North Cordelia ID, 8.00%, 09/02/11 .............................. 448,259
Fairfield Public Financing Authority Revenue, Fairfield Redevelopment Projects,
2,145,000 Series A, 7.80%, 08/01/19 ....................................................... 2,210,444
19,115,000 Series A, Pre-Refunded, 7.80%, 08/01/19 ......................................... 20,470,827
9,000,000 Series C, FSA Insured, 5.50%, 08/01/23 .......................................... 8,478,720
1,960,000 Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 ............................. 2,102,139
6,000,000 Fallbrook Union High School District, San Diego County, Series A, MBIA Insured, 6.25%,
09/01/19 ........................................................................... 6,194,220
2,590,000 Fillmore COP, Water System Improvement Project, AMBAC Insured, 7.70%, 05/01/19 ...... 3,050,476
Folsom Public Financing Authority Revenue, Local Agency,
3,000,000 7.25%, 10/01/10 ................................................................. 3,127,290
7,590,000 8.00%, 10/01/18 ................................................................. 7,819,218
Folsom Special Tax,
2,000,000 CFD No. 1, Willow Creek, 8.25%, 12/01/06 ........................................ 2,095,320
3,910,000 CFD No. 2, 7.60%, 12/01/09 ...................................................... 4,047,006
3,950,000 CFD No. 2, 7.70%, 12/01/19 ...................................................... 3,978,045
Fontana Public Financing Authority Revenue, Tax Allocation, North Fontana Redevelopment,
1,905,000 Series B, 6.30%, 01/15/24 ....................................................... 1,804,664
2,000,000 Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 ...................... 2,331,720
11,005,000 Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 ...................... 12,884,654
Fontana RDA, Tax Allocation, Refunding, Jurupa Hills Redevelopment Project,
10,000,000 Series A, 7.10%, 10/01/23 ....................................................... 10,268,800
16,830,000 Series A, Pre-Refunded, 7.90%, 10/01/18 ......................................... 18,128,603
31,750,000 Fontana Special Tax, CFD No. 2, Series B, 8.50%, 09/01/17 ........................... 33,325,753
Foothill-De Anza Community College District, COP, Parking Structure Project, Pre-Refunded,
1,690,000 8.20%, 07/01/08 ................................................................. 1,879,365
3,110,000 8.25%, 07/01/18 ................................................................. 3,461,772
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Senior Lien, Series A,
51,500,000 6.50%, 01/01/32 ................................................................. 51,572,100
10,000,000 6.00%, 01/01/34 ................................................................. 9,324,700
2,120,000 Fort Bragg COP, Capital Improvement Authority, Pre-Refunded, 7.85%, 08/01/14 ........ 2,330,686
2,015,000 Fort Bragg RDA Revenue, Tax Allocation, Fort Bragg Redevelopment Project, Series A,
6.875%, 05/01/18 ................................................................... 2,039,905
2,000,000 Fortuna and Susanville Cities, COP, Series B, 7.375%, 09/01/17 ...................... 2,080,840
Fremont COP,
8,320,000 Series A, MBIA Insured, 5.90%, 08/01/25 ......................................... 8,349,619
3,585,000 Series B, 6.10%, 08/01/25 ....................................................... 3,493,905
6,035,000 Fremont COP, Park Facilities Corp., 6.75%, 08/01/11 ................................. 6,176,943
1,980,000 Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%, 08/01/06 ....... 2,033,222
Fresno County COP, American Avenue Landfill Project,
240,000 ETM, 7.40%, 11/01/96 ............................................................ 245,227
255,000 ETM, 7.50%, 11/01/97 ............................................................ 269,104
$ 275,000 ETM, 7.60%, 11/01/98 ............................................................ $ 297,602
295,000 ETM, 7.75%, 11/01/99 ............................................................ 327,370
320,000 ETM, 7.90%, 11/01/00 ............................................................ 364,541
345,000 ETM, 8.00%, 11/01/01 ............................................................ 401,190
7,185,000 Pre-Refunded, 8.25%, 11/01/13 ................................................... 8,589,668
95,000 Fresno County HFR, Mortgage Loans, Series A, 12.50%, 09/15/12 ....................... 96,119
2,470,000 Fresno County Office of Education, COP, Capital Outlay Financing Program, Series C,
7.50%, 12/01/10 .................................................................... 2,641,048
5,000,000 Fresno Health Facilities Revenue, Holy Cross Health Systems Corp., MBIA Insured,
5.625%, 12/01/15 ................................................................... 4,852,100
3,000,000 Fresno IDR, Refunding, Civic Center Square Project, 8.60%, 04/01/08 ................. 3,015,090
1,505,000 Fresno RDA Revenue, Tax Allocation, Mariposa Redevelopment Project, Series A, 6.625%,
02/01/23 ........................................................................... 1,492,689
7,065,000 Fresno USD, COP, Project Phase VI, Series A, 7.20%, 05/01/11 ........................ 7,525,921
5,470,000 Fresno Water Systems Revenue, Refunding, Series A, FGIC Insured, 5.30%, 06/01/20 .... 5,062,977
3,355,000 Fullerton Joint Union High School District, COP, Financing Project, Series 1992, 6.50%,
09/01/07 ........................................................................... 3,382,545
6,015,000 Galt 1915 Act, Improvement Board, AD No. 92-1, 7.75%, 09/02/24 ...................... 6,201,826
3,340,000 Galt COP, Waste Water Improvement, 7.80%, 09/01/10 .................................. 3,470,861
3,520,000 Galt High and Elementary School, Joint Powers Facilities Authority Revenue, Series A,
7.00%, 11/01/17 .................................................................... 3,586,387
3,980,000 Galt Middle School, Joint Powers Authority, Special Tax, CFD No. 1, 8.00%, 09/01/15 . 4,046,665
Glendale Health Facilities Revenue, Refunding, Memorial Hospital and Health Center,
Series A, Connie Lee Insured,
3,000,000 5.625%, 11/15/15 ................................................................ 2,851,170
3,350,000 5.60%, 11/15/25 ................................................................. 3,117,142
25,515,000 Glendale Memorial Hospital and Health Revenue, Refunding, Series A, Pre-Refunded,
9.00%, 11/01/17 .................................................................... 27,945,559
7,250,000 Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 03/01/19 ......................... 7,314,163
2,945,000 Grand Terrace Public Financing Authority, Series A, 7.85%, 06/01/21 ................. 3,153,535
3,000,000 Grass Valley Hospital Revenue, Insured, Sierra Nevada Memorial Hospital, 7.25%,
04/01/19 ........................................................................... 3,153,330
Hawaiian Gardens Public Finance Authority, Tax Allocation, Pre-Refunded,
3,105,000 Redevelopment Project No. 1, Series A, 7.15%, 12/01/17 .......................... 3,581,059
9,375,000 Series 1988, 7.90%, 12/01/13 .................................................... 10,406,813
7,840,000 Hawaiian Gardens RDA, Refunding, Tax Allocation, Project No. 1, ETM, 8.00%, 12/01/10 8,903,810
5,000,000 a,bHawthorne 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 ................................................................... 2,468,655
1,985,000 Hayward RDA, Tax Allocation, Downtown Hayward Redevelopment Project, Pre-Refunded,
7.75%, 03/01/14 .................................................................... 2,095,584
4,000,000 Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 .......................... 4,721,520
2,705,000 Hemet Valley Hospital District Revenue, COP, Hemacinto Community Corp. Project,
Series A, 7.75%, 05/01/19 .......................................................... 2,722,691
Hemet Valley Hospital District Revenue, Moreno Valley Regional Medical Center, Series A,
Pre-Refunded,
3,625,000 8.25%, 07/01/05 ................................................................. 3,997,868
22,490,000 8.50%, 07/01/18 ................................................................. 24,922,294
4,000,000 Hesperia Public Financing Authority Revenue, Highway and Street Improvement, Series A,
6.10%, 10/01/10 .................................................................... 3,965,840
$ 5,000,000 Hesperia Water District, COP, Refunding, Water Facilities Improvement Project,
FGIC Insured, 7.15%, 06/01/26 ...................................................... $ 5,555,800
Highland Special Tax, CFD No. 90-1, Series A,
2,000,000 8.50%, 09/01/10 ................................................................. 2,035,420
3,000,000 8.60%, 09/01/15 ................................................................. 3,053,340
Hollister RDA, Tax Allocation, Community Development Project,
2,000,000 Series 1989, 7.55%, 10/01/13 .................................................... 2,094,760
1,905,000 Series 1992-B, CGIC Insured, 6.625%, 10/01/07 ................................... 2,063,934
1,495,000 Series 1992-B, CGIC Insured, 6.75%, 10/01/13 .................................... 1,591,562
3,655,000 Huntington Beach COP, Refunding, Emerald Cove Senior Citizens Housing Project, 7.00%,
09/01/21 ........................................................................... 3,667,683
14,500,000 Huntington Beach MFHR, Refunding, Huntington Breakers Project, 7.20%, 07/01/14 ...... 14,627,600
Huntington Beach Public Financing Authority Revenue, Huntington Beach Redevelopment
Projects,
2,630,000 Refunding, Series 1992, 7.00%, 08/01/24 ......................................... 2,554,072
14,855,000 Series A, Pre-Refunded, 8.375%, 05/01/18 ........................................ 16,348,373
Huntington Park Public Financing Authority,
4,930,000 Lease Revenue, Series A, 7.875%, 09/01/19 ....................................... 5,115,122
10,000,000 Local Agency Revenue, Refunding, Series A, MBIA Insured, 6.45%, 09/01/22 ........ 10,518,000
11,665,000 Huntington Park RDA, Sales and Use Tax Revenue, Junior Lien, Tax Allocation, Merged
Project, Pre-Refunded, 8.00%, 01/01/22 ............................................. 13,232,076
21,010,000 Imperial Irrigation District, COP, Electric System Project, Series 1994, 6.00%, 11/01/18 21,090,258
Indio Public Financing Authority Revenue, Refunding, Tax Allocation, Series 1992,
255,000 6.85%, 08/15/01 ................................................................. 271,397
275,000 6.95%, 08/15/02 ................................................................. 294,052
300,000 7.10%, 08/15/03 ................................................................. 321,300
12,120,000 7.30%, 08/15/22 ................................................................. 12,581,045
11,380,000 Industry COP, Refunding, 6.625%, 06/01/06 ........................................... 12,300,870
6,000,000 Industry GO, Refunding, MBIA Insured, 5.25%, 07/01/20 ............................... 5,587,440
1,820,000 Industry IDA, Camco Chemical Project, Series A, 7.00%, 12/01/00 ..................... 1,826,807
5,860,000 Industry Urban Development Agency, Refunding, Tax Allocation, Transportation District
No. 3 Project, 6.90%, 11/01/07 ..................................................... 6,196,950
12,000,000 Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc., 6.75%, 05/01/13 .......... 12,317,400
7,410,000 Inglewood Public Financing Authority Revenue, La Cinega Redevelopment Project,
Series A, AMBAC Insured, 6.00%, 05/01/16 ........................................... 7,489,806
2,990,000 Inglewood USD, COP, 7.375%, 10/01/05 ................................................ 3,190,868
37,885,000 Intercommunity Hospital Financing Authority, COP, Solano County, 7.75%, 11/01/19 .... 39,037,841
Intermodal Container Transfer Facility, Joint Powers Authority Revenue, Refunding,
Series A,
9,640,000 7.65%, 11/01/04 ................................................................. 10,141,376
27,465,000 7.70%, 11/01/14 ................................................................. 28,894,553
1,470,000 Inyo County COP, Series 1990, 7.30%, 12/01/10 ....................................... 1,526,433
Irvine Ranch Water District Revenue, Joint Powers Agency, Local Pool,
13,000,000 7.80%, 02/15/08 ................................................................. 13,609,180
228,390,000 7.875%, 02/15/23 ................................................................ 238,978,160
15,000,000 Issue II, 8.20%, 08/15/08 ....................................................... 16,029,750
253,995,000 Issue II, 8.25%, 08/15/23 ....................................................... 271,419,057
1,950,000 Irwindale COP, Refunding, Municipal Facilities Project, 7.75%, 04/01/05 ............. 1,980,030
Irwindale CRDA, Tax Allocation, Individual Development Project,
1,630,000 6.60%, 08/01/18 ................................................................. 1,637,677
9,100,000 6.625%, 08/01/26 ................................................................ 9,145,955
10,000,000 Irwindale Public Finance Authority, Special Tax, CFD No. 1, 8.50%, 11/01/20 ......... 10,570,900
$ 1,760,000 John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 06/01/23 ......... $ 1,821,230
Jurupa Community Service District, COP, Waste Water Facility Project, Series 1990,
Pre-Refunded,
800,000 7.55%, 10/01/05 ................................................................. 877,264
510,000 7.55%, 10/01/06 ................................................................. 559,256
980,000 7.55%, 10/01/07 ................................................................. 1,074,648
2,000,000 Keppel Union School District, Special Tax, CFD No. 1-91, Series A, 7.40%, 09/01/16 .. 2,091,340
5,130,000 Kern County Housing Authority, RRMR, Series 1985-A, 9.875%, 09/01/08 ................ 5,154,624
Kern County Housing Authority, SFMR, Series A, GNMA Secured,
260,000 7.45%, 12/01/02 ................................................................. 264,865
580,000 7.55%, 12/01/07 ................................................................. 613,118
840,000 7.65%, 12/01/12 ................................................................. 850,139
3,840,000 7.70%, 12/01/23 ................................................................. 3,896,870
835,000 7.50%, 10/01/24 ................................................................. 837,931
Kings River Conservation District, Pine Flat Power Revenue, Refunding, Series D,
5,000,000 6.00%, 01/01/17 ................................................................. 5,076,900
6,450,000 5.50%, 01/01/20 ................................................................. 6,059,388
3,000,000 La Habra COP, Park La Habra and Viewpark Projects, FSA Insured, 6.625%, 11/01/22 .... 3,179,760
4,335,000 La Mesa Parking Authority Lease Revenue, Refunding, Municipal Forwards, AMBAC Insured,
6.00%, 10/01/07 .................................................................... 4,582,268
La Mirada RDA, Special Tax, Civic Theater Project, CFD No. 89-1,
295,000 7.90%, 10/01/01 ................................................................. 312,154
315,000 8.00%, 10/01/02 ................................................................. 335,097
340,000 8.00%, 10/01/03 ................................................................. 360,335
12,725,000 8.25%, 10/01/20 ................................................................. 13,490,282
7,100,000 La Mirada RDA, Tax Allocation, Housing, Refunding, Series A, CGIC Insured, 5.875%,
08/15/25 ........................................................................... 6,996,766
2,395,000 La Mirada SFMR, 7.65%, 04/01/24 ..................................................... 2,461,557
La Palma Community Development Commission, Tax Allocation, La Palma Community
Development Project No. 1,
4,945,000 7.10%, 06/01/21 ................................................................. 4,847,831
2,355,000 6.10%, 06/01/22 ................................................................. 2,022,050
La Quinta RDA, Tax Allocation,
7,500,000 Housing & Redevelopment Project, Areas No. 1 & 2, MBIA Insured, 6.00%, 09/01/25 . 7,573,575
1,500,000 La Quinta Redevelopment Project, Pre-Refunded, 8.00%, 09/01/12 .................. 1,656,465
3,500,000 La Verne COP, RDA, Capital Improvement, Series 1987, Pre-Refunded, 8.375%, 06/01/17 . 3,746,890
10,000,000 Lake Arrowhead Community Services District, COP, Refunding, FGIC Insured, 6.50%,
06/01/15 ........................................................................... 10,535,200
5,000,000 Lake Elsinore Public Financing Authority, Tax Allocation Revenue, Lake Elsinore
Redevelopment Projects, Series A, FSA Insured, 5.80%, 09/01/25 ..................... 4,842,200
5,150,000 Lake Elsinore USD, COP, Refunding, 6.90%, 02/01/20 .................................. 5,365,270
Lake Elsinore USD, Special Tax, CFD No. 88-1,
4,825,000 7.50%, 09/01/14 ................................................................. 4,827,364
4,200,000 8.25%, 09/01/16 ................................................................. 4,383,414
6,705,000 Lakewood RDA, Refunding, Tax Allocation, Redevelopment Project No. 1, Series A,
CGIC Insured, 6.50%, 09/01/17 ...................................................... 7,068,143
4,155,000 Lancaster CFD No. 89-1,7.60%, 09/01/20 .............................................. 3,240,900
Lancaster COP, Refunding, School District Project, CGIC Insured,
2,640,000 6.95%, 03/01/12 ................................................................. 2,922,269
3,555,000 7.00%, 03/01/22 ................................................................. 3,934,354
5,000 Lancaster RDA, RMR, Los Angeles County, Series 1983-A, 10.125%, 09/01/16 ............ 5,083
Lancaster RDA, Tax Allocation,
$ 3,250,000 Lancaster Residential, sub. notes, 6.625%, 10/01/97 ............................. $ 3,265,340
6,055,000 Refunding, Amargosa Redevelopment Project, MBIA Insured, 6.85%, 02/01/19 ........ 6,468,738
5,455,000 Refunding, Amargosa Redevelopment Project, MBIA Insured, 5.60%, 02/01/23 ........ 5,214,216
8,120,000 Refunding, Lancaster Redevelopment Project No. 5, MBIA Insured, 5.60%, 02/01/25 . 7,751,190
6,000,000 Refunding, Lancaster Redevelopment Project No. 6, MBIA Insured, 5.80%, 08/01/23 . 5,854,860
Lassen County COP, Public Facility Project,
1,260,000 Series A, 7.50%, 11/01/04 ....................................................... 1,346,650
1,840,000 Series A, 7.60%, 11/01/09 ....................................................... 1,947,916
1,045,000 Series B, 7.50%, 11/01/04 ....................................................... 1,116,865
1,050,000 Series B, 7.60%, 11/01/09 ....................................................... 1,111,583
18,370,000 Lassen MUD, COP, Lassen District Electric System, 8.75%, 05/01/08 ................... 18,865,255
1,000,000 Lemon Grove CDA Revenue, Tax Allocation, Lemon Redevelopment Project, 6.90%,
08/01/20 ........................................................................... 1,020,140
4,400,000 Lemoore Financing Authority Lease Revenue, Water and Waste Water System
Improvement Project, AMBAC Insured, 6.20%, 12/01/20 ................................ 4,527,468
6,105,000 Lemoore RDA, Tax Allocation, Refunding, 6.85%, 08/01/25 ............................. 6,200,787
2,745,000 Liberty Union High School District, Series A, CGIC Insured, 6.20%, 08/01/19 ......... 2,811,978
Lincoln USD, Special Tax,
3,000,000 CFD No. 1-A, AMBAC Insured, 6.90%, 09/01/21 ..................................... 3,241,740
1,210,000 CFD No. 1-B, 7.20%, 09/01/21 .................................................... 1,303,037
Little Lake City School District, COP, Refunding, Series A,
280,000 6.15%, 06/01/06 ................................................................. 286,443
300,000 6.20%, 06/01/07 ................................................................. 305,337
315,000 6.25%, 06/01/08 ................................................................. 319,782
335,000 6.25%, 06/01/09 ................................................................. 338,367
355,000 6.25%, 06/01/10 ................................................................. 357,663
15,000,000 Local Government Finance, Joint Powers Authority Revenue, Anaheim RDA, Series A,
Pre-Refunded, 8.20%, 09/01/15 ...................................................... 16,632,600
9,700,000 Local Medical Facilities Financing Authority, COP, 7.55%, 03/01/20 .................. 10,377,448
Local Medical Facilities Financing Authority II, COP, California Health Clinic Project,
4,255,000 7.55%, 11/01/20 ................................................................. 4,583,741
3,030,000 Series B, 6.85%, 10/01/21 ....................................................... 3,122,839
3,700,000 Local Medical Facilities Financing Authority III, COP, Insured Health Clinic Projects, 6.90%,
07/01/22 ........................................................................... 3,862,282
4,750,000 Lodi USD, COP, Refunding, Educational Support Center, FSA Insured, 5.75%, 09/01/20 .. 4,640,133
11,525,000 Loma Linda Hospital Revenue, Refunding, Loma Linda University Medical Center, Series A,
AMBAC Insured, 6.55%, 12/01/18 ..................................................... 12,081,773
Long Beach COP, Fleet Services Project, Series A,
7,715,000 6.60%, 05/01/14 ................................................................. 7,896,148
3,680,000 6.00%, 05/01/17 ................................................................. 3,602,278
2,500,000 Long Beach Health Care System Revenue, Sisters Charity Incarnate Word, 6.50%,
01/01/15 ........................................................................... 2,556,850
3,320,000 Long Beach HMR, Series 1983-A, 9.60%, 11/01/14 ...................................... 3,386,998
Long Beach RDA, Downtown Redevelopment Project, Series B, Pre-Refunded,
3,080,000 8.20%, 11/01/05 ................................................................. 3,379,006
3,410,000 8.30%, 11/01/10 ................................................................. 3,747,761
3,735,000 Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%, 12/01/12 .......... 3,806,899
5,400,000 Long Beach Water Revenue, Refunding, 6.25%, 05/01/24 ................................ 5,562,378
Los Angeles Community College District, COP,
7,175,000 Capital Improvement Project, Series A, Pre-Refunded, 7.50%, 08/15/09 ............ 8,023,300
4,330,000 Refunding, Series A, CGIC Insured, 6.00%, 08/15/20 .............................. 4,352,819
$ 18,750,000 Los Angeles Convention and Exhibition Center Authority Lease Revenue, Refunding,
Series A, MBIA Insured, 5.375%, 08/15/18 ........................................... $ 17,468,438
Los Angeles COP,
3,405,000 Ararat Mission Hills Project, Series A, 7.25%, 06/01/21 ......................... 3,612,841
5,335,000 Bay Harbor Hospital, Inc., 7.30%, 04/01/20 ...................................... 5,646,724
6,000,000 Los Angeles County, Capital Asset Leasing Corp., Leasehold Revenue, Refunding,
AMBAC Insured, 6.00%, 12/01/16 ..................................................... 6,067,980
Los Angeles County COP,
15,545,000 CHFCLP Insured Health Clinic Program, Series A, 7.30%, 01/01/21 ................. 16,515,319
7,175,000 CHFCLP Insured Health Clinic Program, Series B, 7.05%, 08/01/21 ................. 7,422,322
1,280,000 CHFCLP Insured Health Clinic Program, Series C, 6.90%, 01/01/22 ................. 1,327,910
3,250,000 Civic Center Heating and Refrigeration Plant, Pre-Refunded, 8.00%, 06/01/10 ..... 3,561,708
34,995,000 Correctional Facilities Projects, MBIA Insured, 6.50%, 09/01/13 ................. 36,516,583
11,560,000 Disney Parking Project, 5.50%, 09/01/21 ......................................... 10,143,784
13,060,000 Disney Parking Project, 6.50%, 03/01/23 ......................................... 13,111,456
1,000,000 Hospital Information System, Medical Center, 5.90%, 12/01/97 .................... 1,018,240
20,615,000 Marina del Rey, Series A, 6.50%, 07/01/08 ....................................... 20,560,576
6,000,000 Multiple Capital Facilities Project III, 6.25%, 11/01/07 ........................ 5,917,140
3,400,000 Refunding, Retirement Housing Foundation, 6.625%, 04/15/12 ...................... 3,494,554
7,665,000 Refunding, Retirement Housing Foundation, 6.75%, 04/15/22 ....................... 7,889,278
6,540,000 Series 1989, 7.00%, 06/01/09 .................................................... 6,819,977
1,000,000 Series 1992, 6.625%, 07/01/22 ................................................... 1,021,810
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Series A,
10,500,000 Proposition C, Second Series, AMBAC Insured, 5.50%, 07/01/17 .................... 10,079,895
24,700,000 Refunding, Proposition A, FGIC Insured, 5.00%, 07/01/21 ......................... 21,857,030
41,095,000 Refunding, Proposition A, MBIA Insured, 5.625%, 07/01/18 ........................ 39,553,116
35,355,000 Los Angeles County Public Works, Financing Authority Revenue, Regional Park and Open
Space District, Series A, 6.00%, 10/01/15 .......................................... 35,234,086
30,610,000 Los Angeles County Sanitation Districts Financing Authority Revenue, Capital Projects,
Series A, MBIA Insured, 5.25%, 10/01/19 ............................................ 27,988,866
Los Angeles County SFMR, GNMA Secured,
2,495,000 Issue 1986-A, 7.875%, 08/01/16 .................................................. 2,516,033
3,885,000 Issue 1987-A, 8.00%, 03/01/17 ................................................... 4,031,115
Los Angeles County Special Tax, CFD No. 1, Palmdale/Lancaster Waterworks, Series A,
230,000 8.00%, 09/01/06 ................................................................. 236,912
4,350,000 8.125%, 09/01/18 ................................................................ 4,500,989
Los Angeles County Special Tax, CFD No. 2, Rowland Heights Area,
1,070,000 7.90%, 09/01/08 ................................................................. 1,116,010
6,255,000 8.00%, 09/01/18 ................................................................. 6,532,284
5,785,000 Los Angeles County Special Tax, CFD No. 3, Series A, 7.60%, 09/01/14 ................ 5,964,740
17,170,000 Los Angeles County Transportation Commission, Lease Revenue, FSA Insured, 7.375%,
12/15/06 ........................................................................... 19,260,448
Los Angeles County Transportation Commission, Sales Tax Revenue,
26,410,000 Refunding, Series A, 7.40%, 07/01/09 ............................................ 28,675,714
1,830,000 Refunding, Series A, 7.40%, 07/01/15 ............................................ 2,000,245
8,240,000 Refunding, Series A, Pre-Refunded, 8.00%, 07/01/18 .............................. 9,062,599
4,300,000 Refunding, Series B, 6.50%, 07/01/13 ............................................ 4,460,046
5,000,000 Refunding, Series B, FGIC Insured, 6.50%, 07/01/13 .............................. 5,225,050
28,095,000 Refunding, Series B, FGIC Insured, 5.75%, 07/01/18 .............................. 27,471,572
11,095,000 Refunding, Series B, MBIA Insured, 5.75%, 07/01/18 .............................. 10,848,802
1,200,000 Series A, FGIC Insured, 6.25%, 07/01/16 ......................................... 1,200,936
29,590,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.625%, 07/01/09 .......... 32,190,369
$ 15,000,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.25%, 07/01/13 ........... $ 15,406,050
55,780,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.00%, 07/01/23 ........... 56,206,159
Los Angeles CRDA, Financing Authority Revenue, Pooled Financing,
7,500,000 Beacon Normandie, Series B, 6.625%, 09/01/14 .................................... 7,339,650
5,000,000 Bunker Harbor, Series A, 6.375%, 09/01/14 ....................................... 4,896,350
6,700,000 Los Angeles CRDA, MFHR, Refunding, Angelus Plaza Project, Series A, 6.40%, 07/01/23 . 6,754,873
Los Angeles CRDA, Tax Allocation, Refunding,
37,290,000 Bunker Hill, Series H, FSA Insured, 5.625%, 12/01/23 ............................ 35,749,550
30,400,000 Bunker Hill, Series H, FSA Insured, 5.60%, 12/01/28 ............................. 28,872,400
17,245,000 Central Business District, Series G, 6.75%, 07/01/10 ............................ 17,566,274
6,065,000 Los Angeles Department of Airport Revenue, Refunding, Series B, 7.40%, 05/01/10 ..... 6,416,285
Los Angeles Department of Water and Power Electric Plant Revenue,
33,125,000 Crossover Refunding, 5.875%, 09/01/30 ........................................... 32,808,656
11,545,000 Crossover Refunding, FGIC Insured, 5.75%, 09/01/13 .............................. 11,506,555
8,770,000 Crossover Refunding, FGIC Insured, 5.375%, 09/01/23 ............................. 8,058,665
14,500,000 Crossover Refunding, Second Issue, 5.40%, 11/15/31 .............................. 13,344,640
37,080,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/20 ................. 41,080,190
7,775,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/25 ................. 8,613,767
56,390,000 Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 09/01/23 ................ 52,172,592
28,690,000 Refunding, Second Issue, MBIA Insured, 5.25%, 11/15/26 .......................... 25,762,186
8,245,000 Refunding, Series 1992, 6.375%, 02/01/20 ........................................ 8,564,824
7,790,000 Refunding, Series 1992, 6.00%, 02/01/28 ......................................... 7,810,955
11,060,000 Refunding, Series 1992, MBIA Insured, 6.00%, 02/01/28 ........................... 11,131,226
37,600,000 Second Issue, 6.00%, 08/15/32 ................................................... 37,669,936
14,535,000 Series 1987, 7.60%, 07/15/27 .................................................... 15,558,119
22,800,000 Series 1988, 7.90%, 05/01/28 .................................................... 24,902,844
9,305,000 Series 1989, 7.375%, 02/01/29 ................................................... 10,184,136
25,890,000 Series 1990, 7.25%, 09/15/30 .................................................... 29,100,360
86,170,000 Series 1993, 6.125%, 01/15/33 ................................................... 87,062,721
5,000,000 Series 1993, FGIC Insured, 6.125%, 01/15/33 ..................................... 5,065,450
Los Angeles Department of Water and Power Waterworks Revenue,
6,700,000 Crossover Refunding, FGIC Insured, 5.25%, 04/15/18 .............................. 6,182,157
10,520,000 Crossover Refunding, Series 1993, 5.80%, 04/15/24 ............................... 10,390,499
11,100,000 FGIC Insured, 6.125%, 05/15/25 .................................................. 11,273,493
21,590,000 Refunding, Series 1992, 6.40%, 05/15/28 ......................................... 22,447,555
1,000,000 Second Issue, 6.50%, 11/01/14 ................................................... 1,053,300
14,815,000 Second Issue, 6.40%, 11/01/31 ................................................... 15,426,267
15,590,000 Second Issue, 6.00%, 07/15/32 ................................................... 15,618,374
5,500,000 Second Issue, FGIC Insured, 6.40%, 11/01/31 ..................................... 5,740,295
3,200,000 Second Issue, FGIC Insured, 6.00%, 07/15/32 ..................................... 3,214,144
4,330,000 Second Issue, MBIA Insured, 6.00%, 07/15/32 ..................................... 4,349,139
3,850,000 Series 1989, 7.20%, 02/15/19 .................................................... 4,221,448
3,500,000 Series 1992, 6.50%, 04/15/32 .................................................... 3,637,235
3,000,000 Series 1994, MBIA Insured, 6.375%, 07/01/34 ..................................... 3,112,710
Los Angeles GO, Series A, FGIC Insured,
6,465,000 6.10%, 09/01/12 ................................................................. 6,613,113
8,130,000 6.125%, 09/01/13 ................................................................ 8,301,299
11,470,000 Series A, 6.30%, 09/01/15 ....................................................... 11,813,641
Los Angeles HMR,
255,000 Series 1982, 13.00%, 08/01/14 ................................................... 260,610
595,000 Series 1985, 9.00%, 06/15/18 .................................................... 600,629
$ 3,000,000 Los Angeles Municipal Improvement Corp., Lease Revenue, Refunding, Central Library
Project, Series A, 6.30%, 06/01/18 ................................................. $ 3,007,230
5,000,000 Los Angeles, Series A, MBIA Insured, 6.00%, 09/01/12 ................................ 5,124,150
Los Angeles USD, COP, Refunding, Dr. Francisco Bravo Medical,
3,040,000 6.50%, 06/01/04 ................................................................. 3,233,344
1,145,000 6.60%, 06/01/05 ................................................................. 1,218,910
3,610,000 6.60%, 06/01/06 ................................................................. 3,823,640
8,505,000 6.625%, 06/01/08 ................................................................ 8,982,896
Los Angeles Waste Water System Revenue,
15,000,000 Refunding, Series A, FGIC Insured, 6.00%, 12/01/12 .............................. 15,108,300
38,970,000 Refunding, Series A, MBIA Insured, 5.70%, 06/01/20 .............................. 38,067,455
17,960,000 Refunding, Series A, MBIA Insured, 5.80%, 06/01/21 .............................. 17,770,702
15,495,000 Refunding, Series C, 7.10%, 06/01/18 ............................................ 16,880,098
6,890,000 Refunding, Series C, MBIA Insured, 5.60%, 06/01/20 .............................. 6,642,167
4,000,000 Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 .............................. 4,063,800
25,665,000 Series A, FGIC Insured, 6.00%, 12/01/18 ......................................... 25,567,986
45,400,000 Series A, MBIA Insured, 5.875%, 06/01/24 ........................................ 45,364,588
10,650,000 Series B, AMBAC Insured, 6.00%, 06/01/22 ........................................ 10,607,081
15,720,000 Series B, MBIA Insured, 5.70%, 06/01/23 ......................................... 15,337,061
7,440,000 Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 07/01/13 ................ 7,295,590
Lynwood USD, COP,
520,000 Series 1986, Financing Project, 8.25%, 06/01/07 ................................. 526,932
490,000 Series A, 7.70%, 11/01/07 ....................................................... 503,558
300,000 Series A, 7.70%, 11/01/08 ....................................................... 308,214
1,140,000 Series A, 7.70%, 11/01/09 ....................................................... 1,170,563
2,425,000 Madera-Chowchilla Power Authority, Hydroelectric Revenue, Refunding, 8.00%, 01/01/14 2,586,699
Madera County COP, Valley Children's Hospital, MBIA Insured,
18,000,000 6.125%, 03/15/23 ................................................................ 18,279,000
7,000,000 5.75%, 03/15/28 ................................................................. 6,820,100
1,250,000 Madera USD, COP, 6.50%, 12/01/07 .................................................... 1,309,650
2,330,000 Marin County COP, Capital Improvement Project, 6.625%, 08/01/06 ..................... 2,544,220
Martinez USD, Refunding, Series 1992,
1,260,000 6.00%, 08/01/06 ................................................................. 1,294,524
1,265,000 6.00%, 08/01/10 ................................................................. 1,288,833
1,110,000 Marysville COP, Capital Improvement Financing Project, 7.125%, 02/01/13 ............. 1,147,773
7,215,000 Mayer's Memorial Hospital District, Health Facility Revenue, Fall River Mills, IDBI Insured,
Pre-Refunded, 7.70%, 02/01/19 ...................................................... 7,988,881
6,310,000 Mendocino County COP, Refunding, BIG Insured, 7.40%, 08/15/06 ....................... 6,810,257
Mendota and Parlier USD, COP, Capital Outlay Financing Program,
1,025,000 7.50%, 01/01/11 ................................................................. 1,055,350
795,000 7.55%, 01/01/17 ................................................................. 817,188
3,475,000 Menlo Park CDA, MFHR, Gateway Project, Series A, FHA Insured, 8.25%, 12/01/28 ....... 3,607,780
3,580,000 Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 .......... 3,628,294
Metropolitan Water District Revenue, Southern California Waterworks,
69,715,000 5.50%, 07/01/19 ................................................................. 66,036,139
5,250,000 5.00%, 07/01/20 ................................................................. 4,631,918
8,250,000 Pre-Refunded, 6.625%, 07/01/12 .................................................. 9,129,450
10,125,000 Refunding, 6.75%, 06/01/22 ...................................................... 10,357,875
10,795,000 Series A, MBIA Insured, 5.50%, 07/01/25 ......................................... 10,296,703
24,630,000 Metropolitan Water District, Southern California, Refunding, Series B, 5.55%, 03/01/20 23,591,846
Mid-Peninsula Regional Open Space District, Series 1990,
$ 1,215,000 7.50%, 09/01/07 ................................................................. $ 1,327,217
1,305,000 7.50%, 09/01/08 ................................................................. 1,421,249
1,400,000 7.50%, 09/01/09 ................................................................. 1,522,416
1,500,000 7.50%, 09/01/10 ................................................................. 1,628,700
Mid-Peninsula Regional Open Space District, COP,
5,000,000 Series 1990, Pre-Refunded, 7.60%, 09/01/20 ...................................... 5,604,500
5,200,000 Special Districts Association Finance Corp., 5.75%, 09/01/20 .................... 4,944,836
2,750,000 Mill Valley Revenue, COP, 7.10%, 12/01/20 ........................................... 2,893,770
1,625,000 Millbrae Elementary School District, COP, Green Hills School Project, 7.10%, 09/01/11 1,631,923
13,000,000 Modesto COP, Water System Improvement Project, AMBAC Insured, 6.25%, 10/01/22 ....... 13,288,080
2,195,000 Modesto EDR, Evergreen Convalescent Home, FHA Mortgage Insured, 10.50%, 08/01/19 .... 2,281,110
Modesto Health Facility Revenue, Memorial Hospital Association, Series A,
3,800,000 MBIA Insured, 6.85%, 06/01/16 ................................................... 4,088,382
6,800,000 Pre-Refunded, 7.875%, 08/01/18 .................................................. 7,479,524
Modesto Irrigation District, COP,
12,120,000 Geysers Geothermal Power Project, Series 1986-A, 7.25%, 10/01/15 ................ 12,486,751
10,000,000 Refunding and Capital Improvement Project, Series A, MBIA Insured, 6.00%, 10/01/21 10,055,600
3,000,000 Modesto Irrigation District, Financing Authority Revenue, Domestic Water Project, Series A,
AMBAC Insured, 6.125%, 09/01/19 .................................................... 3,048,030
Mohave Water Agency ID,
5,500,000 MBIA Insured, 6.95%, 09/01/21 ................................................... 5,982,900
670,000 Morongo Basin, 6.20%, 09/01/01 .................................................. 707,346
545,000 Morongo Basin, 6.375%, 09/01/03 ................................................. 583,243
5,295,000 Morongo Basin, 6.70%, 09/01/08 .................................................. 5,582,254
1,200,000 Morongo Basin, 6.60%, 09/01/13 .................................................. 1,247,520
3,100,000 Morongo Basin, 6.60%, 09/01/22 .................................................. 3,198,642
Montclair RDA, Tax Allocation,
1,645,000 Redevelopment Project No. IV, 6.90%, 10/01/22 ................................... 1,708,415
4,245,000 Redevelopment Project No. V, 6.90%, 10/01/22 .................................... 4,408,645
1,505,000 Monterey Bay Unified Air Pollution Control District, COP, 7.375%, 12/01/15 .......... 1,576,427
Monterey County COP, Natividad Medical Center Improvement Project,
1,095,000 Series A, 6.10%, 08/01/23 ....................................................... 1,055,460
5,170,000 Series B, MBIA Insured, 6.10%, 08/01/27 ......................................... 5,221,080
3,500,000 Series C, MBIA Insured, 6.50%, 08/01/15 ......................................... 3,692,080
13,250,000 Series C, MBIA Insured, 6.60%, 08/01/23 ......................................... 14,085,810
13,385,000 Series C, MBIA Insured, 6.25%, 08/01/28 ......................................... 13,677,864
7,265,000 Monterey County COP, Refunding, Sheriff's Facility Project, Series 1985, USF & G Insured,
Pre-Refunded, 7.875%, 12/01/17 ..................................................... 7,873,081
Monterey Hospital Revenue,
1,735,000 Monterey Peninsula Hospital Project, Series A, 7.375%, 07/01/14 ................. 1,781,151
1,155,000 Refunding, Monterey Peninsula Hospital, Series B, 7.375%, 07/01/14 .............. 1,185,723
13,680,000 Monterey Park RDA, Tax Allocation, Refunding, Atlantic-Garvey Redevelopment Project
No. 1, 6.85%, 09/01/14 ............................................................. 13,976,446
5,830,000 Moreno Valley Special Tax, Refunding, Towngate Community Facilities 87-1, Series A,
FSA Insured, 5.875%, 12/01/15 ...................................................... 5,759,166
Moreno Valley USD, COP, Palm Middle School,
10,000 ETM, 7.00%, 09/01/01 ............................................................ 11,138
10,000 Pre-Refunded, 7.10%, 09/01/02 ................................................... 11,341
10,000 Pre-Refunded, 7.20%, 09/01/03 ................................................... 11,389
5,000 Pre-Refunded, 7.30%, 09/01/05 ................................................... 5,718
5,500,000 Moulton-Niguel Water District COP, AMBAC Insured, 5.30%, 09/01/23 ................... 5,067,920
$ 3,350,000 Moulton-Niguel Water District, ID No. 6, Series 2, Pre-Refunded, 8.00%, 05/01/13 .... $ 3,561,352
5,000,000 Mount Diablo USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 08/01/22 ............ 5,152,750
4,270,000 Mount Shasta Hospital Revenue, COP, Mercy Medical Center, Series A, Pre-Refunded,
7.25%, 07/01/19 ...........................................................4,625,392
Mountain View Capital Improvements, Financing Authority Revenue, City Hall,
MBIA Insured,
3,110,000 6.25%, 08/01/12 ................................................................. 3,224,168
2,000,000 6.50%, 08/01/16 ................................................................. 2,090,880
10,000,000 Mountain View COP, Revitalization Authority, Pre-Refunded, 8.00%, 12/01/15 .......... 10,840,000
2,175,000 Mountain View-Los Altos UHSD, COP, Financing Project, 7.40%, 08/01/16 ............... 2,250,299
Mountain View School District, COP, Santa Clara County Financing Project,
1,010,000 6.75%, 04/01/07 ................................................................. 1,060,975
1,430,000 6.90%, 04/01/12 ................................................................. 1,500,971
9,605,000 Mountain View, Shoreline Regional Park, Community Tax Allocation, Series A, MBIA Insured,
5.75%, 08/01/18 ...........................................................9,391,577
M-S-R Public Power Agency Revenue, San Juan Project,
16,550,000 Series C, 6.875%, 07/01/19 ...................................................... 16,938,594
5,000,000 Series C, AMBAC Insured, 6.875%, 07/01/19 ....................................... 5,166,150
8,630,000 Series C, AMBAC Insured, 5.50%, 07/01/21 ........................................ 8,146,461
8,490,000 Series E, MBIA Insured, 6.00%, 07/01/22 ......................................... 8,553,420
10,750,000 Series F, AMBAC Insured, 6.00%, 07/01/20 ........................................ 10,877,925
1,510,000 Murieta County Water District, Special Tax, CFD No. 88-1, 8.10%, 10/01/18 ........... 1,598,063
6,125,000 Napa Housing Facility Revenue, Napa Park Apartments, Series A, 6.35%, 06/20/35 ...... 6,148,581
2,000,000 Napa Mortgage Revenue, Refunding, Creekside II Apartments Project, Series A,
MBIA Insured, 6.625%, 07/01/25 ..................................................... 2,041,960
1,580,000 Needles Public Financing Authority Revenue, Tax Allocation, Redevelopment Project,
Series A, 7.50%, 08/15/22 .......................................................... 1,644,590
6,275,000 Nevada County COP, Jail and Government Center Project, Refunding, FSA Insured,
5.875%, 10/01/19 ................................................................... 6,192,358
8,030,000 Nevada Power Authority Revenue, Refunding, Bowman Hydroelectric Project, 7.50%,
05/01/13 ........................................................................... 8,176,788
Norco RDA, Tax Allocation, Redevelopment Project Area No. 1, Pre-Refunded,
8,820,000 8.10%, 03/01/18 ................................................................. 9,624,825
5,240,000 8.10%, 03/01/19 ................................................................. 5,718,150
Northern California Public Power Agency Revenue, Hydroelectric Project No. 1,
83,715,000 Refunding, Series B-1, Pre-Refunded, 8.00%, 07/01/24 ............................ 90,546,144
60,945,000 Refunding, Series B-2, Pre-Refunded, 8.00%, 07/01/24 ............................ 65,918,112
114,910,000 Series E, 7.15%, 07/01/24 ....................................................... 119,939,611
38,780,000 Series F, 7.15%, 07/01/24 ....................................................... 40,477,401
38,780,000 Series G, 7.15%, 07/01/24 ....................................................... 40,477,401
7,625,000 Northern California Transmission Revenue, Ore Transmission Project, Series A,
MBIA Insured, 6.00%, 05/01/24 ...................................................... 7,651,459
14,720,000 Norwalk Community Facilities Financing Authority Revenue, Tax Allocation, Projects
No. 1 & 2, Pre-Refunded, 8.00%, 12/01/19 ........................................... 16,689,978
Novato Special Tax, CFD No. 1, Pre-Refunded,
450,000 7.60%, 10/01/01 ................................................................. 493,988
4,565,000 8.65%, 10/01/11 ................................................................. 5,117,822
16,350,000 8.75%, 10/01/21 ................................................................. 18,368,244
1,720,000 Novato USD, COP, Capital Improvement Project, Series A, 6.70%, 10/01/12 ............. 1,723,767
Oakland Housing Finance Revenue,
$ 280,000 Issue D-1, 6.80%, 01/01/99 ...................................................... $ 289,338
300,000 Issue D-1, 6.80%, 07/01/99 ...................................................... 305,583
315,000 Issue D-1, 6.875%, 01/01/00 ..................................................... 321,713
315,000 Issue D-1, 6.875%, 07/01/00 ..................................................... 315,583
330,000 Issue D-1, 6.95%, 01/01/01 ...................................................... 329,687
920,000 Issue D-1, 6.95%, 07/01/01 ...................................................... 919,062
4,235,000 Issue D-1, 7.10%, 01/01/10 ...................................................... 4,322,622
340,000 Issue D-2, 6.95%, 07/01/01 ...................................................... 339,653
2,520,000 Issue D-2, 7.10%, 01/01/10 ...................................................... 2,573,651
5,800,000 Issue D-2, 7.15%, 01/01/24 ...................................................... 5,884,970
9,125,000 cOakland Joint Powers Financing Authority Lease Revenue, Oakland Administration
Buildings, AMBAC Insured, 5.75%, 08/01/26 .......................................... 8,782,539
Oakland Revenue, Refunding,
6,000,000 Series A, FGIC Insured, 7.60%, 08/01/21 ......................................... 6,510,120
5,405,000 YMCA Project, Series 1990, 7.40%, 06/01/10 ...................................... 5,776,269
5,640,000 Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 .................... 6,265,927
4,205,000 Oceanside COP, La Salina Waste Water Treatment, Pre-Refunded, 7.00%, 05/01/21 ....... 4,723,897
5,000,000 Oceanside COP, Refunding, Oceanside Civic Center Project, MBIA Insured, 5.75%,
08/01/15 ........................................................................... 4,953,500
Oceanside COP, Refunding, Series A,
4,435,000 6.375%, 04/01/12 ................................................................ 4,469,637
9,000,000 6.625%, 04/01/23 ................................................................ 9,009,090
2,000,000 Oceanside COP, Water Use Association Finance Program, Series A, AMBAC Insured,
6.40%, 10/01/12 .................................................................... 2,102,840
1,900,000 Ontario Montclair School District, COP, Series A, 7.50%, 10/01/12 ................... 1,968,894
Orange County Airport Revenue, GO, John Wayne International Airport, Series 1987,
10,505,000 8.10%, 07/01/07 ................................................................. 10,958,081
32,910,000 8.125%, 07/01/16 ................................................................ 34,338,952
4,495,000 Pre-Refunded, 8.10%, 07/01/07 ................................................... 4,804,526
14,090,000 Pre-Refunded, 8.125%, 07/01/16 .................................................. 15,064,464
Orange County COP,
4,500,000 Civic Center Expansion Project, AMBAC Insured, 6.00%, 08/01/21 .................. 4,503,600
13,800,000 Juvenile Justice Center Project, Pre-Refunded, 7.50%, 06/01/09 .................. 15,332,352
16,500,000 Juvenile Justice Center Project, Pre-Refunded, 7.625%, 06/01/19 ................. 18,392,385
2,375,000 Loma Ridge/Data Center Project, AMBAC Insured, 6.00%, 06/01/21 .................. 2,377,494
3,250,000 Public Facilities Corp., 7.875%, 12/01/13 ....................................... 3,379,220
5,000,000 Refunding, Juvenile Justice Center Facilities, AMBAC Insured, 6.375%, 06/01/11 .. 5,174,450
Orange County Financing Authority Revenue, Refunding, Tax Allocation, Series A,
MBIA Insured,
5,615,000 6.50%, 09/01/21 ................................................................. 5,855,547
8,000,000 6.50%, 09/01/22 ................................................................. 8,342,720
Orange County Purchaser Certificates, Master Lease, Series 1990,
2,500,000 7.00%, 09/01/96 ................................................................. 2,496,350
2,000,000 7.00%, 09/01/97 ................................................................. 1,988,740
2,000,000 7.00%, 09/01/98 ................................................................. 1,977,260
1,000,000 7.00%, 09/01/99 ................................................................. 983,040
1,975,000 7.00%, 09/01/00 ................................................................. 1,929,654
74,010,000 Orange County Recovery, Refunding, Series A, MBIA Insured, 5.75%, 06/01/15 .......... 72,076,859
Orange County Special Tax, Pre-Refunded,
4,700,000 CFD No. 87-1, Dimensions Business Park, 8.25%, 08/15/13 ......................... 5,209,386
5,000,000 CFD No. 87-4, Foothill Ranch, 8.00%, 08/15/10 ................................... 5,757,900
$ 9,900,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, 8.00%, 08/15/05 ....................... $ 10,917,720
43,265,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, 8.10%, 08/15/13 ....................... 47,809,123
2,865,000 Orange County Transportation District COP, Business Acquisition Project, 6.75%, 12/01/05 3,025,211
4,000,000 Orange County USD, COP, Pre-Refunded, 6.875%, 06/01/21 .............................. 4,371,000
Orange County Water District, COP,
2,000,000 AMBAC Insured, 6.50%, 08/15/11 .................................................. 2,093,560
9,430,000 Refunding, Series A, 5.50%, 08/15/14 ............................................ 8,858,825
3,400,000 Orange Cove Irrigation District Revenue, COP, Rehabilitation Project, 7.25%, 02/01/12 3,608,896
8,530,000 Orange RDA Revenue, Refunding, Tax Allocation, Northwest Redevelopment Project,
Series B, 5.70%, 10/01/23 .......................................................... 7,532,502
12,150,000 Oroville Public Financing Authority Revenue, Series A, AMBAC Insured, 6.30%, 09/15/20 12,559,941
10,575,000 Oroville Wyandotte Irrigation District Revenue, Refunding, Hydroelectric, 6.20%, 01/01/09 10,744,729
Oxnard 1915 Act, AD No. 86-3, Northeast Industrial Area,
950,000 8.10%, 09/02/00 ................................................................. 950,789
2,020,000 8.10%, 09/02/01 ................................................................. 2,018,546
965,000 8.20%, 09/02/02 ................................................................. 962,848
1,490,000 8.20%, 09/02/03 ................................................................. 1,484,368
1,330,000 8.20%, 09/02/04 ................................................................. 1,323,004
1,590,000 8.20%, 09/02/05 ................................................................. 1,579,347
2,235,000 8.20%, 09/02/06 ................................................................. 2,217,053
Oxnard Public Facilities Corp., COP, Pre-Refunded,
20,135,000 AMBAC Insured, 7.50%, 09/01/06 .................................................. 22,191,388
3,750,000 Civic Library Project, 8.00%, 10/01/08 .......................................... 4,147,013
11,650,000 a,bOxnard 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 ............... 1,452,630
Palm Desert Financing Authority Revenue, Tax Allocation, Project Area No.1, Series A,
MBIA Insured,
5,595,000 6.625%, 04/01/23 ................................................................ 5,949,387
15,075,000 5.95%, 04/01/24 ................................................................. 15,098,969
1,890,000 Palm Desert RDA, Tax Allocation, Project Area No. 1, MBIA Insured, 7.40%, 05/01/09 .. 1,966,375
5,000,000 Palm Springs COP, Municipal Gold Course Expansion Project, 7.40%, 11/01/18 .......... 5,223,000
2,230,000 Palm Springs Financing Authority Revenue, Tax Allocation, Series B, 6.875%, 08/01/21 2,312,778
Palmdale 1915 Act, AD No. 87-1, Rancho Vista,
500,000 8.20%, 09/02/00 ................................................................. 517,185
555,000 8.20%, 09/02/01 ................................................................. 574,075
625,000 8.20%, 09/02/02 ................................................................. 646,481
700,000 8.20%, 09/02/03 ................................................................. 724,059
775,000 8.20%, 09/02/04 ................................................................. 801,637
850,000 8.20%, 09/02/05 ................................................................. 879,215
945,000 8.20%, 09/02/06 ................................................................. 977,480
1,040,000 8.20%, 09/02/07 ................................................................. 1,075,745
11,580,000 Palmdale Civic Authority Revenue, Refunding, Merged Redevelopment Project Areas,
Series A, MBIA Insured, 6.15%, 09/01/24 ............................................ 11,865,331
495,000 Palmdale School District, COP, Series 1990, 7.40%, 08/01/20 ......................... 505,261
20,400,000 Palo Alto Medical Foundation, Insured Revenue, Series 1987, ETM, 7.875%, 05/15/17 ... 21,440,400
4,210,000 Palomar Community College District, COP, Building Acquisition Project,
Connie Lee Insured, 6.75%, 10/01/19 ................................................ 4,483,608
6,300,000 Palomar Pomerado Hospital District Revenue, Refunding and Project, Series A,
MBIA Insured, 5.00%, 11/01/14 ...................................................... 5,678,064
3,000,000 Panoche Water District, COP, 7.50%, 12/01/08 ........................................ 3,188,430
8,250,000 Pasadena COP, Art Center, College of Design, Connie Lee Insured, 6.50%, 12/01/19 .... 8,596,913
$ 4,000,000 Pasadena Water Revenue, 6.00%, 07/01/13 ............................................. $ 4,064,760
4,215,000 Perris CFD No. 88-3, Series A, 7.40%, 09/01/19 ...................................... 4,168,382
6,985,000 Perris Public Financing Authority Revenue, Local Agency, Series A, 6.90%, 08/15/18 .. 7,133,781
Perris Public Financing Authority Revenue, Refunding, Tax Allocation,
5,280,000 Series B, MBIA Insured, 6.35%, 08/15/17 ......................................... 5,476,944
3,330,000 Series C, 7.10%, 11/15/17 ....................................................... 3,428,934
Perris Public Financing Authority Revenue, Special Tax, Series A,
205,000 7.45%, 09/01/01 ................................................................. 209,635
235,000 7.50%, 09/01/02 ................................................................. 240,311
270,000 7.55%, 09/01/03 ................................................................. 276,102
305,000 7.60%, 09/01/04 ................................................................. 311,890
325,000 7.60%, 09/01/05 ................................................................. 332,274
5,595,000 7.80%, 09/01/19 ................................................................. 5,721,503
Perris RDA, Tax Allocation,
4,535,000 Central and North Perris Redevelopment Project, Series B, Pre-Refunded, 7.875%,
10/01/14 ....................................................................... 5,313,932
2,935,000 Refunding, Central and North Perris Redevelopment Project, Series A, Pre-Refunded,
7.875%, 10/01/10 ......................................................3,462,214
865,000 Series 1991, 7.15%, 08/01/11 .................................................... 897,766
2,040,000 Series 1991, 7.20%, 08/01/21 .................................................... 2,105,158
Perris Special Tax,
50,000 CFD No. 88-1, Series A, ETM, 8.00%, 09/01/99 .................................... 55,725
65,000 CFD No. 88-1, Series A, ETM, 8.05%, 09/01/00 .................................... 73,995
85,000 CFD No. 88-1, Series A, ETM, 8.10%, 09/01/01 .................................... 98,881
100,000 CFD No. 88-1, Series A, ETM, 8.15%, 09/01/02 .................................... 118,596
6,040,000 CFD No. 88-1, Series A, Pre-Refunded, 8.30%, 09/01/18 ........................... 7,417,905
5,395,000 CFD No. 91-1, 8.75%, 09/01/21 ................................................... 5,801,567
10,615,000 Perris Union High School District, CFD No. 87-1, 8.25%, 10/01/13 .................... 11,034,505
4,800,000 Petaluma Community Development Commission, MFR, Park Lane Apartments, Series A,
6.875%, 11/20/34 ................................................................... 4,963,920
4,565,000 Petaluma Hospital District Revenue, Petaluma Hospital Building Corp. Project, Loan
Program, Series A, 6.50%, 03/01/08 ................................................. 4,564,954
19,780,000 Pico Rivera RDA, Tax Allocation, Refunding, Redevelopment Project Area No. 1, 8.15%,
05/01/07 ........................................................................... 20,756,934
1,200,000 Pismo Beach Public Financing Authority Revenue, 6.90%, 09/15/22 ..................... 1,215,240
1,770,000 Placentia COP, Refunding, RDA, Series A, 6.90%, 01/01/14 ............................ 1,818,976
3,230,000 Pleasant Valley School District, Ventura County COP, Woodcreek Road, Elementary School
Project, 6.375%, 08/01/18 .......................................................... 3,148,992
Pleasanton COP,
2,180,000 Capital Improvements, 6.70%, 10/01/11 ........................................... 2,244,724
3,500,000 Capital Projects No. 1 & 2, Pre-Refunded, 8.75%, 10/01/08 ....................... 3,810,170
4,585,000 Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 09/01/14 .............. 5,178,941
Pomona 1915 Act, AD No. 294,
345,000 Series 1986, 8.00%, 09/02/99 .................................................... 356,858
380,000 Series 1986, 8.00%, 09/02/00 .................................................... 393,061
410,000 Series 1986, 8.00%, 09/02/01 .................................................... 424,092
445,000 Series 1986, 8.00%, 09/02/02 .................................................... 460,295
480,000 Series 1986, 8.00%, 09/02/03 .................................................... 496,498
515,000 Series 1986, 8.00%, 09/02/04 .................................................... 532,701
585,000 Series 1986, 8.00%, 09/02/05 .................................................... 605,106
625,000 Series 1986, 8.00%, 09/02/06 .................................................... 646,481
905,000 Series 1988, 7.70%, 09/02/00 .................................................... 936,114
$ 920,000 Series 1988, 7.80%, 09/02/01 .................................................... $ 951,630
915,000 Series 1988, 7.90%, 09/02/02 .................................................... 946,458
905,000 Series 1988, 8.00%, 09/02/03 .................................................... 936,105
915,000 Series 1988, 8.00%, 09/02/04 .................................................... 946,449
1,290,000 Series 1988, 8.00%, 09/02/05 .................................................... 1,334,337
Pomona Public Financing Authority Revenue,
6,490,000 Refunding, Series P, 5.75%, 10/01/15 ............................................ 6,134,153
10,205,000 Series H, AMBAC Insured, 7.40%, 05/01/18 ........................................ 11,045,994
Pomona RDA, Tax Allocation,
2,370,000 Holt Ave./Indian Hill Blvd., Redevelopment Project, 8.25%, 06/01/16 ............. 2,424,534
2,795,000 Refunding, Reservoir Street Industrial Redevelopment Project, 8.25%, 06/01/13 ... 2,859,313
15,070,000 Southwest Pomona Redevelopment Project, 11.45%, 01/01/07 ........................ 20,050,334
4,675,000 West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 02/01/15 ............ 4,858,213
3,240,000 Port Hueneme RDA, Refunding, Tax Allocation, R-76 Project, 6.50%, 05/01/23 .......... 3,246,350
Port of Oakland Revenue,
2,310,000 Series A, BIG Insured, 7.60%, 11/01/16 .......................................... 2,425,154
1,525,000 Series E, MBIA Insured, 6.25%, 11/01/05 ......................................... 1,636,691
1,050,000 Series E, MBIA Insured, 6.30%, 11/01/06 ......................................... 1,123,059
500,000 Series E, MBIA Insured, 6.40%, 11/01/07 ......................................... 534,645
11,495,000 Series E, MBIA Insured, 6.40%, 11/01/22 ......................................... 11,931,580
Port of Oakland Special Facilities Revenue, Mitsui O.S.K. Lines Ltd., Series A,
6,100,000 6.70%, 01/01/07 ................................................................. 6,541,884
4,890,000 6.75%, 01/01/12 ................................................................. 5,141,395
8,075,000 6.80%, 01/01/19 ................................................................. 8,441,282
1,950,000 Porterville COP, Refunding, Public Building Project, AMBAC Insured, 6.30%, 10/01/18 . 2,028,936
8,100,000 Poway COP, RDA, Poinsettia Mobile Home Park, Pre-Refunded, 8.375%, 06/01/18 ......... 8,938,998
Poway COP, Royal Mobile Home Park Project, FSA Insured,
6,500,000 Capital Improvement, Pre-Refunded, 7.00%, 07/01/20 .............................. 7,277,075
5,400,000 Refunding, 6.00%, 08/01/20 ...................................................... 5,430,294
15,000,000 Refunding, 6.00%, 08/01/28 ...................................................... 15,084,150
6,250,000 Refunding, FSA Insured, 5.875%, 08/01/15 ........................................ 6,174,750
Poway RDA, Tax Allocation,
3,325,000 Refunding, Series 1991, Pre-Refunded, 7.75%, 12/15/21 ........................... 3,895,903
23,000,000 Refunding, Sub-Parguay Redevelopment Project, FGIC Insured, 5.50%, 12/15/23 ..... 21,809,750
9,250,000 Refunding, Sub-Parguay Redevelopment Project, FGIC Insured, 5.75%, 12/15/26 ..... 9,014,958
15,000,000 Sub-Parguay Redevelopment Project, Series A, Pre-Refunded, 7.60%, 12/15/22 ...... 16,876,350
1,320,000 Poway Special Tax, CFD No. 88-1, Parkway Business Center, 8.625%, 08/15/15 .......... 1,052,700
63,000,000 cPuerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue,
Capital Rites, Series Y, 5.00%, 07/01/36 ........................................... 52,645,950
610,000 Ramona Municipal Water District, COP, 8.50%, 07/15/11 ............................... 642,019
8,250,000 Rancho Cucamonga, Palmdale, Potterville, Colton HFA, SFMR, Series 1986,
GNMA Secured, 7.55%, 08/01/18 ...................................................... 8,717,940
13,850,000 Rancho Cucamonga RDA, Tax Allocation, Refunding, Rancho Redevelopment Project,
MBIA Insured, 5.50%, 09/01/23 ...................................................... 13,047,254
1,100,000 Rancho Cucamonga, Refunding, Special Tax, CFD No. 7, CGIC Insured, 6.40%, 08/01/04 .. 1,171,181
Rancho Murieta Community Services District, 1915 Act, ID No. 1,
960,000 8.25%, 09/02/01 ................................................................. 996,778
930,000 8.25%, 09/02/02 ................................................................. 965,238
975,000 8.30%, 09/02/03 ................................................................. 1,011,728
955,000 8.40%, 09/02/04 ................................................................. 990,956
$ 960,000 8.40%, 09/02/05 ................................................................. $ 995,731
960,000 8.40%, 09/02/06 ................................................................. 995,328
825,000 Redlands RDA, Refunding, Tax Allocation, Redlands Redevelopment Project,
AMBAC Insured, 6.625%, 07/01/15 .................................................... 843,579
3,795,000 Redwood City MFHR, Refunding, Redwood Plaza Project, Series 1987-A, GNMA Secured,
8.25%, 09/01/26 .................................................................... 3,861,223
3,750,000 Redwood City Public Financing Authority Revenue, Local Agency, Series B, 7.25%,
07/15/11 ........................................................................... 3,946,088
Rialto COP, Series 1989,
145,000 7.50%, 11/01/01 ................................................................. 157,076
3,165,000 7.50%, 11/01/15 ................................................................. 3,289,891
3,500,000 Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, 6.75%, 03/01/24 ....... 3,552,710
2,000,000 Richmond Joint Power Finance Authority, Series B, Pre-Refunded, 7.00%, 05/15/07 ..... 2,219,140
3,715,000 Richmond Revenue, West Contra Costa YMCA Project, 7.75%, 06/01/17 ................... 3,996,114
4,420,000 Ridgecrest COP, RDA, 7.60%, 03/01/13 ................................................ 4,598,259
Ridgecrest RDA, Tax Allocation, Ridgecrest Redevelopment Project,
200,000 8.00%, 02/01/09 ................................................................. 208,832
220,000 8.00%, 02/01/10 ................................................................. 229,522
240,000 8.00%, 02/01/11 ................................................................. 250,176
255,000 8.00%, 02/01/12 ................................................................. 265,590
275,000 8.00%, 02/01/13 ................................................................. 286,179
300,000 8.00%, 02/01/14 ................................................................. 312,195
325,000 7.80%, 02/01/15 ................................................................. 335,410
355,000 7.40%, 02/01/16 ................................................................. 362,668
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project, Series A,
23,000,000 6.375%, 06/01/09 ................................................................ 23,828,000
20,125,000 6.50%, 06/01/12 ................................................................. 20,712,650
19,500,000 6.25%, 06/01/19 ................................................................. 19,508,970
2,000,000 BIG Insured, 6.25%, 06/01/19 .................................................... 2,020,860
7,945,000 Riverside County Board of Education, COP, Financing Project, Series A, 6.65%, 11/01/17 8,265,025
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
575,000 No. 85-1, Golden Triangle Project, Series A, Pre-Refunded, 7.50%, 09/01/06 ...... 631,051
2,425,000 No. 85-1, Golden Triangle Project, Series B, Pre-Refunded, 7.50%, 09/01/06 ...... 2,661,389
440,000 No. 85-2, California Oaks Project, 7.70%, 09/01/97 .............................. 453,055
260,000 No. 85-2, California Oaks Project, 7.80%, 09/01/98 .............................. 271,939
295,000 No. 85-2, California Oaks Project, Pre-Refunded, 7.90%, 09/01/99 ................ 326,795
485,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.00%, 09/01/00 ................ 537,783
585,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.05%, 09/01/01 ................ 649,327
11,970,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.25%, 09/01/13 ................ 13,340,565
23,195,000 No. 86-1, Menifee Village Project, 7.875%, 09/01/11 ............................. 23,236,519
305,000 No. 87-5, Special Tax, 7.90%, 09/01/98 .......................................... 288,631
325,000 No. 87-5, Special Tax, 7.95%, 09/01/99 .......................................... 306,852
355,000 No. 87-5, Special Tax, 8.00%, 09/01/00 .......................................... 334,534
380,000 No. 87-5, Special Tax, 8.05%, 09/01/01 .......................................... 357,474
7,500,000 No. 87-5, Special Tax, 8.20%, 09/01/13 .......................................... 6,973,800
2,820,000 No. 87-5, Special Tax, 8.75%, 09/01/13 .......................................... 2,624,264
4,730,000 No. 89-1, Special Tax, 8.25%, 09/01/16 .......................................... 4,519,089
8,900,000 Riverside County CFD No. 85-2, California Care Project, 8.20%, 09/01/07 ............. 9,087,167
16,000,000 Riverside County CFD No. 86-1, Mello Roos, Series 1987, 8.75%, 09/01/16 ............. 16,028,800
Riverside County COP,
$ 4,975,000 Capital Projects, Series A, 6.875%, 11/01/09 .................................... $ 5,227,332
15,900,000 Capital Projects, Series A, 6.125%, 11/01/21 .................................... 15,746,883
4,775,000 Desert Justice Facility Project, MBIA Insured, 6.00%, 12/01/17 .................. 4,816,304
4,625,000 Desert Justice Facility Project, MBIA Insured, 6.25%, 12/01/21 .................. 4,749,274
3,945,000 Refunding, Juvenile Facility, Pre-Refunded, 8.00%, 10/01/18 ..................... 4,362,657
4,500,000 Refunding, Public Facilities Financing Project, Type 1, 7.75%, 12/01/03 ......... 4,673,025
38,615,000 Refunding, Public Facilities Financing Project, Type 1, 7.875%, 12/01/15 ........ 40,073,875
Riverside County Flood Control and Water, Conservation District, Elsinore Valley AD, Zone 3,
Series 1993,
165,000 7.875%, 09/01/03 ................................................................ 193,286
180,000 7.875%, 09/01/04 ................................................................ 212,859
190,000 7.875%, 09/01/05 ................................................................ 226,339
205,000 7.875%, 09/01/06 ................................................................ 245,533
225,000 7.875%, 09/01/07 ................................................................ 269,406
240,000 7.875%, 09/01/08 ................................................................ 287,875
260,000 7.875%, 09/01/09 ................................................................ 311,956
280,000 7.875%, 09/01/10 ................................................................ 335,591
305,000 7.875%, 09/01/11 ................................................................ 364,362
325,000 7.875%, 09/01/12 ................................................................ 389,948
350,000 7.875%, 09/01/13 ................................................................ 420,270
380,000 7.875%, 09/01/14 ................................................................ 458,728
410,000 7.875%, 09/01/15 ................................................................ 494,751
440,000 7.875%, 09/01/16 ................................................................ 533,368
475,000 7.875%, 09/01/17 ................................................................ 578,251
Riverside County Housing Authority Revenue,
6,750,000 Riverside Apartment Project, 7.875%, 11/01/19 ................................... 6,960,330
13,980,000 Series 1988-A, 7.85%, 10/01/08 .................................................. 14,554,578
33,080,000 Series 1988-A, 7.90%, 10/01/18 .................................................. 34,361,519
Riverside County RDA, Tax Allocation,
1,100,000 Series A, 7.60%, 10/01/25 ....................................................... 1,169,047
2,750,000 Series B, 7.60%, 10/01/25 ....................................................... 2,922,618
1,600,000 Series C, 7.60%, 10/01/25 ....................................................... 1,700,432
2,100,000 Series D, 7.60%, 10/01/25 ....................................................... 2,231,817
5,600,000 Series E, 7.60%, 10/01/25 ....................................................... 5,951,512
Riverside County SFMR, GNMA Secured,
695,000 Series 1989-B, 7.60%, 11/01/19 .................................................. 730,327
1,730,000 Series 1991-A, 7.20%, 10/01/24 .................................................. 1,758,874
Riverside Hospital Revenue, Parkview Community Hospital Medical Center Project,
5,000,000 8.25%, 08/01/14 ................................................................. 5,280,500
7,000,000 Refunding, 9.25%, 12/01/05 ...................................................... 7,279,370
6,210,000 Riverside MFHR, Palm Shadows Apartments, Series A, 6.50%, 01/01/18 .................. 6,300,324
Riverside Public Financing Authority Revenue, Airport and Central Industrial
Redevelopment Project, Series A, Pre-Refunded,
750,000 7.80%, 02/01/08 ................................................................. 789,645
9,155,000 7.90%, 02/01/18 ................................................................. 9,646,349
6,000,000 Riverside RDA, Refunding, Tax Allocation, Merged Redevelopment Project, Series A,
MBIA Insured, 5.625%, 08/01/23 ..................................................... 5,792,640
3,000,000 Riverside Water Revenue, 6.00%, 10/01/15 ............................................ 3,025,050
Rocklin 1915 Act, Refunding,
460,000 7.55%, 09/02/03 ................................................................. 475,819
495,000 7.60%, 09/02/04 ................................................................. 512,023
$ 535,000 7.65%, 09/02/05 ................................................................. $ 553,393
580,000 7.65%, 09/02/06 ................................................................. 599,940
625,000 7.65%, 09/02/07 ................................................................. 646,488
675,000 7.65%, 09/02/08 ................................................................. 698,207
6,085,000 Rocklin USD, CFD No. 1, 7.70%, 09/01/12 ............................................. 6,310,936
7,500,000 Rohnert Park CDA, Tax Allocation, Rohnert Park Redevelopment Project, Pre-Refunded,
8.20%, 06/01/18 ................................................................... 8,250,000
8,380,000 Rohnert Park HFA Revenue, Rancho Feliz Mobile Home Park, FSA Insured, 5.375%,
12/01/26 ........................................................................... 7,725,690
Roseville 1915 Act, Limited Obligation, Refunding,
120,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/99 ............... 124,255
125,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/00 ............... 129,433
135,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/01 ............... 139,787
145,000 North Roseville, Rocklin Sewer District No. 88-3, 8.10%, 09/02/02 ............... 150,142
160,000 North Roseville, Rocklin Sewer District No. 88-3, 8.15%, 09/02/03 ............... 165,674
170,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/04 ............... 176,028
185,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/05 ............... 191,560
200,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/06 ............... 207,092
220,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/07 ............... 227,801
235,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/08 ............... 243,333
205,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/09 ............... 212,269
220,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/99 ......................... 227,801
245,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/00 ......................... 253,688
260,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/01 ......................... 269,220
285,000 Rocky Ridge-Harding, District No. 88-4, 8.10%, 09/02/02 ......................... 295,106
305,000 Rocky Ridge-Harding, District No. 88-4, 8.15%, 09/02/03 ......................... 315,815
330,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/04 ......................... 341,702
350,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/05 ......................... 362,411
2,050,000 Roseville City School District, COP, Pre-Refunded, 7.50%, 09/01/15 .................. 2,193,500
Roseville Special Tax,
715,000 CFD No. 1, 7.50%, 09/01/02 ...................................................... 738,667
825,000 CFD No. 1, 7.60%, 09/01/04 ...................................................... 849,082
15,660,000 CFD No. 1, 7.70%, 09/01/20 ...................................................... 16,116,019
355,000 CFD No. 2, 8.00%, 09/01/06 ...................................................... 378,771
7,165,000 CFD No. 2, 8.25%, 09/01/21 ...................................................... 7,604,931
1,725,000 Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 ............................... 1,783,391
1,860,000 Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 ............................... 1,929,955
10,000,000 Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 ............................... 10,314,300
12,000,000 Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 ............................... 12,340,320
1,000,000 Northeast Roseville CFD No. 1, 7.95%, 12/01/00 .................................. 1,052,390
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/01 .................................. 1,051,090
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/02 .................................. 1,049,840
6,000,000 Northeast Roseville CFD No. 1, 8.30%, 12/01/08 .................................. 6,319,740
5,450,000 Rubidoux Community Services District, COP, Water System Improvement Project,
AMBAC Insured, 6.25%, 12/01/24 ..................................................... 5,603,363
Sacramento 1915 Act, North Natomas AD No. 88-3,
805,000 8.20%, 09/02/10 ................................................................. 762,118
1,795,000 8.20%, 09/02/11 ................................................................. 1,696,185
2,325,000 8.25%, 09/02/12 ................................................................. 2,203,193
2,515,000 8.25%, 09/02/13 ................................................................. 2,379,768
2,715,000 8.25%, 09/02/14 ................................................................. 2,565,594
$ 1,500,000 Sacramento Area Council of Governments, COP, Sacog Administrative Building Project,
7.125%, 7/01/16 .................................................................... $ 1,551,930
Sacramento City Financing Authority Revenue, Series 1991,
1,300,000 6.60%, 11/01/05 ................................................................. 1,403,961
920,000 6.70%, 11/01/11 ................................................................. 967,831
3,425,000 Sacramento City Public Facilities Financing Authority, COP, Pre-Refunded, 7.75%,
07/01/06 ........................................................................... 3,542,032
Sacramento County 1915 Act, Cordova Industrial Park, Unit 3, Series C-1,
250,000 8.25%, 09/02/05 ................................................................. 258,410
270,000 8.25%, 09/02/06 ................................................................. 278,969
290,000 8.25%, 09/02/07 ................................................................. 299,515
315,000 8.25%, 09/02/08 ................................................................. 325,203
340,000 8.25%, 09/02/09 ................................................................. 350,941
370,000 8.25%, 09/02/10 ................................................................. 381,829
400,000 8.25%, 09/02/11 ................................................................. 412,704
Sacramento County CFD, Special Tax,
2,250,000 Improvement Area 1, Series 1990, 8.20%, 12/01/10 ................................ 2,323,890
7,610,000 Improvement Area 1, Series 1990, 8.25%, 12/01/20 ................................ 7,839,518
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.00%, 12/01/98 .............................. 1,640,070
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.20%, 12/01/99 .............................. 1,644,840
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.30%, 12/01/00 .............................. 1,647,240
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.40%, 12/01/01 .............................. 1,649,625
13,000,000 Laguna, Series 1987, Pre-Refunded, 8.625%, 12/01/06 ............................. 14,343,290
Sacramento County COP,
2,735,000 Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 ............... 3,063,583
3,500,000 Cherry Island Golf Course Project, Series B, 6.80%, 07/01/18 .................... 3,642,520
11,000,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/19 11,530,970
29,500,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/24 30,923,965
1,495,000 Refunding, Cherry Island Golf Course Project, Series B, 6.80%, 07/01/12 ......... 1,555,876
2,325,000 Refunding, Parking Facility Project, Series 1987-A, 6.80%, 07/01/12 ............. 2,419,674
Sacramento MUD, Electric Revenue,
9,250,000 Refunding, Series R, 6.00%, 02/01/17 ............................................ 8,981,658
5,740,000 Refunding, Series Z, FGIC Insured, 6.25%, 07/01/04 .............................. 6,188,638
3,000,000 Refunding, Series Z, FGIC Insured, 6.35%, 07/01/05 .............................. 3,233,700
16,110,000 Refunding, Subordinated, 8.00%, 11/15/10 ........................................ 16,174,762
1,200,000 Series B, MBIA Insured, 6.25%, 08/15/11 ......................................... 1,253,064
5,950,000 Series B, MBIA Insured, 6.375%, 08/15/22 ........................................ 6,201,745
4,500,000 Series I, MBIA Insured, 6.00%, 01/01/24 ......................................... 4,539,105
14,215,000 cSeries J, AMBAC Insured, 5.60%, 08/15/24 ....................................... 13,667,723
1,000,000 Series V, 7.60%, 08/15/00 ....................................................... 1,082,770
2,225,000 Series W, 7.60%, 08/15/00 ....................................................... 2,409,163
5,405,000 Series W, Pre-Refunded, 7.875%, 08/15/16 ........................................ 5,958,526
2,760,000 Sacramento Public Television Facility Revenue, KVIE, Inc., Series A, 7.50%, 07/01/20 2,868,026
2,500,000 Sacramento RDA, Tax Allocation, Merged Downtown Project, Series A, MBIA Insured,
6.50%, 11/01/13 ...........................................................2,651,350
Sacramento Regional Transit District, COP, Series A,
1,605,000 6.20%, 03/01/00 ................................................................. 1,682,425
1,100,000 6.25%, 03/01/01 ................................................................. 1,162,590
1,000,000 6.375%, 03/01/02 ................................................................ 1,067,980
1,200,000 6.40%, 03/01/03 ................................................................. 1,287,672
1,000,000 6.375%, 03/01/04 ................................................................ 1,072,260
1,100,000 6.375%, 03/01/05 ................................................................ 1,166,066
Sacramento-Yolo Port District Revenue, Refunding,
$ 3,620,000 Facilities Improvement, Series A, Pre-Refunded, 8.875%, 12/01/12 ................ $ 3,977,620
11,645,000 Port Facilities, Series A, 7.25%, 07/01/13 ...................................... 12,189,404
Salida Area Public Facility Financing Agency, Special Tax, CFD No. 88-1,
215,000 7.70%, 09/01/99 ................................................................. 223,226
250,000 7.75%, 09/01/00 ................................................................. 261,248
290,000 7.80%, 09/01/01 ................................................................. 303,036
260,000 7.85%, 09/01/02 ................................................................. 271,677
385,000 7.90%, 09/01/03 ................................................................. 402,275
435,000 7.95%, 09/01/04 ................................................................. 454,501
495,000 7.95%, 09/01/05 ................................................................. 516,067
460,000 8.00%, 09/01/06 ................................................................. 479,559
630,000 8.00%, 09/01/07 ................................................................. 656,076
700,000 8.00%, 09/01/08 ................................................................. 727,979
6,075,000 8.05%, 09/01/14 ................................................................. 6,317,575
2,495,000 Salinas Union High School District, COP, Refunding, Facility Financing Projects, 7.375%,
01/01/14 ........................................................................... 2,627,235
San Bernardino 1915 Act, AD No. 961, Refunding,
855,000 7.60%, 09/02/02 ................................................................. 763,498
920,000 7.65%, 09/02/03 ................................................................. 813,372
990,000 7.70%, 09/02/04 ................................................................. 867,953
1,065,000 7.75%, 09/02/05 ................................................................. 927,285
San Bernardino County COP, MBIA Insured,
5,000,000 Medical Center Financing Project, Series A, 5.50%, 08/01/15 ..................... 4,809,700
55,350,000 Medical Center Financing Project, Series A, 5.50%, 08/01/22 ..................... 52,545,416
34,000,000 Medical Center Financing Project, Series A, 5.875%, 08/01/26 .................... 33,734,800
3,705,000 West Valley Detention Center Project, 6.25%, 11/01/04 ........................... 4,052,418
3,935,000 West Valley Detention Center Project, 6.35%, 11/01/05 ........................... 4,302,568
4,185,000 West Valley Detention Center Project, 6.40%, 11/01/06 ........................... 4,562,864
20,000,000 West Valley Detention Center Project, 6.50%, 11/01/12 ........................... 21,239,600
9,275,000 West Valley Detention Center Project, 6.20%, 11/01/25 ........................... 9,469,126
460,000 San Bernardino County Mortgage Revenue, Refunding, Don Miguel Apartments Projects,
MBIA Insured, 6.00%, 09/01/03 ...................................................... 474,099
San Bernardino County SFMR, Series A, GNMA Secured,
915,000 7.50%, 12/01/07 ................................................................. 962,104
4,455,000 7.65%, 06/01/23 ................................................................. 4,714,103
10,000,000 San Bernardino Joint Powers Financing Authority Lease Revenue, California Department of
Transportation Lease, Series A, 5.50%, 12/01/14 .................................... 9,335,900
4,715,000 San Bernardino Joint Powers Financing Authority Revenue, COP, Police Station Financing
Authority Project, 6.60%, 04/01/20 ................................................. 4,812,883
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation,
3,000,000 Central City Merged Project, Series B, 7.50%, 11/01/20 .......................... 3,004,860
450,000 Refunding, Central City Merged Project, Series A, 6.75%, 11/01/00 ............... 479,007
480,000 Refunding, Central City Merged Project, Series A, 6.90%, 11/01/01 ............... 517,838
510,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/02 ............... 554,645
550,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/03 ............... 597,262
585,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/04 ............... 632,332
625,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/05 ............... 673,925
670,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/06 ............... 720,786
720,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/07 ............... 769,234
15,585,000 Refunding, Central City Merged Project, Series A, 7.10%, 11/01/20 ............... 16,183,464
9,000,000 Refunding, Series A, FSA Insured, 5.75%, 10/01/15 ............................... 8,865,270
$ 12,415,000 Refunding, Series A, FSA Insured, 5.75%, 10/01/25 ............................... $ 12,105,246
1,695,000 Tri-City Redevelopment Project, Series B, Pre-Refunded, 7.60%, 01/01/08 ......... 1,905,858
905,000 San Bernardino Municipal Water Department, COP, FGIC Insured, 6.25%, 02/01/12 ....... 928,621
75,000,000 San Bernardino PBA Revenue, Capital Improvement, 8.30%, 09/02/19 .................... 76,769,250
8,465,000 San Carlos Mortgage Revenue, Elms Project, FHA Mortgage Insured, 6.875%, 08/01/37 ... 8,809,864
2,200,000 San Diego Community College District, COP, Financing Project, Series 1987,
Pre-Refunded, 8.625%, 12/01/09 ..................................................... 2,406,690
San Diego County COP,
2,260,000 Children's Center Project, 6.00%, 10/01/02 ...................................... 2,289,403
10,625,000 Inmate Reception Center and Cooling, MBIA Insured, 6.25%, 08/01/24 .............. 10,924,944
San Diego County Regional Transportation Commission, Sales Tax Revenue, Series A,
1,250,000 ETM, 6.00%, 04/01/08 ............................................................ 1,321,238
9,000,000 Pre-Refunded, 7.375%, 04/01/06 .................................................. 9,941,670
San Diego IDR,
5,000,000 Refunding, Gas & Electric, Series A, AMBAC Insured, 5.90%, 06/01/18 ............. 5,024,100
11,475,000 Refunding, San Diego Gas & Electric Co. Project, Series C, AMBAC Insured, 5.90%,
09/01/18 ....................................................................... 11,531,801
11,605,000 San Diego Gas & Electric Co. Project, Series 1986-A, 7.625%, 07/01/21 ........... 11,905,337
12,230,000 San Diego Gas & Electric Co. Project, Series 1987-A, 8.75%, 03/01/23 ............ 13,007,094
19,800,000 San Diego Gas & Electric Co. Project, Series 1992-A, 6.40%, 09/01/18 ............ 20,355,192
2,200,000 San Diego RDA, Refunding, Tax Allocation, Columbia Redevelopment Project, Series A,
Pre-Refunded, 8.75%, 12/01/08 ...................................................... 2,402,620
San Diego Sewer Revenue, Series A, AMBAC Insured,
9,235,000 5.25%, 05/15/20 ................................................................. 8,489,458
14,335,000 5.00%, 05/15/23 ................................................................. 12,634,296
75,000 San Diego SFMR, Issue A, 9.20%, 07/15/16 ............................................ 76,474
28,845,000 San Diego Special Tax, CFD No.1, Series A, 8.50%, 09/01/16 .......................... 29,684,678
1,440,000 San Francisco BART District Revenue, Sales Tax, FGIC Insured, 6.60%, 07/01/12 ....... 1,554,725
2,810,000 San Francisco City and County COP, San Francisco Courthouse Project, CGIC Insured,
5.875%, 04/01/21 ................................................................... 2,789,965
San Francisco City and County Airports Commission, International Airport Revenue,
2,500,000 Issue 6, AMBAC Insured, 6.50%, 05/01/18 ......................................... 2,626,150
13,250,000 Issue 6, AMBAC Insured, 6.60%, 05/01/24 ......................................... 14,018,500
45,005,000 Issue 9A, FGIC Insured, 5.75%, 05/01/20 ......................................... 43,412,273
64,415,000 Issue 9A, FGIC Insured, 5.90%, 05/01/25 ......................................... 63,269,057
21,170,000 Issue 9B, FGIC Insured, 5.25%, 05/01/20 ......................................... 19,462,640
4,000,000 San Francisco City and County Public Utilities Commission, Water Revenue, Crossover
Refunding, Series A, 6.50%, 11/01/09 ............................................... 4,385,680
9,415,000 San Francisco City and County RDA, Hotel Tax Revenue, Refunding, CGIC Insured, 6.75%,
07/01/25 ........................................................................... 10,074,897
22,170,000 San Francisco City and County RDA Lease Revenue, George R. Moscone Center,
Crossover Refunding, Series 1992, 5.50%, 07/01/18 .................................. 20,159,181
8,350,000 San Francisco City and County RDA Mortgage Revenue, Refunding, Series A,
MBIA Insured, 6.65%, 07/01/24 ...................................................... 8,349,332
3,000,000 San Francisco City and County Revenue, Irwin Memorial Blood Center, Series A, 6.80%,
12/01/21 ........................................................................... 3,084,210
San Francisco City and County Sewer Revenue, Refunding, FGIC Insured,
8,195,000 5.375%, 10/01/16 ................................................................ 7,752,306
44,115,000 5.375%, 10/01/22 ................................................................ 41,141,649
360,000 San Francisco City and County SFMR, Series 1985, 9.375%, 10/01/12 ................... 376,009
$ 1,000,000 San Gabriel Valley Mosquito Abatement District, COP, Lease Finance, Series R, 6.60%,
08/01/12 ........................................................................... $ 1,010,580
San Gabriel Valley Schools Financing Authority Revenue,
5,150,000 Pomona USD Financing, 5.80%, 02/01/26 ........................................... 4,831,215
3,620,000 Refunding, Oxnard Union High School, 6.50%, 03/01/18 ............................ 3,629,412
4,145,000 Refunding, Oxnard Union High School, 6.60%, 03/01/24 ............................ 4,169,580
1,765,000 Series A, 7.70%, 11/01/19 ....................................................... 1,876,442
1,815,000 San Gorgonio Memorial Health Care District, Health Facilities Revenue, CHFCLP Insured,
6.375%, 06/01/08 ................................................................... 1,878,325
San Jacinto RDA, COP, Fire Station Project,
1,065,000 7.90%, 12/01/08 ................................................................. 1,120,039
2,375,000 8.00%, 12/01/15 ................................................................. 2,480,640
San Jacinto Special Tax, CFD No. 2,
540,000 7.55%, 09/01/00 ................................................................. 378,000
520,000 7.60%, 09/01/01 ................................................................. 364,000
775,000 7.65%, 09/01/02 ................................................................. 542,500
1,000,000 7.70%, 09/01/04 ................................................................. 700,000
1,275,000 7.75%, 09/01/06 ................................................................. 892,500
1,465,000 7.75%, 09/01/07 ................................................................. 1,025,500
1,240,000 7.80%, 09/01/08 ................................................................. 868,000
805,000 7.80%, 09/01/09 ................................................................. 563,500
12,675,000 7.90%, 09/01/14 ................................................................. 8,872,500
San Jacinto USD, COP, General Hospital Project,
32,880,000 6.25%, 09/01/13 ................................................................. 32,670,883
36,500,000 6.625%, 09/01/20 ................................................................ 36,916,830
San Joaquin County Special Tax, CFD No. 89-1,
1,420,000 7.625%, 09/01/10 ................................................................ 1,377,116
2,990,000 7.75%, 09/01/20 ................................................................. 2,869,862
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue, Senior Lien,
95,255,000 7.00%, 01/01/30 ................................................................. 99,282,381
60,170,000 6.75%, 01/01/32 ................................................................. 61,717,572
51,540,000 5.00%, 01/01/33 ................................................................. 41,926,244
San Jose 1915 Act, Refunding,
70,000 ID 86-196SJ, 8.00%, 09/02/98 .................................................... 72,022
70,000 ID 86-196SJ, 8.00%, 09/02/99 .................................................... 72,773
125,000 ID 87-198SJ, 7.90%, 09/02/99 .................................................... 129,293
130,000 ID 87-198SJ, 8.00%, 09/02/00 .................................................... 134,462
13,600,000 San Jose Airport Revenue, Refunding, MBIA Insured, 5.75%, 03/01/16 .................. 13,315,216
San Jose Financing Authority Revenue, Convention Center Project,
16,100,000 Refunding, Series C, 6.40%, 09/01/17 ............................................ 16,364,201
55,550,000 Series C, 6.40%, 09/01/22 ....................................................... 56,296,592
San Jose RDA, Tax Allocation,
10,000,000 Merged Area Redevelopment Project, MBIA Insured, 5.00%, 08/01/21 ................ 8,847,400
1,160,000 Park Center Redevelopment Project, 7.00%, 10/01/07 .............................. 1,206,017
1,240,000 Park Center Redevelopment Project, 7.00%, 10/01/08 .............................. 1,284,268
1,325,000 Park Center Redevelopment Project, 7.00%, 10/01/09 .............................. 1,367,056
745,000 San Juan USD, COP, Financing Project, 7.80%, 08/01/98 ............................... 755,348
65,000 San Leandro RDA, RMR, Pre-Refunded, 11.25%, 04/01/13 ................................ 89,878
3,500,000 San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 08/01/12 ................... 3,667,615
1,980,000 San Luis Obispo County COP, Community College District, 7.00%, 07/01/21 ............. 2,133,450
San Luis Obispo County COP, Jail Expansion Project,
$ 1,830,000 6.75%, 10/01/16 ................................................................. $ 1,865,191
1,475,000 6.80%, 10/01/21 ................................................................. 1,506,742
San Marcos Public Facilities Authority Revenue,
17,995,000 Capital Improvement, 8.25%, 01/01/19 ............................................ 18,918,683
5,350,000 Rancheros Mobil Home Park Project, 7.00%, 10/01/24 .............................. 5,548,325
11,670,000 Refunding & Improvement, Civic Center, Mission Blvd. Project, Series A, 6.15%,
08/01/13 ....................................................................... 11,189,196
7,895,000 Refunding & Improvement, Civic Center, Mission Blvd. Project, Series A, 6.20%,
08/01/22 ....................................................................... 7,455,249
18,000,000 Refunding, Tax Allocation, Series A, FSA Insured, 5.50%, 08/01/23 ............... 16,957,440
25,000,000 San Marcos Public Financing Authority Revenue, Series A, 6.25%, 09/02/22 ............ 25,422,750
San Marcos Special Tax, CFD No. 88-1,
11,500,000 7.75%, 09/01/18 ................................................................. 10,684,190
10,650,000 7.625%, 09/01/19 ................................................................ 9,748,691
1,185,000 San Mateo County Board of Education, COP, Administrative Building Project, 7.10%,
05/01/21 ........................................................................... 1,234,426
2,430,000 San Mateo County COP, Capital Projects Program, Series 1985-A, 9.125%, 07/01/98 ..... 2,634,606
San Mateo County COP, San Mateo County Health Care Center, Series A, FSA Insured,
6,000,000 6.125%, 07/15/14 ................................................................ 6,111,540
15,870,000 5.75%, 07/15/22 ................................................................. 15,490,231
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 ........................... 8,769,780
San Pablo 1915 Act, Limited Obligation Improvement, Town Center Assessment, Series A,
160,000 8.00%, 09/02/02 ................................................................. 165,424
175,000 8.00%, 09/02/03 ................................................................. 180,859
185,000 8.05%, 09/02/04 ................................................................. 191,153
205,000 8.05%, 09/02/05 ................................................................. 211,732
220,000 8.05%, 09/02/06 ................................................................. 227,135
240,000 8.05%, 09/02/07 ................................................................. 247,682
260,000 8.05%, 09/02/08 ................................................................. 268,213
305,000 8.10%, 09/02/10 ................................................................. 314,632
330,000 8.10%, 09/02/11 ................................................................. 340,421
355,000 8.10%, 09/02/12 ................................................................. 366,136
385,000 8.10%, 09/02/13 ................................................................. 397,077
420,000 8.10%, 09/02/14 ................................................................. 433,091
3,500,000 San Pablo RDA, Tax Allocation, Merged Project Area, FGIC Insured, 6.25%, 12/01/19 ... 3,601,150
6,740,000 San Rafael RDA, Refunding, Tax Allocation, Central San Rafael Redevelopment,
FGIC Insured, 6.45%, 12/01/17 ...................................................... 7,067,025
2,200,000 San Rafael Sanitation District, COP, Waste Water Facilities Financing, 6.80%, 08/01/11 2,258,322
San Ramon COP,
5,995,000 Refunding, Central Park Expansion Project, FSA Insured, 5.00%, 08/01/24 ......... 5,271,044
1,730,000 San Ramon Capital Improvement Projects, Series 1993, 6.00%, 03/01/18 ............ 1,658,759
San Ramon Public Finance Authority,
49,235,000 Local Agency Revenue, 8.80%, 09/02/18 ........................................... 51,692,319
13,050,000 Tax Allocation, Refunding, 6.90%, 02/01/24 ...................................... 13,426,754
130,000 Tax Allocation, Series A, ETM, 7.10%, 02/01/97 .................................. 133,614
135,000 Tax Allocation, Series A, ETM, 7.20%, 02/01/98 .................................. 142,407
145,000 Tax Allocation, Series A, ETM, 7.30%, 02/01/99 .................................. 156,654
7,280,000 Tax Allocation, Series A, Pre-Refunded, 7.625%, 02/01/20 ........................ 8,056,776
$ 6,275,000 San Ramon Valley Fire Protection District, COP, Refunding, Financing Corp., 6.00%,
07/01/19 ........................................................................... $ 6,023,937
San Ramon Valley USD, COP,
9,000,000 Measure A, Capital Project, Series A, 5.95%, 10/01/01 ........................... 9,358,110
970,000 Refunding, 7.40%, 02/01/98 ...................................................... 1,001,525
1,040,000 Refunding, 7.40%, 02/01/99 ...................................................... 1,076,421
6,505,000 Refunding, 7.55%, 02/01/04 ...................................................... 6,730,398
6,000,000 Refunding, Pre-Refunded, 7.70%, 02/01/10 ........................................ 6,974,820
21,205,000 Refunding, Series 1992, 7.00%, 02/01/22 ......................................... 21,766,296
20,600,000 Series A, 6.35%, 10/01/01 ....................................................... 20,694,348
2,070,000 Santa Ana COP, Parking Facilities Project, Refunding, Series A, AMBAC Insured, 6.125%,
06/01/16 ........................................................................... 2,112,663
Santa Ana CRDA, Tax Allocation, Refunding,
2,000,000 Mainplace Project, 7.40%, 09/01/19 .............................................. 1,986,600
2,500,000 Series A, 7.25%, 09/01/19 ....................................................... 2,570,275
10,105,000 Series B, 7.375%, 09/01/09 ...................................................... 10,250,411
14,980,000 Series B, 6.75%, 09/01/19 ....................................................... 14,204,935
6,000,000 Series C, 7.25%, 09/01/17 ....................................................... 6,186,240
2,260,000 Series C, 6.75%, 09/01/19 ....................................................... 2,265,017
5,000,000 Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%, 09/01/24 ......... 5,087,250
Santa Ana Mountains, County Water District, Pre-Refunded,
18,140,000 CFD No. 7, Special Tax, 9.50%, 10/01/12 ......................................... 19,943,116
10,625,000 CFD No. 7, Special Tax, 8.40%, 10/01/13 ......................................... 11,849,425
7,830,000 Refunding, CFD No. 2, 7.875%, 04/15/15 .......................................... 7,997,719
1,865,000 Santa Barbara COP, California Health Facilities, Loan Program, 7.65%, 05/01/15 ...... 1,998,422
8,090,000 Santa Barbara COP, Refunding, Harbor Project, 6.75%, 10/01/27 ....................... 8,310,129
6,235,000 Santa Barbara Housing Authority Revenue, Refunding and Acquisition, 7.93%, 11/15/20 . 6,313,810
Santa Barbara SFMR, GNMA Secured,
555,000 7.625%, 10/01/10 ................................................................ 564,058
1,615,000 7.65%, 10/01/23 ................................................................. 1,616,825
Santa Clara County COP,
3,090,000 Refunding, Terraces of Los Gatos Project, 6.125%, 03/01/11 ...................... 3,070,409
12,200,000 Refunding, Terraces of Los Gatos Project, 6.125%, 03/01/18 ...................... 12,047,134
4,000,000 Terraces of Los Gatos Project, 6.90%, 03/01/18 .................................. 4,137,000
Santa Clara County Financing Authority Lease Revenue, VMC Facilities Replacement
Project, Series A, AMBAC Insured,
13,000,000 6.75%, 11/15/20 ................................................................. 14,096,550
29,025,000 6.25%, 11/15/22 ................................................................. 29,839,151
8,000,000 Santa Clara County MFR, Refunding, Meadows Housing, Series A, 5.875%, 05/20/26 ...... 7,882,640
Santa Clara Electric Revenue,
33,500,000 Crossover Refunding, Series B, 7.80%, 07/01/10 .................................. 34,419,910
6,000,000 Series A, MBIA Insured, 5.75%, 07/01/24 ......................................... 5,933,280
Santa Clara Housing Authority, MFHR, Series A,
6,465,000 Arastradero Park Apartments Project, 6.65%, 05/20/35 ............................ 6,732,716
5,625,000 Elana Gardens Apartments Project, 6.40%, 06/20/35 ............................... 5,742,338
3,860,000 Sierra Vista I Apartments Project, 6.65%, 06/20/35 .............................. 4,020,576
17,000,000 Santa Clara Valley Water District, COP, Refunding & Improvement, Series A, FGIC Insured,
6.00%, 02/01/24 .................................................................... 17,212,160
3,150,000 Santa Cruz City School District, COP, Education Center Financing Project, 7.00%, 05/01/24 3,286,175
3,500,000 Santa Cruz County COP, Capital Facilities Project, MBIA Insured, 6.70%, 09/01/20 .... 3,775,275
Santa Cruz County Housing Authority, MFHR,
$ 3,840,000 Dominican Oaks, Series 1987, GNMA Secured, 8.20%, 12/20/10 ...................... $ 3,998,477
7,080,000 Dominican Oaks, Series 1987, GNMA Secured, 8.25%, 12/20/17 ...................... 7,376,227
9,230,000 Series 1990-B, 7.75%, 07/01/23 .................................................. 9,625,782
4,950,000 Santa Cruz Public Financing Authority Revenue, Refunding, Tax Allocation, Series A,
MBIA Insured, 5.30%, 09/01/23 ...................................................... 4,561,128
5,000,000 Santa Margarita/Dana Point Authority Revenue, Refunding, ID Nos. 3, 3A, 4, 4A, Series B,
MBIA Insured, 5.75%, 08/01/20 ...................................................... 4,884,350
Santa Margarita Water District, Pre-Refunded,
2,000,000 ID No. 2A, Series C, 8.00%, 06/01/13 ............................................ 2,194,020
2,400,000 ID No. 3A, Series A, 8.00%, 06/01/08 ............................................ 2,630,184
2,585,000 ID No. 3A, Series A, 8.00%, 06/01/13 ............................................ 2,832,927
5,000,000 ID No. 4, Series D, 8.00%, 06/01/08 ............................................. 5,479,550
11,000,000 ID No. 4, Series D, 8.00%, 06/01/13 ............................................. 12,055,010
4,000,000 ID No. 4A, Series A, 7.75%, 08/01/06 ............................................ 4,281,160
5,000,000 ID No. 4A, Series B, 8.00%, 06/01/08 ............................................ 5,479,550
5,000,000 ID No. 4A, Series B, 8.00%, 06/01/13 ............................................ 5,479,550
2,750,000 Santa Maria Bonita School District, COP, Refunding, MBIA Insured, 7.00%, 03/01/16 ... 2,963,675
3,600,000 Santa Maria COP, Revenue, Marian Medical Center, 6.75%, 09/01/22 .................... 3,666,636
11,675,000 Santa Monica COP, Santa Monica Improvements Project, Pre-Refunded, 7.875%,
08/01/16 ........................................................................... 12,073,468
Santa Monica RDA, Refunding, Tax Allocation, Ocean Park Redevelopment Project,
Pre-Refunded,
3,805,000 Series A, 8.25%, 07/01/18 ....................................................... 4,200,720
1,260,000 Series B, 8.25%, 07/01/18 ....................................................... 1,391,040
Santa Rosa 1915 Act, Northpoint Park No. 85-1, Refunding,
280,000 8.05%, 09/02/09 ................................................................. 288,845
305,000 8.10%, 09/02/10 ................................................................. 314,632
330,000 8.10%, 09/02/11 ................................................................. 340,421
3,150,000 Santa Rosa Central Parking Service Facilities District Project No. 89-1, 7.60%, 07/02/15 3,276,000
1,970,000 Sausalito School District, Marin County, COP, Capital Outlay Financing Program, Series A,
7.75%, 04/01/09 .................................................................... 2,078,567
2,880,000 Seal Beach RDA, Refunding, Sub-Lien, Tax Allocation, Riverfront, Series A, 6.70%,
09/01/13 ........................................................................... 2,880,835
6,070,000 Sequoia Hospital District Revenue, Refunding, Pre-Refunded, 7.50%, 09/01/08 ......... 6,641,612
Shasta Joint Powers Financing Authority Lease Revenue, Courthouse County Improvement
Project, Series A,
1,000,000 6.60%, 06/01/12 ................................................................. 1,021,350
2,500,000 6.70%, 06/01/23 ................................................................. 2,553,175
Sierra Madre Financing Authority Revenue, Local Agency, Series 1988-A,
240,000 7.50%, 11/01/98 ................................................................. 255,523
260,000 7.60%, 11/01/99 ................................................................. 282,196
280,000 7.70%, 11/01/00 ................................................................. 303,506
5,500,000 7.80%, 11/01/18 ................................................................. 5,803,490
15,000,000 Sierra View Local Hospital District Revenue, Insured Health Facilities, 6.40%, 03/01/22 15,063,450
Signal Hill RDA, Tax Allocation, Refunding, Signal Hill Redevelopment Project No. 1,
MBIA Insured,
5,110,000 Series A, 5.50%, 10/01/23 ....................................................... 4,813,722
7,400,000 Series B, 5.25%, 10/01/23 ....................................................... 6,721,568
3,000,000 Simi Valley CDA, Commercial Mortgage Revenue, Sycamore Plaza II, 8.20%, 09/01/12 .... 3,027,210
Simi Valley SFRMR,
$ 4,900,000 a,bSeries 1989-A, 7.625%, 08/01/22 ................................................. $ 2,695,000
1,690,000 Series 1990-A, 7.70%, 03/01/25 .................................................. 1,754,085
1,000,000 Snowline Joint USD, COP, 7.25%, 04/01/18 ............................................ 1,050,630
4,105,000 Soledad RDA, Refunding, Tax Allocation, Soledad Redevelopment Project, 7.40%, 11/01/12 4,319,897
1,745,000 Sonoma County Office of Education, COP, Series 1990, Pre-Refunded, 7.375%, 07/01/20 . 1,965,585
5,280,000 South Coast Air Quality Management District Revenue, Building Corp., Installment Sale
Headquarters, Series 1992, 6.00%, 08/01/09 ......................................... 5,479,003
South Gate Public Finance Authority Revenue, Tax Allocation, Pre-Refunded,
3,540,000 Series A-1, 7.60%, 09/01/09 ..................................................... 3,902,567
13,265,000 Series A-2, 7.375%, 09/01/09 .................................................... 14,775,088
8,505,000 South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 09/01/24 ............. 8,498,621
4,500,000 South Napa Waste Management Authority Revenue, Solid Waste Transfer Facilities Project,
6.50%, 02/15/14 ...........................................................4,494,825
18,850,000 South Orange County Public Financing Authority, Special Tax Revenue, Refunding,
Senior Lien, Series A, MBIA Insured, 6.00%, 09/01/18 ............................... 18,942,742
South San Francisco 1915 Act, Gateway AD No. ST-82-2,
1,090,000 8.00%, 09/02/96 ................................................................. 1,098,262
1,175,000 8.00%, 09/02/97 ................................................................. 1,203,423
1,260,000 8.00%, 09/02/98 ................................................................. 1,304,831
1,335,000 8.00%, 09/02/99 ................................................................. 1,381,939
1,455,000 8.00%, 09/02/00 ................................................................. 1,505,547
1,570,000 8.00%, 09/02/01 ................................................................. 1,623,882
1,675,000 8.00%, 09/02/02 ................................................................. 1,731,783
South Tahoe Joint Powers Financing Authority Revenue, Tahoe Redevelopment Project,
Area 1-A, Refunding, Series S, Pre-Refunded,
8,995,000 6.90%, 10/01/13 ................................................................. 10,197,452
30,130,000 7.20%, 10/01/23 ................................................................. 34,657,936
Southern California HFA, SFMR, GNMA Secured,
4,935,000 7.625%, 10/01/22 ................................................................ 5,084,333
6,525,000 7.75%, 03/01/24 ................................................................. 6,885,441
830,000 Series A, 6.75%, 09/01/22 ....................................................... 859,191
1,250,000 Series B, 6.90%, 10/01/24 ....................................................... 1,303,325
Southern California Public Power Authority Revenue,
10,000,000 Multi Purpose Projects, 6.75%, 07/01/13 ......................................... 10,809,000
29,645,000 Multi Purpose Projects, 6.00%, 07/01/18 ......................................... 28,966,130
7,795,000 Refunding, Hydroelectric-Hoover Uprating, 6.00%, 10/01/17 ....................... 7,802,171
400,000 Refunding, Palo Verde Project, Series A, 6.875%, 07/01/15 ....................... 411,192
28,625,000 Refunding, Palo Verde Project, Series B, 5.75%, 07/01/17 ........................ 27,702,130
7,000,000 Refunding, Series A, 5.50%, 07/01/12 ............................................ 6,730,430
4,385,000 Refunding, Series A, AMBAC Insured, 5.50%, 07/01/12 ............................. 4,256,300
7,000,000 Refunding, Transmission Project, Series B, 5.50%, 07/01/23 ...................... 6,532,470
24,515,000 Refunding, Transmission Project, Sub Series A, MBIA Insured, 5.00%, 07/01/22 .... 21,497,449
15,040,000 San Juan Project, Unit 3, Series A, MBIA Insured, 5.00%, 01/01/20 ............... 13,268,739
10,500,000 Southern Transmission Project, FGIC Insured, 6.00%, 07/01/20 .................... 10,500,735
51,035,000 Sub-Crossover Refunding, Southern Transmission Project, 6.125%, 07/01/18 ........ 51,406,024
19,785,000 Sub-Crossover Refunding, Southern Transmission Project, 5.50%, 07/01/20 ......... 18,575,345
21,330,000 Sub-Crossover Refunding, Southern Transmission Project, 5.75%, 07/01/21 ......... 20,692,660
6,335,000 Sub-Crossover Refunding, Southern Transmission Project, MBIA Insured, 5.75%,
07/01/21 ....................................................................... 6,186,001
2,250,000 Southern Kern USD, COP, 7.10%, 09/01/17 ............................................. 2,321,528
1,390,000 Standard Elementary School District, COP, 7.375%, 06/01/11 .......................... 1,473,595
Stanislaus County COP, Refunding, Capital Improvement Program, Series A, MBIA Insured,
$ 2,500,000 5.25%, 05/01/14 ................................................................. $ 2,365,850
6,250,000 5.25%, 05/01/18 ................................................................. 5,802,688
3,500,000 Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%, 01/01/99 ........ 3,654,420
Stockton 1915 Act, Limited Obligation, Weber/Sperry Ranch Project No. 88-1,
295,000 8.30%, 09/02/07 ................................................................. 251,856
345,000 8.30%, 09/02/08 ................................................................. 294,544
380,000 8.40%, 09/02/09 ................................................................. 324,425
475,000 8.40%, 09/02/10 ................................................................. 405,531
545,000 8.40%, 09/02/11 ................................................................. 465,294
620,000 8.40%, 09/02/12 ................................................................. 529,325
705,000 8.40%, 09/02/13 ................................................................. 601,894
5,700,000 Stockton Central Parking District, Refunding, Series 1991, 7.90%, 08/01/11 .......... 5,719,323
Stockton, East Water District, COP,
20,000,000 Refunding, Series 1990-B, 6.40%, 04/01/22 ....................................... 21,061,000
19,000,000 Series 1990-A, AMBAC Insured, Pre-Refunded, 7.30%, 04/01/20 ..................... 21,280,380
28,575,000 Series 1990-B, 7.45%, 04/01/05 .................................................. 44,251,817
12,000,000 Stockton Health Facilities Revenue, Refunding, Dameron Hospital Association, Series 1988,
8.30%, 12/01/14 .................................................................... 12,581,880
5,250,000 Stockton Hospital Revenue, St. Joseph Hospital, Series A, 6.70%, 06/01/15 ........... 5,287,013
2,250,000 Stockton Port District Revenue, Port Facilities Improvement, Series A, 8.10%, 01/01/14 2,394,428
8,000,000 Stockton Public Financing Authority, Special Tax, CFD No. 90-4, 8.50%, 09/01/16 ..... 8,470,880
Stockton, South Stockton Special Tax, CFD No. 90-1,
3,000,000 8.10%, 09/01/09 ................................................................. 3,123,930
5,400,000 8.125%, 09/01/15 ................................................................ 5,610,060
Stockton Special Tax,
455,000 CFD No. 1, Weston Ranch, 7.80%, 09/01/99 ........................................ 455,218
545,000 CFD No. 1, Weston Ranch, 7.85%, 09/01/00 ........................................ 545,256
635,000 CFD No. 1, Weston Ranch, 7.90%, 09/01/01 ........................................ 635,298
680,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/02 ........................................ 680,320
625,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/03 ........................................ 625,294
7,910,000 CFD No. 1, Weston Ranch, 8.00%, 09/01/09 ........................................ 7,913,718
11,890,000 CFD No. 1, Weston Ranch, 8.10%, 09/01/14 ........................................ 11,895,469
725,000 CFD No. 90-2, Series 002, 7.30%, 08/01/00 ....................................... 752,275
780,000 CFD No. 90-2, Series 002, 7.35%, 08/01/01 ....................................... 809,702
835,000 CFD No. 90-2, Series 002, 7.40%, 08/01/02 ....................................... 871,615
895,000 CFD No. 90-2, Series 002, 7.45%, 08/01/03 ....................................... 934,183
965,000 CFD No. 90-2, Series 002, 7.50%, 08/01/04 ....................................... 1,007,180
3,000,000 CFD No. 90-2, Series 002, 7.70%, 08/01/09 ....................................... 3,122,490
3,000,000 CFD No. 90-2, Series 006, 7.75%, 08/01/15 ....................................... 3,091,410
1,430,000 CFD No. 90-2, Series 305, Brookside, 8.50%, 08/01/09 ............................ 1,531,015
2,710,000 CFD No. 90-2, Series 305, Brookside, 8.65%, 08/01/15 ............................ 2,900,649
Suisun City COP,
2,205,000 Civic Center Financing Project, Pre-Refunded, 9.125%, 11/01/15 .................. 2,421,002
2,105,000 Refunding, Civic Center Project, 6.45%, 11/01/15 ................................ 2,039,008
Suisun City RDA, Tax Allocation, Suisun City Redevelopment Project, Refunding,
MBIA Insured,
3,285,000 6.00%, 10/01/18 ................................................................. 3,302,739
6,450,000 5.90%, 10/01/23 ................................................................. 6,423,878
4,735,000 Sunnyvale Financing Authority Revenue, Utilities Waste Water Reuse and Sludge, Series A,
6.30%, 10/01/12 .................................................................... 4,846,178
2,500,000 Tehachapi COP, Series 1990, 8.20%, 11/01/20 ......................................... 2,744,975
$ 3,000,000 Tehachapi, Cummings County Water District, COP, Capital Improvement Project,
MBIA Insured, 6.30%, 08/01/14 ...................................................... $ 3,111,690
2,325,000 Tehachapi USD, COP, Tompkins Elementary School Project, Pre-Refunded, 7.80%,
02/01/21 ........................................................................... 2,680,934
Temecula Valley USD,
1,250,000 Series D, FGIC Insured, 6.00%, 09/01/14 ......................................... 1,263,888
3,110,000 Series D, FGIC Insured, 6.125%, 09/01/19 ........................................ 3,159,791
5,460,000 Series E, CGIC Insured, 6.35%, 09/01/19 ......................................... 5,670,756
1,170,000 Temecula Valley USD, COP, Capital Appreciation, Series A, FSA Insured, 7.25%, 09/01/25 1,227,400
19,180,000 a,bTemecula Valley USD, Special Tax, CFD No. 89-3, 8.00%, 09/01/19 ..................... 13,426,000
11,045,000 Thousand Oaks RDA, Tax Allocation, Refunding, Thousand Oaks Blvd. Redevelopment,
MBIA Insured, 5.375%, 12/01/25 ..................................................... 10,265,444
Thousand Oaks SFHMR, GNMA Secured,
360,000 7.45%, 09/01/10 ................................................................. 365,371
520,000 7.55%, 09/01/15 ................................................................. 532,782
1,445,000 7.625%, 03/01/23 ................................................................ 1,460,577
177,000 8.00%, 09/01/23 ................................................................. 272,403
Torrance Hospital Revenue, Refunding,
3,995,000 Little Co. of Mary Hospital, 6.875%, 07/01/15 ................................... 4,135,225
2,000,000 Torrance Memorial Hospital Medical Center, 6.75%, 01/01/12 ...................... 2,029,620
7,500,000 Torrance RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 7.75%,
09/01/13 ........................................................................... 7,858,725
Trabuco Canyon Public Financing Authority, Special Tax Revenue, Refunding, FSA Insured,
13,775,000 Series A, 6.00%, 10/01/10 ....................................................... 14,414,573
13,220,000 Series A, 6.10%, 10/01/15 ....................................................... 13,789,782
3,040,000 Series C, 6.00%, 07/01/12 ....................................................... 3,158,378
5,215,000 Series C, 6.10%, 10/01/19 ....................................................... 5,460,574
Tracy Area Public Facilities Financing Agency, Special Tax, CFD No. 87-1,
6,100,000 Series A, 8.50%, 10/01/14 ....................................................... 6,321,979
5,000,000 Series C, 7.80%, 10/01/16 ....................................................... 5,166,450
Travis USD, COP, Foxboro Elementary School Construction Project,
320,000 6.00%, 09/01/99 ................................................................. 328,090
335,000 6.10%, 09/01/00 ................................................................. 345,000
355,000 6.20%, 09/01/01 ................................................................. 367,645
170,000 6.30%, 09/01/02 ................................................................. 176,973
405,000 6.40%, 09/01/03 ................................................................. 423,658
430,000 6.50%, 09/01/04 ................................................................. 451,823
455,000 6.60%, 09/01/05 ................................................................. 478,000
490,000 6.70%, 09/01/06 ................................................................. 514,667
3,670,000 7.00%, 09/01/12 ................................................................. 3,816,029
2,665,000 Tri-Cities Municipal Water District, COP, Special District Lease Program, Series T, 6.55%,
12/01/17 ........................................................................... 2,459,635
6,895,000 Tri-City Hospital District Revenue, MBIA Insured, 7.50%, 02/01/17 ................... 7,792,453
50,590,000 Tri-Dam Power Authority Revenue, Refunding, Hydroelectric Sand Bar Project, 7.50%,
01/01/17 ........................................................................... 51,207,704
Trinity County PUD, COP, Electric District Facilities, Refunding, Series 1993,
2,565,000 6.60%, 04/01/11 ................................................................. 2,573,593
4,000,000 6.75%, 04/01/23 ................................................................. 4,016,000
500,000 Truckee-Donner PUD, COP, Water System Improvement Project, MBIA Insured, 6.75%,
11/15/21 ........................................................................... 531,080
1,100,000 Tulare County COP, Financing Project, Series B, 6.875%, 11/15/12 .................... 1,143,142
5,750,000 Tustin Public Financing Authority Revenue, Tustin Ranch, Series A, 5.00%, 09/02/13 .. 5,202,830
University of California COP, Refunding, UCLA Center Chiller/Cogen Project,
$ 13,940,000 5.50%, 11/01/17 ................................................................. $ 13,022,051
14,880,000 5.60%, 11/01/20 ................................................................. 13,937,947
University of California Revenues,
5,975,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.30%, 09/01/15 ............ 6,219,617
7,540,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/19 ........... 7,886,086
44,995,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/24 ........... 46,907,288
26,780,000 Research Facilities, Series B, 6.55%, 09/01/24 .................................. 27,631,336
Upland COP, Refunding,
4,935,000 5.50%, 01/01/07 ................................................................. 4,775,205
11,210,000 San Antonio Community Hospital, 5.70%, 01/01/11 ................................. 10,776,734
6,500,000 Upland Hospital Revenue, COP, San Antonio Community Hospital, Pre-Refunded, 7.80%,
01/01/18 ........................................................................... 7,206,940
4,440,000 Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 07/01/20 ............. 4,612,627
Upland Public Financing Authority Revenue, Refunding, Loan Agency, Series B,
2,500,000 8.10%, 12/01/08 ................................................................. 2,652,450
10,645,000 8.25%, 12/01/15 ................................................................. 11,332,667
12,925,000 Vacaville COP, 9.40%, 10/01/15 ...................................................... 14,654,624
75,880,000 Vacaville Public Financing Authority Revenue, Local Agency, 8.65%, 09/02/18 ......... 78,424,256
5,400,000 Vacaville Public Financing Authority Revenue, Tax Allocation, Vacaville Redevelopment
Project, Pre-Refunded, 8.25%, 09/01/13 ............................................. 5,829,246
Vacaville Special Tax, Nut Tree, CFD No. 2, Series A,
1,885,000 8.25%, 09/01/10 ................................................................. 1,951,842
1,000,000 8.20%, 09/01/15 ................................................................. 1,032,960
Val Verde School District, Special Tax, CFD No. 87-1,
2,855,000 8.30%, 10/01/08 ................................................................. 2,939,051
7,760,000 8.375%, 10/01/13 ................................................................ 7,996,602
Val Verde USD, COP,
7,315,000 Thomas Rivera Middle School, 6.50%, 06/01/22 .................................... 7,477,686
2,785,000 Vista Verde Project, 6.95%, 06/01/21 ............................................ 2,935,223
Val Verde USD, COP, Solano County Fairgrounds Drive, AD No. 65, Phase 1,
255,000 7.90%, 09/02/99 ................................................................. 263,864
275,000 8.00%, 09/02/00 ................................................................. 284,554
295,000 8.05%, 09/02/01 ................................................................. 305,183
320,000 8.05%, 09/02/02 ................................................................. 330,912
340,000 8.10%, 09/02/03 ................................................................. 351,519
370,000 8.10%, 09/02/04 ................................................................. 382,380
400,000 8.15%, 09/02/05 ................................................................. 413,296
430,000 8.15%, 09/02/06 ................................................................. 444,117
465,000 8.15%, 09/02/07 ................................................................. 480,071
505,000 8.20%, 09/02/08 ................................................................. 521,256
545,000 8.20%, 09/02/09 ................................................................. 562,429
590,000 8.20%, 09/02/10 ................................................................. 608,868
640,000 8.20%, 09/02/11 ................................................................. 660,333
2,485,000 Vallejo RDA, Tax Allocation, Waterfront Redevelopment Project, 7.90%, 05/01/19 ...... 2,537,110
6,000,000 Vallejo Revenue, Golf Course Project, Series A, 7.90%, 06/01/17 ..................... 6,341,940
Vallejo USD, Special Tax Revenue, CFD No. 2,
2,300,000 7.75%, 09/01/15 ................................................................. 2,356,672
5,100,000 8.125%, 09/01/16 ................................................................ 5,340,975
5,100,000 Victor Valley UHSD, COP, Pre-Refunded, 7.875%, 11/01/12 ............................. 5,887,848
Victorville RDA, Tax Allocation, Bear Valley Road Redevelopment Project,
$ 1,200,000 Pre-Refunded, 7.50%, 11/01/06 ................................................... $ 1,388,052
2,405,000 Refunding, Series A, FSA Insured, 6.125%, 09/01/19 .............................. 2,429,651
3,245,000 Refunding, Series A, FSA Insured, 6.125%, 09/01/24 .............................. 3,278,261
8,000,000 Victorville Special Tax, CFD No. 90-1, Series A, 8.30%, 09/01/16 .................... 6,780,000
10,500,000 Vista Community Development Commission, Tax Allocation Revenue, Vista Redevelopment
Project Area, MBIA Insured, 5.50%, 09/01/23 ........................................ 9,891,420
Vista Joint Powers Financing Authority Revenue, Series A,
4,000,000 7.45%, 01/01/09 ................................................................. 4,202,880
9,100,000 7.50%, 01/01/16 ................................................................. 9,594,130
3,675,000 7.625%, 02/01/20 ................................................................ 3,908,730
6,500,000 Walnut Creek COP, Refunding, John Muir Medical Center, MBIA Insured, 5.00%, 02/15/16 5,869,565
305,000 Walnut Improvement Agency, RMR, Series A, 10.25%, 05/01/17 .......................... 312,140
Walnut Improvement Agency, Tax Allocation, Walnut Improvement Project, Series A,
1,665,000 8.00%, 09/01/18 ................................................................. 1,790,008
9,135,000 Pre-Refunded, 8.00%, 09/01/18 ................................................... 10,098,925
8,285,000 Walnut Public Financing Authority Revenue, Refunding, Tax Allocation, Improvement
Project, MBIA Insured, 6.50%, 09/01/22 ............................................. 8,762,133
5,000,000 Washington Township Hospital District Revenue, AMBAC Insured, 5.25%, 07/01/23 ....... 4,542,800
Watsonville Hospital Revenue, Watsonville Community Hospital, Insured, Series A,
3,990,000 6.30%, 07/01/15 ................................................................. 3,995,865
5,435,000 6.35%, 07/01/24 ................................................................. 5,442,935
1,745,000 Watsonville RDA, Tax Allocation, Watsonville Redevelopment Project, 6.30%, 08/01/06 . 1,746,483
West and Center Basin Financing Authority Revenue, AMBAC Insured,
23,665,000 6.125%, 08/01/22 ................................................................ 24,117,948
5,000,000 Refunding, West Basin Project, Series A, 5.00%, 08/01/16 ........................ 4,509,050
7,750,000 West Covina COP, Refunding, Civic Center Complex, 6.875%, 09/01/14 .................. 7,898,490
23,000,000 West Covina RDA, Special Tax, CFD No. 1, 7.80%, 09/01/22 ............................ 23,504,160
9,255,000 West Hollywood COP, Capital Projects, Series A, 6.50%, 02/01/25 ..................... 9,182,348
West Sacramento 1915 Act, Raleys Landing AD,
360,000 7.90%, 09/02/08 ................................................................. 371,293
630,000 7.95%, 09/02/09 ................................................................. 649,889
835,000 7.95%, 09/02/10 ................................................................. 860,835
900,000 7.95%, 09/02/11 ................................................................. 927,846
970,000 7.95%, 09/02/12 ................................................................. 1,000,012
1,045,000 7.95%, 09/02/13 ................................................................. 1,077,332
15,550,000 West Sacramento Financing Authority Revenue, MBIA Insured, 6.25%, 09/01/24 .......... 15,992,242
4,725,000 West Sacramento RDA, Tax Allocation, West Sacramento Redevelopment Project,
MBIA Insured, 6.25%, 09/01/21 ...................................................... 4,814,303
6,455,000 Westminster RDA Revenue, Refunding, Tax Allocation, Commercial Redevelopment
Project No. 1, Series A, 7.30%, 08/01/21 ........................................... 6,747,605
5,095,000 Whittier Special Tax, CFD No. 89-1, 7.75%, 09/01/19 ................................. 5,225,891
4,000,000 William S. Hart Joint School Financing Authority, Special Tax Revenue, Refunding,
Community Facilities, CGIC Insured, 6.50%, 09/01/14 ................................ 4,220,800
William S. Hart Union High School District, Special Tax, CFD No. 87-1, Pre-Refunded,
1,210,000 7.75%, 09/01/14 ................................................................. 1,361,988
3,225,000 8.10%, 09/01/18 ................................................................. 3,568,688
3,000,000 Wilsona USD, COP, Ameri-Cal Improvement Corp., 8.50%, 06/01/07 ...................... 3,178,770
Yucaipa Public Financing Authority, Public Improvement Revenue,
14,135,000 7.50%, 09/02/01 ................................................................. 14,161,998
15,865,000 7.75%, 09/02/06 ................................................................. 15,894,985
$ 14,775,000 Yucaipa-Sweetwater School Facilities Financing Authority Revenue, Special Tax,
Sweetwater Project, Pre-Refunded, 8.00%, 09/01/15 .................................. $ 16,449,746
---------------
Total Bonds (Cost $12,069,970,189)............................................ 12,562,349,492
---------------
dZero Coupon/Step-up Bonds 4.4%
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 .... 2,320,350
Baldwin Park RDA, Refunding, Tax Allocation, San Gabriel, Series A,
540,000 ETM, (original accretion rate 7.50%), 02/01/99 .................................. 479,450
550,000 ETM, (original accretion rate 7.60%), 02/01/00 .................................. 462,990
560,000 ETM, (original accretion rate 7.70%), 02/01/01 .................................. 449,607
565,000 ETM, (original accretion rate 7.75%), 02/01/02 .................................. 430,988
570,000 ETM, (original accretion rate 7.80%), 02/01/03 .................................. 412,304
575,000 ETM, (original accretion rate 7.85%), 02/01/04 .................................. 393,634
585,000 ETM, (original accretion rate 7.90%), 02/01/05 .................................. 378,284
Burton Elementary School District, COP, Loan Acquisition, Capital Appreciation, FSA Insured,
830,000 Series A, zero coupon to 09/01/98, (original accretion rate 6.60%), 6.60% thereafter,
09/01/27 ....................................................................... 712,787
985,000 Series B, zero coupon to 09/01/00, (original accretion rate 6.60%), 6.60% thereafter,
09/01/27 ....................................................................... 743,114
13,970,000 California Health Facilities Financing Authority Revenue, Kaiser Permanente, Series A,
(original accretion rate 7.15%), 10/01/11 .......................................... 5,708,561
California HFA Revenue,
615,000 Capital Appreciation, Home Mortgage, Series 1985-A, (original accretion rate
10.989%), 08/01/16 ............................................................. 70,012
54,765,000 Capital Appreciation, Home Mortgage, Series 1990-A, (original accretion rate 7.90%),
08/01/23 ....................................................................... 6,772,240
37,580,000 Home Mortgage, Series 1991-C, (original accretion rate 7.80%), 08/01/21 ......... 5,410,768
4,560,000 Home Ownership Mortgage, Series 1985-A, zero coupon to 08/01/98, (original
accretion rate 9.875%), 9.875% thereafter, 08/01/17 ............................ 3,643,440
California Public School District, Financing Authority Lease Revenue, Los Banos School,
FSA Insured,
1,980,000 Series A, zero coupon to 10/01/00, (original accretion rate 6.20%), 6.20% thereafter,
10/01/23 ....................................................................... 1,446,568
10,035,000 Series B, zero coupon to 10/01/00, (original accretion rate 6.20%), 6.20% thereafter,
10/01/23 ....................................................................... 7,331,471
California State, GO,
7,500,000 Principal Eagles II, Series 3, (original accretion rate 7.15%), 03/01/09 ........ 3,616,425
10,000,000 Principal Eagles II, Series 4, (original accretion rate 6.50%), 06/01/06 ........ 5,824,900
5,000,000 Principal Eagles II, Series 6, (original accretion rate 6.50%), 03/01/09 ........ 2,459,900
9,000,000 Principal M-Raes, Series 8, (original accretion rate 7.20%), 04/01/09 ........... 4,319,370
California Statewide CDA Revenue, COP, Refunding, Insured Hospital, Triad Health Care,
6,450,000 (original accretion rate 7.00%), 08/01/09 ....................................... 2,707,581
6,745,000 (original accretion rate 7.00%), 08/01/10 ....................................... 2,634,530
3,115,000 (original accretion rate 7.00%), 08/01/11 ....................................... 1,131,025
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 ........................ 7,974,614
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 ........................................................... 1,820,565
11,855,000 Series A, FSA Insured, zero coupon to 09/01/99, (original accretion rate 6.70%), 6.70%
thereafter, 09/01/29 ........................................................... 9,602,787
$ 2,810,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/14 ........................................................... $ 1,882,026
8,485,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate 6.70%), 6.70%
thereafter, 09/01/29 ........................................................... 5,647,701
525,000 Series E, BIG Insured, zero coupon to 09/01/96, (original accretion rate 7.50%), 7.50%
thereafter, 09/01/24 ........................................................... 512,237
6,810,000 Contra Costa County COP, Merrithew Memorial Hospital, (original accretion rate 7.05%),
11/01/15 ........................................................................... 1,995,126
Contra Costa County Home Mortgage Finance Authority, HMR, MBIA Insured, Pre-Refunded,
10,770,000 (original accretion rate 7.05%), 09/01/17 ....................................... 1,891,212
5,890,000 (original accretion rate 7.05%), 09/01/17 ....................................... 1,065,796
9,635,000 (original accretion rate 7.10%), 09/01/17 ....................................... 1,775,827
8,615,000 (original accretion rate 7.10%), 09/01/17 ....................................... 1,663,298
8,095,000 (original accretion rate 7.10%), 09/01/17 ....................................... 1,536,674
7,700,000 (original accretion rate 7.10%), 09/01/17 ....................................... 1,554,322
7,135,000 (original accretion rate 7.10%), 09/01/17 ....................................... 1,418,153
6,275,000 (original accretion rate 7.10%), 09/01/17 ....................................... 1,303,318
Contra Costa School Financing Authority Revenue, Capital Appreciation,
1,785,000 Antioch USD Community, Series B, (original accretion rate 7.30%), 09/01/07 ...... 868,867
1,000,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate 6.50%),
09/01/03 ....................................................................... 703,700
3,820,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate 7.00%),
09/01/17 ....................................................................... 1,020,971
6,820,000 Desert Sands USD, COP, Capital Projects, FSA Insured, (original accretion rate 6.381%),
03/01/20 ........................................................................... 4,840,154
Fairfield-Suisun USD, Special Tax, CFD No. 1,
445,000 (original accretion rate 9.25%), 06/01/97 ....................................... 415,617
415,000 Series A, (original accretion rate 9.00%), 06/01/96 ............................. 411,207
4,325,000 zero coupon to 12/01/97, (original accretion rate 10.50%), 10.50% thereafter,12/01/23 4,117,184
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 ...................... 7,357,317
11,540,000 Kern County Housing Authority, RRMR, Series 1985-A, (original accretion rate 10.875%),
03/01/17 ........................................................................... 1,255,321
26,750,000 Los Angeles Convention and Exhibition Center Authority, COP, Series 1985, ETM, (original
accretion rate 6.85%), 12/01/05 .................................................... 16,444,562
Los Angeles County Transportation Commission Sales Tax Revenue, Refunding, Capital
Appreciation, Series A,
4,895,000 MBIA Insured, (original accretion rate 7.30%), 07/01/04 ......................... 3,017,473
4,895,000 (original accretion rate 7.25%), 07/01/03 ....................................... 3,258,307
3,255,000 Los Angeles HMR, Series 1986-A, GNMA Secured, (original accretion rate 8.50%),
08/25/16 ........................................................................... 595,991
5,000,000 cLos Banos USD, COP, Series B, MBIA Insured, (original accretion rate 6.50%), 08/01/16 3,550,800
38,500,000 Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded, (original accretion rate
8.20%), 05/01/14 ................................................................... 10,307,604
Moreno Valley USD, COP, Land Acquisition, FSA Insured,
250,000 Series E, zero coupon to 09/01/96, (original accretion rate 6.70%), 6.70% thereafter,
09/01/11 ....................................................................... 247,460
2,895,000 Series E, zero coupon to 09/01/96, (original accretion rate 6.75%), 6.75% thereafter,
09/01/27 ....................................................................... 2,827,835
7,680,000 Series F, zero coupon to 09/01/98, (original accretion rate 6.75%), 6.75% thereafter,
09/01/27 ....................................................................... 6,691,891
Orange County COP, Juvenile Justice Center Project, Pre-Refunded,
$ 3,280,000 (original accretion rate 7.50%), 06/01/01 ....................................... $ 2,582,311
3,280,000 (original accretion rate 7.55%), 06/01/02 ....................................... 2,395,581
3,280,000 (original accretion rate 7.60%), 06/01/03 ....................................... 2,220,133
3,280,000 (original accretion rate 7.60%), 06/01/04 ....................................... 2,060,561
4,715,000 (original accretion rate 7.70%), 06/01/10 ....................................... 1,873,316
4,715,000 (original accretion rate 7.70%), 06/01/11 ....................................... 1,737,052
4,715,000 (original accretion rate 7.70%), 06/01/12 ....................................... 1,610,643
Paramount USD, COP, Land Acquisition, Series B, FSA Insured,
2,500,000 zero coupon to 09/01/01, (original accretion rate 6.85%), 6.85% thereafter, 09/01/14 1,840,050
11,300,000 zero coupon to 09/01/01, (original accretion rate 7.00%), 7.00% thereafter, 09/01/29 8,370,587
4,090,000 Pasadena Special Tax, CFD No. 1, Civic Center West, (original accretion rate 7.70%),
12/01/17 ........................................................................... 854,401
17,225,000 Perris SFMR, Series A, GNMA Secured, ETM, (original accretion rate 8.705%), 06/01/23 3,367,831
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, 03/01/19 ...................... 409,335
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 ................................ 1,681,488
Port of Oakland Revenue, BIG Insured,
10,000,000 Series A, (original accretion rate 7.70%), 11/01/19 ............................. 1,809,500
36,000,000 Series B, (original accretion rate 7.45%), 11/01/19 ............................. 6,877,080
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 ................................................. 1,224,424
Rancho Water District Financing Authority Revenue, AMBAC Insured,
1,250,000 (original accretion rate 6.80%), 08/15/08 ....................................... 636,700
1,250,000 (original accretion rate 6.80%), 08/15/09 ....................................... 595,112
8,605,000 (original accretion rate 6.90%), 08/15/16 ....................................... 2,591,567
13,605,000 (original accretion rate 6.90%), 08/15/17 ....................................... 3,862,867
13,605,000 (original accretion rate 6.90%), 08/15/18 ....................................... 3,641,921
Redlands USD, COP, Series A, FSA Insured,
750,000 zero coupon to 09/01/96, (original accretion rate 6.15%), 6.15% thereafter, 09/01/11 731,782
4,310,000 zero coupon to 09/01/96, (original accretion rate 6.25%), 6.25% thereafter, 09/01/27 4,178,501
Rialto USD, COP, Land Acquisition, Capital Appreciation, FSA Insured,
1,670,000 Series A, zero coupon to 09/01/98, (original accretion rate 6.60%), 6.60% thereafter,
09/01/11 ....................................................................... 1,442,144
6,005,000 Series A, zero coupon to 09/01/98, (original accretion rate 6.70%), 6.70% thereafter,
09/01/27 ....................................................................... 5,153,671
1,440,000 Series B, zero coupon to 09/01/00, (original accretion rate 6.60%), 6.60% thereafter,
09/01/11 ....................................................................... 1,093,090
5,095,000 Series B, zero coupon to 09/01/00, (original accretion rate 6.70%), 6.70% thereafter,
09/01/27 ....................................................................... 3,835,210
1,250,000 Riverside County Board of Education, COP, Financing Projects, Series A, (original accretion
rate 6.75%), 11/01/05 .............................................................. 731,712
Riverside County SFMR, GNMA Secured,
20,220,000 Series 1987-A, ETM, (original accretion rate 8.50%), 09/01/14 ................... 6,994,097
25,055,000 Series 1988-A, ETM, (original accretion rate 8.55%), 11/01/20 ................... 5,721,308
26,160,000 Series 1988-B, ETM, (original accretion rate 8.75%), 06/01/23 ................... 5,114,802
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 .......................................... 4,909,620
Rocklin USD, Series A, FGIC Insured,
$ 3,660,000 (original accretion rate 7.10%), 09/01/08 ....................................... $ 1,870,991
4,100,000 (original accretion rate 7.10%), 09/01/09 ....................................... 1,959,881
4,595,000 (original accretion rate 7.10%), 09/01/10 ....................................... 2,049,966
5,145,000 (original accretion rate 7.10%), 09/01/11 ....................................... 2,138,004
5,760,000 (original accretion rate 7.10%), 09/01/12 ....................................... 2,225,261
33,960,000 (original accretion rate 7.10%), 09/01/16 ....................................... 10,200,904
Roseville City School District, Series A,
3,115,000 (original accretion rate 6.50%), 08/01/11 ....................................... 1,256,808
30,770,000 (original accretion rate 6.60%), 08/01/17 ....................................... 8,666,371
Roseville Joint Union High School District, Series A,
1,820,000 (original accretion rate 6.50%), 08/01/10 ....................................... 784,565
1,965,000 (original accretion rate 6.50%), 08/01/11 ....................................... 792,818
18,155,000 (original accretion rate 6.60%), 08/01/17 ....................................... 5,113,355
San Bernardino County COP, West Valley Detention Center Project, Pre-Refunded,
3,270,000 (original accretion rate 7.30%), 11/01/00 ....................................... 2,611,683
3,270,000 (original accretion rate 7.35%), 11/01/01 ....................................... 2,427,484
3,170,000 (original accretion rate 7.40%), 11/01/02 ....................................... 2,185,143
3,250,000 (original accretion rate 7.45%), 11/01/03 ....................................... 2,078,277
3,135,000 (original accretion rate 7.50%), 11/01/04 ....................................... 1,857,957
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 .......................................................................... 6,106,831
San Francisco City and County RDA Lease Revenue, George R. Moscone Center, Capital
Appreciation,
12,820,000 (original accretion rate 6.90%), 07/01/05 ....................................... 7,687,000
11,320,000 (original accretion rate 6.90%), 07/01/06 ....................................... 6,358,556
4,570,000 (original accretion rate 6.95%), 07/01/07 ....................................... 2,387,047
7,785,000 (original accretion rate 6.95%), 07/01/08 ....................................... 3,792,695
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/16 ......................... 4,055,113
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/17 ......................... 3,731,395
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/18 ......................... 3,433,268
46,000,000 zero coupon to 07/01/02, (original accretion rate 8.50%), 8.50% thereafter, 07/01/14 34,482,060
6,540,000 San Francisco City and County SFMR, Series 1985, (original accretion rate 10.375%),
10/01/18 ........................................................................... 664,201
2,250,000 San Gabriel USD, COP, Facilities Development Program, Series B, FSA Insured, (original
accretion rate 7.15%), 09/01/29 .................................................... 1,519,784
1,590,000 San Jacinto USD, COP, Series 1991-B, FSA Insured, zero coupon to 09/01/96, (original
accretion rate 9.24%), 6.75% thereafter, 09/01/26 .................................. 1,572,954
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue, Senior Lien,
33,545,000 (original accretion rate 7.75%), 01/01/28 ....................................... 4,153,205
37,050,000 (original accretion rate 7.75%), 01/01/29 ....................................... 4,295,206
21,585,000 zero coupon to 01/01/02, (original accretion rate 7.50%), 7.50% thereafter, 01/01/09 16,307,467
10,745,000 zero coupon to 01/01/02, (original accretion rate 7.55%), 7.55% thereafter, 01/01/10 8,155,347
25,935,000 zero coupon to 01/01/02, (original accretion rate 7.60%), 7.60% thereafter, 01/01/11 19,626,571
25,215,000 zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65% thereafter, 01/01/12 19,025,977
27,350,000 zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65% thereafter, 01/01/13 20,517,696
7,470,000 zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70% thereafter, 01/01/14 5,620,054
60,155,000 zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70% thereafter, 01/01/15 45,257,613
145,000 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 ............................................ 118,644
$ 26,375,000 Santa Cruz County Housing Authority, MFHR, Dominican Oaks, Series 1987,
GNMA Secured, (original accretion rate 9.00%), 06/20/29 ............................ $ 1,484,912
1,910,000 Simi Valley SFRMR, Series 1990-A, (original accretion rate 8.00%), 09/01/25 ......... 202,917
Southern California Public Power Authority Revenue, Refunding, Series A, AMBAC Insured,
12,000,000 (original accretion rate 7.25%), 07/01/11 ....................................... 4,997,040
16,890,000 (original accretion rate 7.25%), 07/01/12 ....................................... 6,588,451
16,000,000 (original accretion rate 7.25%), 07/01/13 ....................................... 5,840,640
103,885,000 Stockton East Water District, COP, Refunding, Series 1990-A, AMBAC Insured, (original
accretion rate 7.00%), 04/01/16 .................................................... 29,250,898
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 .. 3,322,431
8,380,000 Vista USD, COP, MBIA Insured, Pre-Refunded, (original accretion rate 7.25%), 09/01/11 2,837,886
---------------
Total Zero Coupon/Step-up Bonds (Cost $515,238,515)............................ 583,197,940
---------------
Total Long Term Investments (Cost $12,585,208,704)............................. 13,145,547,432
---------------
Short Term Investments .7%
10,800,000 eCalifornia CDA Revenue, COP, Sutter Health Obligation Group, AMBAC Insured, Daily
VRDN and Put, 2.65%, 07/01/15 ..................................................... 10,800,000
eCalifornia PCFA, PCR, Southern California Edison, Daily VRDN and Put,
4,000,000 Series A, 2.65%, 02/28/08 ....................................................... 4,000,000
1,400,000 Series B, 2.65%, 02/28/08 ....................................................... 1,400,000
4,000,000 Series C, 2.65%, 02/28/08 ....................................................... 4,000,000
13,080,000 California State RAW, Series C, 5.75%, 04/25/96 ..................................... 13,099,358
5,000,000 eEastern Municipal Water District, Water and Sewer Revenue, COP, Refunding, Series B,
FGIC Insured, Weekly VRDN and Put, 3.00%, 07/01/20 ................................. 5,000,000
eIrvine 1915 Act, Daily VRDN and Put,
1,500,000 AD No. 94-15, 2.70%, 09/02/20 ................................................... 1,500,000
2,000,000 AD No. 95-12. Series A, 2.65%, 09/02/21 ......................................... 2,000,000
eIrvine Ranch Water District, Daily VRDN and Put,
2,000,000 DATES, Consolidated Boards, Series C, 2.70%, 10/01/10 ........................... 2,000,000
4,000,000 ID No. 182, Series A, 2.40%, 11/15/13 ........................................... 4,000,000
2,300,000 ID Nos. 105, 140, 240, 250, 2.65%, 04/01/33 ..................................... 2,300,000
4,500,000 Refunding, DATES, Consolidated Boards, Series B, 2.40%, 10/01/99 ................ 4,500,000
5,800,000 Los Angeles County TRAN, 4.50%, 07/01/96 ............................................ 5,812,354
4,700,000 eMetropolitan Water District, Southern California Waterworks Revenue, Refunding, Series A,
AMBAC Insured, Weekly VRDN and Put, 2.95%, 06/01/23 ................................ 4,700,000
eOrange County COP, Various Sanitation Districts, Daily VRDN and Put,
1,200,000 Refunding, Sanitation District Nos. 1-7, and 11, AMBAC Insured, 2.65%, 08/01/16 . 1,200,000
13,500,000 Sanitation District Nos. 1-3, 5-7, 11, 13 and 14, Series A, Capital Improvement
Program 1990-1992, 2.65%, 08/01/15 ............................................. 13,500,000
10,000,000 eSouthern California Public Power Authority, Transmission Project Revenue, Refunding,
AMBAC Insured, Weekly VRDN and Put, 2.95%, 07/01/19 ................................ 10,000,000
---------------
Total Short Term Investments (Cost $89,815,365)................................ 89,811,712
---------------
Total Investments (Cost $12,675,024,069) 99.1%................................ 13,235,359,144
Other Assets and Liabilities, Net .9%......................................... 124,991,948
---------------
Net Assets 100.0% ............................................................ $13,360,351,092
===============
At March 31, 1996, the net unrealized appreciation based on the cost of investments
for income tax purposes of $12,675,235,034 was as follows:
Aggregate gross unrealized appreciation for all investments in which there was an
excess of value over tax cost ...................................................... $ 631,645,242
Aggregate gross unrealized depreciation for all investments in which there was an
excess of tax cost over value ...................................................... (71,521,132)
---------------
Net unrealized appreciation ....................................................... $ 560,124,110
===============
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.
BART - Bay Area Rapid Transit
BIG - Bond Investors Guaranty Insurance Co.
CDA - Community Development Agency/Authority
CFD - Community Facilities District
CGIC - Capital Guaranty Insurance Co.
CHFCLP - California Health Facilities Construction
Loan Program
COP - Certificate of Participation
CRDA - Community Redevelopment Agency/Authority
CSAC - County Supervisors Association of California
DATES - Demand Adjustable Tax-Exempt Securities
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
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.
MFHR - Multi-Family Housing Revenue
MFR - Multi-Family Revenue
MUD - Municipal Utility District
PBA - Public Building Authority
PCFA - Pollution Control Financing Authority
PCR - Pollution Control Revenue
PUD - Public Utility District
RAW - Revenue Anticipation Warrants
RDA - Redevelopment Agency
RMR - Residential Mortgage Revenue
RRMR - Residential Rental Mortgage Revenue
SF - Single Family
SFHMR - Single Family Home Mortgage Revenue
SFM - Singe 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).
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
<CAPTION>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements
Statement of Assets and Liabilities
March 31, 1996
<S> <C>
Assets:
Investments in securities, at value (identified cost $12,675,024,069).................................. $13,235,359,144
Cash................................................................................................... 8,409,708
Receivables:
Interest ............................................................................................. 208,981,609
Investment securities sold............................................................................ 5,305,500
Capital shares sold .................................................................................. 12,857,708
---------------
Total assets...................................................................................... 13,470,913,669
---------------
Liabilities:
Payables:
Investment securities purchased
Regular delivery .................................................................................... 12,056,844
When-issued basis (Note 1) .......................................................................... 88,731,369
Capital shares repurchased ........................................................................... 2,559,755
Management fees ...................................................................................... 4,987,824
Distribution fees .................................................................................... 1,395,416
Shareholder servicing costs .......................................................................... 182,195
Accrued expenses and other liabilities................................................................. 649,174
---------------
Total liabilities................................................................................. 110,562,577
---------------
Net assets, at value.................................................................................... $13,360,351,092
===============
Undistributed net investment income ................................................................... $ 20,574,321
Net unrealized appreciation on investments ............................................................ 560,335,075
Undistributed net realized gains....................................................................... 89,119,986
Class I capital shares ................................................................................ 18,534,306
Class II capital shares ............................................................................... 66,430
Class I additional paid-in capital .................................................................... 12,623,716,940
Class II additional paid-in capital ................................................................... 48,004,034
---------------
Net assets, at value.................................................................................... $13,360,351,092
===============
Class I shares:
Net assets, at value................................................................................... $13,312,666,444
===============
Shares outstanding .................................................................................... 1,853,430,596
===============
Net asset value per share* ............................................................................ $7.18
===============
Maximum offering price per share (100/95.75 of net asset value per share) ............................. $7.50
===============
Class II shares:
Net assets, at value................................................................................... $ 47,684,648
===============
Shares outstanding .................................................................................... 6,642,950
===============
Net asset value per share*............................................................................. $7.18
===============
Maximum offering price per share (100/99 of net asset value per share) ................................ $7.25
===============
</TABLE>
*Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
<TABLE>
<CAPTION>
Statement of Operations
for the year ended March 31, 1996
<S> <C> <C>
Investment income:
Interest (Note 1)......................................................................................... $886,895,092
Expenses:
Management fees (Note 5)................................................................... $59,513,109
Distribution fees - Class I (Note 5)....................................................... 8,041,679
Distribution fees - Class II (Note 5)...................................................... 118,755
Shareholder servicing costs (Note 5)....................................................... 2,126,118
Reports to shareholders.................................................................... 1,293,367
Custodian fees............................................................................. 1,021,083
Professional fees.......................................................................... 470,649
Directors' fees and expenses............................................................... 102,064
Registration and filing fees............................................................... 36,861
Other...................................................................................... 620,391
---------------
Total expenses....................................................................................... 73,344,076
---------------
Net investment income............................................................................... 813,551,016
---------------
Realized and unrealized gain on investments:
Net realized gain......................................................................................... 103,262,760
Net unrealized appreciation during the year............................................................... 24,322,955
---------------
Net realized and unrealized gain on investments............................................................ 127,585,715
---------------
Net increase in net assets resulting from operations....................................................... $941,136,731
===============
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
for the years ended March 31, 1996 and 1995
1996 1995
____________ ____________
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.............................................................. $ 813,551,016 $ 828,376,997
Net realized gain from security transactions....................................... 103,262,760 11,263,296
Net unrealized appreciation (depreciation) on investments.......................... 24,322,955 (55,222,581)
____________ ____________
Net increase in net assets resulting from operations........................... 941,136,731 784,417,712
Distributions to shareholders from undistributed net investment income (Note 7):
Class I............................................................................ (813,322,623) (823,677,726)
Class II........................................................................... (931,950) --
Increase (decrease) in net assets from capital share transactions (Note 2)........... 310,430,864 (383,122,253)
___________ ____________
Net increase (decrease) in net assets.......................................... 437,313,022 (422,382,267)
Net assets:
Beginning of year................................................................... 12,923,038,070 13,345,420,337
____________ ____________
End of year (including undistributed net investment income of $20,574,321 - 3/31/96 and
$21,277,878 - 3/31/95).............................................................. $13,360,351,092 $12,923,038,070
____________ ____________
____________ ____________
</TABLE>
Notes to Financial Statements
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 seeks to provide a high
level of income exempt from federal income taxes as consistent with prudent
investment, while seeking preservation of shareholders' capital.
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.
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. In the absence of a sale or reported bid and asked
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 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 (the Board). Securities for which
market quotations are not available, are valued in accordance with procedures
established by the Board.
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.
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.
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 are
amortized as required by the Internal Revenue Code. 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.
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.
e. Securities Purchased on a When-Issued Basis or Delayed Delivery Basis:
The Fund may purchase 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 holding the
securities, it 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.
f. Accounting Estimates:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the amounts of income and expense during the reporting
period. Actual results could differ from those estimates.
<TABLE>
<CAPTION>
2. CAPITAL STOCK
At March 31, 1996, there were 5,000,000,000 Class I shares and 5,000,000,000
Class II shares of $.01 par value capital stock authorized. Transactions in the
Fund's shares were as follows:
Year Ended March 31
________________________________________________
1996 1995
_______________________ ________________________
Class I Shares Shares Amount Shares Amount
__________ ___________ __________ ____________
<S> <C> <C> <C> <C>
Shares sold............................................. 131,784,046 $951,133,376 112,197,205 $ 787,101,674
Shares issued in reinvestment of distributions.......... 42,780,749 307,634,947 42,945,713 299,925,161
Shares redeemed......................................... (123,997,791) (893,579,884) (180,767,270) (1,258,990,443)
Changes from exercise of the exchange privilege:
Shares sold............................................ 69,836,670 502,009,361 107,087,111 748,183,522
Shares redeemed........................................ (83,877,435) (604,837,400) (137,848,941) (959,342,167)
__________ ___________ __________ ____________
Net increase (decrease)................................. 36,526,239 $262,360,400 (56,386,182) $ (383,122,253)
__________ ___________ __________ ____________
__________ ___________ __________ ____________
May 1, 1995 to March 31, 1996
_______________________
Class II Shares Shares Amount
__________ ___________
Shares sold............................................. 6,608,123 $47,821,109
Shares issued in reinvestment of distributions.......... 81,783 593,535
Shares redeemed......................................... (141,560) (1,029,926)
Changes from exercise of the exchange privilege:
Shares sold............................................ 113,648 824,801
Shares redeemed........................................ (19,044) (139,055)
__________ ___________
Net increase............................................ 6,642,950 $ 48,070,464
__________ ___________
__________ ___________
</TABLE>
3. NET REALIZED CAPITAL GAINS - TAX BASIS
At March 31, 1996, for tax purposes, the Fund had an accumulated net realized
gain of $89,330,951.
For tax purposes, the aggregate cost of securities is higher (and unrealized
appreciation is lower) than for financial reporting purposes at March 31, 1996
by $210,965.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the year ended March 31, 1996 aggregated $2,878,938,433 and
$2,506,729,067, respectively.
5. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
a. Management Agreement
Under the terms of a management agreement, Franklin Advisers, Inc. (Advisers),
provides investment advice, administrative services, office space and facilities
to the Fund, and receives fees computed monthly based on the net assets of the
Fund on the last day of the month as follows:
Annualized Fee Rate Month End Net Assets
------------------- --------------------
0.625% First $100 million
0.50% Over $100 million, up to and including $250 million
0.45% Over $250 million, up to and including $10 billion
0.44% Over $10 billion, up to and including $12.5 billion
0.42% Over $12.5 billion, up to and including $15 billion
Fees are further reduced on net assets over $15 billion. 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 year ended March 31, 1996, the Fund's
expenses did not exceed these limitations.
b. Shareholder Services Agreement
Under the terms of a shareholder services agreement with Franklin/Templeton
Investor Services, Inc. (Investor Services), the Fund pays costs on a per
shareholder account basis. Shareholder servicing costs incurred by the Fund for
the year ended March 31, 1996 aggregated $2,126,118, of which $1,946,529 was
paid to Investor Services.
c. Distribution Plans and Underwriting Agreement
Under the terms of Distribution Plans pursuant to Rule 12b-1 of the Investment
Company Act of 1940 (the Plans), the Fund will reimburse Franklin/Templeton
Distributors, Inc. (Distributors), in an amount up to a maximum of 0.10% per
annum for Class I and 0.65% per annum for Class II, of the average daily net
assets of each class for costs incurred in the promotion, offering and marketing
of the Fund's shares. The Plans do not permit nor require payments of excess
costs after termination.
In its capacity as underwriter for the shares of the Fund, Distributors 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. Distributors 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 Distributors and the amounts paid to other
dealers for the year ended March 31, 1996 amounted to $26,276,119 and
$26,286,203, respectively. Distributors also received contingent deferred sales
charges relating to transactions in the Fund of $48,410.
d. Other Affiliates and Related Party Transactions
During the year ended March 31,1996, legal fees and expenses of $44,958 were
incurred to a law firm in which Brian E. Lorenz, Secretary of the Fund, is a
partner.
Certain officers and directors of the Fund are also officers and/or directors of
Distributors, Advisers, and Investor Services, all wholly-owned subsidiaries of
Franklin Resources, Inc.
6. CREDIT RISK AND DEFAULTED SECURITIES
Although the Fund has a diversified investment portfolio, 99.6% of its
investments are in the securities of issuers in California. Such concentration
may subject the Fund to economic changes occurring within that state.
In addition, 1.41% 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 March 31, 1996, the Fund held four defaulted securities issued by four
separate issuers with a value aggregating $23,027,250, representing .17% 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.
<TABLE>
<CAPTION>
7. FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock outstanding throughout the period are
as follows:
Period Ended March 31,
____________________________________________________
Class I Shares 1996 1995 1994 1993 1992
_________ _________ _________ _________ _________
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net asset value at beginning of period............ $7.11 $7.12 $7.36 $7.07 $6.92
_________ _________ _________ _________ _________
Net investment income............................. .44 .45 .46 .48 .49
Net realized and unrealized gain (loss) on securities .074 (.016) (.226) .288 .154
_________ _________ _________ _________ _________
Total from investment operations.................. .514 .434 .234 .768 .644
_________ _________ _________ _________ _________
Less distributions from:
Net investment income............................ (.444) (.444) (.456) (.478) (.494)
Capital gains.................................... -- -- (.018) -- --
_________ _________ _________ _________ _________
Total distributions............................... (.444) (.444) (.474) (.478) (.494)
_________ _________ _________ _________ _________
Net asset value at end of period.................. $7.18 $7.11 $7.12 $7.36 $7.07
_________ _________ _________ _________ _________
_________ _________ _________ _________ _________
Total return**.................................... 7.40% 6.37% 2.88% 10.95% 9.32%
</TABLE>
<TABLE>
<CAPTION>
Ratios/Supplemental Data
<S> <C> <C> <C> <C> <C>
Net assets at end of period (in 000's)............ $13,312,666 $12,923,031 $13,345,420 $13,541,443 $12,303,807
Ratio of expenses to average net assets........... .55% .55% .49% .49% .49%
Ratio of net investment income to average net
assets........................................... 6.14% 6.36% 6.19% 6.61% 6.93%
Portfolio turnover rate........................... 19.24% 14.07% 18.12% 15.63% 16.13%
</TABLE>
<TABLE>
<CAPTION>
May 1, 1995 to
Class II Shares March 31, 1996
_________
Per Share Operating Performance
<S> <C>
Net asset value at beginning of period...................................................................... $7.09
_________
Net investment income....................................................................................... .38
Net realized and unrealized gains on securities............................................................. .082
_________
Total from investment operations............................................................................ .462
Less distributions from net investment income............................................................... (.372)
_________
Net asset value at end of period............................................................................ $7.18
_________
_________
Total return**.............................................................................................. 6.62%
</TABLE>
<TABLE>
<CAPTION>
Ratios/Supplemental Data
<S> <C>
Net assets at end of period (in 000's)...................................................................... $47,685
Ratio of expenses to average net assets..................................................................... 1.14%*
Ratio of net investment income to average net assets........................................................ 5.55%*
Portfolio turnover rate..................................................................................... 19.24%
</TABLE>
*Annualized.
**Total return measures the change in value of an investment over the periods
indicated. It is not annualized. It does not include the maximum initial sales
charge or contingent deferred 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, and capital gains at
net asset value. Effective May 1, 1994, with the implementation of the Rule
12b-1 distribution plan for Class I shares, the sales charge on reinvested
dividends was eliminated. The total return may differ from that reported in the
Manager's Discussion due to differences between the net asset values quoted and
the net asset values calculated for financial reporting purposes.
During the fiscal year, the Fund paid distributions from undistributed net
investment income in the amounts shown in the Statement of Changes in Net
Assets. The Fund hereby designates the total amount of these distributions as
exempt-interest dividends under Section 852(b)(5) of the Internal Revenue
Code. Report of Independent Auditors
To the Shareholders and Board of Directors
of the Franklin California Tax-Free Income Fund, Inc.
We have audited the accompanying statement of assets and liabilities of the
Franklin California Tax-Free Income Fund, Inc., including the Fund's statement
of investments in securities and net assets, as of March 31, 1996, and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the periods indicated thereon. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1996, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Fund as of March 31, 1996, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
thereon, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California.
May 2, 1996
Franklin California Tax-Free Income Fund Annual Report 3/31/96.
APPENDIX
DESCRIPTION OF GRAPHIC MATERIAL OMITTED FROM EDGAR FILING
(PURSUANT TO ITEM 304 (a) OF REGULATION S-T)
GRAPHIC MATERIAL (1)
This line graph shows the price fluctuation of the Bond Buyer Municipal Bond
Index over a one-year period from 11/30/94 through 12/31/95.
Period Ending Price
11/30/94 88.69
12/31/94 92.76
1/31/95 96.16
2/28/95 99.01
3/31/95 99.45
4/30/95 98.50
5/31/95 101.13
6/30/95 98.19
7/31/95 96.02
8/31/95 96.09
9/30/95 96.72
10/31/95 98.26
11/30/95 99.96
12/31/95 98.10
GRAPHIC MATERIAL (2)
This bar chart shows that 37% insured municipal bonds and 63% non-insured
municipal bonds were issued in 1994, compared to 44% insured municipal bonds and
56% non-insured municipal bonds issued in 1995.
GRAPHIC MATERIAL (3)
This bar chart compares the dollar amount of new long-term municipal bond
issuance from 1987 ($105 billion), 1988 ($118 billion), 1989 ($125 billion),
1990 ($128 billion), 1991 ($174 billion), 1992 ($235 billion), 1993 ($292
billion), 1994 ($164 billion), and 1995 ($156 billion).
GRAPHIC MATERIAL (4)
This chart shows in pie chart format the income and capital appreciation of the
Lehman Brothers 20-Year Municipal Bond Index for the 15-year period ended
12/31/95.
Income: An Important Component of Total Return
Income 88.45%
Capital Appreciation 11.55%
GRAPHIC MATERIAL (5)
This chart shows in pie chart format the fund'securities breakdown by sector as
a percentage of the fund's total net assets.
Quality Breakdown on 3/31/96
AAA 39.5%
AA 10.1%
A 23.7%
BBB 25.4%
Below Investment Grade 1.3%
GRAPHIC MATERIAL (6)
This bar chart shows the comparison between the fund's disribution rate of 5.92%
and the taxable equivalent distribution rate of 11.00%, for Class I shares.
GRAPHIC MATERIAL (7)
The following line graph hypothetically compares the performance of the fund's
Class I Shares with the Consumer Price Index (CPI) and the Lehman Brothers
Municipal Bond Index, based on a $10,000 investment from 4/1/86 to 3/31/96.
Period Ending Fund Index Index
4/1/86 9,579 10,000 10,000
4/30/86 9,606 10,008 9,982
5/31/86 9,565 9,845 10,010
6/30/86 9,648 9,938 10,065
7/31/86 9,718 9,999 10,065
8/31/86 10,042 10,447 10,083
9/30/86 10,028 10,473 10,130
10/31/86 10,249 10,654 10,139
11/30/86 10,385 10,865 10,148
12/31/86 10,436 10,835 10,157
1/31/87 10,690 11,161 10,221
2/28/87 10,770 11,216 10,258
3/31/87 10,777 11,097 10,304
4/30/87 10,267 10,540 10,359
5/31/87 10,155 10,487 10,396
6/30/87 10,268 10,795 10,432
7/31/87 10,335 10,905 10,459
8/31/87 10,389 10,929 10,515
9/30/87 10,012 10,526 10,569
10/31/87 9,862 10,563 10,597
11/30/87 10,208 10,839 10,606
12/31/87 10,384 10,996 10,606
1/31/88 10,750 11,387 10,634
2/29/88 10,928 11,508 10,662
3/31/88 10,710 11,374 10,707
4/30/88 10,779 11,461 10,763
5/31/88 10,800 11,428 10,800
6/30/88 10,934 11,595 10,846
7/31/88 11,021 11,670 10,892
8/31/88 11,140 11,680 10,937
9/30/88 11,310 11,892 11,011
10/31/88 11,531 12,101 11,047
11/30/88 11,469 11,990 11,056
12/31/88 11,626 12,112 11,075
1/31/89 11,783 12,363 11,130
2/28/89 11,703 12,222 11,176
3/31/89 11,674 12,193 11,241
4/30/89 11,903 12,481 11,314
5/31/89 12,134 12,741 11,378
6/30/89 12,314 12,914 11,405
7/31/89 12,389 13,090 11,433
8/31/89 12,341 12,962 11,451
9/30/89 12,275 12,923 11,488
10/31/89 12,388 13,081 11,543
11/30/89 12,538 13,309 11,571
12/31/89 12,634 13,419 11,589
1/31/90 12,566 13,355 11,708
2/28/90 12,755 13,474 11,763
3/31/90 12,742 13,478 11,828
4/30/90 12,729 13,381 11,847
5/31/90 13,034 13,673 11,874
6/30/90 13,113 13,793 11,938
7/31/90 13,306 13,998 11,984
8/31/90 13,063 13,795 12,094
9/30/90 13,066 13,803 12,196
10/31/90 13,166 14,053 12,269
11/30/90 13,422 14,335 12,296
12/31/90 13,465 14,398 12,296
1/31/91 13,646 14,591 12,370
2/28/91 13,708 14,718 12,388
3/31/91 13,772 14,724 12,407
4/30/91 13,936 14,921 12,425
5/31/91 14,061 15,054 12,463
6/30/91 14,063 15,039 12,499
7/31/91 14,269 15,222 12,517
8/31/91 14,373 15,423 12,554
9/30/91 14,581 15,624 12,609
10/31/91 14,666 15,765 12,628
11/30/91 14,730 15,809 12,665
12/31/91 14,942 16,149 12,673
1/31/92 14,965 16,186 12,692
2/29/92 14,968 16,191 12,738
3/31/92 15,098 16,197 12,803
4/30/92 15,186 16,341 12,281
5/31/92 15,425 16,534 12,839
6/30/92 15,601 16,812 12,885
7/31/92 16,039 17,316 12,912
8/31/92 15,822 17,146 12,948
9/30/92 15,864 17,258 12,985
10/31/92 15,617 17,089 13,030
11/30/92 16,083 17,395 13,048
12/31/92 16,328 17,572 13,039
1/31/93 16,506 17,776 13,103
2/28/93 16,912 18,419 13,149
3/31/93 16,795 18,224 13,195
4/30/93 16,908 18,408 13,232
5/31/93 16,974 18,511 13,250
6/30/93 17,256 18,820 13,269
7/31/93 17,230 18,845 13,269
8/31/93 17,626 19,237 13,306
9/30/93 17,788 19,456 13,334
10/31/93 17,828 19,493 13,389
11/30/93 17,703 19,322 13,398
12/31/93 17,877 19,729 13,398
1/31/94 18,063 19,954 13,434
2/28/94 17,790 19,437 13,480
3/31/94 17,321 18,646 13,526
4/30/94 17,388 18,805 13,545
5/31/94 17,528 18,968 13,554
6/30/94 17,470 18,853 13,600
7/31/94 17,711 19,198 13,637
8/31/94 17,803 19,265 13,692
9/30/94 17,670 18,982 13,729
10/31/94 17,461 18,644 13,738
11/30/94 17,226 18,306 13,756
12/31/94 17,371 18,709 13,756
1/31/95 17,799 19,244 13,811
2/28/95 18,256 19,804 13,866
3/31/95 18,429 20,032 13,912
4/30/95 18,473 20,056 13,958
5/31/95 18,910 20,696 13,986
6/30/95 18,797 20,516 14,014
7/31/95 18,922 20,711 14,014
8/31/95 19,100 20,974 14,050
9/30/95 19,226 21,106 14,078
10/31/95 19,486 21,412 14,125
11/30/95 19,775 21,767 14,115
12/31/95 19,984 21,976 14,105
1/31/96 20,085 22,143 14,188
2/29/96 19,994 21,993 14,215
3/31/96 19,793 21,711 14,289
Total Return 97.93% 117.11% 42.89%
GRAPHIC MATERIAL (8)
This bar chart shows the comparison between the fund's disribution rate of 5.53%
and the taxable equivalent distribution rate of 11.60%, for Class II shares.
GRAPHIC MATERIAL (9)
The following line graph hypothetically compares the performance of the fund's
Class II Shares with the Consumer Price Index (CPI) and the Lehman Brothers
Municipal Bond Index, based on a $10,000 investment from 5/1/95 to 3/31/96.
Period Ending Fund Index Index
5/1/95 9,902 10,000 10,000
5/31/95 10,194 10,319 10,020
6/30/95 10,113 10,229 10,040
7/31/95 10,174 10,326 10,040
8/31/95 10,264 10,458 10,066
9/30/95 10,340 10,523 10,086
10/31/95 10,460 10,676 10,120
11/30/95 10,624 10,853 10,112
12/31/95 10,731 10,957 10,105
1/31/96 10,779 11,041 10,165
2/29/96 10,724 10,966 10,184
3/31/96 10,518 10,825 10,237
Total 5.18% 8.25% 2.37%
Return
