MESSAGE FROM THE CHAIRMAN
Table of Contents Page
Message from the Chairman 1
Special Feature:
Interview with Tom Kenny,
Senior Vice President, Franklin
Municipal Bond Department 3
Manager's Discussion 10
Performance Summary - Class I 13
Performance Summary - Class II 15
Statement of Investments 17
Financial Statements 80
Notes to Financial Statements 83
November 15, 1996
Dear Shareholder:
It's a pleasure to bring you the Franklin California Tax-Free Income Fund's
semi-annual report for the period ended September 30, 1996.
The reporting period might well be described as six months of frequent
interest-rate fluctuations, as the 30-year U.S. Treasury bond's yield bounced
between 6.67% and 7.13%.* Some of this movement can be attributed to investors
and economists who overreacted to speculation about interest-rate movements.
Indeed, newspaper headlines in the last six months declared the economy was
overheating one day and stalling the next -- all of which seems to suggest a
slow growth trend.
We expect the Franklin California Tax-Free Income Fund to perform well in this
slow-growth economy. However, although the economy appears stable at the moment,
market uncertainties will always persist.
*Source: Micropal.
This prompts us to encourage individual investors to maintain a long-term
perspective. It is prudent to periodically consult with your investment
representative to ensure your investments match these goals. This long-term
orientation will help minimize undue concern caused by short-term market
volatility.
As a Franklin Templeton fund shareholder, you receive the benefits of
professional management and dedicated service. Should you have any questions
concerning the Franklin California Tax-Free Income Fund, we welcome the
opportunity to answer them.
We appreciate your support, welcome new shareholders and look forward to serving
your investment needs in the years ahead.
Sincerely,
Charles B. Johnson
Chairman
Franklin California Tax-Free Income Fund
Glossary of Investment Terms
Call Protection: The length of time during which a bond cannot be redeemed by
its issuer.
Coupon: The interest rate a bond issuer promises to pay to the holder until the
bond matures.
Full Coupon Bond: A bond with a coupon rate that is near or above current market
interest rates.
High Grade Bond/High Quality Bond: A bond rated AAA or AA by a national rating
agency such as Standard & Poor's(R) or Moody's.
Investment Grade Bond: A bond with a rating of BBB or better.
Pre-Refunded Bond: When a second bond is issued to pay off the original bond at
the original's first call date, the original bond is then termed pre-refunded to
the call date.
SPECIAL FEATURE: INTERVIEW WITH TOM KENNY
Tom Kenny, director of Franklin's Municipal Bond Department, discusses several
current topics, including interest rates and his outlook for the municipal bond
market.
GRAPHIC PICTURE OMITTED
Tom Kenny
Senior Vice President and
Director of Franklin's Municipal
Bond Department
Tom, purchasing a municipal bond is considered a relatively safe investment. In
the last few years, however, we've experienced a certain amount of volatility in
bond markets. Is this going to subside in the future, or is this the new way for
bond markets?
It's an interesting observation and -- you're right -- the bond markets didn't
seem to be as volatile a few years back. If you look at the recent bond market,
say since 1992-1993, you'll see that we've had three consecutive years of 200
basis point swings in opposite directions (See Fig. 1). Historically, that level
of volatility is unusual.
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
I think there are several reasons for the increased volatility. First, we need
to look at the Federal Reserve Board. The Federal Reserve Board has been slow to
adjust short-term rates in response to economic conditions, which has increased
uncertainty and speculation within the fixed-income markets. Thus, market
participants have reacted toward short-term economic data rather than focusing
on the big picture. Since the Fed has not made frequent adjustments to
short-term rates, the increased speculation has created a pendulum effect where
the market tends to overreact in the adjustment of long-term rates.
So the Federal Reserve Board's restraint has helped to cause some unpredictable
market movement?
Just look at the number of times recently where market expectations of both
growth and inflation have changed dramatically. Earlier this year, nine out of
ten economists said we were going to be in a recession by the end of the first
quarter. Weeks later, they changed their outlook and expected growth at a 4%-5%
annual rate with fears of an over heating economy. Just in the last few weeks,
we've heard, "Well, maybe the economy is not growing that fast after all." So
the market's become very short-term focused -- that's one reason we're seeing
increased volatility.
Second, we are part of a much more global market today than ever before. Funds
tend to flow very freely from market to market.
Third, we have seen an increased use of hedge funds, which often take large
risks with speculative strategies. They've become very popular over the last two
to three years. Hedge fund managers tend to be very short-term focused, trying
to take advantage of undervalued situations. So they're in and out of markets
very quickly.
Last, I think the creation and use of derivatives, where speculators can control
huge amounts of bonds with very little capital at risk, has also caused some of
this volatility.
The increased volatility will probably remain as long as these themes exist.
Have these factors affected your investment strategy?
We try to stay abreast of economic conditions and interest rates in general, but
we don't try to second-guess the market in terms of the direction of rates, or
alter our fundamental philosophy and strategy because of short-term economic
changes.
Our approach is straightforward. With few exceptions, we seek credit safety and
income. I don't think shareholders want the volatility that might be generated
by chasing capital appreciation. If you look at the interest rate chart (Fig. 1)
and think of the number of times you had to be right if you were speculating on
the direction and absolute change in interest rates, you may have called one
swing correctly; but if you missed the other leg of it, you may have given away
everything you gained on the way up or down.
We have a well-seasoned portfolio management team (the five senior portfolio
managers collectively have more than 170 years of experience) that manages our
funds for tax-free income. We believe that over the long term, income drives
total return. Total return is important. But how you achieve total return is
even more important. Income has been responsible for more than 90% of the total
return of municipal bonds over the last 10 years (Fig. 2), as measured by the
unmanaged Lehman Brothers 20-year Municipal Bond Index. So, by consistently
investing for income, we hope to generate good total return performance. We
think our shareholders, particularly those in tax-free funds, are better served
by using this consistent, long-term-oriented approach. It is what distinguishes
Franklin from most of its peers.
GRAPHIC MATERIAL 2 OMITTED - SEE APPENDIX AT END OF DOCUMENT
We have seen more insured bonds, particularly in California. Is this a long-term
industry trend?
I believe so, but it's more pronounced in California. The national percentage of
insured issues now coming to market is in the 54%-55% range. In California, it's
a little bit ahead of that. (Fig. 3)
Why are there more insured issues now?
It's a function of a couple of things, I think. Supply is still relatively low
when compared with 1992- 1993, when we had record volume of long-term bonds
coming to the market. Overall supply dropped more than 45% from 1993, into the
$155-$160 billion range last year. This year, it's probably going to be up
somewhat -- maybe in the 10%-15% range. (Fig. 4)
GRAPHIC MATERIAL 3 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Since we haven't seen a heavy supply of bonds coming to market, some insurance
companies have become very aggressive in trying to gain market share. They have
the capital, the capacity, the staffing, and the willingness to price their
premiums aggressively. As a result, it's been comparatively cheap for issuers to
obtain insurance.
How much has pre-refunding influenced your investment strategy recently, and can
you briefly describe what pre-refunding is?
A pre-refunded bond is one that will be paid off at its first call date, using
the proceeds of a second bond carrying a lower interest rate. Let's say a
municipality issued a bond paying 8% interest that will mature in 2025. Some
time later, interest rates drop significantly, as they did in the late 1980's
and in the 1992-1993 period, and comparable bonds are now paying, say, 6%.
Naturally, the issuer would prefer to pay this new, lower rate on its debt, just
as you or I would want to refinance our home mortgage.
GRAPHIC MATERIAL 4 OMITTED - SEE APPENDIX AT END OF DOCUMENT
One way issuers can reduce their borrowing expense is to refund higher-paying
bonds before they mature. To raise money to refund the higher-rate bonds, they
issue a second bond at the market's now, lower interest rate. The proceeds of
the second bond are invested in U.S. Treasuries, set to mature at the original
bond's first call date, which may be only five or six years away. The bond is
then termed "pre-refunded" to the call date.
When the bond becomes pre-refunded, the price can rise dramatically -- providing
an opportunity to sell it at a premium. Generally, a pre-refunded bond will
maximize its value when there is approximately five years remaining to the call
date.
That first bond sells at a premium now because it's backed by U.S. Treasuries
and it's still paying the higher interest rate?
Yes -- in addition, it is now a bond with a much shorter maturity -- i.e., the
call date versus the original maturity date.
What if you don't sell it?
Well, we know that in five years that bond will be called at 100%-102% of par.
It's currently selling at a premium of, say, 115% of par. If we do nothing right
now, the price of that bond will decline, from 115% of par to the call price,
thereby eroding its value over the next five years. No matter what interest
rates do, that bond price is going down.
Generally, when a bond hits the five-year mark, we look for an opportunity to
sell it, capture the premium, then reinvest the proceeds in the current interest
rate environment.
How does this benefit shareholders?
Shareholders can benefit in a couple of ways. We may purchase a new bond that
can't be called for at least 10 years -- so we've extended our call protection.
Also, if we can capture that premium, we can now buy 115% worth of new bonds at
today's current interest rates. We've protected the fund's share value from
eroding and also helped maintain the earning power of the fund over the long
term.
What sets your municipal bond department apart from others in the industry?
We use a very consistent, team-oriented approach to portfolio management. All of
our managers are using the same consistent strategy in our efforts to meet the
same overall investment objectives. Many times you'll see some other fund
companies where each manager operates on his/her own strategy.
Also, we're one of the few companies that truly manages for income. We believe
Franklin understands fixed-income and what investors look for.
Many of our competitors have come from an equity-oriented background and then
added a fixed-income side in recent years to round out their product line. We
think this perspective is important. Some of our competitors direct their
portfolio managers toward a total return-oriented strategy on a quarterly basis.
We don't.
Why not?
We believe if you're a fixed-income portfolio manager who is focused on
quarterly total return, you're probably going to be more inclined to make
short-term bets and take risks that you might not take otherwise. So your
interests may not be clearly aligned with the shareholders' goals. It does
really make a big difference.
Another thing that sets us apart is our research staff. Since we purchase over
95% of our portfolio holdings in the primary market, we spend a lot of time
analyzing credits up front, such as performing site visits, addressing legal
issues, and structuring issues to meet both our credit and portfolio
requirements.
Tom, thanks for your time.
My pleasure.
MANAGER'S DISCUSSION
Your Fund's 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.*
State Overview
California's economy continued to grow during the reporting period, and the
state's credit quality was upgraded to an A+ (from an A) by Standard & Poors(R),
a national rating agency.1
Gains in service sectors, such as computers, entertainment, export, and tourism,
helped drive down the unemployment rate in California faster than the national
rate. In fact, as of August 31, 1996, state unemployment was 7.0%, down from
7.7% in March and the lowest since January 1991.+ As a result, tax revenues have
been better than expected, which has helped offset shortfalls in federal aid
revenue.
During the reporting period, Orange County paid off its outstanding notes and
taxable pension obligations, and its economy is improving at a faster rate than
most other counties in the state. National rating agencies have rated much of
Orange County's new debt at high levels, reflecting a renewed confidence in the
issuer.
Portfolio Notes
Working to keep a relatively constant average life and duration for the
portfolio, we bought insured issues with maturities ranging between 25 and 30
years. Approximately 24% of the portfolio's total long-term investments is now
composed of insured bonds, up 4% from last year. As a result, the percentage of
AAA-rated bonds in the portfolio increased to 41.4% on September 30, 1996, from
39.5% in March.
*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 generably taxable.
1. This does not indicate Standard & Poor's rating of the fund.
+Source: Bureau of Labor Statistics data.
Over the last two years, we have worked to decrease the portfolio's exposure to
pre-refunded bonds, and we feel comfortable with the portfolio's 14.0% exposure
on September 30, 1996.2 We invested the proceeds of these sales in full coupon
bonds offering longer call protection. This strategy, while potentially
beneficial in the long run, triggered a capital gain distribution of 4.8 cents
($0.048) per share in June 1996.
Over the past year, municipal bonds continued to provide higher total returns
than government bonds. One reason is that prices have been buoyed by a low
supply of municipal bonds despite high demand. In our recent experience,
AAA-rated, 30-year municipal bond yields were about 84% of those of 30-year
Treasury bonds near the close of this reporting period, while lastyear the ratio
was around 94%. This difference in yield can be explained, to a large extent, by
the fear of a flat tax that was prevalent last period but has since subsided.
With the fear of a flat tax, prices of municipal bonds dropped and yield spreads
narrowed relative to government bonds. Now that a flat tax seems unlikely,
greater confidence in municipal bonds and limited supply have increased
municipal bond prices relative to those of government bonds.
GRAPHIC MATERIAL 5 OMITTED - SEE APPENDIX AT END OF DOCUMENT
2. As a percentage of total long-term investments.
Looking ahead, we believe the supply of municipal bonds will continue to be low
and demand constant. We intend to continue our policy of purchasing investment
grade, essential-purpose bonds, seeking high current income and credit quality.
The fund should continue to perform well assuming California's economy continues
to grow and confidence remains high.
Franklin California Tax-Free Income Fund
Portfolio Breakdown on September 30, 1996
Based on Total Long-Term Investments
% of Total
Long-Term
Sector Investments
- ---------------------------------------------
Utilities 18.0%
Certificates of Participation 15.4%
Pre-refunded 14.0%
Tax-Allocation Bonds 8.6%
Marks-Roos Bonds 8.5%
Transportation 7.9%
Hospitals 7.6%
Housing 5.4%
Mello-Roos Bonds 4.3%
General Obligations 3.5%
Other Revenue 2.1%
Special Assessment Bonds
(1915 Act) 1.5%
Health Care 1.4%
Sales Tax Revenue 0.9%
Education 0.5%
Industrial 0.4%
For a complete list of portfolio holdings, please see page 17 of this report.
PERFORMANCE SUMMARY
Class I
The Franklin California Tax-Free Income Fund's Class I share price, as measured
by net asset value, decreased 3 cents, from $7.18 on March 31, 1996, to $7.15 on
September 30, 1996. This decrease was largely due to the 4.8 cent distribution
paid in June 1996.
At the end of this reporting period, the fund's distribution rate was 5.78%,
based on an annualization of the current monthly dividend of 3.6 cents ($0.036)
per share and the maximum offering price of $7.47 on September 30, 1996. This
double tax-free rate is generally higher than the after-tax return on a
comparable taxable investment. For example, an investor in the maximum combined
federal and California state personal income tax bracket of 45.2% would need to
earn 10.55% from a taxable investment to match the fund's tax-free distribution
rate.
Franklin California Tax-Free Income Fund
Class I
Dividend Distributions 4/01/96 - 9/30/96
Dividend
Month per Share
------------------------------------------------
April 3.7 cents
May 3.7 cents
June 3.7 cents
July 3.6 cents
August 3.6 cents
September 3.6 cents
Total 21.9 cents
GRAPHIC MATERIAL 6 OMITTED - SEE APPENDIX AT END OF DOCUMENT
<TABLE>
<CAPTION>
Franklin California Tax-Free Income Fund -- Class I
Periods Ended September 30, 1996
Since
Inception
1-Year 5-Year 10-Year (2/01/77)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cumulative Total Return1 6.45% 40.36% 104.09% 220.00%
Average Annual Total Return2 1.91% 6.10% 6.93% 5.86%
Distribution Rate3 5.78%
Taxable Equivalent Distribution Rate4 10.55%
30-Day Standardized Yield5 5.17%
Taxable Equivalent Yield4 9.44%
- --------------------------------------------------------------------------------------------
</TABLE>
1. Cumulative total return measures the change in value of an investment over
the periods indicated and does not include the maximum 4.25% initial sales
charge. See Note below.
2. Average annual total return represents the average annual change in value of
an investment over the periods indicated and includes the maximum 4.25% initial
sales charge. See Note below.
3. Based on an annualization of the current 3.6 cent per share monthly dividend
and the maximum offering price of $7.47 on September 30, 1996.
4. Taxable equivalent distribution rate and yield assume the 1996 maximum
combined federal and California state personal income tax bracket of 45.2%,
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 September 30, 1996.
Note: Prior to July 1, 1994, fund shares were offered at a lower initial sales
charge with dividends reinvested at the 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.
All total return calculations assume reinvestment of dividends and capital gains
at net asset value, and 12b-1 fees from the date of the plan's implementation.
Your 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.
PERFORMANCE SUMMARY
Class II
The Franklin California Tax-Free Income Fund's Class II share price, as measured
by net asset value, decreased 4 cents, from $7.18 on March 31, 1996, to $7.14 on
September 30, 1996. This decrease was largely due to the 4.8 cent distribution
paid in June 1996.
At the end of this reporting period, the fund's distribution rate was 5.41%,
based on an annualization of the current monthly dividend of 3.25 cents
($0.0325) per share and the offering price of $7.21 on September 30, 1996. This
double tax-free rate is generally higher than the after-tax return on a
comparable taxable investment. For example, an investor in the maximum combined
federal and California state personal income tax bracket of 45.2% would need to
earn 9.87% from a taxable investment to match the fund's tax-free distribution
rate.
Franklin California Tax-Free Income Fund
Class II
Dividend Distributions 4/01/96 - 9/30/96
Dividend
Month per Share
------------------------------------------------
April 3.33 cents
May 3.33 cents
June 3.33 cents
July 3.25 cents
August 3.25 cents
September 3.25 cents
Total 19.74 cents
GRAPHIC MATERIAL 7 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Franklin California Tax-Free Income Fund -- Class II
Periods Ended September 30, 1996
Since
Inception
1-Year (5/01/95)
- --------------------------------------------------------------------------
Cumulative Total Return1 5.70% 10.38%
Average Annual Total Return2 3.69% 5.78%
Distribution Rate3 5.41%
Taxable Equivalent Distribution Rate4 9.87%
30-Day Standardized Yield5 4.75%
Taxable Equivalent Yield4 8.67%
- --------------------------------------------------------------------------
1. Cumulative total return measures the change in value of an investment over
the periods indicated and does not include the 1.0% initial sales charge and
1.0% contingent deferred sales charge (CDSC), applicable to shares redeemed
within the first 18 months of investment.
2. Average annual total return represents the average annual change in value of
an investment over the periods indicated and includes the 1.0% initial sales
charge and 1.0% CDSC, applicable to shares redeemed within the first 18 months
of investment.
3. Based on an annualization of the 3.25 cent per share monthly dividend and the
offering price of $7.21 on September 30, 1996.
4. Taxable equivalent distribution rate and yield assume the 1996 maximum
combined federal and California state personal income tax bracket of 45.2%,
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 September 30, 1996.
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, September 30, 1996 (unaudited)
Face Value
Amount (Note 1)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Long Term Investments 97.6%
Bonds 93.3%.............................................................
ABAG Finance Authority of Nonprofit Corporations, COP,
$ 3,955,000 6.75%, 08/01/20 .................................................... $ 4,092,674
4,245,000 6.125%, 03/01/21 ................................................... 4,263,720
5,570,000 Butte Valley -Tulelake Rural Health, 6.65%, 10/01/22 ............... 5,669,982
1,250,000 Insured, Miramonte Mental Health Services, 6.60%, 07/01/22 ......... 1,298,113
2,000,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%,
06/01/12 .......................................................... 2,058,020
2,370,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%,
06/01/22 .......................................................... 2,453,282
2,325,000 Peninsula Family YMCA, Series A, 6.80%, 10/01/11 ................... 2,378,080
2,800,000 United Way of Santa Clara County Project, 7.20%, 07/01/11 .......... 3,046,708
4,500,000 ABAG Finance Corp., COP, ABAG XXV, 6.80%, 08/01/12 ...................... 4,607,775
Adelanto Improvement Agency, Tax Allocation, Pre-Refunded,
12,710,000 Adelanto Improvement Project, Series 1990, 8.00%, 08/01/20 ......... 14,289,345
1,870,000 Adelanto Improvement Project, Series 1991, 8.25%, 08/01/20 ......... 2,184,815
7,755,000 Refunding, Series 1985, 8.125%, 06/01/15 ........................... 8,693,433
16,295,000 Agua Mansa Industrial Growth Association, Special Tax, CFD No. 89-1,
8.25%, 09/01/17 ........................................................ 16,777,984
Alameda 1915 Act, Improvement Board,
24,755,000 Harbor Bay Park, AD No. 92-1, 7.50%, 09/02/12 ...................... 25,556,072
170,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/98 ......... 175,088
180,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/99 ......... 186,381
195,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/00 ......... 201,909
215,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/01 ......... 222,527
230,000 Marina Village AD No. 84-3, Series 1986-1, 8.125%, 09/02/02 ........ 237,979
250,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/03 ......... 258,643
270,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/04 ......... 279,223
290,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/05 ......... 299,785
315,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/06 ......... 325,496
23,675,000 Alameda-Contra Costa Transit District, Refunding, COP, 7.60%, 08/01/18 .. 24,949,425
Alameda County COP, Capital Projects,
6,400,000 6.00%, 06/01/22 .................................................... 6,260,096
4,250,000 Series 1992, 6.25%, 06/01/06 ....................................... 4,449,410
10,500,000 Series 1992, 6.75%, 06/01/16 ....................................... 10,963,785
2,560,000 Alhambra RDA, Refunding, Tax Allocation, Industrial Redevelopment Project,
6.375%, 05/01/23 ....................................................... 2,506,906
Anaheim COP,
5,555,000 California Lutheran Homes, Pre-Refunded, 8.20%, 01/01/18 ........... 5,905,521
5,885,000 Refunding, Anaheim Memorial Hospital Association, AMBAC Insured,
5.125%, 05/15/20 .................................................. 5,405,490
Anaheim Public Financing Authority Revenue,
$ 25,940,000 Electric Utilities, San Juan 4, Second Series, FGIC Insured, 5.75%,
10/01/22 .......................................................... $ 25,732,221
5,215,000 Local Agency, CFD, Series A, MBIA Insured, 5.75%, 09/01/14 ......... 5,230,280
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 .................................... 2,597,494
4,820,000 Issue 04/01/91, 8.60%, 09/01/21 .................................... 1,693,025
Antelope Valley Insured Hospital District, COP, Series 1989,
5,515,000 7.30%, 01/01/06 .................................................... 5,723,026
21,600,000 7.35%, 01/01/20 .................................................... 22,409,136
Antioch 1915 Act,
1,230,000 AD No. 26, Hillcrest, Series 1987, 8.00%, 09/02/04 ................. 1,277,023
1,485,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/05 ................. 1,535,817
1,530,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/06 ................. 1,582,035
355,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/07 ................. 366,999
885,000 AD No. 27, Lone Tree, Series 1988, 8.20%, 09/02/09 ................. 915,674
885,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/10 ................. 915,665
885,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/11 ................. 915,665
885,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/12 ................. 915,665
880,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/13 ................. 910,492
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 4,793,850
4,895,000 Antioch Development Agency, Refunding, Tax Allocation, Project 1,
FGIC Insured, 6.40%, 09/01/17 .......................................... 5,154,973
3,500,000 Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 06/01/20 .... 3,736,880
Arcadia Hospital Revenue, Methodist Hospital of Southern California,
2,295,000 6.50%, 11/15/12 .................................................... 2,344,044
3,750,000 6.625%, 11/15/22 ................................................... 3,835,725
9,000,000 Pre-Refunded, 7.875%, 08/01/10 ..................................... 9,485,010
Arcata CDA, Tax Allocation, Community Development Project, Pre-Refunded,
1,250,000 7.90%, 11/01/12 .................................................... 1,366,600
1,590,000 7.90%, 11/01/13 .................................................... 1,703,621
10,225,000 Azusa Public Financing Authority Revenue, Local Agency, Series A,
Pre-Refunded, 7.75%, 08/01/20 .......................................... 11,591,776
5,200,000 Azusa Public Financing Authority Revenue, Refunding, Water Systems
Acquisition Project, Series A, FGIC Insured, 5.50%, 07/01/20 ........... 5,025,696
10,000 Azusa RDA, SFRMR, Series A, GNMA Secured, 9.875%, 12/01/18 .............. 10,471
5,750,000 Bakersfield COP, Waste Water Treatment Plant No. 3 Project, Pre-Refunded,
8.00%, 01/01/10 ........................................................ 6,073,438
Bakersfield Hospital Revenue, Bakersfield Memorial Hospital, Series A,
$ 2,205,000 6.375%, 01/01/12 ................................................... $ 2,233,378
2,750,000 6.50%, 01/01/22 .................................................... 2,789,215
11,070,000 Bakersfield Public Financing Authority Revenue, Series A, 6.10%, 09/15/10 11,225,755
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
2,000,000 Refunding, Series A, 7.10%, 09/01/24 ............................... 2,121,000
12,630,000 Series A, 7.75%, 08/01/19 .......................................... 13,219,695
5,795,000 Series B, 7.75%, 08/01/21 .......................................... 6,065,569
1,455,000 Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 .................... 1,613,566
Belmont RDA, Tax Allocation, Los Costanos Community Development, Series A,
1,235,000 6.70%, 08/01/14 .................................................... 1,296,478
2,080,000 6.25%, 08/01/17 .................................................... 2,100,446
2,310,000 6.80%, 08/01/23 .................................................... 2,433,169
3,500,000 Berkeley COP, AMBAC Insured, 7.50%, 06/01/19 ............................ 3,715,810
Berkeley Hospital Revenue, Alta Bates Hospital, Pre-Refunded,
7,110,000 Series 1985-B, 7.65%, 12/01/15 ..................................... 7,902,338
2,850,000 Series 1985-C, 7.60%, 12/01/15 ..................................... 3,216,054
2,580,000 Beverly Hills COP, Refunding, Civic Center Improvement Project, Series 1989,
7.00%, 06/01/15 ........................................................ 2,741,431
2,315,000 Blythe MFHR, Series 1989, 8.125%, 05/01/20 .............................. 2,325,348
Brea and Olinda USD, COP, Refunding, High School Refinancing Program,
12,645,000 Series A, CGIC Insured, 6.25%, 08/01/18 ............................ 13,069,872
9,120,000 Series B, 7.00%, 08/01/18 .......................................... 9,423,331
Brea and Olinda USD, COP, Series 1989, Pre-Refunded,
2,025,000 7.85%, 08/01/09 .................................................... 2,250,200
11,835,000 7.90%, 08/01/18 .................................................... 13,166,793
Brea Public Finance Authority Revenue, Tax Allocation, Redevelopment Project,
Series A, MBIA Insured,
1,720,000 7.00%, 08/01/15 .................................................... 1,888,199
4,395,000 6.75%, 08/01/22 .................................................... 4,738,997
6,315,000 7.00%, 08/01/23 .................................................... 6,918,335
11,070,000 Brea Public Financing Authority Water Revenue, Series B, FGIC Insured,
6.25%, 07/01/21 ........................................................ 11,385,274
Brea RDA, Refunding, Tax Allocation, Redevelopment Project, MBIA Insured,
12,845,000 6.125%, 08/01/13 ................................................... 13,344,671
11,320,000 5.75%, 08/01/23 .................................................... 11,303,586
19,575,700 Brentwood 1915 Act, Improvement Board, AD No. 92-1, 8.40%, 09/02/17 ..... 20,013,021
2,000,000 Brentwood RDA, Tax Allocation, Brentwood Redevelopment Project, Series A,
7.70%, 11/01/08 ........................................................ 2,126,940
3,390,000 Brisbane COP, Civic Center Financing Project, Pre-Refunded, 8.25%, 04/01/18 3,655,708
$ 5,700,000 Brisbane Public Finance Authority Revenue, 8.00%, 09/02/15 .............. $ 5,795,019
7,000,000 Buena Park CRDA, Refunding, Tax Allocation, Central Business District Project,
Series A, 7.10%, 09/01/14 .............................................. 7,304,290
1,600,000 Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 ..... 1,677,040
Burbank RDA, Refunding, Tax Allocation, Series A,
6,500,000 6.00%, 12/01/23 .................................................... 6,413,615
5,000,000 City Center Redevelopment Project, CGIC Insured, 5.50%, 12/01/23 ... 4,822,100
1,320,000 Butte Valley USD, COP, 7.75%, 03/01/15 .................................. 1,379,928
5,455,000 Calexico COP, CRDA, Water and Waste Improvement Project, 7.80%, 11/01/13 5,610,795
5,840,000 Calexico RDA, Tax Allocation, Refunding, Merged Central Business and
Residential, FSA Insured, 5.80%, 08/01/24 .............................. 5,831,415
Calexico USD, COP, Financing Project, Series 1992,
745,000 7.25%, 09/01/08 .................................................... 782,228
3,185,000 7.375%, 09/01/17 ................................................... 3,319,917
California Counties Lease Financing Authority, COP, CSAC Financing Corp.,
2,565,000 Amador County Project, ETM, 7.70%, 10/01/09 ........................ 3,110,806
4,585,000 Contra Costa County Project II, Pre-Refunded, 7.85%, 10/01/09 ...... 4,813,287
4,165,000 Contra Costa County Project II, Pre-Refunded, 7.90%, 10/01/19 ...... 4,374,375
1,810,000 Glenn County Project, 8.125%, 10/01/08 ............................. 1,832,571
1,295,000 Trinity County Project, 7.70%, 10/01/09 ............................ 1,336,181
California Educational Facilities Authority Revenue,
1,685,000 Chapman College Project, 7.30%, 01/01/02 ........................... 1,800,810
3,000,000 Chapman College Project, 7.50%, 01/01/18 ........................... 3,249,090
1,100,000 Loyola Marymount University, Series B, 6.60%, 10/01/22 ............. 1,176,967
3,460,000 Refunding, Los Angeles Chiropractic College, 7.125%, 11/01/07 ...... 3,576,844
2,100,000 St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 2,371,383
17,480,000 California Health Facilities Authority Revenue, Pacific Presbyterian Medical
Center, Series C, 7.60%, 06/01/15 ...................................... 18,833,476
California Health Facilities Financing Authority Revenue,
7,300,000 Adventist Health System, Series A, 8.375%, 03/01/08 ................ 7,523,745
2,930,000 Adventist Health System, Series B, MBIA Insured, 6.25%, 03/01/21 ... 3,021,680
910,000 CHFCLP Insured, AIDS Hospice Foundation, Pre-Refunded, 7.15%,
01/01/15 .......................................................... 999,153
6,550,000 CHFCLP Insured, American Baptist Homes, Series A, 7.65%, 04/01/14 .. 6,902,063
3,650,000 CHFCLP Insured, Association for Retarded Citizens of San Diego,
7.00%, 05/01/21 ................................................... 3,861,700
3,560,000 CHFCLP Insured, California Autism Foundation, Inc., Series A, 6.25%,
11/01/20 .......................................................... 3,559,751
1,575,000 CHFCLP Insured, Cedarknoll Health Facilities, Series B, 7.50%, 08/01/20 1,698,181
4,500,000 CHFCLP Insured, Clinicas Del Camino, Series A, 6.55%, 05/01/25 ..... 4,684,320
California Health Facilities Financing Authority Revenue, (cont.)
$ 2,700,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A,
7.75%, 07/01/06 ................................................... $ 2,863,836
9,860,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A,
7.80%, 07/01/15 ................................................... 10,526,339
3,425,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A,
7.70%, 07/01/18 ................................................... 3,630,021
7,750,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series B,
7.80%, 07/01/06 ................................................... 7,916,935
18,900,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series B,
7.85%, 07/01/15 ................................................... 19,314,099
4,240,000 CHFCLP Insured, Feedback Foundation, Inc., Series A, 6.50%, 12/01/22 4,369,278
4,000,000 CHFCLP Insured, Lodi Memorial Hospital Association, Series A, 7.70%,
09/01/10 .......................................................... 4,389,600
3,900,000 CHFCLP Insured, Marshall Hospital, Series A, 6.625%, 11/01/22 ...... 4,061,577
2,000,000 CHFCLP Insured, On Lok Senior Health Services, Series A, 6.40%,
12/01/12 .......................................................... 2,048,220
7,525,000 CHFCLP Insured, On Lok Senior Health Services, Series A, 6.50%,
12/01/22 .......................................................... 7,754,437
5,500,000 CHFCLP Insured, Small Facilities Loan, Health Facilities, Series A,
6.75%, 03/01/20 ................................................... 5,736,775
3,000,000 CHFCLP Insured, South Coast Medical Center, 7.25%, 07/01/15 ........ 3,190,500
2,595,000 CHFCLP Insured, St. Paul's Episcopal Home, 6.50%, 09/01/14 ......... 2,655,671
25,000,000 Children's Hospital of Los Angeles, Series A, Pre-Refunded,
7.125%, 06/01/21 .................................................. 28,136,000
1,400,000 Community Provider, Pooled Loan Program, Series A, 7.35%, 06/01/20 . 1,477,532
2,545,000 County Program, Series B, 7.20%, 01/01/12 .......................... 2,620,179
5,000,000 Kaiser Permanente, Series A, 7.00%, 10/01/18 ....................... 5,307,950
8,870,000 Kaiser Permanente, Series A, 6.75%, 10/01/19 ....................... 9,355,721
11,000,000 Kaiser Permanente, Series A, 6.50%, 12/01/20 ....................... 11,514,580
11,880,000 Marin General Hospital, Series A, Pre-Refunded, 8.20%, 08/01/14 .... 12,546,349
3,500,000 Pomona Valley Community Hospital, Series A, 7.00%, 01/01/17 ........ 3,544,975
14,000,000 Pomona Valley Hospital Medical Center, 7.375%, 01/01/14 ............ 15,098,860
7,300,000 Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%,
07/01/17 .......................................................... 7,478,558
1,000,000 Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%,
07/01/25 .......................................................... 1,014,200
4,000,000 Refunding, Catholic Healthcare West, Series A, AMBAC Insured, 5.75%,
07/01/15 .......................................................... 4,012,280
13,920,000 Refunding, Hospital of the Good Samaritan, 6.90%, 09/01/07 ......... 14,992,258
California Health Facilities Financing Authority Revenue, (cont.)
$ 71,050,000 Refunding, Hospital of the Good Samaritan, 7.00%, 09/01/21 ......... $ 73,916,868
1,750,000 Refunding, Insured, AIDS Health Care Foundation, Series C, 6.25%,
09/01/17 .......................................................... 1,780,415
5,000,000 Refunding, Insured, Small Facilities Loan, Health Facilities, Series B,
7.50%, 04/01/22 ................................................... 5,618,100
5,665,000 Refunding, Mills-Peninsula Hospital, Series A, Connie Lee Insured,
5.75%, 01/15/15 ................................................... 5,658,032
8,250,000 Refunding, San Diego Hospital Association, Series A, MBIA Insured,
6.20%, 08/01/20 ................................................... 8,501,460
7,000,000 Refunding, St. Francis Medical Center, Series H, AMBAC Insured,
6.35%, 10/01/23 ................................................... 7,391,300
5,750,000 Refunding, Sutter/CHS Facility, Series A, MBIA Insured, 5.875%, 08/15/16 5,805,775
21,145,000 San Diego Hospital Association, Series A, 6.95%, 10/01/21 .......... 22,475,655
18,190,000 San Diego Hospital Association, Series B, Pre-Refunded, 8.25%, 08/01/18 19,225,375
4,655,000 S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 ..... 4,861,589
9,725,000 Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 10,198,899
3,500,000 Sisters of Providence Project, Pre-Refunded, 8.375%, 10/01/07 ...... 3,724,000
1,375,000 St. Elizabeth Hospital Project, Health Facilities, Pre-Refunded, 6.30%,
11/15/15 .......................................................... 1,515,250
7,500,000 Sutter Health, Series A, 6.70%, 01/01/13 ........................... 7,689,300
1,275,000 Unihealth America, Series A, AMBAC Insured, 7.625%, 10/01/15 ....... 1,365,665
3,225,000 Walden House, State Guaranteed, 6.85%, 03/01/22 .................... 3,382,896
California HFA Revenue,
6,675,000 Home Mortgage, Series 1986-B, 6.90%, 08/01/16 ...................... 6,749,760
425,000 Home Mortgage, Series 1988-A, 8.125%, 08/01/19 ..................... 441,877
13,085,000 Home Mortgage, Series 1988-B, 8.60%, 08/01/19 ...................... 13,667,021
3,175,000 Home Mortgage, Series 1988-C, 8.30%, 08/01/19 ...................... 3,294,761
18,840,000 Home Mortgage, Series 1988-E, 8.35%, 08/01/19 ...................... 19,491,487
2,075,000 Home Mortgage, Series 1988-F, 7.875%, 08/01/19 ..................... 2,149,576
11,700,000 Home Mortgage, Series 1988-G, 8.15%, 08/01/19 ...................... 12,081,537
2,385,000 Home Mortgage, Series 1989-A, 7.75%, 08/01/17 ...................... 2,518,727
6,585,000 Home Mortgage, Series 1989-B, 7.90%, 08/01/09 ...................... 6,863,875
38,405,000 Home Mortgage, Series 1989-B, 8.00%, 08/01/29 ...................... 40,133,993
6,465,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/20 ...................... 6,747,585
28,720,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/29 ...................... 29,974,202
14,540,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/23 ...................... 15,190,956
7,650,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/29 ...................... 7,992,491
7,135,000 Home Mortgage, Series 1989-G, 7.55%, 08/01/23 ...................... 7,453,792
16,515,000 Home Mortgage, Series 1990-A, 7.70%, 08/01/30 ...................... 17,343,888
California HFA Revenue, (cont.)
$ 56,200,000 Home Mortgage, Series 1990-C, 7.60%, 08/01/30 ...................... $ 59,608,530
3,875,000 Home Mortgage, Series 1990-D, 7.75%, 08/01/10 ...................... 4,109,128
2,915,000 Home Mortgage, Series 1991-D, 7.25%, 08/01/17 ...................... 3,053,229
895,000 Home Mortgage, Series 1991-F, 6.75%, 08/01/11 ...................... 944,852
4,400,000 Home Mortgage, Series 1991-G, 7.05%, 08/01/27 ...................... 4,548,280
6,975,000 Home Mortgage, Series 1994-A, 6.55%, 08/01/26 ...................... 7,224,496
9,010,000 Home Mortgage, Series 1994-E, 6.70%, 08/01/25 ...................... 9,258,856
14,090,000 cHome Mortgage, Series E, 6.375%, 08/01/27 ......................... 14,269,366
17,500,000 Home Mortgage, Series E, MBIA Insured, 6.15%, 08/01/25 ............. 17,381,175
3,350,000 Home Mortgage, Series F-1, 6.875%, 08/01/15 ........................ 3,512,375
20,760,000 Home Mortgage, Series F-1, 7.00%, 08/01/26 ......................... 21,356,435
20,500,000 Home Mortgage, Series H, 6.25%, 08/01/27 ........................... 20,582,820
7,785,000 cHome Mortgage, Series N, 6.375%, 02/01/27 ......................... 7,800,103
465,000 Home Mortgage, SF, Series A, 10.25%, 02/01/14 ...................... 470,854
170,000 Home Mortgage, SF, Series B, 10.625%, 02/01/14 ..................... 170,767
2,340,000 Housing Revenue, Series 1985-B, MBIA Insured, 8.625%, 08/01/15 ..... 2,452,694
8,980,000 Housing Revenue, Series 1989-A, MBIA Insured, 7.65%, 08/01/24 ...... 9,336,865
4,365,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.625%, 08/01/14 ..... 4,572,250
11,855,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.75%, 08/01/26 ...... 12,484,145
11,345,000 Housing Revenue, Series 1994-F, MBIA Insured, 6.90%, 08/01/26 ...... 11,898,636
5,000,000 MFHR, Series A, AMBAC Insured, 6.25%, 02/01/37 ..................... 5,060,150
2,465,000 Multi-Unit Rental Housing, Series A, 6.875%, 02/01/22 .............. 2,493,175
11,250,000 California HFA, SFM, Purchase Issue A-2, Refunding, 6.45%, 08/01/25 ..... 11,508,863
California Mobilehome Park Financing Authority Revenue, Series A, FSA Insured,
105,000 3.85%, 10/01/97 .................................................... 104,685
140,000 4.20%, 10/01/98 .................................................... 139,707
115,000 4.50%, 10/01/99 .................................................... 114,808
120,000 4.65%, 10/01/00 .................................................... 119,956
125,000 4.80%, 10/01/01 .................................................... 125,219
130,000 4.95%, 10/01/02 .................................................... 130,601
135,000 5.05%, 10/01/03 .................................................... 135,710
140,000 5.15%, 10/01/04 .................................................... 140,819
150,000 5.25%, 10/01/05 .................................................... 150,960
5,895,000 6.25%, 10/01/25 .................................................... 6,103,506
California PCFA, PCR,
1,750,000 Pacific Gas & Electric Co., Series A, 6.625%, 06/01/09 ............. 1,862,560
134,770,000 Pacific Gas & Electric Co., Series B, 8.875%, 01/01/10 ............. 143,769,941
2,500,000 Small Business, Desert Valley, Series A, 7.625%, 10/01/00 .......... 2,523,475
2,510,000 Southern California Edison Co., 6.90%, 12/01/17 .................... 2,662,106
California PCFA, PCR, (cont.)
$ 12,120,000 Southern California Edison Co., Series B, 6.40%, 12/01/24 .......... $ 12,738,968
29,000,000 Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 29,642,930
17,205,000 California PCFA Revenue, Solid Waste Disposal, Keller Canyon Landfill Co.
Project, 6.875%, 11/01/27 .............................................. 18,010,882
California Public Capital Improvements Financing Authority Revenue,
Pooled Projects,
26,555,000 Joint Powers Agency, Series E, 8.375%, 03/01/03 .................... 27,982,331
62,925,000 Series A, 8.40%, 03/01/08 .......................................... 66,038,529
121,300,000 Series A, 8.50%, 03/01/18 .......................................... 127,295,859
California Special Districts Association Finance Corp., COP,
970,000 Series F, 8.10%, 09/01/10 .......................................... 997,723
1,630,000 Series H, 7.75%, 02/01/15 .......................................... 1,688,615
1,500,000 Series H, 7.80%, 02/01/21 .......................................... 1,553,895
1,385,000 Series N, 8.30%, 03/01/12 .......................................... 1,444,195
1,000,000 Series O, 7.40%, 03/01/17 .......................................... 1,037,290
California Special Districts Finance Authority, COP, Series A,
18,775,000 8.40%, 07/01/05 .................................................... 20,072,728
70,000,000 8.50%, 07/01/18 .................................................... 74,109,700
California Special Districts Lease Financing Program, COP,
3,000,000 Series C, 7.90%, 04/01/14 .......................................... 3,069,960
1,100,000 Series E, 7.70%, 12/01/09 .......................................... 1,129,711
3,100,000 Series E, 7.75%, 12/01/19 .......................................... 3,180,166
2,000,000 California State Department of Transportation, COP, East Bay State Building,
Series A, 6.50%, 03/01/16 .............................................. 2,088,060
California State Department of Water Resources, Central Valley Project,
Water System Revenue,
12,740,000 Refunding, Series L, 5.75%, 12/01/19 ............................... 12,514,884
52,395,000 Refunding, Series L, 5.50%, 12/01/23 ............................... 50,253,616
40,070,000 Refunding, Series L, 5.875%, 12/01/25 .............................. 40,151,743
31,375,000 Series J-1, 6.00%, 12/01/20 ........................................ 31,731,420
13,140,000 Series J-2, 6.00%, 12/01/20 ........................................ 13,289,270
26,010,000 Series J-3, 6.00%, 12/01/20 ........................................ 26,305,474
13,035,000 Series K, 6.00%, 12/01/21 .......................................... 13,204,716
4,000,000 Series K, 6.40%, 12/01/26 .......................................... 4,184,520
California State GO,
5,500,000 5.50%, 03/01/20 .................................................... 5,282,970
6,680,000 5.75%, 03/01/23 .................................................... 6,661,563
26,490,000 MBIA Insured, 6.00%, 08/01/24 ...................................... 26,860,065
2,750,000 Series 1991, 6.30%, 02/01/04 ....................................... 2,980,863
California State GO, (cont.)
$ 2,500,000 Series 1991, 6.40%, 02/01/05 ....................................... $ 2,732,250
500,000 Series 1991, 6.40%, 02/01/06 ....................................... 548,895
13,625,000 Series 1991, 6.60%, 02/01/10 ....................................... 15,135,468
1,000,000 Series 1992, 6.25%, 09/01/12 ....................................... 1,082,110
5,000,000 Series 1992, FGIC Insured, 5.75%, 11/01/17 ......................... 5,012,500
5,000,000 Series 1992, FGIC Insured, 6.00%, 08/01/19 ......................... 5,088,600
7,000,000 Series 1994, 6.00%, 03/01/24 ....................................... 7,140,630
30,290,000 Series 1994, 6.00%, 05/01/24 ....................................... 30,907,007
21,920,000 Various Purposes, 5.50%, 04/01/15 .................................. 21,373,754
19,600,000 Various Purposes, 5.75%, 03/01/19 .................................. 19,549,824
42,250,000 Various Purposes, 5.90%, 04/01/23 .................................. 42,614,195
8,000,000 Various Purposes, AMBAC Insured, 5.90%, 03/01/25 ................... 8,086,240
6,500,000 Various Purposes, FSA Insured, 5.50%, 04/01/19 ..................... 6,248,775
5,430,000 Various Purposes, MBIA Insured, 6.00%, 10/01/21 .................... 5,512,482
3,780,000 Various Purposes, Series 1991, 6.50%, 09/01/10 ..................... 4,175,010
California State GO, Veterans Bonds,
2,000,000 Series AX, 7.00%, 04/01/16 ......................................... 2,025,440
29,000,000 Series BD, BE, and BF, 6.40%, 02/01/22 ............................. 29,542,880
50,000,000 Series BD, BE, and BF, 6.55%, 02/01/25 ............................. 51,160,000
11,500,000 Series BD, BE, and BF, AMBAC Insured, 6.20%, 02/01/16 .............. 11,615,460
32,500,000 Series BD, BE, and BF, AMBAC Insured, 6.375%, 02/01/27 ............. 32,995,950
16,495,000 California State HFA, HMR, Series L, MBIA Insured, 6.40%, 08/01/27 ...... 16,794,384
California State Public Works, Board Lease Revenue,
9,835,000 California Community Colleges, Series A, 6.75%, 09/01/11 ........... 10,437,886
5,000,000 California State University, Library Projects, Series A, 6.25%, 09/01/16 5,046,250
5,250,000 California State University, Various Projects, Series A, 6.30%, 10/01/04 5,646,638
6,815,000 California State University, Various Projects, Series A, 6.375%, 10/01/05 7,319,378
10,695,000 California State University, Various Projects, Series A, 6.50%, 10/01/06 11,497,339
8,610,000 California State University, Various Projects, Series A, 6.625%, 10/01/10 9,109,983
11,480,000 California State University, Various Projects, Series A, 6.375%, 10/01/14 11,834,847
23,130,000 California State University, Various Projects, Series A, 6.375%, 11/01/14 23,954,122
51,770,000 California State University, Various Projects, Series A, 6.70%, 10/01/17 54,513,810
2,150,000 California State University, Various Projects, Series A, 6.375%, 10/01/19 2,208,308
7,000,000 Department of Corrections, California State Prison at Coalinga, Series B,
MBIA Insured, 5.375%, 12/01/19 .................................... 6,657,070
11,470,000 Department of Corrections, Calipatria State Prison, Imperial County,
Series A, 6.50%, 09/01/11 ......................................... 11,947,496
10,000,000 Department of Corrections, Corcoran II Facility, California Substance
Abuse Treatment, AMBAC Insured, 5.50%, 01/01/15 ................... 9,874,400
California State Public Works, Board Lease Revenue, (cont.)
$ 9,980,000 Department of Corrections, Corcoran II Facility, Series A, AMBAC
Insured, 5.50%, 01/01/17 .......................................... $ 9,787,985
10,000,000 Department of Corrections, Corcoran II Facility, Series A, AMBAC
Insured, 5.25%, 01/01/21 .......................................... 9,361,800
5,500,000 Department of Justice Building, Series A, FSA Insured, 5.80%, 05/01/15 5,538,555
5,000,000 Department of Justice Building, Series A, FSA Insured, 5.625%, 05/01/20 4,913,250
7,725,000 Franchise Tax Board, Phase II, Series A, 6.25%, 09/01/11 ........... 7,915,653
18,560,000 Secretary of State, Series A, 6.75%, 12/01/12 ...................... 19,617,363
3,000,000 Southern California Veterans Home, Series A, 6.375%, 10/01/08 ...... 3,209,280
3,750,000 Southern California Veterans Home, Series A, 6.50%, 10/01/14 ....... 3,900,825
4,700,000 University of California, Various Projects, Series A, AMBAC Insured,
6.40%, 12/01/16 ................................................... 4,987,358
7,415,000 University of California, Various Projects, Series B, 6.625%, 12/01/14 7,814,891
10,000,000 University of California, Various Projects, Series B, 5.50%, 06/01/19 9,372,300
5,000,000 Various Community College Projects, Series A, 5.625%, 12/01/18 ..... 4,765,450
2,185,000 California State University Foundation Revenue, Hayward Auxiliary
Organization, MBIA Insured, 6.25%, 08/01/20 ............................ 2,289,334
California Statewide CDA Revenue, COP,
2,255,000 6.10%, 12/01/15 .................................................... 2,278,407
11,240,000 Catholic Health Care West, MBIA Insured, 5.50%, 07/01/23 ........... 10,842,554
23,530,000 Cedars Sinai Medical Center, 6.75%, 08/01/22 ....................... 24,297,313
5,120,000 CHFCLP Insured, 7.25%, 12/01/22 .................................... 5,618,739
2,590,000 CHFCLP Insured Health Facilities, AIDS Project, Series A, 6.25%,
08/01/22 .......................................................... 2,626,467
2,765,000 CHFCLP Insured Health Facilities, Children's Campus, 6.375%, 09/01/12 2,825,858
3,000,000 CHFCLP Insured Health Facilities, Children's Campus, 6.50%, 09/01/22 3,098,880
9,600,000 CHFCLP Insured Health Facilities, Eskaton Properties, 6.75%, 05/01/21 10,050,432
16,000,000 CHFCLP Insured Health Facilities, Unihealth, Series A, AMBAC Insured,
5.75%, 10/01/25 ................................................... 15,977,440
5,365,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/15 ......... 5,465,594
3,775,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/20 ......... 3,830,870
4,755,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/25 ......... 4,806,639
2,000,000 Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.25%, 08/01/06 2,064,980
80,230,000 Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.50%, 08/01/22 80,806,051
7,000,000 Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.625%,
04/15/12 .......................................................... 7,253,260
16,000,000 Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.75%,
04/15/22 .......................................................... 16,747,840
California Statewide CDA Revenue, COP, (cont.)
$ 250,000 Refunding, Health Facilities, Barton Memorial Hospital, Series B, 6.40%,
12/01/05 .......................................................... $ 254,675
6,465,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.00%,
08/15/09 .......................................................... 6,643,757
9,330,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.125%,
08/15/22 .......................................................... 9,601,596
10,925,000 Refunding, Sutter Health Obligated Group, MBIA Insured, 5.50%,
08/15/23 .......................................................... 10,538,255
7,065,000 Salk Institute, Connie Lee Insured, 6.20%, 07/01/24 ................ 7,240,636
8,395,000 St. Joseph Health System Group, 6.50%, 07/01/15 .................... 8,852,360
12,500,000 St. Joseph Health System Group, 6.625%, 07/01/21 ................... 13,248,375
25,520,000 Sutter Health Obligation Group, MBIA Insured, 5.50%, 08/15/22 ...... 24,631,138
California Statewide CDA,
21,000,000 Lease Revenue, Refunding, Oakland Convention Center Project,
AMBAC Insured, 5.50%, 10/01/14 .................................... 20,507,970
8,000,000 MFHR, Series E, 6.40%, 06/01/28 .................................... 8,081,680
4,615,000 Water Revenue, Refunding, Series A, 6.10%, 07/01/21 ................ 4,712,976
California Statewide Community Development Corp., COP,
1,675,000 CHFCLP Insured, United Western Medical Centers, 6.80%, 12/01/09 .... 1,779,721
23,100,000 CHFCLP Insured, United Western Medical Centers, 6.75%, 12/01/21 .... 24,134,880
4,730,000 CHFCLP Insured, Villaview Community Hospital, 7.00%, 09/01/09 ...... 5,089,054
6,270,000 Pacific Homes, Series A, 6.00%, 04/01/17 ........................... 6,282,352
2,575,000 California Urban Waterfront Area Restoration, 7.40%, 10/01/20 ........... 2,698,986
5,125,000 Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 04/01/08 5,616,129
1,570,000 Cambria Community Services, Sewer and Water District Revenue, Refunding,
BIG Insured, Pre-Refunded, 7.40%, 05/01/15 ............................. 1,719,668
940,000 Cambria Community Services, Sewer District Revenue, Refunding, BIG Insured,
Pre-Refunded, 7.40%, 05/01/15 .......................................... 1,029,610
1,410,000 Campbell COP, Refunding, Civic Center Project, Series 1991, 6.75%, 10/01/17 1,473,760
5,615,000 Campbell Housing Facility Revenue, San Tomas Gardens Project, Series A,
6.625%, 10/20/34 ....................................................... 5,752,287
3,250,000 Campbell USD, Series A, MBIA Insured, 6.25%, 08/01/19 ................... 3,392,708
5,120,000 Camrosa Water District, COP, Water System Improvement Projects,
MBIA Insured, 6.00%, 01/15/20........................................... 5,213,798
2,800,000 Capistrano Bay Park and Recreation District, COP, Special Lease Finance,
Series Q, 6.35%, 08/01/12 .............................................. 2,804,284
Capistrano Unified Public Financing Authority, Special Tax Revenue,
Refunding, First Lien, Series A, AMBAC Insured,
16,770,000 5.70%, 09/01/16 .................................................... 16,749,205
10,640,000 5.70%, 09/01/20 .................................................... 10,557,008
$ 5,000,000 Capitola COP, Capitola Public Facilities Corp., Pre-Refunded, 7.80%, 08/01/03 $ 5,037,600
3,000,000 Carlsbad COP, Carlsbad Public Improvement Corp., 8.00%, 08/01/08 ........ 3,226,260
Carson RDA, Refunding, Project Area No. 1, Series 1992,
3,965,000 6.375%, 10/01/12 ................................................... 4,008,179
1,565,000 6.375%, 10/01/16 ................................................... 1,577,144
Castaic Lake Water Agency, COP, Water System Improvement Project,
11,540,000 Refunding, Series A, MBIA Insured, 6.125%, 08/01/15 ................ 12,027,450
5,345,000 Refunding, Series A, MBIA Insured, 6.00%, 08/01/18 ................. 5,459,811
35,000,000 Series 1990, Pre-Refunded, 7.35%, 08/01/20 ......................... 39,124,400
11,210,000 Cathedral City Public Financing Authority Revenue, Refunding, Tax Allocation,
Redevelopment Projects, Series A, MBIA Insured, 5.70%, 08/01/24 ........ 11,193,409
Central Coast Water Authority Revenue, Water State Project, Regional
Facilities, Series 1992, AMBAC Insured,
10,000,000 6.50%, 10/01/14 .................................................... 10,830,700
26,635,000 6.60%, 10/01/22 .................................................... 28,983,408
5,800,000 Central San Joaquin Water Conservation District, COP, Series 1990, 7.65%,
12/01/18 ............................................................... 5,814,848
5,500,000 Cerritos Public Financing Authority Revenue, Los Coyotes Redevelopment
Project, Loan, Series A, AMBAC Insured, 5.75%, 11/01/22 ................ 5,492,300
5,000,000 Chaffey Community College District, COP, 7.40%, 11/01/14 ................ 5,407,550
1,955,000 Chico Public Financing Authority Revenue, Southeast Chico Redevelopment
Project, Series A, FGIC Insured, 6.625%, 04/01/21 ...................... 2,084,695
Chico RDA Revenue, COP, Insured Health Facilities, Sierra Sunrise Lodge,
4,110,000 6.80%, 02/01/11 .................................................... 4,320,227
2,800,000 6.75%, 02/01/21 .................................................... 2,905,924
9,980,000 Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%,
09/01/22 ............................................................... 10,438,581
Chino USD, COP,
2,655,000 Land Acquisition, Series C, BIG Insured, Pre-Refunded, 7.45%, 09/01/24 2,932,155
7,895,000 Land Acquisition, Series D, BIG Insured, 7.45%, 09/01/24 ........... 8,138,640
525,000 Land Acquisition, Series E, BIG Insured, 7.50%, 09/01/24 ........... 538,540
2,540,000 Land Acquisition, Series G, BIG Insured, Pre-Refunded, 7.35%, 09/01/24 2,798,267
8,695,000 Refunding, Capital Construction Project, Series A, Pre-Refunded, 8.00%,
09/01/04 .......................................................... 9,472,594
5,000,000 Chula Vista RDA, COP, Capital Improvements Project, Series A,
Pre-Refunded, 8.75%, 09/01/12 .......................................... 5,322,950
Clayton 1915 Act, Limited Obligation, Contra Costa County, Oakhurst
Country Club,
305,000 8.10%, 09/02/01 .................................................... 315,678
450,000 8.20%, 09/02/02 .................................................... 465,746
Clayton 1915 Act, Limited Obligation, Contra Costa County,
Oakhurst Country Club, (cont.)
$ 465,000 8.25%, 09/02/03 .................................................... $ 481,168
580,000 8.30%, 09/02/04 .................................................... 600,045
680,000 8.30%, 09/02/05 .................................................... 703,215
655,000 8.35%, 09/02/06 .................................................... 677,218
790,000 8.35%, 09/02/07 .................................................... 816,465
830,000 8.375%, 09/02/08 ................................................... 857,539
880,000 8.375%, 09/02/09 ................................................... 909,014
95,000 8.40%, 09/02/10 .................................................... 98,122
915,000 8.40%, 09/02/11 .................................................... 945,067
1,115,000 8.40%, 09/02/12 .................................................... 1,151,405
1,245,000 8.40%, 09/02/13 .................................................... 1,285,649
6,370,000 Clayton Special Tax, CFD No. 90-1, 8.60%, 09/02/22 ...................... 6,689,519
3,000,000 Clovis CDA, Tax Allocation, Pre-Refunded, 7.625%, 08/01/15 .............. 3,239,850
2,670,000 Clovis COP, 7.20%, 08/01/11 ............................................. 2,787,827
1,750,000 Coachella RDA, Refunding, Tax Allocation, Project Area No. 4, Pre-Refunded,
8.45%, 09/01/20 ........................................................ 2,024,663
3,000,000 Coachella Valley COP, ID No. 71, Storm Water District, Flood Central Project,
6.75%, 10/01/12 ........................................................ 3,164,550
6,375,000 Coachella Valley USD, COP, 8.25%, 09/01/12 .............................. 6,766,553
8,120,000 Coalinga Public Financing Authority Revenue, Series B, 6.625%, 09/15/21 . 8,165,634
Coast Community College District, Refunding, COP, Coastline Community
College, Second Project,
1,360,000 7.90%, 02/01/99 .................................................... 1,399,494
1,450,000 8.00%, 02/01/00 .................................................... 1,492,326
1,595,000 8.05%, 02/01/01 .................................................... 1,641,542
1,665,000 8.10%, 02/01/02 .................................................... 1,713,585
1,860,000 8.10%, 02/01/03 .................................................... 1,913,959
2,010,000 8.10%, 02/01/04 .................................................... 2,067,968
Coastside County Water District, 1915 Act, Improvement Board, Crystal
Springs, AD No. 1,
910,000 7.00%, 09/02/02 .................................................... 940,585
915,000 7.10%, 09/02/03 .................................................... 945,753
910,000 7.15%, 09/02/04 .................................................... 940,585
635,000 7.20%, 09/02/05 .................................................... 656,342
635,000 7.25%, 09/02/06 .................................................... 656,336
Colton Public Financing Authority Revenue, Tax Allocation,
5,855,000 Series A, 7.60%, 05/15/19 .......................................... 6,035,100
20,830,000 Series B, 7.60%, 05/15/19 .......................................... 21,470,731
$ 4,100,000 Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 07/01/22 ..... $ 4,232,758
1,555,000 Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 02/01/18 ........ 1,592,180
31,825,000 Commerce Energy Authority Revenue, Refunding, Collateralized, 8.75%,
07/01/10 ............................................................... 35,564,438
Commerce RDA, Tax Allocation, Project Area No. 1, Series 1988-A,
1,000,000 7.60%, 08/01/98 .................................................... 1,044,770
1,655,000 7.70%, 08/01/99 .................................................... 1,759,199
1,420,000 7.75%, 08/01/00 .................................................... 1,509,346
16,000,000 8.00%, 08/01/10 .................................................... 16,980,160
Compton CRDA, Tax Allocation,
7,375,000 Series 1, CGIC Insured, 6.75%, 08/01/13 ............................ 7,396,461
13,000,000 Walnut Industrial Park, Series 1985, AMBAC Insured, Pre-Refunded,
10.20%, 08/01/09 .................................................. 15,346,760
Compton Public Finance Authority Revenue, Pre-Refunded,
935,000 Rosecrans Redevelopment Project Area No. 1, Series B, 9.25%, 02/01/01 995,373
24,715,000 Walnut Industrial Park Project, Series A, 9.30%, 08/01/13 .......... 26,165,029
Compton Sewer Revenue, Series 1993,
1,405,000 6.60%, 07/01/12 .................................................... 1,448,822
4,535,000 6.75%, 07/01/23 .................................................... 4,706,378
Concord RDA, Refunding, Tax Allocation, Central Concord Redevelopment
Project,
5,000,000 AMBAC Insured, 5.25%, 07/01/13 ..................................... 4,779,600
8,395,000 Sub-Series A, 6.00%, 07/01/19 ...................................... 8,091,773
Contra Costa County, COP,
11,740,000 Merrithew Memorial Hospital, 6.60%, 11/01/12 ....................... 12,268,887
49,500,000 Merrithew Memorial Hospital, 6.625%, 11/01/22 ...................... 51,486,435
4,500,000 Series 1994, 6.50%, 08/01/24 ....................................... 4,594,410
5,930,000 Contra Costa County MFHR, Refunding, Byron Park Project, Series C,
GNMA Secured, 6.40%, 01/20/31 .......................................... 6,047,355
Contra Costa Transportation Authority Revenue, Sales Tax, Series A, ETM,
13,900,000 6.875%, 03/01/07 ................................................... 15,693,100
1,000,000 FGIC Insured, 6.50%, 03/01/09 ...................................... 1,088,090
6,000,000 Contra Costa Water Treatment Authority Revenue, Refunding, Series A,
FGIC Insured, 5.75%, 10/01/20 .......................................... 5,992,200
1,415,000 Corcoran Hospital District Revenue, Series A, 6.55%, 07/01/12 ........... 1,448,408
Corona 1915 Act,
760,000 AD No. 79-2, Northeast Area, Series B, 7.625%, 09/02/98 ............ 783,476
815,000 AD No. 79-2, Northeast Area, Series B, 7.75%, 09/02/99 ............. 844,519
875,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/00 ............. 906,500
945,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/01 ............. 978,614
Corona 1915 Act, (cont.)
$ 1,015,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/02 ............. $ 1,050,890
1,090,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/03 ............. 1,128,074
1,180,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/04 ............. 1,220,734
1,390,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/99 ..................... 1,442,292
1,500,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/00 ..................... 1,555,800
1,625,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/01 ..................... 1,684,768
1,755,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/02 ..................... 1,818,812
1,890,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/03 ..................... 1,957,927
2,045,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/04 ..................... 2,117,638
23,500,000 Corona CFD No. 90-1, Special Tax, Series A, 8.40%, 09/01/20 ............. 23,813,255
Corona COP,
15,000,000 Corona Community Hospital Project, Pre-Refunded, 9.425%, 09/01/20 .. 19,883,700
5,765,000 Public Improvement Corp., Waste Water Treatment Facility, 7.625%,
08/01/16 .......................................................... 5,908,606
22,325,000 Refunding, Vista Hospital System, Series C, 9.50%, 07/01/20 ........ 23,451,296
3,000,000 Corona RDA, Tax Allocation, Refunding, Redevelopment Project Area A,
Series A, FGIC Insured, 6.25%, 09/01/16 ................................ 3,144,270
24,125,000 Corona-Norco USD, Lease Revenue, Land Acquisition, Series A, FSA Insured,
6.00%, 04/15/29 ........................................................ 24,456,236
Corona-Norco USD, Special Tax,
4,015,000 CFD No. 7, 9.30%, 11/01/07 ......................................... 4,228,437
5,195,000 CFD No. 88-1, Pre-Refunded, 7.55%, 10/01/14 ........................ 5,786,191
13,000,000 Coronado CDA, Tax Allocation, Coronado Community Development Project,
MBIA Insured, Pre-Refunded, 6.30%, 09/01/22 ............................ 14,259,310
16,790,000 Covina CDA, Tax Allocation, Covina Revitalization No. 1, 9.75%, 11/01/09 17,807,474
2,100,000 CSAC Finance Corp., COP, Sutter County, Health Facilities Program, 7.80%,
01/01/21 ............................................................... 2,111,865
1,750,000 Cucamonga School District, COP, 7.60%, 12/01/15 ......................... 1,851,605
Culver City Redevelopment Finance Authority Revenue, Subordinated Lien,
Project Loans, Series B,
1,630,000 AMBAC Insured, 7.50%, 12/01/08 ..................................... 1,785,062
7,955,000 AMBAC Insured, 7.60%, 12/01/15 ..................................... 8,747,159
3,370,000 Pre-Refunded, 7.50%, 12/01/08 ...................................... 3,744,205
16,445,000 Pre-Refunded, 7.60%, 12/01/15 ...................................... 18,319,072
Cupertino COP,
4,110,000 Memorial Park Expansion Project, Bank Qualified, Pre-Refunded,
7.25%, 07/01/10 ................................................... 4,572,211
5,000,000 Refunding, Series A, 5.75%, 01/01/16 ............................... 4,770,200
3,535,000 Refunding, Series B, 6.25%, 07/01/10 ............................... 3,604,003
$ 3,440,000 Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%,
08/01/17 ............................................................... $ 3,542,959
1,230,000 Desert Hot Springs RDA, Tax Allocation, Redevelopment Project No. 2,
Series A, 6.625%, 09/01/20 ............................................. 1,241,833
5,370,000 Duarte COP, City Civic Center, Refunding, 7.00%, 06/15/22 ............... 5,639,252
Duarte RDA, Refunding, Tax Allocation,
13,085,000 Davis Addition Project, 8.375%, 06/01/17 ........................... 13,545,461
1,935,000 Las Lomas Redevelopment Project, 8.00%, 08/01/07 ................... 1,985,774
15,100,000 East Bay MUD Revenue, Water System, Refunding, Series 1992, 6.00%,
06/01/20 ............................................................... 15,264,590
East Bay Regional Park District,
1,220,000 Series 1989, 6.25%, 09/01/13 ....................................... 1,251,391
3,390,000 Series C, FGIC Insured, 6.00%, 09/01/20 ............................ 3,445,867
Eastern Municipal Water District Revenue, Water and Sewer, COP,
16,055,000 Refunding, Series A, 6.90%, 07/01/23 ............................... 16,265,802
7,975,000 Refunding, Series A, FGIC Insured, 6.30%, 07/01/20 ................. 8,245,034
3,500,000 Series 1991, 6.00%, 07/01/23 ....................................... 3,528,525
3,750,000 Series 1991, MBIA Insured, 6.00%, 07/01/23 ......................... 3,799,313
10,975,000 Eden Township Hospital District Revenue, COP, Insured Health Facility,
Eden Hospital Health Services Corp., Pre-Refunded, 7.80%, 07/01/18 ..... 11,865,073
1,500,000 El Camino Hospital District Revenue, Crossover Refunding, COP, Series A,
8.50%, 09/01/17 ........................................................ 1,580,985
8,945,000 El Camino Hospital District Revenue, Refunding, Series A, 7.25%, 08/15/09 9,668,829
5,500,000 El Dorado County Board Authority Lease Revenue, Capital Facilities Project,
7.40%, 11/01/09 ........................................................ 5,958,590
3,390,000 El Dorado Union High School District, COP, Capital Projects, 6.30%, 08/01/12 3,454,546
2,570,000 El Monte Public Financing Authority Revenue, Tax Allocation, Downtown
El Monte Redevelopment Project, Series A, 6.35%, 12/01/23 .............. 2,508,037
2,590,000 Elsinore Valley Municipal Water District, COP, Series A, Refunding, FGIC
Insured, 5.75%, 07/01/19 ............................................... 2,604,193
6,085,000 Emeryville Public Financing Authority Revenue, Incremental Lien, 6.20%,
09/01/25 ............................................................... 6,106,906
1,165,000 Empire Union School District, COP, Garst School Supplies Financing Project,
6.75%, 12/01/17 ........................................................ 1,208,955
2,700,000 Empire Union School District, Refunding, Special Tax, CFD No. 1989-1,
Series A, MBIA Insured, 6.50%, 10/01/17 ................................ 2,879,928
5,000,000 Encina Financing Authority Revenue, Joint Powers Waste Water, Phase IV,
Expansion Project, Series A, AMBAC Insured, 6.50%, 08/01/14 ............ 5,260,300
Escondido COP, Escondido Mobile Home Park,
1,000,000 7.25%, 03/01/07 .................................................... 1,040,850
4,910,000 7.40%, 03/01/21 .................................................... 5,101,834
$ 1,145,000 Fairfield 1915 Act, Green Valley Road/Mangels Boulevard, 8.00%, 09/02/11 $ 1,180,850
415,000 Fairfield 1915 Act, North Cordelia ID, 8.00%, 09/02/11 .................. 427,994
Fairfield Public Financing Authority Revenue, Fairfield Redevelopment Projects,
2,145,000 Series A, 7.80%, 08/01/19 .......................................... 2,202,250
19,115,000 Series A, Pre-Refunded, 7.80%, 08/01/19 ............................ 20,133,638
9,000,000 Series C, FSA Insured, 5.50%, 08/01/23 ............................. 8,622,270
1,960,000 Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 ................. 2,099,905
6,000,000 Fallbrook Union High School District, San Diego County, Series A,
MBIA Insured, 6.25%, 09/01/19 .......................................... 6,288,540
2,590,000 Fillmore COP, Water System Improvement Project, AMBAC Insured,
7.70%, 05/01/19 ....................................................... 3,069,305
Folsom Public Financing Authority Revenue, Local Agency,
3,000,000 7.25%, 10/01/10 .................................................... 3,119,250
7,590,000 8.00%, 10/01/18 .................................................... 7,818,459
Folsom Special Tax,
2,000,000 CFD No. 1, Willow Creek, 8.25%, 12/01/06 ........................... 2,089,120
3,910,000 CFD No. 2, 7.60%, 12/01/09 ......................................... 4,050,565
3,950,000 CFD No. 2, 7.70%, 12/01/19 ......................................... 4,082,957
Fontana Public Financing Authority Revenue, Tax Allocation, North Fontana
Redevelopment,
1,905,000 Series B, 6.30%, 01/15/24 .......................................... 1,821,313
2,000,000 Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 ......... 2,313,860
11,005,000 Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 ......... 12,782,197
Fontana RDA, Tax Allocation, Refunding, Jurupa Hills Redevelopment Project,
Series A,
10,000,000 7.10%, 10/01/23 .................................................... 10,319,200
16,830,000 Pre-Refunded, 7.90%, 10/01/18 ...................................... 17,838,285
31,750,000 Fontana Special Tax, CFD No. 2, Series B, 8.50%, 09/01/17 ............... 33,188,910
Foothill-De Anza Community College District, COP, Parking Structure Project,
Pre-Refunded,
1,690,000 8.20%, 07/01/08 .................................................... 1,852,561
3,110,000 8.25%, 07/01/18 .................................................... 3,411,732
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Senior
Lien, Series A,
108,175,000 6.50%, 01/01/32 .................................................... 109,775,990
83,125,000 6.00%, 01/01/34 .................................................... 80,709,388
2,120,000 Fort Bragg COP, Capital Improvement Authority, Pre-Refunded, 7.85%,
08/01/14 ............................................................... 2,299,776
2,015,000 Fort Bragg RDA Revenue, Tax Allocation, Fort Bragg Redevelopment Project,
Series A, 6.875%, 05/01/18 ............................................. 2,052,016
2,000,000 Fortuna and Susanville Cities, COP, Series B, 7.375%, 09/01/17 .......... 2,085,580
$ 6,035,000 Fremont COP, Park Facilities Corp., 6.75%, 08/01/11 ..................... $ 6,166,442
Fremont COP,
8,320,000 Series A, MBIA Insured, 5.90%, 08/01/25 ............................ 8,396,627
3,585,000 Series B, 6.10%, 08/01/25 .......................................... 3,527,282
1,980,000 Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%,
08/01/06 ............................................................... 2,033,500
Fresno County COP, American Avenue Landfill Project,
240,000 ETM, 7.40%, 11/01/96 ............................................... 240,725
255,000 ETM, 7.50%, 11/01/97 ............................................... 265,134
275,000 ETM, 7.60%, 11/01/98 ............................................... 293,970
295,000 ETM, 7.75%, 11/01/99 ............................................... 323,586
320,000 ETM, 7.90%, 11/01/00 ............................................... 360,739
345,000 ETM, 8.00%, 11/01/01 ............................................... 397,561
7,185,000 Pre-Refunded, 8.25%, 11/01/13 ...................................... 8,513,147
90,000 Fresno County HFR, Mortgage Loans, Series A, 12.50%, 09/15/12 ........... 93,383
2,470,000 Fresno County Office of Education, COP, Capital Outlay Financing Program,
Series C, 7.50%, 12/01/10 .............................................. 2,626,351
5,000,000 Fresno Health Facilities Revenue, Holy Cross Health Systems Corp.,
MBIA Insured, 5.625%, 12/01/15.......................................... 4,950,400
3,000,000 Fresno IDR, Refunding, Civic Center Square Project, 8.60%, 04/01/08 ..... 3,015,810
1,505,000 Fresno RDA Revenue, Tax Allocation, Mariposa Redevelopment Project,
Series A, 6.625%, 02/01/23 ............................................. 1,522,007
7,065,000 Fresno USD, COP, Project Phase VI, Series A, 7.20%, 05/01/11 ............ 7,524,861
5,955,000 Galt 1915 Act, Improvement Board, AD No. 92-1, 7.75%, 09/02/24 .......... 6,141,927
3,340,000 Galt COP, Waste Water Improvement, 7.80%, 09/01/10 ...................... 3,473,767
3,520,000 Galt High and Elementary School, Joint Powers Facilities Authority Revenue,
Series A, 7.00%, 11/01/17 .............................................. 3,599,869
3,980,000 Galt Middle School, Joint Powers Authority, Special Tax, CFD No. 1, 8.00%,
09/01/15 ............................................................... 4,047,978
Glendale Health Facilities Revenue, Refunding, Memorial Hospital and
Health Center, Series A, Connie Lee Insured,
3,000,000 5.625%, 11/15/15 ................................................... 2,936,220
3,350,000 5.60%, 11/15/25 .................................................... 3,228,764
25,515,000 Glendale Memorial Hospital and Health Revenue, Refunding, Series A,
Pre-Refunded, 9.00%, 11/01/17 .......................................... 27,391,628
7,250,000 Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 03/01/19 ............. 7,400,945
2,945,000 Grand Terrace Public Financing Authority, Series A, 7.85%, 06/01/21 ..... 3,153,359
3,000,000 Grass Valley Hospital Revenue, Insured, Sierra Nevada Memorial Hospital,
7.25%, 04/01/19 ........................................................ 3,160,980
7,175,000 Grossmont UHSD, COP, Capital Appreciation, FSA Insured, 7.375%, 09/01/25. 7,369,227
Hawaiian Gardens Public Finance Authority, Tax Allocation, Pre-Refunded,
$ 3,105,000 Redevelopment Project No. 1, Series A, 7.15%, 12/01/17 ............. $ 3,563,205
9,375,000 Series 1988, 7.90%, 12/01/13 ....................................... 10,275,563
7,840,000 Hawaiian Gardens RDA, Refunding, Tax Allocation, Project No. 1, ETM,
8.00%, 12/01/10 ........................................................ 8,987,776
5,000,000 a,bHawthorne CRDA, Special Tax, CFD No. 91-1, 8.25%, 10/01/14 ........... 3,993,750
2,250,00 Hawthorne CRDA, Tax Allocation, Hawthorne Redevelopment Project No. 2,
Pre-Refunded, 7.875%, 07/01/15 ......................................... 2,435,288
1,985,000 Hayward RDA, Tax Allocation, Downtown Hayward Redevelopment Project,
Pre-Refunded, 7.75%, 03/01/14 .......................................... 2,057,711
4,000,000 Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 .............. 4,681,360
2,665,000 Hemet Valley Hospital District Revenue, COP, Hemacinto Community Corp.
Project, Series A, 7.75%, 05/01/19 ..................................... 2,676,886
Hemet Valley Hospital District Revenue, Moreno Valley Regional Medical
Center, Series A, Pre-Refunded,
3,380,000 8.25%, 07/01/05 .................................................... 3,673,452
22,490,000 8.50%, 07/01/18 .................................................... 24,536,140
4,000,000 Hesperia Public Financing Authority Revenue, Highway and Street Improvement,
Series A, 6.10%, 10/01/10 .............................................. 3,966,600
5,000,000 Hesperia Water District, COP, Refunding, Water Facilities Improvement Project,
FGIC Insured, 7.15%, 06/01/26 .......................................... 5,580,750
Highland Special Tax, CFD No. 90-1, Series A, Pre-Refunded,
2,000,000 8.50%, 09/01/10 .................................................... 2,197,060
3,000,000 8.60%, 09/01/15 .................................................... 3,301,050
Hollister RDA, Tax Allocation, Community Development Project,
2,000,000 Series 1989, 7.55%, 10/01/13 ....................................... 2,090,440
1,905,000 Series 1992-B, CGIC Insured, 6.625%, 10/01/07 ...................... 2,056,028
1,495,000 Series 1992-B, CGIC Insured, 6.75%, 10/01/13 ....................... 1,597,766
3,655,000 Huntington Beach COP, Refunding, Emerald Cove Senior Citizens Housing
Project, 7.00%, 09/01/21 ............................................... 3,718,232
Huntington Beach Public Financing Authority Revenue, Huntington Beach
Redevelopment Projects,
2,630,000 Refunding, Series 1992, 7.00%, 08/01/24 ............................ 2,597,888
14,855,000 Series A, Pre-Refunded, 8.375%, 05/01/18 ........................... 16,093,461
Huntington Park Public Financing Authority, Series A,
4,855,000 Lease Revenue, 7.875%, 09/01/19 .................................... 5,036,334
10,000,000 Local Agency Revenue, Refunding, MBIA Insured, 6.45%, 09/01/22 ..... 10,631,300
11,665,000 Huntington Park RDA, Sales and Use Tax Revenue, Junior Lien, Tax Allocation,
Merged Project, Pre-Refunded, 8.00%, 01/01/22 .......................... 13,085,330
$ 21,010,000 Imperial Irrigation District, COP, Electric System Project, Series 1994, 6.00%,
11/01/18 ............................................................... $ 21,198,460
Indio Public Financing Authority Revenue, Refunding, Tax Allocation,
Series 1992,
255,000 6.85%, 08/15/01 .................................................... 270,058
275,000 6.95%, 08/15/02 .................................................... 292,658
300,000 7.10%, 08/15/03 .................................................... 319,728
12,120,000 7.30%, 08/15/22 .................................................... 12,630,494
11,380,000 Industry COP, Refunding, 6.625%, 06/01/06 ............................... 12,266,502
5,500,000 Industry GO, Refunding, MBIA Insured, 5.25%, 07/01/20 ................... 5,105,430
1,820,000 Industry IDA, Camco Chemical Project, Series A, 7.00%, 12/01/00 ......... 1,826,443
5,860,000 Industry Urban Development Agency, Refunding, Tax Allocation, Transportation
District No. 3 Project, 6.90%, 11/01/07 ................................ 6,211,717
12,000,000 Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc., 6.75%, 05/01/13 12,469,200
7,410,000 Inglewood Public Financing Authority Revenue, La Cinega Redevelopment
Project, Series A, AMBAC Insured, 6.00%, 05/01/16 ...................... 7,540,268
2,990,000 Inglewood USD, COP, 7.375%, 10/01/05 .................................... 3,172,360
Inland Empire Solid Waste Financing Authority Revenue, Landfill Improvement
Financing Project, Series B, FSA Insured,
5,000,000 6.25%, 08/01/11 .................................................... 5,207,550
5,000,000 6.00%, 08/01/16 .................................................... 5,037,400
37,885,000 Intercommunity Hospital Financing Authority, Solano County COP, 7.75%,
11/01/19 ............................................................... 39,063,602
Intermodal Container Transfer Facility, Joint Powers Authority Revenue,
Refunding, Series A,
9,640,000 7.65%, 11/01/04 .................................................... 10,069,366
27,465,000 7.70%, 11/01/14 .................................................... 28,689,390
1,470,000 Inyo County COP, Series 1990, 7.30%, 12/01/10 ........................... 1,519,421
Irvine Ranch Water District Revenue, Joint Powers Agency, Local Pool,
13,000,000 7.80%, 02/15/08 .................................................... 13,561,340
228,390,000 7.875%, 02/15/23 ................................................... 238,322,681
15,000,000 Issue II, 8.20%, 08/15/08 .......................................... 15,981,750
255,995,000 Issue II, 8.25%, 08/15/23 .......................................... 272,739,633
1,950,000 Irwindale COP, Refunding, Municipal Facilities Project, 7.75%, 04/01/05 . 1,961,076
Irwindale CRDA, Tax Allocation,
1,630,000 Individual Development Project, 6.60%, 08/01/18 .................... 1,648,240
9,100,000 Individual Development Project, 6.625%, 08/01/26 ................... 9,204,832
10,220,000 Refunding, Senior Lien, FSA Insured, 5.75%, 08/01/26 ............... 10,204,568
10,000,000 Irwindale Public Finance Authority, Special Tax, CFD No. 1, 8.50%, 11/01/20 10,569,600
1,760,000 John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 06/01/23 1,859,493
Jurupa Community Service District, COP, Waste Water Facility Project,
Series 1990, Pre-Refunded,
$ 800,000 7.55%, 10/01/05 .................................................... $ 867,896
510,000 7.55%, 10/01/06 .................................................... 553,284
980,000 7.55%, 10/01/07 .................................................... 1,063,173
2,000,000 Keppel Union School District, Special Tax, CFD No. 1-91, Series A, 7.40%,
09/01/16 ............................................................... 2,106,000
5,090,000 Kern County Housing Authority, RRMR, Series 1985-A, 9.875%, 09/01/08 .... 5,116,061
Kern County Housing Authority, SFMR, Series A, GNMA Secured,
235,000 7.45%, 12/01/02 .................................................... 240,069
525,000 7.55%, 12/01/07 .................................................... 557,912
760,000 7.65%, 12/01/12 .................................................... 774,744
3,470,000 7.70%, 12/01/23 .................................................... 3,553,523
835,000 7.50%, 10/01/24 .................................................... 845,788
Kings River Conservation District, Pine Flat Power Revenue, Refunding,
Series D,
6,455,000 6.00%, 01/01/17 .................................................... 6,514,386
6,450,000 5.50%, 01/01/20 .................................................... 6,188,130
3,000,000 La Habra COP, Park La Habra and Viewpark Projects, FSA Insured, 6.625%,
11/01/22 ............................................................... 3,229,860
4,080,000 La Mesa Parking Authority Lease Revenue, Refunding, Municipal Forwards,
AMBAC Insured, 6.00%, 10/01/07 ......................................... 4,309,092
La Mirada RDA, Special Tax, Civic Theater Project, CFD No. 89-1,
295,000 7.90%, 10/01/01 .................................................... 311,859
315,000 8.00%, 10/01/02 .................................................... 334,665
340,000 8.00%, 10/01/03 .................................................... 359,999
12,725,000 8.25%, 10/01/20 .................................................... 13,477,429
7,100,000 La Mirada RDA, Tax Allocation, Housing, Refunding, Series A, CGIC Insured,
5.875%, 08/15/25 ....................................................... 7,136,210
2,135,000 La Mirada SFMR, 7.65%, 04/01/24 ......................................... 2,214,529
La Palma Community Development Commission, Tax Allocation, La Palma
Community Development Project No. 1,
4,945,000 7.10%, 06/01/21 .................................................... 4,963,297
2,355,000 6.10%, 06/01/22 .................................................... 2,199,028
La Quinta RDA, Tax Allocation,
7,500,000 Housing & Redevelopment Project, Areas No. 1 & 2, MBIA Insured,
6.00%, 09/01/25 ................................................... 7,643,850
1,500,000 La Quinta Redevelopment Project, Pre-Refunded, 8.00%, 09/01/12 ..... 1,634,145
3,500,000 La Verne COP, RDA, Capital Improvement, Series 1987, Pre-Refunded,
8.375%, 06/01/17 ....................................................... 3,675,105
$ 10,000,000 Lake Arrowhead Community Services District, COP, Refunding, FGIC
Insured, 6.50%, 06/01/15 ............................................... $ 10,621,900
5,000,000 Lake Elsinore Public Financing Authority, Tax Allocation Revenue, Lake
Elsinore Redevelopment Projects, Series A, FSA Insured, 5.80%, 09/01/25 4,958,100
5,150,000 Lake Elsinore USD, COP, Refunding, 6.90%, 02/01/20 ...................... 5,388,651
Lake Elsinore USD, Special Tax, CFD No. 88-1,
4,825,000 7.50%, 09/01/14 .................................................... 4,843,142
4,200,000 8.25%, 09/01/16 .................................................... 4,436,376
6,705,000 Lakewood RDA, Refunding, Tax Allocation, Redevelopment Project No. 1,
Series A, CGIC Insured, 6.50%, 09/01/17 ................................ 7,147,664
4,155,000 Lancaster CFD No. 89-1,7.60%, 09/01/20 .................................. 3,246,094
Lancaster COP, Refunding, School District Project, CGIC Insured,
2,640,000 6.95%, 03/01/12 .................................................... 2,947,243
3,555,000 7.00%, 03/01/22 .................................................... 3,977,014
5,000 Lancaster RDA, RMR, Los Angeles County, Series 1983-A, 10.125%, 09/01/16 5,076
Lancaster RDA, Tax Allocation,
9,125,000 Combined Redevelopment Project Areas, Housing Program, MBIA
Insured, 5.80%, 08/01/23 .......................................... 9,050,540
6,500,000 Combined Redevelopment Project Areas, Sheriff's Program, MBIA
Insured, 5.70%, 08/01/23 .......................................... 6,359,600
3,250,000 Lancaster Residential, sub. notes, 6.625%, 10/01/97 ................ 3,266,608
6,055,000 Refunding, Amargosa Redevelopment Project, MBIA Insured, 6.85%,
02/01/19 .......................................................... 6,507,248
5,455,000 Refunding, Amargosa Redevelopment Project, MBIA Insured, 5.60%,
02/01/23 .......................................................... 5,265,330
6,000,000 Refunding, Lancaster Redevelopment Project No. 6, MBIA Insured,
5.80%, 08/01/23 ................................................... 5,951,040
Lassen County COP, Public Facility Project,
1,260,000 Series A, 7.50%, 11/01/04 .......................................... 1,338,800
1,840,000 Series A, 7.60%, 11/01/09 .......................................... 1,938,882
1,045,000 Series B, 7.50%, 11/01/04 .......................................... 1,110,354
1,050,000 Series B, 7.60%, 11/01/09 .......................................... 1,106,427
1,000,000 Lemon Grove CDA Revenue, Tax Allocation, Lemon Redevelopment Project,
6.90%, 08/01/20 ........................................................ 1,016,760
4,400,000 Lemoore Financing Authority Lease Revenue, Water and Waste Water System
Improvement Project, AMBAC Insured, 6.20%, 12/01/20 .................... 4,598,572
6,105,000 Lemoore RDA, Tax Allocation, Refunding, 6.85%, 08/01/25 ................. 6,237,845
2,745,000 Liberty Union High School District, Series A, CGIC Insured, 6.20%, 08/01/19 2,844,808
Lincoln USD, Special Tax, Pre-Refunded,
3,000,000 CFD No. 1-A, AMBAC Insured, 6.90%, 09/01/21 ........................ 3,369,210
1,210,000 CFD No. 1-B, 7.20%, 09/01/21 ....................................... 1,369,030
Little Lake City School District, COP, Refunding, Series A,
$ 280,000 6.15%, 06/01/06 .................................................... $ 285,998
300,000 6.20%, 06/01/07 .................................................... 304,968
315,000 6.25%, 06/01/08 .................................................... 319,454
335,000 6.25%, 06/01/09 .................................................... 338,136
355,000 6.25%, 06/01/10 .................................................... 357,478
15,000,000 Local Government Finance, Joint Powers Authority Revenue, Anaheim RDA,
Series A, Pre-Refunded, 8.20%, 09/01/15 ................................ 16,396,050
9,700,000 Local Medical Facilities Financing Authority, COP, 7.55%, 03/01/20 ...... 10,417,994
Local Medical Facilities Financing Authority II, COP, California Health Clinic
Project,
4,255,000 7.55%, 11/01/20 .................................................... 4,610,080
2,985,000 Series B, 6.85%, 10/01/21 .......................................... 3,124,728
3,645,000 Local Medical Facilities Financing Authority III, COP, Insured Health Clinic
Projects, 6.90%, 07/01/22 .............................................. 3,826,958
4,750,000 Lodi USD, COP, Refunding, Educational Support Center, FSA Insured,
5.75%, 09/01/20 ........................................................ 4,743,588
11,525,000 Loma Linda Hospital Revenue, Refunding, Loma Linda University Medical
Center, Series A, AMBAC Insured, 6.55%, 12/01/18 ....................... 12,225,490
Long Beach COP, Fleet Services Project, Series A,
7,715,000 6.60%, 05/01/14 .................................................... 7,909,187
3,680,000 6.00%, 05/01/17 .................................................... 3,632,712
Long Beach Harbor Revenue, MBIA Insured,
10,285,000 5.375%, 05/15/20 ................................................... 9,713,257
15,500,000 5.25%, 05/15/25 .................................................... 14,234,580
2,500,000 Long Beach Health Care System Revenue, Sisters Charity Incarnate Word,
Pre-Refunded, 6.50%, 01/01/15 .......................................... 2,566,750
2,930,000 Long Beach HMR, Series 1983-A, 9.60%, 11/01/14 .......................... 3,009,169
Long Beach RDA, Downtown Redevelopment Project, Series B, Pre-Refunded,
3,080,000 8.20%, 11/01/05 .................................................... 3,328,648
3,410,000 8.30%, 11/01/10 .................................................... 3,690,438
3,735,000 Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%,
12/01/12 ............................................................... 3,822,997
7,935,000 Long Beach Water Revenue, Refunding, 6.25%, 05/01/24 .................... 8,188,206
Los Angeles Community College District, COP, Series A,
7,175,000 Capital Improvement Project, Pre-Refunded, 7.50%, 08/15/09 ......... 7,924,788
4,330,000 Refunding, CGIC Insured, 6.00%, 08/15/20 ........................... 4,390,750
Los Angeles COP,
3,360,000 Ararat Mission Hills Project, Series A, 7.25%, 06/01/21 ............ 3,597,619
5,335,000 Bay Harbor Hospital, Inc., 7.30%, 04/01/20 ......................... 5,677,400
$ 6,000,000 Los Angeles County, Capital Asset Leasing Corp., Leasehold Revenue,
Refunding, AMBAC Insured, 6.00%, 12/01/16 .............................. $ 6,111,660
Los Angeles County COP,
15,545,000 CHFCLP Insured Health Clinic Program, Series A, 7.30%, 01/01/21 .... 16,640,923
7,175,000 CHFCLP Insured Health Clinic Program, Series B, 7.05%, 08/01/21 .... 7,460,924
1,280,000 CHFCLP Insured Health Clinic Program, Series C, 6.90%, 01/01/22 .... 1,343,834
3,250,000 Civic Center Heating and Refrigeration Plant, Pre-Refunded, 8.00%,
06/01/10 .......................................................... 3,512,015
34,995,000 Correctional Facilities Projects, MBIA Insured, Pre-Refunded, 6.50%,
09/01/13 .......................................................... 38,197,742
11,560,000 Disney Parking Project, 5.50%, 09/01/21 ............................ 10,285,163
13,060,000 Disney Parking Project, 6.50%, 03/01/23 ............................ 13,193,604
1,000,000 Hospital Information System, Medical Center, 5.90%, 12/01/97 ....... 1,014,340
21,615,000 Marina del Rey, Series A, 6.50%, 07/01/08 .......................... 21,784,029
6,000,000 Multiple Capital Facilities Project III, 6.25%, 11/01/07 ........... 5,966,460
3,400,000 Refunding, Retirement Housing Foundation, 6.625%, 04/15/12 ......... 3,533,416
7,665,000 Refunding, Retirement Housing Foundation, 6.75%, 04/15/22 .......... 8,023,262
6,540,000 Series 1989, Pre-Refunded, 7.00%, 06/01/09 ......................... 7,087,202
1,000,000 Series 1992, 6.625%, 07/01/22 ...................................... 1,040,020
Los Angeles County Public Works Financing Authority Lease Revenue,
Refunding, MBIA Insured,
8,510,000 Series A, 5.25%, 09/01/11 .......................................... 8,202,704
5,000,000 Series A, 5.25%, 09/01/12 .......................................... 4,786,550
5,215,000 Series A, 5.25%, 09/01/13 .......................................... 4,983,923
4,000,000 Series B, 5.25%, 09/01/09 .......................................... 3,886,600
5,000,000 Series B, 5.25%, 09/01/10 .......................................... 4,827,450
4,435,000 Series B, 5.25%, 09/01/11 .......................................... 4,253,254
35,355,000 Los Angeles County Public Works, Financing Authority Revenue, Regional
Park and Open Space District, Series A, 6.00%, 10/01/15 ................ 35,698,651
Los Angeles County Sanitation Districts Financing Authority Revenue,
Capital Projects, Series A,
5,000,000 5.00%, 10/01/23 .................................................... 4,482,650
10,745,000 MBIA Insured, 5.25%, 10/01/19 ...................................... 10,051,303
Los Angeles County SFMR, GNMA Secured,
2,380,000 Issue 1986-A, 7.875%, 08/01/16 ..................................... 2,419,151
3,785,000 Issue 1987-A, 8.00%, 03/01/17 ...................................... 3,958,050
Los Angeles County Special Tax, CFD No. 1, Palmdale/Lancaster
Waterworks, Series A,
230,000 8.00%, 09/01/06 .................................................... 236,859
4,350,000 8.125%, 09/01/18 ................................................... 4,497,987
Los Angeles County Special Tax, CFD No. 2, Rowland Heights Area,
$ 1,070,000 7.90%, 09/01/08 .................................................... $ 1,111,965
6,255,000 8.00%, 09/01/18 .................................................... 6,505,763
5,785,000 Los Angeles County Special Tax, CFD No. 3, Series A, 7.60%, 09/01/14 .... 5,970,120
16,550,000 Los Angeles County Transportation Commission, Lease Revenue, FSA Insured,
7.375%, 12/15/06 ....................................................... 18,416,344
Los Angeles County Transportation Commission, Sales Tax Revenue,
26,410,000 Refunding, Series A, 7.40%, 07/01/09 ............................... 28,383,091
1,830,000 Refunding, Series A, 7.40%, 07/01/15 ............................... 1,976,034
8,240,000 Refunding, Series A, Pre-Refunded, 8.00%, 07/01/18 ................. 8,935,703
4,300,000 Refunding, Series B, 6.50%, 07/01/13 ............................... 4,470,409
5,000,000 Refunding, Series B, FGIC Insured, 6.50%, 07/01/13 ................. 5,324,100
28,095,000 Refunding, Series B, FGIC Insured, 5.75%, 07/01/18 ................. 28,057,353
11,095,000 Refunding, Series B, MBIA Insured, 5.75%, 07/01/18 ................. 11,080,133
1,200,000 Series A, FGIC Insured, 6.25%, 07/01/16 ............................ 1,201,584
29,590,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.625%, 07/01/09 32,082,958
15,000,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.25%, 07/01/13 15,642,450
55,780,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.00%, 07/01/23 56,427,048
Los Angeles CRDA, Financing Authority Revenue, Pooled Financing,
7,500,000 Beacon Normandie, Series B, 6.625%, 09/01/14 ....................... 7,565,850
5,000,000 Bunker Harbor, Series A, 6.375%, 09/01/14 .......................... 4,949,650
6,630,000 Los Angeles CRDA, MFHR, Refunding, Angelus Plaza Project, Series A,
6.40%, 07/01/23 ........................................................ 6,722,091
Los Angeles CRDA, Tax Allocation, Refunding,
20,000,000 Bunker Hill, Series H, FSA Insured, 5.625%, 12/01/18 ............... 19,910,400
50,090,000 Bunker Hill, Series H, FSA Insured, 5.625%, 12/01/23 ............... 48,827,231
36,900,000 Bunker Hill, Series H, FSA Insured, 5.60%, 12/01/28 ................ 35,774,181
17,245,000 Central Business District, Series G, 6.75%, 07/01/10 ............... 17,497,467
6,065,000 Los Angeles Department of Airport Revenue, Refunding, Series B,
Pre-Refunded, 7.40%, 05/01/10 .......................................... 6,315,970
Los Angeles Department of Water and Power Electric Plant Revenue,
33,125,000 Crossover Refunding, 5.875%, 09/01/30 .............................. 32,905,713
11,545,000 Crossover Refunding, FGIC Insured, 5.75%, 09/01/13 ................. 11,576,172
8,770,000 Crossover Refunding, FGIC Insured, 5.375%, 09/01/23 ................ 8,253,447
10,500,000 Crossover Refunding, FGIC Insured, 5.875%, 09/01/30 ................ 10,546,305
19,400,000 Crossover Refunding, MBIA Insured, 5.875%, 09/01/30 ................ 19,485,554
14,500,000 Crossover Refunding, Second Issue, 5.40%, 11/15/31 ................. 13,409,455
37,080,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/20 .... 40,579,240
79,155,000 Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 09/01/23 ... 75,007,278
8,245,000 Refunding, Series 1992, 6.375%, 02/01/20 ........................... 8,661,785
Los Angeles Department of Water and Power Electric Plant Revenue, (cont.)
$ 8,290,000 Refunding, Series 1992, 6.00%, 02/01/28 ............................ $ 8,410,785
11,060,000 Refunding, Series 1992, MBIA Insured, 6.00%, 02/01/28 .............. 11,303,541
37,600,000 Second Issue, 6.00%, 08/15/32 ...................................... 37,948,176
14,535,000 Series 1987, 7.60%, 07/15/27 ....................................... 15,315,093
22,800,000 Series 1988, 7.90%, 05/01/28 ....................................... 24,555,372
101,095,000 Series 1993, 6.125%, 01/15/33 ...................................... 102,888,425
5,000,000 Series 1993, FGIC Insured, 6.125%, 01/15/33 ........................ 5,151,500
Los Angeles Department of Water and Power Waterworks Revenue,
6,700,000 Crossover Refunding, FGIC Insured, 5.25%, 04/15/18 ................. 6,281,250
10,520,000 Crossover Refunding, Series 1993, 5.80%, 04/15/24 .................. 10,391,446
11,100,000 FGIC Insured, 6.125%, 05/15/25 ..................................... 11,506,815
21,590,000 Refunding, Series 1992, 6.40%, 05/15/28 ............................ 22,518,370
1,000,000 Second Issue, 6.50%, 11/01/14 ...................................... 1,057,080
14,815,000 Second Issue, 6.40%, 11/01/31 ...................................... 15,481,823
15,590,000 Second Issue, 6.00%, 07/15/32 ...................................... 15,771,624
5,500,000 Second Issue, FGIC Insured, 6.40%, 11/01/31 ........................ 5,797,385
3,200,000 Second Issue, FGIC Insured, 6.00%, 07/15/32 ........................ 3,247,296
4,330,000 Second Issue, MBIA Insured, 6.00%, 07/15/32 ........................ 4,393,997
3,850,000 Series 1989, 7.20%, 02/15/19 ....................................... 4,172,553
3,500,000 Series 1992, 6.50%, 04/15/32 ....................................... 3,667,265
3,000,000 Series 1994, MBIA Insured, 6.375%, 07/01/34 ........................ 3,158,640
Los Angeles GO, Series A, FGIC Insured,
6,465,000 6.10%, 09/01/12 .................................................... 6,684,357
8,130,000 6.125%, 09/01/13 ................................................... 8,419,916
11,470,000 Series A, 6.30%, 09/01/15 .......................................... 11,962,292
Los Angeles Harbor Department Revenue, Series B,
24,810,000 6.125%, 08/01/18 ................................................... 25,341,430
59,835,000 6.20%, 08/01/22 .................................................... 61,495,421
35,690,000 6.20%, 08/01/25 .................................................... 37,019,809
Los Angeles HMR,
255,000 Series 1982, 13.00%, 08/01/14 ...................................... 260,679
595,000 Series 1985, 9.00%, 06/15/18 ....................................... 601,569
6,000,000 Los Angeles Metropolitan Transportation Authority, Sales Tax Revenue,
Proposition A, First Tier, Senior Series A, MBIA Insured, 6.00%, 07/01/23 6,121,020
3,000,000 Los Angeles Municipal Improvement Corp., Lease Revenue, Refunding,
Central Library Project, Series A, 6.30%, 06/01/18 ..................... 3,028,650
5,000,000 Los Angeles, Series A, MBIA Insured, 6.00%, 09/01/12 .................... 5,146,400
Los Angeles USD, COP, Refunding, Dr. Francisco Bravo Medical Facility,
$ 3,040,000 6.50%, 06/01/04 .................................................... $ 3,276,846
1,145,000 6.60%, 06/01/05 .................................................... 1,233,898
3,610,000 6.60%, 06/01/06 .................................................... 3,871,942
8,505,000 6.625%, 06/01/08 ................................................... 9,097,884
Los Angeles Waste Water System Revenue,
15,000,000 Refunding, Series A, FGIC Insured, 6.00%, 12/01/12 ................. 15,251,250
42,870,000 Refunding, Series A, MBIA Insured, 5.70%, 06/01/20 ................. 42,263,818
20,505,000 Refunding, Series A, MBIA Insured, 5.80%, 06/01/21 ................. 20,476,293
15,495,000 Refunding, Series C, 7.10%, 06/01/18 ............................... 16,768,689
31,540,000 Refunding, Series C, MBIA Insured, 5.60%, 06/01/20 ................. 30,889,645
8,000,000 Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 ................. 8,219,120
25,665,000 Series A, FGIC Insured, 6.00%, 12/01/18 ............................ 26,019,690
45,400,000 Series A, MBIA Insured, 5.875%, 06/01/24 ........................... 45,611,564
10,650,000 Series B, AMBAC Insured, 6.00%, 06/01/22 ........................... 10,805,490
38,720,000 Series B, MBIA Insured, 5.70%, 06/01/23 ............................ 38,401,722
7,210,000 Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 07/01/13 .... 7,107,906
Lynwood USD, COP,
355,000 Series 1986, Financing Project, 8.25%, 06/01/07 .................... 360,041
490,000 Series A, 7.70%, 11/01/07 .......................................... 500,246
300,000 Series A, 7.70%, 11/01/08 .......................................... 306,261
1,140,000 Series A, 7.70%, 11/01/09 .......................................... 1,163,701
2,425,000 Madera-Chowchilla Power Authority, Hydroelectric Revenue, Refunding,
8.00%, 01/01/14 ........................................................ 2,574,283
Madera County COP, Valley Children's Hospital, MBIA Insured,
18,000,000 6.125%, 03/15/23 ................................................... 18,652,680
7,000,000 5.75%, 03/15/28 .................................................... 6,989,570
1,250,000 Madera USD, COP, 6.50%, 12/01/07 ........................................ 1,315,238
2,330,000 Marin County COP, Capital Improvement Project, 6.625%, 08/01/06 ......... 2,527,118
Martinez USD, Refunding, Series 1992,
1,260,000 6.00%, 08/01/06 .................................................... 1,287,783
1,265,000 6.00%, 08/01/10 .................................................... 1,285,974
1,110,000 Marysville COP, Capital Improvement Financing Project, 7.125%, 02/01/13 . 1,156,343
7,215,000 Mayer's Memorial Hospital District, Health Facility Revenue, Fall River Mills,
IDBI Insured, Pre-Refunded, 7.70%, 02/01/19 ............................ 7,840,829
6,310,000 Mendocino County COP, Refunding, BIG Insured, 7.40%, 08/15/06 ........... 6,736,808
Mendota and Parlier USD, COP, Capital Outlay Financing Program,
1,025,000 7.50%, 01/01/11 .................................................... 1,057,831
795,000 7.55%, 01/01/17 .................................................... 820,448
$ 3,475,000 ....Menlo Park CDA, MFHR, Gateway Project, Series A, FHA Insured, 8.25%,
12/01/28 ............................................................... $ 3,602,533
3,580,000 Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 3,626,397
Metropolitan Water District Revenue, Southern California Waterworks,
78,315,000 5.50%, 07/01/19 .................................................... 75,169,086
5,250,000 5.00%, 07/01/20 .................................................... 4,699,223
8,250,000 Pre-Refunded, 6.625%, 07/01/12 ..................................... 9,087,045
Mid-Peninsula Regional Open Space District, COP,
5,000,000 Series 1990, Pre-Refunded, 7.60%, 09/01/20 ......................... 5,535,000
5,200,000 Special Districts Association Finance Corp., 5.75%, 09/01/20 ....... 5,010,148
Mid-Peninsula Regional Open Space District, Series 1990,
1,215,000 7.50%, 09/01/07 .................................................... 1,314,205
1,305,000 7.50%, 09/01/08 .................................................... 1,407,873
1,400,000 7.50%, 09/01/09 .................................................... 1,508,388
1,500,000 7.50%, 09/01/10 .................................................... 1,614,015
2,750,000 Mill Valley Revenue, COP, 7.10%, 12/01/20 ............................... 2,921,435
13,000,000 Modesto COP, Water System Improvement Project, AMBAC Insured, 6.25%,
10/01/22 ............................................................... 13,437,840
2,175,000 Modesto EDR, Evergreen Convalescent Home, FHA Mortgage Insured,
10.50%, 08/01/19 ....................................................... 2,261,369
Modesto Health Facility Revenue, Memorial Hospital Association, Series A,
3,800,000 MBIA Insured, 6.85%, 06/01/16 ...................................... 4,097,996
6,800,000 Pre-Refunded, 7.875%, 08/01/18 ..................................... 7,379,564
10,000,000 Modesto Irrigation District, COP, Refunding and Capital Improvement Project,
Series A, MBIA Insured, 6.00%, 10/01/21 ................................ 10,102,800
3,000,000 Modesto Irrigation District, Financing Authority Revenue, Domestic Water
Project, Series A, AMBAC Insured, 6.125%, 09/01/19 ..................... 3,078,180
Mojave Water Agency ID,
5,500,000 MBIA Insured, Pre-Refunded, 6.95%, 09/01/21 ........................ 6,188,930
670,000 Morongo Basin, ETM, 6.20%, 09/01/01 ................................ 719,654
545,000 Morongo Basin, Pre-Refunded, 6.375%, 09/01/03 ...................... 602,874
5,295,000 Morongo Basin, Pre-Refunded, 6.70%, 09/01/08 ....................... 5,945,438
1,200,000 Morongo Basin, Pre-Refunded, 6.60%, 09/01/13 ....................... 1,341,264
3,100,000 Morongo Basin, Pre-Refunded, 6.60%, 09/01/22 ....................... 3,464,932
Montclair RDA, Tax Allocation,
1,645,000 Redevelopment Project No. IV, 6.90%, 10/01/22 ...................... 1,728,105
4,245,000 Redevelopment Project No. V, 6.90%, 10/01/22 ....................... 4,448,548
1,505,000 Monterey Bay Unified Air Pollution Control District, COP, Pre-Refunded,
7.375%, 12/01/15 ....................................................... 1,664,244
Monterey County COP, Natividad Medical Center Improvement Project,
$ 1,095,000 Series A, 6.10%, 08/01/23 .......................................... $ 1,073,637
5,170,000 Series B, MBIA Insured, 6.10%, 08/01/27 ............................ 5,296,820
3,500,000 Series C, MBIA Insured, 6.50%, 08/01/15 ............................ 3,749,865
13,250,000 Series C, MBIA Insured, 6.60%, 08/01/23 ............................ 14,302,315
13,385,000 Series C, MBIA Insured, 6.25%, 08/01/28 ............................ 13,906,613
7,265,000 Monterey County COP, Refunding, Sheriff's Facility Project, Series 1985,
USF & G Insured, Pre-Refunded, 7.875%, 12/01/17 ........................ 7,749,576
Monterey Hospital Revenue,
1,695,000 Monterey Peninsula Hospital Project, Series A, 7.375%, 07/01/14 .... 1,730,392
1,130,000 Refunding, Monterey Peninsula Hospital, Series B, 7.375%, 07/01/14 . 1,153,594
13,680,000 Monterey Park RDA, Tax Allocation, Refunding, Atlantic-Garvey
Redevelopment Project No. 1, 6.85%, 09/01/14 ........................... 14,047,855
5,830,000 Moreno Valley Special Tax, Refunding, Towngate Community Facilities 87-1,
Series A, FSA Insured, 5.875%, 12/01/15 ................................ 5,853,786
Moreno Valley USD, COP, Land Acquisition, FSA Insured, Series E,
250,000 6.70%, 09/01/11 .................................................... 257,390
2,895,000 6.75%, 09/01/27 .................................................... 2,974,960
Moreno Valley USD, COP, Palm Middle School,
10,000 ETM, 7.00%, 09/01/01 ............................................... 11,067
10,000 Pre-Refunded, 7.10%, 09/01/02 ...................................... 11,271
10,000 Pre-Refunded, 7.20%, 09/01/03 ...................................... 11,314
5,000 Pre-Refunded, 7.30%, 09/01/05 ...................................... 5,679
3,350,000 Moulton-Niguel Water District, ID No. 6, Series 2, Pre-Refunded, 8.00%,
05/01/13 ............................................................... 3,498,003
5,000,000 Mount Diablo USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 08/01/22 5,215,650
4,195,000 Mount Shasta Hospital Revenue, COP, Mercy Medical Center, Series A,
Pre-Refunded, 7.25%, 07/01/19 .......................................... 4,478,037
Mountain View Capital Improvements, Financing Authority Revenue, City Hall,
MBIA Insured,
3,110,000 6.25%, 08/01/12 .................................................... 3,239,189
2,000,000 6.50%, 08/01/16 .................................................... 2,117,020
10,000,000 Mountain View COP, Revitalization Authority, Pre-Refunded, 8.00%, 12/01/15 10,669,200
2,175,000 Mountain View-Los Altos UHSD, COP, Financing Project, 7.40%, 08/01/16 ... 2,295,952
Mountain View School District, COP, Santa Clara County Financing Project,
1,010,000 6.75%, 04/01/07 .................................................... 1,056,309
1,430,000 6.90%, 04/01/12 .................................................... 1,498,368
9,605,000 Mountain View, Shoreline Regional Park, Community Tax Allocation, Series A,
MBIA Insured, 5.75%, 08/01/18 .......................................... 9,592,225
M-S-R Public Power Agency Revenue, San Juan Project,
$ 16,550,000 Series C, 6.875%, 07/01/19 ......................................... $ 16,915,093
5,000,000 Series C, AMBAC Insured, 6.875%, 07/01/19 .......................... 5,123,350
8,630,000 Series C, AMBAC Insured, 5.50%, 07/01/21 ........................... 8,335,113
8,490,000 Series E, MBIA Insured, 6.00%, 07/01/22 ............................ 8,572,608
10,750,000 Series F, AMBAC Insured, 6.00%, 07/01/20 ........................... 10,924,150
1,510,000 Murieta County Water District, Special Tax, CFD No. 88-1, 8.10%, 10/01/18 1,590,921
6,125,000 Napa Housing Facility Revenue, Napa Park Apartments, Series A, 6.35%,
06/20/35 ............................................................... 6,190,599
2,000,000 Napa Mortgage Revenue, Refunding, Creekside II Apartments Project,
Series A, MBIA Insured, 6.625%, 07/01/25 ............................... 2,059,180
1,580,000 Needles Public Financing Authority Revenue, Tax Allocation, Redevelopment
Project, Series A, 7.50%, 08/15/22 ..................................... 1,646,723
6,275,000 Nevada County COP, Jail and Government Center Project, Refunding, FSA
Insured, 5.875%, 10/01/19............................................... 6,298,092
7,805,000 Nevada Power Authority Revenue, Refunding, Bowman Hydroelectric Project,
7.50%, 05/01/13 ........................................................ 7,921,216
Norco RDA, Tax Allocation, Redevelopment Project Area No. 1, Pre-Refunded,
8,820,000 8.10%, 03/01/18 .................................................... 9,471,269
5,240,000 8.10%, 03/01/19 .................................................... 5,626,922
Northern California Public Power Agency Revenue, Hydroelectric Project No. 1,
10,000,000 Refunding, Series A, MBIA Insured, 5.50%, 07/01/24 ................. 9,641,000
83,715,000 Refunding, Series B-1, Pre-Refunded, 8.00%, 07/01/24 ............... 89,221,773
60,945,000 Refunding, Series B-2, Pre-Refunded, 8.00%, 07/01/24 ............... 64,953,962
114,045,000 Series E, 7.15%, 07/01/24 .......................................... 119,955,952
38,500,000 Series F, 7.15%, 07/01/24 .......................................... 40,495,455
38,500,000 Series G, 7.15%, 07/01/24 .......................................... 40,495,455
7,625,000 Northern California Transmission Revenue, Ore Transmission Project,
Series A, MBIA Insured, 6.00%, 05/01/24 ................................ 7,710,781
14,720,000 Norwalk Community Facilities Financing Authority Revenue, Tax Allocation,
Projects No. 1 & 2, Pre-Refunded, 8.00%, 12/01/19 ...................... 16,499,942
Novato Special Tax, CFD No. 1, Pre-Refunded,
450,000 7.60%, 10/01/01 .................................................... 488,165
4,565,000 8.65%, 10/01/11 .................................................... 5,038,436
16,350,000 8.75%, 10/01/21 .................................................... 18,076,560
1,720,000 Novato USD, COP, Capital Improvement Project, Series A, 6.70%, 10/01/12 . 1,724,180
8,000,000 Oakland COP, Refunding, Oakland Museum, Series A, AMBAC Insured,
6.00%, 04/01/12 ........................................................ 8,059,680
Oakland HFR,
260,000 Issue D-1, 6.80%, 01/01/99 ......................................... 267,678
280,000 Issue D-1, 6.80%, 07/01/99 ......................................... 285,102
Oakland HFR, (cont.)
$ 295,000 Issue D-1, 6.875%, 01/01/00 ........................................ $ 301,304
295,000 Issue D-1, 6.875%, 07/01/00 ........................................ 296,257
305,000 Issue D-1, 6.95%, 01/01/01 ......................................... 305,616
615,000 Issue D-1, 6.95%, 07/01/01 ......................................... 616,378
3,950,000 Issue D-1, 7.10%, 01/01/10 ......................................... 4,048,000
315,000 Issue D-2, 6.95%, 07/01/01 ......................................... 315,706
1,910,000 Issue D-2, 7.10%, 01/01/10 ......................................... 1,957,387
5,800,000 Issue D-2, 7.15%, 01/01/24 ......................................... 5,910,432
17,750,000 Oakland Joint Powers Financing Authority Lease Revenue, Oakland
Administration Buildings, AMBAC Insured, 5.75%, 08/01/26 ............... 17,598,238
Oakland Revenue, Refunding,
6,000,000 Series A, FGIC Insured, 7.60%, 08/01/21 ............................ 6,459,360
5,405,000 YMCA Project, Series 1990, Pre-Refunded, 7.40%, 06/01/10 ........... 6,029,764
5,640,000 Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 ........ 6,237,558
4,205,000 Oceanside COP, La Salina Waste Water Treatment, Pre-Refunded, 7.00%,
05/01/21 ............................................................... 4,694,630
5,000,000 Oceanside COP, Refunding, Oceanside Civic Center Project, MBIA Insured,
5.75%, 08/01/15 ........................................................ 5,015,500
Oceanside COP, Refunding, Series A,
4,435,000 6.375%, 04/01/12 ................................................... 4,497,312
9,000,000 6.625%, 04/01/23 ................................................... 9,015,570
4,750,000 Oceanside COP, Refunding, Water System Project, AMBAC Insured, 5.80%,
08/01/21 ............................................................... 4,762,540
2,000,000 Oceanside COP, Water Use Association Finance Program, Series A,
AMBAC Insured, 6.40%, 10/01/12 ......................................... 2,120,460
1,850,000 Ontario Montclair School District, COP, Series A, 7.50%, 10/01/12 ....... 1,923,038
Orange County Airport Revenue, GO, John Wayne International Airport,
Series 1987,
10,505,000 8.10%, 07/01/07 .................................................... 10,858,808
32,910,000 8.125%, 07/01/16 ................................................... 34,044,079
4,495,000 Pre-Refunded, 8.10%, 07/01/07 ...................................... 4,722,537
14,090,000 Pre-Refunded, 8.125%, 07/01/16 ..................................... 14,805,772
Orange County COP,
4,500,000 Civic Center Expansion Project, AMBAC Insured, Pre-Refunded, 6.00%,
08/01/21 .......................................................... 4,799,700
13,800,000 Juvenile Justice Center Project, Pre-Refunded, 7.50%, 06/01/09 ..... 15,144,534
16,500,000 Juvenile Justice Center Project, Pre-Refunded, 7.625%, 06/01/19 .... 18,158,910
2,375,000 Loma Ridge/Data Center Project, AMBAC Insured, Pre-Refunded,
6.00%, 06/01/21 ................................................... 2,407,205
Orange County COP, (cont.)
$ 3,250,000 Public Facilities Corp., 7.875%, 12/01/13 .......................... $ 3,425,858
5,000,000 Refunding, Juvenile Justice Center Facilities, AMBAC Insured, 6.375%,
06/01/11 .......................................................... 5,203,500
Orange County Financing Authority Revenue, Refunding, Tax Allocation,
Series A, MBIA Insured,
5,525,000 6.50%, 09/01/21 .................................................... 5,819,262
8,000,000 6.50%, 09/01/22 .................................................... 8,426,080
Orange County Purchaser Certificates, Master Lease, Series 1990,
2,000,000 7.00%, 09/01/97 .................................................... 2,003,480
2,000,000 7.00%, 09/01/98 .................................................... 2,001,920
1,000,000 7.00%, 09/01/99 .................................................... 997,580
1,975,000 7.00%, 09/01/00 .................................................... 1,962,222
79,010,000 Orange County Recovery, Refunding, Series A, MBIA Insured, 5.75%, 06/01/15 78,912,818
Orange County Special Tax, Pre-Refunded,
4,700,000 CFD No. 87-1, Dimensions Business Park, 8.25%, 08/15/13 ............ 5,133,810
5,000,000 CFD No. 87-4, Foothill Ranch, 8.00%, 08/15/10 ...................... 5,698,500
9,900,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, 8.00%, 08/15/05 .......... 10,769,814
43,265,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, 8.10%, 08/15/13 .......... 47,143,275
2,865,000 Orange County Transportation District COP, Business Acquisition Project,
6.75%, 12/01/05 ........................................................ 3,013,694
4,000,000 Orange County USD, COP, Pre-Refunded, 6.875%, 06/01/21 .................. 4,327,480
Orange County Water District, COP,
2,000,000 AMBAC Insured, 6.50%, 08/15/11 ..................................... 2,094,040
9,430,000 Refunding, Series A, 5.50%, 08/15/14 ............................... 8,956,237
3,400,000 Orange Cove Irrigation District Revenue, COP, Rehabilitation Project,
Pre-Refunded, 7.25%, 02/01/12 .......................................... 3,805,450
8,530,000 Orange RDA Revenue, Refunding, Tax Allocation, Northwest Redevelopment
Project, Series B, 5.70%, 10/01/23 ..................................... 7,686,724
12,150,000 Oroville Public Financing Authority Revenue, Series A, AMBAC Insured,
6.30%, 09/15/20 ........................................................ 12,689,582
10,575,000 Oroville Wyandotte Irrigation District Revenue, Refunding, Hydroelectric,
6.20%, 01/01/09 ........................................................ 10,661,821
Oxnard 1915 Act, AD No. 86-3, Northeast Industrial Area,
950,000 8.10%, 09/02/00 .................................................... 953,221
2,020,000 8.10%, 09/02/01 .................................................... 2,025,090
965,000 8.20%, 09/02/02 .................................................... 966,534
1,490,000 8.20%, 09/02/03 .................................................... 1,490,820
1,330,000 8.20%, 09/02/04 .................................................... 1,329,375
1,590,000 8.20%, 09/02/05 .................................................... 1,587,631
2,235,000 8.20%, 09/02/06 .................................................... 2,229,502
Oxnard Public Facilities Corp., COP, Pre-Refunded,
$ 18,765,000 AMBAC Insured, 7.50%, 09/01/06 ..................................... $ 20,417,258
3,750,000 Civic Library Project, 8.00%, 10/01/08 ............................. 4,092,713
11,650,000 a,bOxnard Special Tax, CFD No. 88-1, 8.15%, 10/01/13 ....................... 2,912,500
1,390,000 Palm Desert 1915 Act, Improvement Board, AD No. 92-1, 7.60%, 09/02/12 ... 1,438,664
5,020,000 Palm Desert Financing Authority Lease Revenue, Blythe County
Administrative Project, 6.625%, 08/01/26 ............................... 5,039,779
Palm Desert Financing Authority Revenue, Tax Allocation, Project Area No.1,
Series A, MBIA Insured,
5,595,000 6.625%, 04/01/23 ................................................... 6,011,660
15,075,000 5.95%, 04/01/24 .................................................... 15,298,110
1,890,000 Palm Desert RDA, Tax Allocation, Project Area No. 1, MBIA Insured, 7.40%,
05/01/09 ............................................................... 1,940,217
5,000,000 Palm Springs COP, Municipal Gold Course Expansion Project, 7.40%,
11/01/18 ............................................................... 5,248,800
2,230,000 Palm Springs Financing Authority Revenue, Tax Allocation, Series B, 6.875%,
08/01/21 ............................................................... 2,323,972
Palmdale 1915 Act, AD No. 87-1, Rancho Vista,
500,000 8.20%, 09/02/00 .................................................... 517,350
555,000 8.20%, 09/02/01 .................................................... 574,259
625,000 8.20%, 09/02/02 .................................................... 646,688
700,000 8.20%, 09/02/03 .................................................... 724,290
775,000 8.20%, 09/02/04 .................................................... 801,893
850,000 8.20%, 09/02/05 .................................................... 879,495
945,000 8.20%, 09/02/06 .................................................... 977,792
1,040,000 8.20%, 09/02/07 .................................................... 1,076,088
11,580,000 Palmdale Civic Authority Revenue, Refunding, Merged Redevelopment
Project Areas, Series A, MBIA Insured, 6.15%, 09/01/24 ................. 12,094,499
495,000 Palmdale School District, COP, Series 1990, 7.40%, 08/01/20 ............. 507,682
20,400,000 Palo Alto Medical Foundation, Insured Revenue, Series 1987, ETM, 7.875%,
05/15/17 ............................................................... 21,154,188
4,210,000 Palomar Community College District, COP, Building Acquisition Project,
Connie Lee Insured, 6.75%, 10/01/19 .................................... 4,569,871
6,300,000 Palomar Pomerado Hospital District Revenue, Refunding and Project,
Series A, MBIA Insured, 5.00%, 11/01/14 ................................ 5,799,402
3,000,000 Panoche Water District, COP, 7.50%, 12/01/08 ............................ 3,176,220
25,000,000 Paramount RDA, Tax Allocation, Custodial Receipts, MBIA Insured, 6.25%,
08/01/23 ............................................................... 25,974,250
8,250,000 Pasadena COP, Art Center, College of Design, Connie Lee Insured, 6.50%,
12/01/19 ............................................................... 8,779,155
$ 4,000,000 Pasadena Water Revenue, 6.00%, 07/01/13 ................................. $ 4,106,240
Perris Public Financing Authority Revenue, Refunding, Tax Allocation,
5,280,000 Series B, MBIA Insured, 6.35%, 08/15/17 ............................ 5,542,416
3,330,000 Series C, 7.10%, 11/15/17 .......................................... 3,458,372
Perris Public Financing Authority Revenue, Special Tax, Series A,
205,000 7.45%, 09/01/01 .................................................... 209,584
235,000 7.50%, 09/01/02 .................................................... 240,250
270,000 7.55%, 09/01/03 .................................................... 276,029
305,000 7.60%, 09/01/04 .................................................... 311,805
325,000 7.60%, 09/01/05 .................................................... 331,890
5,595,000 7.80%, 09/01/19 .................................................... 5,694,647
Perris RDA, Tax Allocation,
4,535,000 Central and North Perris Redevelopment Project, Series B, Pre-Refunded,
7.875%, 10/01/14 .................................................. 5,272,210
2,935,000 Refunding, Central and North Perris Redevelopment Project, Series A,
Pre-Refunded, 7.875%, 10/01/10 .................................... 3,436,357
865,000 Series 1991, 7.15%, 08/01/11 ....................................... 898,389
2,040,000 Series 1991, 7.20%, 08/01/21 ....................................... 2,108,401
Perris Special Tax,
50,000 CFD No. 88-1, Series A, ETM, 8.00%, 09/01/99 ....................... 54,937
65,000 CFD No. 88-1, Series A, ETM, 8.05%, 09/01/00 ....................... 73,187
85,000 CFD No. 88-1, Series A, ETM, 8.10%, 09/01/01 ....................... 97,940
100,000 CFD No. 88-1, Series A, ETM, 8.15%, 09/01/02 ....................... 117,619
6,040,000 CFD No. 88-1, Series A, Pre-Refunded, 8.30%, 09/01/18 .............. 7,372,968
5,395,000 CFD No. 91-1, 8.75%, 09/01/21 ...................................... 5,779,717
10,615,000 Perris Union High School District, CFD No. 87-1, 8.25%, 10/01/13 ........ 7,430,500
4,800,000 Petaluma Community Development Commission, MFR, Park Lane Apartments,
Series A, 6.875%, 11/20/34 ............................................. 5,007,072
4,565,000 Petaluma Hospital District Revenue, Petaluma Hospital Building Corp. Project,
Loan Program, Series A, 6.50%, 03/01/08 ................................ 4,563,539
18,905,000 Pico Rivera RDA, Tax Allocation, Refunding, Redevelopment Project Area
No. 1, 8.15%, 05/01/07 ................................................. 19,556,655
1,200,000 Pismo Beach Public Financing Authority Revenue, 6.90%, 09/15/22 ......... 1,210,920
1,770,000 Placentia COP, Refunding, RDA, Series A, 6.90%, 01/01/14 ................ 1,829,543
3,230,000 Pleasant Valley School District, Ventura County COP, Woodcreek Road,
Elementary School Project, 6.375%, 08/01/18 ............................ 3,186,589
Pleasanton COP,
2,180,000 Capital Improvements, 6.70%, 10/01/11 .............................. 2,245,182
3,500,000 Capital Projects No. 1 & 2, Pre-Refunded, 8.75%, 10/01/08 .......... 3,736,705
4,585,000 Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 09/01/14 . 5,109,753
Pomona Public Financing Authority Revenue,
$ 6,490,000 Refunding, Series P, 5.75%, 10/01/15 ............................... $ 6,208,399
10,205,000 Series H, AMBAC Insured, 7.40%, 05/01/18 ........................... 11,018,543
Pomona RDA, Tax Allocation,
2,370,000 Holt Ave./Indian Hill Blvd., Redevelopment Project, 8.25%, 06/01/16 2,421,002
2,795,000 Refunding, Reservoir Street Industrial Redevelopment Project, 8.25%,
06/01/13 .......................................................... 2,855,372
15,070,000 Southwest Pomona Redevelopment Project, 11.45%, 01/01/07 ........... 19,904,155
4,675,000 West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 02/01/15 4,851,622
3,195,000 Port Hueneme RDA, Refunding, Tax Allocation, R-76 Project, 6.50%, 05/01/23 3,221,902
Port of Oakland Revenue,
2,310,000 Series A, BIG Insured, 7.60%, 11/01/16 ............................. 2,395,817
1,525,000 Series E, MBIA Insured, 6.25%, 11/01/05 ............................ 1,637,210
1,050,000 Series E, MBIA Insured, 6.30%, 11/01/06 ............................ 1,124,277
500,000 Series E, MBIA Insured, 6.40%, 11/01/07 ............................ 535,240
11,495,000 Series E, MBIA Insured, 6.40%, 11/01/22 ............................ 12,001,815
Port of Oakland Special Facilities Revenue, Mitsui O.S.K. Lines Ltd., Series A,
6,100,000 6.70%, 01/01/07 .................................................... 6,476,919
4,890,000 6.75%, 01/01/12 .................................................... 5,092,397
8,075,000 6.80%, 01/01/19 .................................................... 8,363,358
1,950,000 Porterville COP, Refunding, Public Building Project, AMBAC Insured, 6.30%,
10/01/18 ............................................................... 2,050,776
8,100,000 Poway COP, RDA, Poinsettia Mobile Home Park, Pre-Refunded, 8.375%,
06/01/18 ............................................................... 8,801,298
Poway COP, Royal Mobile Home Park Project, FSA Insured,
6,500,000 Capital Improvement, Pre-Refunded, 7.00%, 07/01/20 ................. 7,228,520
5,400,000 Refunding, 6.00%, 08/01/20 ......................................... 5,481,054
15,000,000 Refunding, 6.00%, 08/01/28 ......................................... 15,165,150
6,250,000 Refunding, FSA Insured, 5.875%, 08/01/15 ........................... 6,306,688
Poway RDA, Tax Allocation,
3,325,000 Refunding, Series 1991, Pre-Refunded, 7.75%, 12/15/21 .............. 3,873,492
23,000,000 Refunding, Sub-Parguay Redevelopment Project, FGIC Insured, 5.50%,
12/15/23 .......................................................... 21,878,290
9,250,000 Refunding, Sub-Parguay Redevelopment Project, FGIC Insured, 5.75%,
12/15/26 .......................................................... 9,105,700
15,000,000 Sub-Parguay Redevelopment Project, Series A, Pre-Refunded, 7.60%,
12/15/22 .......................................................... 16,725,450
63,000,000 Puerto Rico Commonwealth Highway and Transportation Authority, Highway
Revenue, Series Y, 5.00%, 07/01/36 ..................................... 55,025,460
610,000 Ramona Municipal Water District, COP, 8.50%, 07/15/11 ................... 640,531
$ 7,330,000 Rancho Cucamonga, Palmdale, Potterville, Colton HFA, SFMR, Series 1986,
GNMA Secured, 7.55%, 08/01/18 .......................................... $ 7,809,822
8,330,000 Rancho Cucamonga RDA, Tax Allocation, Rancho Redevelopment Project,
Set-Aside Housing, MBIA Insured, 5.25%, 09/01/21 ....................... 7,823,536
1,100,000 Rancho Cucamonga, Refunding, Special Tax, CFD No. 7, CGIC Insured,
6.40%, 08/01/04 ........................................................ 1,164,867
Rancho Murieta Community Services District, 1915 Act, ID No. 1,
865,000 8.25%, 09/02/01 .................................................... 897,515
815,000 8.25%, 09/02/02 .................................................... 845,465
870,000 8.30%, 09/02/03 .................................................... 902,512
855,000 8.40%, 09/02/04 .................................................... 887,114
855,000 8.40%, 09/02/05 .................................................... 886,934
860,000 8.40%, 09/02/06 .................................................... 891,940
165,000 Redlands RDA, Refunding, Tax Allocation, Redlands Redevelopment Project,
AMBAC Insured, 6.625%, 07/01/15 ........................................ 168,724
Redlands USD, COP, Series A, FSA Insured,
750,000 6.15%, 09/01/11 .................................................... 763,763
4,310,000 6.25%, 09/01/27 .................................................... 4,368,961
3,795,000 Redwood City MFHR, Refunding, Redwood Plaza Project, Series 1987-A,
GNMA Secured, 8.25%, 09/01/26 .......................................... 3,839,022
3,750,000 Redwood City Public Financing Authority Revenue, Local Agency, Series B,
7.25%, 07/15/11 ........................................................ 3,945,788
Rialto COP, Series 1989,
145,000 7.50%, 11/01/01 .................................................... 155,894
3,165,000 7.50%, 11/01/15 .................................................... 3,294,227
3,500,000 Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, 6.75%,
03/01/24 ............................................................... 3,575,390
2,000,000 Richmond Joint Power Finance Authority, Series B, Pre-Refunded, 7.00%,
05/15/07 ............................................................... 2,202,620
3,715,000 Richmond Revenue, West Contra Costa YMCA Project, Pre-Refunded,
7.75%, 06/01/17 ........................................................ 4,187,882
4,420,000 Ridgecrest COP, RDA, 7.60%, 03/01/13 .................................... 4,591,142
Ridgecrest RDA, Tax Allocation, Ridgecrest Redevelopment Project,
200,000 8.00%, 02/01/09 .................................................... 207,766
220,000 8.00%, 02/01/10 .................................................... 228,400
240,000 8.00%, 02/01/11 .................................................... 249,007
255,000 8.00%, 02/01/12 .................................................... 264,404
275,000 8.00%, 02/01/13 .................................................... 284,966
300,000 8.00%, 02/01/14 .................................................... 310,872
325,000 7.80%, 02/01/15 .................................................... 334,708
355,000 7.40%, 02/01/16 .................................................... 363,385
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project,
Series A,
$ 23,000,000 6.375%, 06/01/09 ................................................... $ 23,999,350
20,125,000 6.50%, 06/01/12 .................................................... 21,324,853
19,500,000 6.25%, 06/01/19 .................................................... 19,568,835
2,000,000 BIG Insured, 6.25%, 06/01/19 ....................................... 2,028,580
7,945,000 Riverside County Board of Education, COP, Financing Project, Series A,
6.65%, 11/01/17 ........................................................ 8,266,534
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 .......................................................... 623,852
2,425,000 No. 85-1, Golden Triangle Project, Series B, Pre-Refunded, 7.50%,
09/01/06 .......................................................... 2,631,028
440,000 No. 85-2, California Oaks Project, ETM, 7.70%, 09/01/97 ............ 456,205
260,000 No. 85-2, California Oaks Project, ETM, 7.80%, 09/01/98 ............ 277,989
295,000 No. 85-2, California Oaks Project, Pre-Refunded, 7.90%, 09/01/99 ... 322,786
485,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.00%, 09/01/00 ... 531,094
585,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.05%, 09/01/01 ... 641,131
11,970,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.25%, 09/01/13 ... 13,162,092
23,195,000 No. 86-1, Menifee Village Project, 7.875%, 09/01/11 ................ 23,210,773
305,000 No. 87-5, Special Tax, 7.90%, 09/01/98 ............................. 204,350
325,000 No. 87-5, Special Tax, 7.95%, 09/01/99 ............................. 217,750
355,000 No. 87-5, Special Tax, 8.00%, 09/01/00 ............................. 237,850
380,000 No. 87-5, Special Tax, 8.05%, 09/01/01 ............................. 254,600
7,500,000 No. 87-5, Special Tax, 8.20%, 09/01/13 ............................. 5,025,000
2,820,000 No. 87-5, Special Tax, 8.75%, 09/01/13 ............................. 1,889,400
4,730,000 No. 89-1, Special Tax, 8.25%, 09/01/16 ............................. 4,555,510
16,000,000 Riverside County CFD No. 86-1, Mello Roos, Series 1987, 8.75%, 09/01/16 . 16,362,080
Riverside County COP,
4,975,000 Capital Projects, Series A, 6.875%, 11/01/09 ....................... 5,205,243
15,900,000 Capital Projects, Series A, 6.125%, 11/01/21 ....................... 15,984,906
4,775,000 Desert Justice Facility Project, MBIA Insured, 6.00%, 12/01/17 ..... 4,872,267
4,625,000 Desert Justice Facility Project, MBIA Insured, 6.25%, 12/01/21 ..... 4,800,796
3,945,000 Refunding, Juvenile Facility, Pre-Refunded, 8.00%, 10/01/18 ........ 4,305,534
4,500,000 Refunding, Public Facilities Financing Project, Type 1, 7.75%, 12/01/03 4,609,620
38,615,000 Refunding, Public Facilities Financing Project, Type 1, 7.875%, 12/01/15 39,555,275
Riverside County Flood Control and Water Conservation District, Elsinore
Valley AD, Zone 3, Series 1993,
$ 165,000 7.875%, 09/01/03 ................................................... $ 191,377
180,000 7.875%, 09/01/04 ................................................... 210,892
190,000 7.875%, 09/01/05 ................................................... 224,379
205,000 7.875%, 09/01/06 ................................................... 243,532
225,000 7.875%, 09/01/07 ................................................... 267,370
240,000 7.875%, 09/01/08 ................................................... 285,360
260,000 7.875%, 09/01/09 ................................................... 309,322
280,000 7.875%, 09/01/10 ................................................... 332,847
305,000 7.875%, 09/01/11 ................................................... 363,157
325,000 7.875%, 09/01/12 ................................................... 390,254
350,000 7.875%, 09/01/13 ................................................... 420,774
380,000 7.875%, 09/01/14 ................................................... 459,420
410,000 7.875%, 09/01/15 ................................................... 495,674
440,000 7.875%, 09/01/16 ................................................... 534,503
475,000 7.875%, 09/01/17 ................................................... 579,628
Riverside County Housing Authority Revenue,
6,750,000 Riverside Apartment Project, 7.875%, 11/01/19 ...................... 6,972,278
13,980,000 Series 1988-A, 7.85%, 10/01/08 ..................................... 14,520,607
33,080,000 Series 1988-A, 7.90%, 10/01/18 ..................................... 34,295,359
Riverside County RDA, Tax Allocation,
1,100,000 Series A, 7.60%, 10/01/25 .......................................... 1,159,202
2,750,000 Series B, 7.60%, 10/01/25 .......................................... 2,898,005
1,600,000 Series C, 7.60%, 10/01/25 .......................................... 1,686,112
2,100,000 Series D, 7.60%, 10/01/25 .......................................... 2,213,022
5,600,000 Series E, 7.60%, 10/01/25 .......................................... 5,901,392
Riverside County SFMR, GNMA Secured,
660,000 Series 1989-B, 7.60%, 11/01/19 ..................................... 699,461
1,550,000 Series 1991-A, 7.20%, 10/01/24 ..................................... 1,576,474
Riverside Hospital Revenue, Parkview Community Hospital Medical Center
Project,
5,000,000 8.25%, 08/01/14 .................................................... 5,240,250
7,000,000 Refunding, 9.25%, 12/01/05 ......................................... 7,172,480
6,210,000 Riverside MFHR, Palm Shadows Apartments, Series A, 6.50%, 01/01/18 ...... 6,336,210
Riverside Public Financing Authority Revenue, Airport and Central Industrial
Redevelopment Project, Series A, Pre-Refunded,
750,000 7.80%, 02/01/08 .................................................... 775,035
9,155,000 7.90%, 02/01/18 .................................................... 9,463,524
$ 6,000,000 Riverside RDA, Refunding, Tax Allocation, Merged Redevelopment Project,
Series A, MBIA Insured, 5.625%, 08/01/23 ............................... $ 5,849,460
3,000,000 Riverside Water Revenue, 6.00%, 10/01/15 ................................ 3,039,900
Rocklin 1915 Act, Refunding,
460,000 7.55%, 09/02/03 .................................................... 475,971
495,000 7.60%, 09/02/04 .................................................... 512,186
535,000 7.65%, 09/02/05 .................................................... 553,575
580,000 7.65%, 09/02/06 .................................................... 600,138
625,000 7.65%, 09/02/07 .................................................... 646,700
675,000 7.65%, 09/02/08 .................................................... 698,436
6,085,000 Rocklin USD, CFD No. 1, 7.70%, 09/01/12 ................................. 6,320,429
7,500,000 Rohnert Park CDA, Tax Allocation, Rohnert Park Redevelopment Project,
Pre-Refunded, 8.20%, 06/01/18 .......................................... 8,128,425
8,380,000 Rohnert Park HFA Revenue, Rancho Feliz Mobile Home Park, FSA Insured,
5.375%, 12/01/26 ....................................................... 7,863,373
Roseville 1915 Act, Limited Obligation, Refunding,
120,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/99 .. 124,296
125,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/00 .. 129,475
135,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/01 .. 139,833
145,000 North Roseville, Rocklin Sewer District No. 88-3, 8.10%, 09/02/02 .. 150,191
160,000 North Roseville, Rocklin Sewer District No. 88-3, 8.15%, 09/02/03 .. 165,728
170,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/04 .. 176,086
185,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/05 .. 191,623
200,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/06 .. 207,160
220,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/07 .. 227,874
235,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/08 .. 243,411
205,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/09 .. 212,337
220,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/99 ............ 227,876
245,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/00 ............ 253,771
260,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/01 ............ 269,308
285,000 Rocky Ridge-Harding, District No. 88-4, 8.10%, 09/02/02 ............ 295,203
305,000 Rocky Ridge-Harding, District No. 88-4, 8.15%, 09/02/03 ............ 315,919
330,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/04 ............ 341,814
350,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/05 ............ 362,530
2,050,000 Roseville City School District, COP, Pre-Refunded, 7.50%, 09/01/15 ...... 2,160,618
Roseville Special Tax,
715,000 CFD No. 1, 7.50%, 09/01/02 ......................................... 738,288
825,000 CFD No. 1, 7.60%, 09/01/04 ......................................... 848,958
15,660,000 CFD No. 1, 7.70%, 09/01/20 ......................................... 16,113,827
355,000 CFD No. 2, 8.00%, 09/01/06 ......................................... 378,121
Roseville Special Tax, (cont.)
$ 7,165,000 CFD No. 2, 8.25%, 09/01/21 ......................................... $ 7,595,760
1,725,000 Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 .................. 1,809,059
1,860,000 Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 .................. 1,961,909
10,000,000 Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 .................. 10,486,300
12,000,000 Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 .................. 12,612,960
1,000,000 Northeast Roseville CFD No. 1, 7.95%, 12/01/00 ..................... 1,048,350
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/01 ..................... 1,047,270
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/02 ..................... 1,046,240
6,000,000 Northeast Roseville CFD No. 1, 8.30%, 12/01/08 ..................... 6,294,600
5,450,000 Rubidoux Community Services District, COP, Water System Improvement
Project, AMBAC Insured, 6.25%, 12/01/24 ................................ 5,657,318
Sacramento 1915 Act, North Natomas AD No. 88-3,
805,000 8.20%, 09/02/10 .................................................... 767,809
1,795,000 8.20%, 09/02/11 .................................................... 1,709,109
2,325,000 8.25%, 09/02/12 .................................................... 2,220,096
2,515,000 8.25%, 09/02/13 .................................................... 2,398,354
2,715,000 8.25%, 09/02/14 .................................................... 2,585,902
1,500,000 Sacramento Area Council of Governments, COP, Sacog Administrative
Building Project, 7.125%, 7/01/16 ...................................... 1,563,795
Sacramento City Financing Authority Revenue, Series 1991,
1,300,000 6.60%, 11/01/05 .................................................... 1,396,044
920,000 6.70%, 11/01/11 .................................................... 966,359
Sacramento County 1915 Act, Cordova Industrial Park, Unit 3, Series C-1,
250,000 8.25%, 09/02/05 .................................................... 258,495
265,000 8.25%, 09/02/06 .................................................... 273,893
290,000 8.25%, 09/02/07 .................................................... 299,611
310,000 8.25%, 09/02/08 .................................................... 320,143
340,000 8.25%, 09/02/09 .................................................... 351,053
365,000 8.25%, 09/02/10 .................................................... 376,793
395,000 8.25%, 09/02/11 .................................................... 407,680
6,875,000 Sacramento County Airport System Revenue, Series A, MBIA Insured,
5.90%, 07/01/24 ........................................................ 6,897,344
Sacramento County CFD, Special Tax,
2,250,000 Improvement Area 1, Series 1990, 8.20%, 12/01/10 ................... 2,385,315
7,610,000 Improvement Area 1, Series 1990, 8.25%, 12/01/20 ................... 8,052,902
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.00%, 12/01/98 ................. 1,614,750
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.20%, 12/01/99 ................. 1,618,125
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.30%, 12/01/00 ................. 1,619,805
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.40%, 12/01/01 ................. 1,621,500
13,000,000 Laguna, Series 1987, Pre-Refunded, 8.625%, 12/01/06 ................ 14,085,890
Sacramento County COP,
$ 2,735,000 Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 .. $ 3,022,831
3,500,000 Cherry Island Golf Course Project, Series B, 6.80%, 07/01/18 ....... 3,643,080
11,000,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured,
6.40%, 10/01/19 ................................................... 11,701,140
29,500,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured,
6.40%, 10/01/24 ................................................... 31,380,330
1,495,000 Refunding, Cherry Island Golf Course Project, Series B, 6.80%, 07/01/12 1,552,707
2,325,000 Refunding, Parking Facility Project, Series 1987-A, 6.80%, 07/01/12 2,414,745
Sacramento MUD, Electric Revenue,
9,500,000 Refunding, Series D, MBIA Insured, 5.25%, 11/15/20 ................. 8,813,720
9,250,000 Refunding, Series R, 6.00%, 02/01/17 ............................... 9,142,053
5,740,000 Refunding, Series Z, FGIC Insured, 6.25%, 07/01/04 ................. 6,165,334
3,000,000 Refunding, Series Z, FGIC Insured, 6.35%, 07/01/05 ................. 3,221,640
16,110,000 Refunding, Subordinated, 8.00%, 11/15/10 ........................... 16,172,507
1,200,000 Series B, MBIA Insured, 6.25%, 08/15/11 ............................ 1,259,868
5,950,000 Series B, MBIA Insured, 6.375%, 08/15/22 ........................... 6,255,057
4,500,000 Series I, MBIA Insured, 6.00%, 01/01/24 ............................ 4,592,250
14,715,000 Series J, AMBAC Insured, 5.60%, 08/15/24 ........................... 14,489,419
1,000,000 Series V, 7.60%, 08/15/00 .......................................... 1,072,300
2,225,000 Series W, 7.60%, 08/15/00 .......................................... 2,385,868
5,405,000 Series W, Pre-Refunded, 7.875%, 08/15/16 ........................... 5,878,100
2,720,000 Sacramento Public Television Facility Revenue, KVIE, Inc., Series A, 7.50%,
07/01/20 ............................................................... 2,817,104
2,500,000 Sacramento RDA, Tax Allocation, Merged Downtown Project, Series A,
MBIA Insured, 6.50%, 11/01/13 .......................................... 2,662,250
Sacramento Regional Transit District, COP, Series A,
1,605,000 6.20%, 03/01/00 .................................................... 1,670,227
1,100,000 6.25%, 03/01/01 .................................................... 1,154,208
1,000,000 6.375%, 03/01/02 ................................................... 1,060,050
1,200,000 6.40%, 03/01/03 .................................................... 1,278,252
1,000,000 6.375%, 03/01/04 ................................................... 1,065,490
1,100,000 6.375%, 03/01/05 ................................................... 1,158,553
Sacramento-Yolo Port District Revenue, Refunding, Series A,
3,620,000 Facilities Improvement, Pre-Refunded, 8.875%, 12/01/12 ............. 3,900,043
11,645,000 Port Facilities, 7.25%, 07/01/13 ................................... 12,211,063
Salida Area Public Facility Financing Agency, Special Tax, CFD No. 88-1,
215,000 7.70%, 09/01/99 .................................................... 222,585
250,000 7.75%, 09/01/00 .................................................... 260,390
290,000 7.80%, 09/01/01 .................................................... 302,044
Salida Area Public Facility Financing Agency, Special Tax, CFD No. 88-1, (cont.)
$ 260,000 7.85%, 09/01/02 .................................................... $ 270,790
385,000 7.90%, 09/01/03 .................................................... 400,966
435,000 7.95%, 09/01/04 .................................................... 453,026
495,000 7.95%, 09/01/05 .................................................... 514,607
460,000 8.00%, 09/01/06 .................................................... 478,207
630,000 8.00%, 09/01/07 .................................................... 654,362
700,000 8.00%, 09/01/08 .................................................... 726,432
6,075,000 8.05%, 09/01/14 .................................................... 6,304,210
2,495,000 Salinas Union High School District, COP, Refunding, Facility Financing
Projects, 7.375%, 01/01/14 ............................................. 2,626,087
San Bernardino 1915 Act, AD No. 961, Refunding,
855,000 7.60%, 09/02/02 .................................................... 776,212
920,000 7.65%, 09/02/03 .................................................... 827,301
990,000 7.70%, 09/02/04 .................................................... 883,199
1,065,000 7.75%, 09/02/05 .................................................... 943,941
San Bernardino County COP, MBIA Insured,
5,000,000 Medical Center Financing Project, Series A, 5.50%, 08/01/15 ........ 4,851,300
65,350,000 Medical Center Financing Project, Series A, 5.50%, 08/01/22 ........ 62,651,699
34,000,000 Medical Center Financing Project, Series A, 5.875%, 08/01/26 ....... 34,172,380
3,705,000 West Valley Detention Center Project, 6.25%, 11/01/04 .............. 4,038,598
3,935,000 West Valley Detention Center Project, 6.35%, 11/01/05 .............. 4,288,048
4,185,000 West Valley Detention Center Project, 6.40%, 11/01/06 .............. 4,548,300
20,000,000 West Valley Detention Center Project, 6.50%, 11/01/12 .............. 21,404,400
9,275,000 West Valley Detention Center Project, 6.20%, 11/01/25 .............. 9,619,010
420,000 San Bernardino County Mortgage Revenue, Refunding, Don Miguel
Apartments Projects, MBIA Insured, 6.00%, 09/01/03 ..................... 434,351
San Bernardino County SFMR, Series A, GNMA Secured,
915,000 7.50%, 12/01/07 .................................................... 967,338
4,455,000 7.65%, 06/01/23 .................................................... 4,636,319
4,715,000 San Bernardino Joint Powers Financing Authority Revenue, COP, Police
Station Financing Authority Project, 6.60%, 04/01/20 ................... 4,872,292
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation,
3,000,000 Central City Merged Project, Series B, 7.50%, 11/01/20 ............. 3,040,680
450,000 Refunding, Central City Merged Project, Series A, 6.75%, 11/01/00 .. 476,829
480,000 Refunding, Central City Merged Project, Series A, 6.90%, 11/01/01 .. 515,755
510,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/02 .. 552,866
550,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/03 .. 595,452
585,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/04 .. 630,642
625,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/05 .. 672,250
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation, (cont.)
$ 670,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/06 .. $ 719,118
720,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/07 .. 767,851
15,585,000 Refunding, Central City Merged Project, Series A, 7.10%, 11/01/20 .. 16,286,948
9,000,000 Refunding, Series A, FSA Insured, 5.75%, 10/01/15 .................. 8,989,560
19,915,000 Refunding, Series A, FSA Insured, 5.75%, 10/01/25 .................. 19,748,311
1,695,000 Tri-City Redevelopment Project, Series B, Pre-Refunded, 7.60%, 01/01/08 1,886,586
905,000 San Bernardino Municipal Water Department, COP, FGIC Insured, 6.25%,
02/01/12 ............................................................... 932,974
75,000,000 San Bernardino PBA Revenue, Capital Improvement, 8.30%, 09/02/19 ........ 76,731,750
8,465,000 San Carlos Mortgage Revenue, Elms Project, FHA Mortgage Insured,
6.875%, 08/01/37 ....................................................... 8,886,134
2,200,000 San Diego Community College District, COP, Financing Project, Series 1987,
Pre-Refunded, 8.625%, 12/01/09 ......................................... 2,362,690
San Diego County COP,
2,260,000 Children's Center Project, 6.00%, 10/01/02 ......................... 2,280,815
10,625,000 Inmate Reception Center and Cooling, MBIA Insured, 6.25%, 08/01/24 . 11,091,544
San Diego County Regional Transportation Commission, Sales Tax Revenue,
Series A,
1,250,000 ETM, 6.00%, 04/01/08 ............................................... 1,313,600
9,000,000 Pre-Refunded, 7.375%, 04/01/06 ..................................... 9,821,070
San Diego IDR, San Diego Gas & Electric Co. Project,
12,230,000 Series 1987-A, 8.75%, 03/01/23 ..................................... 12,837,097
19,800,000 Series 1992-A, 6.40%, 09/01/18 ..................................... 20,493,000
San Diego RDA, Refunding, Tax Allocation, Series A,
2,200,000 Columbia Redevelopment Project, Pre-Refunded, 8.75%, 12/01/08 ...... 2,356,552
5,000,000 Horton Project, FSA Insured, 6.00%, 11/01/15 ....................... 5,125,000
75,000 San Diego SFMR, Issue A, 9.20%, 07/15/16 ................................ 77,023
28,845,000 San Diego Special Tax, CFD No.1, Series A, 8.50%, 09/01/16 .............. 30,753,097
5,000,000 San Elijo Joint Powers Authority Revenue, Refunding, Water Pollution Control
Facilities, FGIC Insured, 5.00%, 03/01/20 .............................. 4,514,600
1,440,000 San Francisco BART District Revenue, Sales Tax, FGIC Insured, 6.60%,
07/01/12 ............................................................... 1,555,070
San Francisco City and County Airports Commission, International Airport
Revenue,
2,500,000 Issue 6, AMBAC Insured, 6.50%, 05/01/18 ............................ 2,672,550
13,250,000 Issue 6, AMBAC Insured, 6.60%, 05/01/24 ............................ 14,211,023
62,415,000 Issue 9A, FGIC Insured, 5.90%, 05/01/25 ............................ 62,592,259
10,060,000 Issue 9B, Second Series, FGIC Insured, 6.00%, 05/01/25 ............. 10,272,367
2,810,000 San Francisco City and County COP, San Francisco Courthouse Project,
CGIC Insured, 5.875%, 04/01/21 ......................................... 2,835,150
$ 4,000,000 San Francisco City and County Public Utilities Commission, Water Revenue,
Crossover Refunding, Series A, 6.50%, 11/01/09 ......................... $ 4,350,400
9,415,000 San Francisco City and County RDA, Hotel Tax Revenue, Refunding, CGIC
Insured, 6.75%, 07/01/25 ............................................... 10,328,067
22,170,000 San Francisco City and County RDA Lease Revenue, George R. Moscone
Center, Crossover Refunding, Series 1992, 5.50%, 07/01/18 .............. 20,779,941
8,350,000 San Francisco City and County RDA Mortgage Revenue, Refunding, Series A,
MBIA Insured, 6.65%, 07/01/24 .......................................... 8,352,171
3,000,000 San Francisco City and County Revenue, Irwin Memorial Blood Center,
Series A, 6.80%, 12/01/21 .............................................. 3,143,040
8,195,000 San Francisco City and County Sewer Revenue, Refunding, FGIC Insured,
5.375%, 10/01/16 ....................................................... 7,870,150
90,000 San Francisco City and County SFMR, Series 1985, 9.375%, 10/01/12 ....... 94,578
1,000,000 San Gabriel Valley Mosquito Abatement District, COP, Lease Finance,
Series R, 6.60%, 08/01/12 .............................................. 1,011,790
San Gabriel Valley Schools Financing Authority Revenue,
5,150,000 Pomona USD Financing, 5.80%, 02/01/26 .............................. 4,879,265
3,620,000 Refunding, Oxnard Union High School, 6.50%, 03/01/18 ............... 3,652,327
4,145,000 Refunding, Oxnard Union High School, 6.60%, 03/01/24 ............... 4,195,279
1,765,000 Series A, 7.70%, 11/01/19 .......................................... 1,871,853
1,815,000 San Gorgonio Memorial Health Care District, Health Facilities Revenue,
CHFCLP Insured, 6.375%, 06/01/08 ....................................... 1,882,028
San Jacinto RDA, COP, Fire Station Project,
1,065,000 7.90%, 12/01/08 .................................................... 1,110,177
2,375,000 8.00%, 12/01/15 .................................................... 2,466,390
San Jacinto Special Tax, CFD No. 2,
540,000 7.55%, 09/01/00 .................................................... 324,675
520,000 7.60%, 09/01/01 .................................................... 312,650
775,000 7.65%, 09/01/02 .................................................... 465,969
1,000,000 7.70%, 09/01/04 .................................................... 601,250
1,275,000 7.75%, 09/01/06 .................................................... 766,594
1,465,000 7.75%, 09/01/07 .................................................... 880,831
1,240,000 7.80%, 09/01/08 .................................................... 745,550
805,000 7.80%, 09/01/09 .................................................... 484,006
12,605,000 7.90%, 09/01/14 .................................................... 7,578,756
1,590,000 San Jacinto USD, COP, Series 1991-B, FSA Insured, 6.75%, 09/01/26 ....... 1,627,651
10,260,000 San Joaquin Area Flood Control Agency, 1915 Act, Flood Protection &
Restoration Assessment, FSA Insured, 6.00%, 09/02/14 ................... 10,521,322
San Joaquin COP, General Hospital Project,
32,880,000 6.25%, 09/01/13 .................................................... 33,190,387
36,500,000 6.625%, 09/01/20 ................................................... 37,396,440
San Joaquin County Special Tax, CFD No. 89-1,
$ 1,420,000 7.625%, 09/01/10 ................................................... $ 1,416,833
2,990,000 7.75%, 09/01/20 .................................................... 2,989,671
San Joaquin Hills Transportation, Corridor Agency, Toll Road Revenue,
Senior Lien,
95,255,000 7.00%, 01/01/30 .................................................... 99,665,307
60,170,000 6.75%, 01/01/32 .................................................... 61,999,168
51,540,000 5.00%, 01/01/33 .................................................... 43,034,354
San Jose 1915 Act, Refunding, ID 87-198SJ,
125,000 7.90%, 09/02/99 .................................................... 129,334
130,000 8.00%, 09/02/00 .................................................... 134,505
13,600,000 San Jose Airport Revenue, Refunding, MBIA Insured, 5.75%, 03/01/16 ...... 13,664,192
San Jose Financing Authority Revenue, Convention Center Project, Series C,
55,550,000 6.40%, 09/01/22 .................................................... 56,349,365
16,100,000 Refunding, 6.40%, 09/01/17 ......................................... 16,376,920
San Jose RDA, Tax Allocation,
10,000,000 Merged Area Redevelopment Project, MBIA Insured, 5.00%, 08/01/21 ... 9,063,000
1,160,000 Park Center Redevelopment Project, 7.00%, 10/01/07 ................. 1,201,482
1,240,000 Park Center Redevelopment Project, 7.00%, 10/01/08 ................. 1,279,916
1,325,000 Park Center Redevelopment Project, 7.00%, 10/01/09 ................. 1,362,935
510,000 San Juan USD, COP, Financing Project, 7.80%, 08/01/98 ................... 514,575
65,000 San Leandro RDA, RMR, Pre-Refunded, 11.25%, 04/01/13 .................... 87,456
3,500,000 San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 08/01/12 ....... 3,664,675
1,980,000 San Luis Obispo County COP, Community College District, Pre-Refunded,
7.00%, 07/01/21 ........................................................ 2,112,422
San Luis Obispo County COP, Jail Expansion Project,
1,830,000 6.75%, 10/01/16 .................................................... 1,878,166
1,475,000 6.80%, 10/01/21 .................................................... 1,516,949
San Marcos Public Facilities Authority Revenue,
17,995,000 Capital Improvement, 8.25%, 01/01/19 ............................... 18,937,938
5,350,000 Rancheros Mobil Home Park Project, 7.00%, 10/01/24 ................. 5,568,387
11,670,000 Refunding & Improvement, Civic Center, Mission Blvd. Project,
Series A, 6.15%, 08/01/13 ......................................... 11,254,431
7,895,000 Refunding & Improvement, Civic Center, Mission Blvd. Project,
Series A, 6.20%, 08/01/22 ......................................... 7,552,041
18,000,000 Refunding, Tax Allocation, Series A, FSA Insured, 5.50%, 08/01/23 .. 17,362,980
25,000,000 San Marcos Public Financing Authority Revenue, Series A, 6.25%, 09/02/22 25,587,250
San Marcos Special Tax, CFD No. 88-1,
11,500,000 7.75%, 09/01/18 .................................................... 9,684,840
10,620,000 7.625%, 09/01/19 ................................................... 8,797,927
$ 5,000,000 San Marcos USD, School Facilities ID No. 1, AMBAC Insured, 5.80%, 11/01/14 $ 5,060,350
1,185,000 San Mateo County Board of Education, COP, Administrative Building Project,
7.10%, 05/01/21 ........................................................ 1,234,983
1,915,000 San Mateo County COP, Capital Projects Program, Series 1985-A, 9.125%,
07/01/98 ............................................................... 2,041,830
San Mateo County COP, San Mateo County Health Care Center, Series A,
FSA Insured,
6,000,000 6.125%, 07/15/14 ................................................... 6,229,560
23,070,000 5.75%, 07/15/22 .................................................... 23,036,779
9,000,000 San Mateo County Joint Powers Financing Authority, Lease Revenue,
Capital Projects, Series A, FSA Insured, 5.75%, 07/15/27 ............... 8,986,140
San Pablo 1915 Act, Limited Obligation Improvement, Town Center
Assessment, Series A,
160,000 8.00%, 09/02/02 .................................................... 165,478
175,000 8.00%, 09/02/03 .................................................... 180,919
185,000 8.05%, 09/02/04 .................................................... 191,216
205,000 8.05%, 09/02/05 .................................................... 211,802
220,000 8.05%, 09/02/06 .................................................... 227,207
240,000 8.05%, 09/02/07 .................................................... 247,762
260,000 8.05%, 09/02/08 .................................................... 268,299
305,000 8.10%, 09/02/10 .................................................... 314,736
330,000 8.10%, 09/02/11 .................................................... 340,534
355,000 8.10%, 09/02/12 .................................................... 366,257
385,000 8.10%, 09/02/13 .................................................... 397,208
120,000 8.10%, 09/02/14 .................................................... 123,780
3,500,000 San Pablo RDA, Tax Allocation, Merged Project Area, FGIC Insured, 6.25%,
12/01/19 ............................................................... 3,657,570
6,740,000 San Rafael RDA, Refunding, Tax Allocation, Central San Rafael
Redevelopment, FGIC Insured, 6.45%, 12/01/17 ........................... 7,174,056
2,200,000 San Rafael Sanitation District, COP, Waste Water Facilities Financing,
6.80%, 08/01/11 ........................................................ 2,261,248
1,730,000 San Ramon COP, San Ramon Capital Improvement Projects, Series 1993,
6.00%, 03/01/18 ........................................................ 1,679,207
San Ramon Public Finance Authority,
49,235,000 Local Agency Revenue, 8.80%, 09/02/18 .............................. 51,284,653
13,050,000 Tax Allocation, Refunding, 6.90%, 02/01/24 ......................... 13,509,360
130,000 Tax Allocation, Series A, ETM, 7.10%, 02/01/97 ..................... 131,477
135,000 Tax Allocation, Series A, ETM, 7.20%, 02/01/98 ..................... 140,522
145,000 Tax Allocation, Series A, ETM, 7.30%, 02/01/99 ..................... 154,690
7,280,000 Tax Allocation, Series A, Pre-Refunded, 7.625%, 02/01/20 ........... 7,950,415
$ 6,275,000 San Ramon Valley Fire Protection District, COP, Refunding, Financing Corp.,
6.00%, 07/01/19 ........................................................ $ 6,137,264
San Ramon Valley USD, COP,
9,000,000 Measure A, Capital Project, Series A, 5.95%, 10/01/01 .............. 9,397,890
970,000 Refunding, 7.40%, 02/01/98 ......................................... 995,802
1,040,000 Refunding, 7.40%, 02/01/99 ......................................... 1,077,159
6,505,000 Refunding, 7.55%, 02/01/04 ......................................... 6,733,911
6,000,000 Refunding, Pre-Refunded, 7.70%, 02/01/10 ........................... 6,924,240
21,205,000 Refunding, Series 1992, 7.00%, 02/01/22 ............................ 21,887,377
17,970,000 Series A, 6.35%, 10/01/01 .......................................... 18,130,113
2,070,000 Santa Ana COP, Parking Facilities Project, Refunding, Series A, AMBAC
Insured, 6.125%, 06/01/16 .............................................. 2,142,140
Santa Ana CRDA, Tax Allocation, Refunding,
2,000,000 Mainplace Project, 7.40%, 09/01/19 ................................. 2,004,060
2,500,000 Series A, 7.25%, 09/01/19 .......................................... 2,579,550
10,105,000 Series B, 7.375%, 09/01/09 ......................................... 10,420,276
14,980,000 Series B, 6.75%, 09/01/19 .......................................... 14,738,822
6,000,000 Series C, 7.25%, 09/01/17 .......................................... 6,198,960
2,260,000 Series C, 6.75%, 09/01/19 .......................................... 2,277,131
5,000,000 Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%,
09/01/24 ............................................................... 5,160,650
Santa Ana Mountains, County Water District, Pre-Refunded, CFD No. 7,
Special Tax,
17,800,000 9.50%, 10/01/12 .................................................... 19,132,864
10,625,000 8.40%, 10/01/13 .................................................... 11,676,556
1,830,000 Santa Barbara COP, California Health Facilities, Loan Program, 7.65%,
05/01/15 ............................................................... 1,969,519
8,090,000 Santa Barbara COP, Refunding, Harbor Project, 6.75%, 10/01/27 ........... 8,442,805
6,235,000 Santa Barbara Housing Authority Revenue, Refunding and Acquisition,
7.93%, 11/15/20 ........................................................ 6,333,326
Santa Barbara SFMR, GNMA Secured,
555,000 7.625%, 10/01/10 ................................................... 567,759
1,615,000 7.65%, 10/01/23 .................................................... 1,631,618
Santa Clara County COP, Terraces of Los Gatos Project,
4,000,000 6.90%, 03/01/18 .................................................... 4,195,440
3,090,000 Refunding, 6.125%, 03/01/11 ........................................ 3,085,396
12,200,000 Refunding, 6.125%, 03/01/18 ........................................ 12,311,020
Santa Clara County Financing Authority Lease Revenue, Valley Medical
Center Facilities Replacement Project, Series A, AMBAC Insured,
13,000,000 6.75%, 11/15/20 .................................................... 14,254,630
29,025,000 6.25%, 11/15/22 .................................................... 30,124,757
$ 8,000,000 Santa Clara County MFR, Refunding, Meadows Housing, Series A, 5.875%,
05/20/26 ............................................................... $ 7,982,560
Santa Clara Electric Revenue,
33,500,000 Crossover Refunding, Series B, 7.80%, 07/01/10 ..................... 34,410,530
6,000,000 Series A, MBIA Insured, 5.75%, 07/01/24 ............................ 6,009,240
Santa Clara Housing Authority, MFHR, Series A,
6,465,000 Arastradero Park Apartments Project, 6.65%, 05/20/35 ............... 6,796,331
5,625,000 Elana Gardens Apartments Project, 6.40%, 06/20/35 .................. 5,776,988
3,860,000 Sierra Vista I Apartments Project, 6.65%, 06/20/35 ................. 4,058,829
17,000,000 Santa Clara Valley Water District, COP, Refunding & Improvement, Series A,
FGIC Insured, 6.00%, 02/01/24 .......................................... 17,351,050
3,150,000 Santa Cruz City School District, COP, Education Center Financing Project,
7.00%, 05/01/24 ........................................................ 3,315,785
3,500,000 Santa Cruz County COP, Capital Facilities Project, MBIA Insured, 6.70%,
09/01/20 ............................................................... 3,785,495
Santa Cruz County Housing Authority, MFHR,
3,840,000 Dominican Oaks, Series 1987, GNMA Secured, 8.20%, 12/20/10 ......... 3,983,002
7,080,000 Dominican Oaks, Series 1987, GNMA Secured, 8.25%, 12/20/17 ......... 7,346,066
9,230,000 Series 1990-B, 7.75%, 07/01/23 ..................................... 9,635,289
7,000,000 Santa Margarita/Dana Point Authority Revenue, Refunding, ID 3, 3A, 4, 4A,
Series B, MBIA Insured, 5.75%, 08/01/20 ................................ 6,945,470
Santa Margarita Water District, Pre-Refunded,
2,000,000 ID No. 2A, Series C, 8.00%, 06/01/13 ............................... 2,162,920
2,400,000 ID No. 3A, Series A, 8.00%, 06/01/08 ............................... 2,593,488
2,585,000 ID No. 3A, Series A, 8.00%, 06/01/13 ............................... 2,793,403
5,000,000 ID No. 4, Series D, 8.00%, 06/01/08 ................................ 5,403,100
11,000,000 ID No. 4, Series D, 8.00%, 06/01/13 ................................ 11,886,820
4,000,000 ID No. 4A, Series A, 7.75%, 08/01/06 ............................... 4,211,520
5,000,000 ID No. 4A, Series B, 8.00%, 06/01/08 ............................... 5,403,100
5,000,000 ID No. 4A, Series B, 8.00%, 06/01/13 ............................... 5,403,100
2,750,000 Santa Maria Bonita School District, COP, Refunding, MBIA Insured, 7.00%,
03/01/16 ............................................................... 2,991,093
3,600,000 Santa Maria COP, Revenue, Marian Medical Center, 6.75%, 09/01/22 ........ 3,692,664
Santa Monica RDA, Refunding, Tax Allocation, Ocean Park Redevelopment
Project, Pre-Refunded,
3,805,000 Series A, 8.25%, 07/01/18 .......................................... 4,138,737
1,260,000 Series B, 8.25%, 07/01/18 .......................................... 1,370,515
Santa Rosa 1915 Act, Northpoint Park No. 85-1, Refunding,
275,000 8.05%, 09/02/09 .................................................... 283,778
295,000 8.10%, 09/02/10 .................................................... 304,416
320,000 8.10%, 09/02/11 .................................................... 330,214
$ 3,150,000 Santa Rosa Central Parking Service Facilities District Project No. 89-1,
7.60%, 07/02/15 ........................................................ $ 3,278,709
1,970,000 Sausalito School District, Marin County, COP, Capital Outlay Financing
Program, Series A, Pre-Refunded, 7.75%, 04/01/09 ....................... 2,067,751
2,880,000 Seal Beach RDA, Refunding, Sub-Lien, Tax Allocation, Riverfront, Series A,
6.70%, 09/01/13 ........................................................ 2,885,616
5,775,000 Sequoia Hospital District Revenue, Refunding, Pre-Refunded, 7.50%, 09/01/08 6,244,508
Shasta Joint Powers Financing Authority Lease Revenue, Courthouse County
Improvement Project, Series A,
1,000,000 6.60%, 06/01/12 .................................................... 1,023,380
2,500,000 6.70%, 06/01/23 .................................................... 2,565,850
Sierra Madre Financing Authority Revenue, Local Agency, Series 1988-A,
240,000 7.50%, 11/01/98 .................................................... 252,655
260,000 7.60%, 11/01/99 .................................................... 279,302
280,000 7.70%, 11/01/00 .................................................... 300,468
5,500,000 7.80%, 11/01/18 .................................................... 5,784,240
15,000,000 Sierra View Local Hospital District Revenue, Insured Health Facilities, 6.40%,
03/01/22 ............................................................... 15,335,700
5,110,000 Signal Hill RDA, Tax Allocation, Refunding, Signal Hill Redevelopment
Project No. 1, Series A, MBIA Insured, 5.50%, 10/01/23 ................. 4,895,380
3,000,000 Simi Valley CDA, Commercial Mortgage Revenue, Sycamore Plaza II, 8.20%,
09/01/12 ............................................................... 3,012,150
1,690,000 Simi Valley SFRMR, Series 1990-A, 7.70%, 03/01/25 ....................... 1,770,343
1,000,000 Snowline Joint USD, COP, 7.25%, 04/01/18 ................................ 1,051,790
4,105,000 Soledad RDA, Refunding, Tax Allocation, Soledad Redevelopment Project,
7.40%, 11/01/12 ........................................................ 4,339,272
1,745,000 Sonoma County Office of Education, COP, Series 1990, Pre-Refunded,
7.375%, 07/01/20 ....................................................... 1,948,676
5,280,000 South Coast Air Quality Management District Revenue, Building Corp.,
Installment Sale Headquarters, Series 1992, 6.00%, 08/01/09 ............ 5,476,152
South Gate Public Finance Authority Revenue, Tax Allocation, Pre-Refunded,
3,385,000 Series A-1, 7.60%, 09/01/09 ........................................ 3,669,475
13,265,000 Series A-2, 7.375%, 09/01/09 ....................................... 14,603,571
8,505,000 South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 09/01/24 . 8,571,849
4,500,000 South Napa Waste Management Authority Revenue, Solid Waste Transfer
Facilities Project, 6.50%, 02/15/14 .................................... 4,527,720
South Orange County Public Financing Authority, Special Tax Revenue,
5,000,000 Foothill Area, Series C, FGIC Insured, 5.75%, 08/15/18 ............. 4,932,250
18,850,000 Refunding, Senior Lien, Series A, MBIA Insured, 6.00%, 09/01/18 .... 19,095,050
South San Francisco 1915 Act, Gateway AD No. ST-82-2,
$ 1,175,000 8.00%, 09/02/97 .................................................... $ 1,195,915
1,260,000 8.00%, 09/02/98 .................................................... 1,301,139
1,335,000 8.00%, 09/02/99 .................................................... 1,383,167
1,455,000 8.00%, 09/02/00 .................................................... 1,506,885
1,570,000 8.00%, 09/02/01 .................................................... 1,625,327
1,675,000 8.00%, 09/02/02 .................................................... 1,733,324
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 .................................................... 10,154,456
30,130,000 7.20%, 10/01/23 .................................................... 34,481,375
Southern California HFA, SFMR, GNMA Secured,
4,525,000 7.625%, 10/01/22 ................................................... 4,773,785
6,525,000 7.75%, 03/01/24 .................................................... 6,881,722
830,000 Series A, 6.75%, 09/01/22 .......................................... 864,727
1,220,000 Series B, 6.90%, 10/01/24 .......................................... 1,279,133
Southern California Public Power Authority Revenue,
10,000,000 Multi-Purpose Projects, 6.75%, 07/01/13 ............................ 11,145,100
29,645,000 Multi-Purpose Projects, 6.00%, 07/01/18 ............................ 29,739,864
7,795,000 Refunding, Hydroelectric-Hoover Upgrading, 6.00%, 10/01/17 ......... 7,804,900
7,000,000 Refunding, Transmission Project, Series B, 5.50%, 07/01/23 ......... 7,000,000
6,790,000 San Juan Project, Unit 3, Series A, MBIA Insured, 5.00%, 01/01/20 .. 6,132,796
10,500,000 Southern Transmission Project, FGIC Insured, 6.00%, 07/01/20 ....... 10,505,040
51,035,000 Sub-Crossover Refunding, Southern Transmission Project, 6.125%,
07/01/18 .......................................................... 51,450,935
19,785,000 Sub-Crossover Refunding, Southern Transmission Project, 5.50%,
07/01/20 .......................................................... 18,682,382
22,530,000 Sub-Crossover Refunding, Southern Transmission Project, 5.75%,
07/01/21 .......................................................... 21,976,213
6,335,000 Sub-Crossover Refunding, Southern Transmission Project, MBIA
Insured, 5.75%, 07/01/21 .......................................... 6,326,004
2,250,000 Southern Kern USD, COP, Pre-Refunded, 7.10%, 09/01/17 ................... 2,566,215
1,390,000 Standard Elementary School District, COP, 7.375%, 06/01/11 .............. 1,474,067
3,500,000 Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%,
01/01/99 ............................................................... 3,638,355
Stockton 1915 Act, Limited Obligation, Weber/Sperry Ranch Project
No. 88-1,
295,000 8.30%, 09/02/07 .................................................... 252,225
345,000 8.30%, 09/02/08 .................................................... 294,975
380,000 8.40%, 09/02/09 .................................................... 324,900
Stockton 1915 Act, Limited Obligation, Weber/Sperry Ranch Project
No. 88-1, (cont.)
$ 475,000 8.40%, 09/02/10 .................................................... $ 406,125
545,000 8.40%, 09/02/11 .................................................... 465,975
620,000 8.40%, 09/02/12 .................................................... 530,100
705,000 8.40%, 09/02/13 .................................................... 602,775
5,700,000 Stockton Central Parking District, Refunding, Series 1991, 7.90%, 08/01/11 5,716,872
Stockton, East Water District, COP,
20,000,000 Refunding, Series 1990-B, 6.40%, 04/01/22 .......................... 21,179,400
19,000,000 Series 1990-A, AMBAC Insured, Pre-Refunded, 7.30%, 04/01/20 ........ 21,093,040
28,575,000 Series 1990-B, 7.45%, 04/01/05 ..................................... 45,525,976
Stockton Health Facilities Revenue,
12,000,000 Refunding, Dameron Hospital Association, Series 1988, 8.30%, 12/01/14 12,500,040
5,000,000 St. Joseph Medical Center, Series A, MBIA Insured, 5.50%, 06/01/23 . 4,790,700
2,250,000 Stockton Port District Revenue, Port Facilities Improvement, Series A,
8.10%, 01/01/14 ........................................................ 2,369,003
8,000,000 Stockton Public Financing Authority, Special Tax, CFD No. 90-4, 8.50%,
09/01/16 ............................................................... 8,481,840
Stockton, South Stockton Special Tax, CFD No. 90-1,
3,000,000 8.10%, 09/01/09 .................................................... 3,115,830
5,400,000 8.125%, 09/01/15 ................................................... 5,601,042
Stockton Special Tax,
455,000 CFD No. 1, Weston Ranch, 7.80%, 09/01/99 ........................... 456,115
545,000 CFD No. 1, Weston Ranch, 7.85%, 09/01/00 ........................... 546,335
635,000 CFD No. 1, Weston Ranch, 7.90%, 09/01/01 ........................... 636,556
680,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/02 ........................... 681,659
625,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/03 ........................... 626,525
7,910,000 CFD No. 1, Weston Ranch, 8.00%, 09/01/09 ........................... 7,929,300
11,890,000 CFD No. 1, Weston Ranch, 8.10%, 09/01/14 ........................... 11,918,893
725,000 CFD No. 90-2, Series 002, 7.30%, 08/01/00 .......................... 751,463
780,000 CFD No. 90-2, Series 002, 7.35%, 08/01/01 .......................... 809,929
835,000 CFD No. 90-2, Series 002, 7.40%, 08/01/02 .......................... 872,508
895,000 CFD No. 90-2, Series 002, 7.45%, 08/01/03 .......................... 935,141
965,000 CFD No. 90-2, Series 002, 7.50%, 08/01/04 .......................... 1,008,213
3,000,000 CFD No. 90-2, Series 002, 7.70%, 08/01/09 .......................... 3,126,240
3,000,000 CFD No. 90-2, Series 006, 7.75%, 08/01/15 .......................... 3,097,050
1,430,000 CFD No. 90-2, Series 305, Brookside, 8.50%, 08/01/09 ............... 1,527,655
2,710,000 CFD No. 90-2, Series 305, Brookside, 8.65%, 08/01/15 ............... 2,894,388
Suisun City COP,
2,205,000 Civic Center Financing Project, Pre-Refunded, 9.125%, 11/01/15 ..... 2,371,279
2,105,000 Refunding, Civic Center Project, 6.45%, 11/01/15 ................... 2,102,558
Suisun City RDA, Tax Allocation, Suisun City Redevelopment Project,
Refunding, MBIA Insured,
$ 3,285,000 6.00%, 10/01/18 .................................................... $ 3,356,777
3,565,000 5.90%, 10/01/23 .................................................... 3,589,028
4,735,000 Sunnyvale Financing Authority Revenue, Utilities, Waste Water Reuse and
Sludge, Series A, 6.30%, 10/01/12 ...................................... 4,853,375
2,500,000 Tehachapi COP, Series 1990, 8.20%, 11/01/20 ............................. 2,731,925
3,000,000 Tehachapi, Cummings County Water District, COP, Capital Improvement
Project, MBIA Insured, 6.30%, 08/01/14 ................................. 3,148,740
2,325,000 Tehachapi USD, COP, Tompkins Elementary School Project, Pre-Refunded,
7.80%, 02/01/21 ........................................................ 2,656,847
Temecula Valley USD,
1,250,000 Series D, FGIC Insured, 6.00%, 09/01/14 ............................ 1,276,725
3,110,000 Series D, FGIC Insured, 6.125%, 09/01/19 ........................... 3,191,047
5,460,000 Series E, CGIC Insured, 6.35%, 09/01/19 ............................ 5,740,480
24,485,000 Thousand Oaks RDA, Tax Allocation, Refunding, Thousand Oaks Blvd.
Redevelopment, MBIA Insured, 5.375%, 12/01/25 .......................... 23,158,648
Thousand Oaks SFHMR, GNMA Secured,
310,000 7.45%, 09/01/10 .................................................... 316,708
450,000 7.55%, 09/01/15 .................................................... 464,670
1,250,000 7.625%, 03/01/23 ................................................... 1,274,975
164,000 8.00%, 09/01/23 .................................................... 255,988
Torrance Hospital Revenue, Refunding,
3,885,000 Little Co. of Mary Hospital, 6.875%, 07/01/15 ...................... 4,063,244
2,000,000 Torrance Memorial Hospital Medical Center, 6.75%, 01/01/12 ......... 2,029,960
7,500,000 Torrance RDA, Refunding, Tax Allocation, Industrial Redevelopment Project,
7.75%, 09/01/13 ........................................................ 7,844,475
Trabuco Canyon Public Financing Authority, Special Tax Revenue, Refunding,
FSA Insured,
13,775,000 Series A, 6.00%, 10/01/10 .......................................... 14,427,384
13,220,000 Series A, 6.10%, 10/01/15 .......................................... 14,050,745
3,040,000 Series C, 6.00%, 07/01/12 .......................................... 3,178,806
5,215,000 Series C, 6.10%, 10/01/19 .......................................... 5,575,409
5,000,000 Tracy Area Public Facilities Financing Agency, Special Tax, CFD No. 87-1,
Series C, Pre-Refunded, 7.80%, 10/01/16 ................................ 5,690,650
Travis USD, COP, Foxboro Elementary School Construction Project,
320,000 6.00%, 09/01/99 .................................................... 330,387
335,000 6.10%, 09/01/00 .................................................... 348,648
355,000 6.20%, 09/01/01 .................................................... 371,912
170,000 6.30%, 09/01/02 .................................................... 179,489
Travis USD, COP, Foxboro Elementary School Construction Project, (cont.)
$ 405,000 6.40%, 09/01/03 .................................................... $ 430,713
430,000 6.50%, 09/01/04 .................................................... 460,139
455,000 6.60%, 09/01/05 .................................................... 486,777
490,000 6.70%, 09/01/06 .................................................... 524,099
3,670,000 7.00%, 09/01/12 .................................................... 3,853,463
2,665,000 Tri-Cities Municipal Water District, COP, Special District Lease Program,
Series T, 6.55%, 12/01/17 .............................................. 2,499,850
Tri-City Hospital District Revenue, MBIA Insured,
6,895,000 Pre-Refunded, 7.50%, 02/01/17 ...................................... 7,937,869
5,000,000 Refunding, Series A, 5.625%, 02/15/17 .............................. 4,919,250
50,590,000 Tri-Dam Power Authority Revenue, Refunding, Hydroelectric Sand Bar
Project, 7.50%, 01/01/17 ............................................... 51,050,369
Trinity County PUD, COP, Electric District Facilities, Refunding, Series 1993,
2,565,000 6.60%, 04/01/11 .................................................... 2,581,519
4,000,000 6.75%, 04/01/23 .................................................... 4,041,080
500,000 Truckee-Donner PUD, COP, Water System Improvement Project, MBIA
Insured, 6.75%, 11/15/21 ............................................... 538,330
Tulare County COP,
4,250,000 Capital Improvement Program, Series A, MBIA Insured, 6.00%, 02/15/16 4,351,660
1,100,000 Financing Project, Series B, 6.875%, 11/15/12 ...................... 1,149,500
5,750,000 Tustin Public Financing Authority Revenue, Tustin Ranch, Series A, 5.00%,
09/02/13 ............................................................... 5,310,585
University of California COP, Refunding, UCLA Center Chiller/Cogeneration
Project,
13,940,000 5.50%, 11/01/17 .................................................... 13,287,747
14,880,000 5.60%, 11/01/20 .................................................... 14,235,398
University of California Revenues,
5,975,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.30%, 09/01/15 6,254,511
7,540,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/19 7,928,536
44,995,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/24 47,166,909
26,780,000 Research Facilities, Series B, 6.55%, 09/01/24 ..................... 27,783,179
10,000,000 U.C. Davis Medical Center, AMBAC Insured, 5.75%, 07/01/24 .......... 9,985,200
Upland COP, Refunding,
4,935,000 5.50%, 01/01/07 .................................................... 4,881,307
11,210,000 San Antonio Community Hospital, 5.70%, 01/01/11 .................... 10,900,156
6,500,000 Upland Hospital Revenue, COP, San Antonio Community Hospital,
Pre-Refunded, 7.80%, 01/01/18 .......................................... 7,106,645
4,440,000 Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 07/01/20 . 4,610,141
Upland Public Financing Authority Revenue, Refunding, Loan Agency, Series B,
$ 2,500,000 8.10%, 12/01/08 .................................................... $ 2,640,800
10,645,000 8.25%, 12/01/15 .................................................... 11,276,249
12,695,000 Vacaville COP, 9.40%, 10/01/15 .......................................... 14,299,013
75,880,000 Vacaville Public Financing Authority Revenue, Local Agency, 8.65%, 09/02/18 78,449,297
5,400,000 Vacaville Public Financing Authority Revenue, Tax Allocation, Vacaville
Redevelopment Project, Pre-Refunded, 8.25%, 09/01/13 ................... 5,724,810
Vacaville Special Tax, Nut Tree, CFD No. 2, Series A,
1,885,000 8.25%, 09/01/10 .................................................... 1,954,934
1,000,000 8.20%, 09/01/15 .................................................... 1,034,740
Val Verde School District, Special Tax, CFD No. 87-1,
2,855,000 8.30%, 10/01/08 .................................................... 1,998,500
7,760,000 8.375%, 10/01/13 ................................................... 5,432,000
Val Verde USD, COP,
7,315,000 Thomas Rivera Middle School, 6.50%, 06/01/22 ....................... 7,659,390
2,785,000 Vista Verde Project, 6.95%, 06/01/21 ............................... 2,908,041
Val Verde USD, COP, Solano County Fairgrounds Drive, AD No. 65, Phase 1,
255,000 7.90%, 09/02/99 .................................................... 263,948
275,000 8.00%, 09/02/00 .................................................... 284,644
295,000 8.05%, 09/02/01 .................................................... 305,281
320,000 8.05%, 09/02/02 .................................................... 331,021
340,000 8.10%, 09/02/03 .................................................... 351,635
370,000 8.10%, 09/02/04 .................................................... 382,506
400,000 8.15%, 09/02/05 .................................................... 413,432
430,000 8.15%, 09/02/06 .................................................... 444,259
465,000 8.15%, 09/02/07 .................................................... 480,224
505,000 8.20%, 09/02/08 .................................................... 521,423
545,000 8.20%, 09/02/09 .................................................... 562,614
590,000 8.20%, 09/02/10 .................................................... 609,069
640,000 8.20%, 09/02/11 .................................................... 660,550
2,485,000 Vallejo RDA, Tax Allocation, Waterfront Redevelopment Project, 7.90%,
05/01/19 ............................................................... 2,537,607
6,000,000 Vallejo Revenue, Golf Course Project, Series A, 7.90%, 06/01/17 ......... 6,355,200
Vallejo USD, Special Tax Revenue, CFD No. 2,
2,300,000 7.75%, 09/01/15 .................................................... 2,359,892
5,100,000 8.125%, 09/01/16 ................................................... 5,345,769
5,100,000 Victor Valley UHSD, COP, Pre-Refunded, 7.875%, 11/01/12 ................. 5,829,810
Victorville RDA, Tax Allocation, Bear Valley Road Redevelopment Project,
1,200,000 Pre-Refunded, 7.50%, 11/01/06 ...................................... 1,377,924
2,405,000 Refunding, Series A, FSA Insured, 6.125%, 09/01/19 ................. 2,473,783
3,245,000 Refunding, Series A, FSA Insured, 6.125%, 09/01/24 ................. 3,337,807
$ 8,000,000 Victorville Special Tax, CFD No. 90-1, Series A, 8.30%, 09/01/16 ........ $ 6,000,000
10,500,000 Vista Community Development Commission, Tax Allocation Revenue, Vista
Redevelopment Project Area, MBIA Insured, 5.50%, 09/01/23 .............. 10,128,195
Vista Joint Powers Financing Authority Revenue, Series A,
4,000,000 7.45%, 01/01/09 .................................................... 4,181,880
9,100,000 7.50%, 01/01/16 .................................................... 9,560,369
3,675,000 7.625%, 02/01/20 ................................................... 3,901,196
305,000 Walnut Improvement Agency, RMR, Series A, 10.25%, 05/01/17 .............. 310,209
Walnut Improvement Agency, Tax Allocation, Walnut Improvement Project,
Series A,
1,665,000 8.00%, 09/01/18 .................................................... 1,775,057
9,135,000 Pre-Refunded, 8.00%, 09/01/18 ...................................... 9,960,804
8,285,000 Walnut Public Financing Authority Revenue, Refunding, Tax Allocation,
Improvement Project, MBIA Insured, 6.50%, 09/01/22 ..................... 8,856,996
5,000,000 Washington Township Hospital District Revenue, AMBAC Insured, 5.25%,
07/01/23 ............................................................... 4,621,750
Watsonville Hospital Revenue, Watsonville Community Hospital, Insured,
Series A,
3,990,000 6.30%, 07/01/15 .................................................... 4,115,206
5,435,000 6.35%, 07/01/24 .................................................... 5,583,376
1,745,000 Watsonville RDA, Tax Allocation, Watsonville Redevelopment Project,
6.30%, 08/01/06 ........................................................ 1,746,483
23,665,000 West and Center Basin Financing Authority Revenue, AMBAC Insured,
6.125%, 08/01/22 ....................................................... 24,426,303
7,750,000 West Covina COP, Refunding, Civic Center Complex, 6.875%, 09/01/14 ...... 7,895,003
23,000,000 West Covina RDA, Special Tax, CFD No. 1, Pre-Refunded, 7.80%, 09/01/22 .. 25,552,080
9,255,000 West Hollywood COP, Capital Projects, Series A, 6.50%, 02/01/25 ......... 9,340,516
West Sacramento 1915 Act, Raleys Landing AD,
360,000 7.90%, 09/02/08 .................................................... 371,412
630,000 7.95%, 09/02/09 .................................................... 650,097
835,000 7.95%, 09/02/10 .................................................... 861,119
900,000 7.95%, 09/02/11 .................................................... 928,152
970,000 7.95%, 09/02/12 .................................................... 1,000,342
1,045,000 7.95%, 09/02/13 .................................................... 1,077,688
15,550,000 West Sacramento Financing Authority Revenue, MBIA Insured, 6.25%,
09/01/24 ............................................................... 16,297,800
4,725,000 West Sacramento RDA, Tax Allocation, West Sacramento Redevelopment
Project, MBIA Insured, 6.25%, 09/01/21 ................................. 4,882,295
6,455,000 Westminster RDA Revenue, Refunding, Tax Allocation, Commercial
Redevelopment Project No. 1, Series A, 7.30%, 08/01/21 ................. 6,966,171
5,095,000 Whittier Special Tax, CFD No. 89-1, 7.75%, 09/01/19 ..................... 5,237,303
$ 4,000,000 William S. Hart Joint School Financing Authority, Special Tax Revenue,
Refunding, Community Facilities, CGIC Insured, 6.50%, 09/01/14 ......... $ 4,287,320
William S. Hart Union High School District, Special Tax, CFD No. 87-1,
Pre-Refunded,
1,210,000 7.75%, 09/01/14 .................................................... 1,344,395
3,225,000 8.10%, 09/01/18 .................................................... 3,519,281
3,000,000 Wilsona USD, COP, Ameri-Cal Improvement Corp., 8.50%, 06/01/07 .......... 3,141,060
14,775,000 Yucaipa-Sweetwater School Facilities Financing Authority Revenue, Special
Tax, Sweetwater Project, Pre-Refunded, 8.00%, 09/01/15 ................. 16,233,145
-------------
Total Bonds (Cost $12,148,500,554)................................. 12,705,395,320
-------------
Zero Coupon/Step-up Bonds 4.3%
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 ............................................. 2,406,602
Baldwin Park RDA, Refunding, Tax Allocation, San Gabriel, Series A, ETM,
540,000 (original accretion rate 7.50%), 02/01/99 .......................... 489,083
550,000 (original accretion rate 7.60%), 02/01/00 .......................... 472,753
560,000 (original accretion rate 7.70%), 02/01/01 .......................... 458,976
565,000 (original accretion rate 7.75%), 02/01/02 .......................... 439,971
570,000 (original accretion rate 7.80%), 02/01/03 .......................... 420,899
575,000 (original accretion rate 7.85%), 02/01/04 .......................... 401,839
585,000 (original accretion rate 7.90%), 02/01/05 .......................... 386,170
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 .............................................. 748,121
665,000 Series B, zero coupon to 09/01/00, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/27 .............................................. 525,297
13,970,000 California Health Facilities Financing Authority Revenue, Kaiser Permanente,
Series A, (original accretion rate 7.15%), 10/01/11 .................... 5,875,922
California HFA Revenue,
615,000 Capital Appreciation, Home Mortgage, Series 1985-A,
(original accretion rate 10.989%), 08/01/16 ....................... 73,720
54,765,000 Capital Appreciation, Home Mortgage, Series 1990-A,
(original accretion rate 7.90%), 08/01/23 ......................... 7,010,468
37,580,000 Home Mortgage, Series 1991-C, (original accretion rate 7.80%), 08/01/21 5,621,968
3,225,000 Home Ownership Mortgage, Series 1985-A, zero coupon to 08/01/98,
(original accretion rate 9.875%), 9.875% thereafter, 08/01/17 ..... 2,676,524
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 ........................................ $ 1,539,074
10,035,000 Series B, zero coupon to 10/01/00, (original accretion rate 6.20%),
6.20 % thereafter, 10/01/23 ....................................... 7,800,306
California State GO,
7,500,000 Principal Eagles II, Series 3, (original accretion rate 7.15%), 03/01/09 3,738,000
10,000,000 Principal Eagles II, Series 4, (original accretion rate 6.50%), 06/01/06 6,021,400
5,000,000 Principal Eagles II, Series 6, (original accretion rate 6.50%), 03/01/09 2,513,150
9,000,000 Principal M-Raes, Series 8, (original accretion rate 7.20%), 04/01/09 4,464,720
California Statewide CDA Revenue, COP, Refunding, Insured Hospital,
Triad Health Care,
6,450,000 (original accretion rate 7.00%), 08/01/09 .......................... 2,793,753
6,745,000 (original accretion rate 7.00%), 08/01/10 .......................... 2,718,775
3,115,000 (original accretion rate 7.00%), 08/01/11 .......................... 1,167,346
Campbell Union School District, Series B, FGIC Insured,
5,000,000 (original accretion rate 6.20%), 08/01/20 .......................... 1,205,500
6,280,000 (original accretion rate 6.20%), 08/01/21 .......................... 1,426,376
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 .. 8,403,209
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 ................................ 1,901,790
11,855,000 Series A, FSA Insured, zero coupon to 09/01/99, (original accretion rate
6.70%), 6.70% thereafter, 09/01/29 ................................ 9,991,631
2,810,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate
6.60%), 6.60% thereafter, 09/01/14 ................................ 1,958,795
8,485,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate
6.70%), 6.70% thereafter, 09/01/29 ................................ 5,880,784
6,810,000 Contra Costa County COP, Merrithew Memorial Hospital, (original accretion
rate 7.05%), 11/01/15 .................................................. 2,108,785
Contra Costa County Home Mortgage Finance Authority, HMR, MBIA Insured,
Pre-Refunded,
10,770,000 (original accretion rate 7.05%), 09/01/17 .......................... 1,931,061
5,890,000 (original accretion rate 7.05%), 09/01/17 .......................... 1,087,942
9,635,000 (original accretion rate 7.10%), 09/01/17 .......................... 1,813,211
8,615,000 (original accretion rate 7.10%), 09/01/17 .......................... 1,698,361
8,095,000 (original accretion rate 7.10%), 09/01/17 .......................... 1,568,649
7,700,000 (original accretion rate 7.10%), 09/01/17 .......................... 1,587,047
Contra Costa County Home Mortgage Finance Authority, HMR,
MBIA Insured, Pre-Refunded, (cont.)
$ 7,135,000 (original accretion rate 7.10%), 09/01/17 .......................... $ 1,447,620
6,275,000 (original accretion rate 7.10%), 09/01/17 .......................... 1,330,488
Contra Costa School Financing Authority Revenue, Capital Appreciation,
1,785,000 Antioch USD Community, Series B, (original accretion rate 7.30%),
09/01/07 .......................................................... 896,713
1,000,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion
rate 6.50%), 09/01/03 ............................................. 722,850
3,820,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion
rate 7.00%), 09/01/17 ............................................. 1,048,742
6,820,000 Desert Sands USD, COP, Capital Projects, FSA Insured, (original accretion
rate 6.381%) 03/01/20................................................... 5,177,948
Fairfield-Suisun USD, Special Tax, CFD No. 1,
445,000 (original accretion rate 9.25%), 06/01/97 .......................... 428,241
4,325,000 zero coupon to 12/01/97, (original accretion rate 10.50%), 10.50%
thereafter, 12/01/23 .............................................. 4,207,446
Foothill/Eastern Transportation Corridor Agency, California Toll Road Revenue,
Senior Lien, Series A,
8,000,000 (original accretion rate 6.55%), 01/01/12 .......................... 4,964,720
5,500,000 (original accretion rate 6.734%), 01/01/14 ......................... 3,427,764
20,000,000 (original accretion rate 7.07%), 01/01/25 .......................... 3,092,200
23,000,000 (original accretion rate 7.00%), 01/01/26 .......................... 3,328,560
10,000,000 (original accretion rate 7.00%), 01/01/27 .......................... 1,354,600
18,000,000 (original accretion rate 6.98%), 01/01/29 .......................... 2,136,420
6,450,000 Kern County Housing Authority, RRMR, Series 1985-A, (original accretion
rate 10.875%), 03/01/17 ................................................ 749,554
26,750,000 Los Angeles Convention and Exhibition Center Authority, COP, Series 1985,
ETM, (original accretion rate 6.85%), 12/01/05 ......................... 16,788,567
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 ............ 3,087,863
4,895,000 (original accretion rate 7.25%), 07/01/03 .......................... 3,332,711
3,040,000 Los Angeles HMR, Series 1986-A, GNMA Secured, (original accretion rate
8.50%), 08/25/16 ....................................................... 580,274
5,000,000 Los Banos USD, COP, Series B, MBIA Insured, (original accretion rate 6.50%),
08/01/16 ............................................................... 3,728,350
38,500,000 Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded, (original
accretion rate 8.20%), 05/01/14 ........................................ 10,539,760
$ 7,680,000 Moreno Valley USD, COP, Land Acquisition, FSA Insured, Series F, zero
coupon to 09/01/98, (original accretion rate 6.75%), 6.75% thereafter, 09/01/27 $7,043,711
Orange County COP, Juvenile Justice Center Project, Pre-Refunded,
3,280,000 (original accretion rate 7.50%), 06/01/01 .......................... 2,640,432
3,280,000 (original accretion rate 7.55%), 06/01/02 .......................... 2,449,471
3,280,000 (original accretion rate 7.60%), 06/01/03 .......................... 2,270,087
3,280,000 (original accretion rate 7.60%), 06/01/04 .......................... 2,106,941
4,715,000 (original accretion rate 7.70%), 06/01/10 .......................... 1,915,468
4,715,000 (original accretion rate 7.70%), 06/01/11 .......................... 1,776,141
4,715,000 (original accretion rate 7.70%), 06/01/12 .......................... 1,646,854
Paramount USD, COP, Land Acquisition, Series B, FSA Insured,
1,695,000 zero coupon to 09/01/01, (original accretion rate 6.85%), 6.85%
thereafter, 09/01/14 .............................................. 1,290,487
7,675,000 zero coupon to 09/01/01, (original accretion rate 7.00%), 7.00%
thereafter, 09/01/29 .............................................. 5,827,166
4,090,000 Pasadena Special Tax, CFD No. 1, Civic Center West, (original accretion
rate 7.70%), 12/01/17 .................................................. 894,032
18,845,000 Perris SFMR, Series A, GNMA Secured, ETM, (original accretion rate
8.705%), 06/01/23 ...................................................... 3,559,254
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, 03/01/19 422,463
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 .......... 1,735,413
Port of Oakland Revenue, BIG Insured,
10,000,000 Series A, (original accretion rate 7.70%), 11/01/19 ................ 1,866,400
36,000,000 Series B, (original accretion rate 7.45%), 11/01/19 ................ 7,093,440
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 ...................... 1,279,337
Rancho Water District Financing Authority Revenue, AMBAC Insured,
1,250,000 (original accretion rate 6.80%), 08/15/08 .......................... 652,037
1,250,000 (original accretion rate 6.80%), 08/15/09 .......................... 609,562
8,605,000 (original accretion rate 6.90%), 08/15/16 .......................... 2,705,325
13,605,000 (original accretion rate 6.90%), 08/15/17 .......................... 4,035,242
13,605,000 (original accretion rate 6.90%), 08/15/18 .......................... 3,806,951
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 ........................................ 1,491,543
6,005,000 Series A, zero coupon to 09/01/98, (original accretion rate 6.70%),
6.70% thereafter, 09/01/27 ........................................ 5,343,488
Rialto USD, COP, Land Acquisition, Capital Appreciation, FSA Insured, (cont.)
$ 1,440,000 Series B, zero coupon to 09/01/00, (original accretion rate 6.60%),
6.60% thereafter, 09/01/11 ........................................ $ 1,127,663
5,095,000 Series B, zero coupon to 09/01/00, (original accretion rate 6.70%),
6.70% thereafter, 09/01/27 ........................................ 3,967,272
1,250,000 Riverside County Board of Education, COP, Financing Projects, Series A,
(original accretion rate 6.75%), 11/01/05 .............................. 750,462
Riverside County SFMR, GNMA Secured, ETM,
20,220,000 Series 1987-A, (original accretion rate 8.50%), 09/01/14 ........... 6,892,391
25,055,000 Series 1988-A, (original accretion rate 8.55%), 11/01/20 ........... 5,626,851
26,160,000 Series 1988-B, (original accretion rate 8.75%), 06/01/23 ........... 5,005,192
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 .......... 5,158,483
Rocklin USD, Series A, FGIC Insured,
3,660,000 (original accretion rate 7.10%), 09/01/08 .......................... 1,893,537
4,100,000 (original accretion rate 7.10%), 09/01/09 .......................... 1,981,940
4,595,000 (original accretion rate 7.10%), 09/01/10 .......................... 2,085,486
5,145,000 (original accretion rate 7.10%), 09/01/11 .......................... 2,190,277
5,760,000 (original accretion rate 7.10%), 09/01/12 .......................... 2,280,037
33,960,000 (original accretion rate 7.10%), 09/01/16 .......................... 10,649,176
Roseville City School District, Series A,
3,115,000 (original accretion rate 6.50%), 08/01/11 .......................... 1,290,855
30,770,000 (original accretion rate 6.60%), 08/01/17 .......................... 8,838,066
Roseville Joint Union High School District, Series A,
1,820,000 (original accretion rate 6.50%), 08/01/10 .......................... 800,381
1,965,000 (original accretion rate 6.50%), 08/01/11 .......................... 814,295
18,155,000 (original accretion rate 6.60%), 08/01/17 .......................... 5,214,661
San Bernardino County COP, West Valley Detention Center Project,
Pre-Refunded,
3,270,000 (original accretion rate 7.30%), 11/01/00 .......................... 2,673,943
3,270,000 (original accretion rate 7.35%), 11/01/01 .......................... 2,485,331
3,170,000 (original accretion rate 7.40%), 11/01/02 .......................... 2,237,227
3,250,000 (original accretion rate 7.45%), 11/01/03 .......................... 2,127,807
3,135,000 (original accretion rate 7.50%), 11/01/04 .......................... 1,902,223
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 .......................... 7,882,376
11,320,000 (original accretion rate 6.90%), 07/01/06 .......................... 6,521,564
4,570,000 (original accretion rate 6.95%), 07/01/07 .......................... 2,449,291
7,785,000 (original accretion rate 6.95%), 07/01/08 .......................... 3,892,421
San Francisco City and County RDA Lease Revenue, George R. Moscone
Center, Capital Appreciation, (cont.)
$ 16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/16 ............ $ 4,170,191
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/17 ............ 3,837,182
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/18 ............ 3,530,742
46,000,000 zero coupon to 07/01/02, (original accretion rate 8.50%), 8.50%
thereafter, 07/01/14 .............................................. 35,465,540
6,540,000 San Francisco City and County SFMR, Series 1985, (original accretion rate
10.375%), 10/01/18 ..................................................... 706,908
2,250,000 San Gabriel USD, COP, Facilities Development Program, Series B, FSA
Insured, (original accretion rate 7.15%), 09/01/29 ..................... 1,557,810
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue,
Senior Lien,
5,700,000 (original accretion rate 6.95%), 01/01/25 .......................... 900,713
33,545,000 (original accretion rate 7.75%), 01/01/28 .......................... 4,357,495
37,050,000 (original accretion rate 7.75%), 01/01/29 .......................... 4,508,614
21,585,000 zero coupon to 01/01/02, (original accretion rate 7.50%), 7.50%
thereafter, 01/01/09 .............................................. 16,866,302
10,745,000 zero coupon to 01/01/02, (original accretion rate 7.55%), 7.55%
thereafter, 01/01/10 .............................................. 8,391,414
25,935,000 zero coupon to 01/01/02, (original accretion rate 7.60%), 7.60%
thereafter, 01/01/11 .............................................. 20,199,992
25,215,000 zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65%
thereafter, 01/01/12 .............................................. 19,586,507
27,350,000 zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65%
thereafter, 01/01/13 .............................................. 21,244,932
7,470,000 zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70%
thereafter, 01/01/14 .............................................. 5,819,278
60,155,000 zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70%
thereafter, 01/01/15 .............................................. 46,602,680
105,000 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 ............ 89,582
26,375,000 Santa Cruz County Housing Authority, MFHR, Dominican Oaks, Series 1987,
GNMA Secured, (original accretion rate 9.00%), 06/20/29 ................ 1,539,508
1,910,000 Simi Valley SFRMR, Series 1990-A, (original accretion rate 8.00%), 09/01/25 206,165
Southern California Public Power Authority Revenue, Refunding, Series A,
AMBAC Insured,
12,000,000 (original accretion rate 7.25%), 07/01/11 .......................... 5,194,560
16,890,000 (original accretion rate 7.25%), 07/01/12 .......................... 6,751,101
16,000,000 (original accretion rate 7.25%), 07/01/13 .......................... 6,033,440
$103,885,000 Stockton East Water District, COP, Refunding, Series 1990-A, AMBAC
Insured, (original accretion rate 7.00%), 04/01/16 ..................... $ 29,516,844
-------------
Total Zero Coupon/Step-up Bonds (Cost $522,853,334)................ 585,977,322
-------------
Total Long Term Investments (Cost $12,671,353,888) ................ 13,291,372,642
-------------
Short Term Investments .6%
dCalifornia Health Facilities Financing Authority Revenue, Refunding,
3,700,000 Catholic West Facility, Series B, MBIA Insured, Weekly VRDN and Put,
3.65%, 07/01/05 ................................................... 3,700,000
2,800,000 St. Joseph Health System, Series A, Daily VRDN and Put, 3.60%,
07/01/13 .......................................................... 2,800,000
900,000d California PCFA, PCR, Southern California Edison, Series C, Daily VRDN
and Put, 3.85%, 02/28/08 ............................................... 900,000
15,000,000 California School Cash Reserve Program Authority, Series A, 4.75%, 07/02/97 15,096,450
9,800,000d California State RAN, Series C-3, Weekly VRDN and Put, 3.70%, 06/30/97 .. 9,800,000
8,300,000d California Statewide CDA Revenue, COP, Sutter Health Obligation Group,
Daily VRDN and Put, 3.65%, 07/01/15 .................................... 8,300,000
9,440,000d Irvine 1915 Act, Updates, AD No. 89-10, Daily VRDN and Put, 3.65%, 09/02/15 9,440,000
2,900,000d Irvine Ranch Water District COP, Capital Improvement Project, Daily VRDN
and Put, 3.80%, 08/01/16 ............................................... 2,900,000
dIrvine Ranch Water District, Daily VRDN and Put,
1,050,000 Consolidated District Nos. 105, 140, 240 and 245, 3.65%, 01/01/21 .. 1,050,000
2,600,000 Consolidated District Nos. 105, 250, and 290, 3.65%, 08/01/16 ...... 2,600,000
3,500,000 Consolidated Improvement Districts, 3.85%, 06/01/15 ................ 3,500,000
1,300,000 DATES, Consolidated Boards, Series C, 3.65%, 10/01/10 .............. 1,300,000
6,400,000 Refunding, Consolidated Districts, Series A, 3.85%, 05/01/09 ....... 6,400,000
dOrange County COP, Various Sanitation Districts,
3,000,000 Refunding, Sanitation District Nos. 1-3, 5-7, and 11, AMBAC Insured,
Weekly VRDN and Put, 3.65%, 08/01/13 .............................. 3,000,000
2,300,000 Sanitation District Nos. 1-3, 5-7, 11, 13 and 14, Series A, Capital
Improvement Program 1990-1992, Daily VRDN and Put, 3.65%, 08/01/15. 2,300,000
3,000,000 dSanta Clara County MFHR Authority, Foxchase Apartments, Series E,
FGIC Insured, Weekly VRDN and Put, 3.65%, 11/01/07 ..................... 3,000,000
2,000,000 dWestern Riverside County Regional Wastewater Authority Revenue,
Regional Wastewater Treatment, Daily VRDN and Put, 3.65%, 04/01/28 ..... 2,000,000
-------------
Total Short Term Investments (Cost $78,087,556).................... 78,086,450
-------------
Total Investments (Cost $12,749,441,444) 98.2%................ $13,369,459,092
Other Assets and Liabilities, Net 1.8%........................ 251,249,604
-------------
Net Assets 100.0% ............................................ $13,620,708,696
=============
At September 30, 1996, the net unrealized appreciation based on the cost of
investments for income tax purposes of $12,749,650,280 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
was an excess of value over tax cost ................................. $ 671,525,487
Aggregate gross unrealized depreciation for all investments in which there
was an excess of tax cost over value ................................. (51,716,675)
-------------
Net unrealized appreciation ........................................... $ 619,808,812
=============
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
RAN - Revenue Anticipation Notes
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.
dVariable 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
September 30, 1996 (unaudited)
Assets:
<S> <C>
Investments in securities, at value (identified cost $12,749,441,444)....................... $13,369,459,092
Cash ....................................................................................... 2,763,777
Receivables:
Interest .................................................................................. 208,130,157
Investment securities sold ................................................................ 63,207,894
Capital shares sold ....................................................................... 10,415,562
-------------
Total assets .......................................................................... 13,653,976,482
-------------
Liabilities:
Payables:
Investment securities purchased:
Regular Delivery ......................................................................... 2,023,666
When-issued basis (Note 1) ............................................................... 21,937,037
Capital shares repurchased ................................................................ 2,058,343
Management fees ........................................................................... 5,080,878
Distribution fees ......................................................................... 1,692,239
Shareholder servicing costs ............................................................... 155,624
Accrued expenses and other liabilities ..................................................... 319,999
-------------
Total liabilities ..................................................................... 33,267,786
-------------
Net assets, at value ........................................................................ $13,620,708,696
=============
Net assets consist of:
Undistributed net investment income ........................................................ $ 15,892,288
Net unrealized appreciation on investments ................................................. 620,017,648
Net realized loss .......................................................................... (27,837,691)
Class I capital shares ..................................................................... 12,923,207,544
Class II capital shares .................................................................... 89,428,907
-------------
Net assets, at value ........................................................................ $13,620,708,696
=============
Class I Shares:
Net assets, at value ...................................................................... $13,531,590,956
=============
Shares outstanding ........................................................................ 1,893,013,626
=============
Net asset value per share* ................................................................ $7.15
=============
Class II Shares:
Net assets, at value ....................................................................... $ 89,117,740
=============
Shares outstanding ......................................................................... 12,474,528
=============
Net asset value per share* ................................................................. $7.14
=============
*Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
<CAPTION>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements (cont.)
Statement of Operations
for the six months ended September 30, 1996 (unaudited)
Investment income:
<S> <C> <C>
Interest (Note 1) ............................................................... $445,197,585
-------------
Expenses:
Management fees (Note 5) ........................................................ $30,118,549
Distribution fees - Class I (Note 5) ............................................ 4,609,148
Distribution fees - Class II (Note 5) ........................................... 221,474
Shareholder servicing costs (Note 5) ............................................ 1,120,851
Reports to shareholders ......................................................... 649,916
Professional fees ............................................................... 194,066
Custodian fees ................................................................. 61,804
Registration and filing fees .................................................... 45,812
Directors' fees and expenses .................................................... 44,463
Other .......................................................................... 728,128
-------------
Total expenses ............................................................. 37,794,211
-------------
Net investment income ..................................................... 407,403,374
-------------
Realized and unrealized gain (loss) on investments:
Net realized loss ............................................................... (26,890,846)
Net unrealized appreciation ..................................................... 59,682,573
-------------
Net realized and unrealized gain on investments .................................. 32,791,727
-------------
Net increase in net assets resulting from operations ............................. $440,195,101
=============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
<CAPTION>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements (cont.)
Statement of Changes in Net Assets
for the six months ended September 30, 1996 (unaudited)
and the year ended March 31, 1996
Six months Year
ended ended
9/30/96 3/31/96
------------- -------------
Increase (decrease) in net assets:
Operations:
<S> <C> <C>
Net investment income ................................................... $ 407,403,374 $ 813,551,016
Net realized gain (loss) from security transactions ..................... (26,890,846) 103,262,760
Net unrealized appreciation on investments .............................. 59,682,573 24,322,955
------------- -------------
Net increase in net assets resulting from operations ............... 440,195,101 941,136,731
Distributions to shareholders from:
Undistributed net investment income:
Class I ................................................................ (410,273,001) (813,322,623)
Class II ............................................................... (1,812,406) (931,950)
Net realized capital gains:
Class I ................................................................ (89,640,250) --
Class II ............................................................... (426,581) --
Increase in net assets from capital share transactions (Note 2) .......... 322,314,741 310,430,864
------------- -------------
Net increase in net assets ......................................... 260,357,604 437,313,022
Net assets:
Beginning of period ..................................................... 13,360,351,092 12,923,038,070
------------- -------------
End of period ........................................................... $13,620,708,696 $13,360,351,092
============= =============
Undistributed net investment income included in net assets:
Beginning of period ..................................................... $ 20,574,321 $ 21,277,878
============= =============
End of period ........................................................... $ 15,892,288 $ 20,574,321
============= =============
The accompanying notes are an integral part of these financial statements.
</TABLE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Notes to Financial Statements (unaudited)
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 tax-free
income.
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 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. Original issue 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 the 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.
1. SIGNIFICANT ACCOUNTING POLICIES (cont.)
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.
2. CAPITAL STOCK
At September 30, 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:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
September 30, 1996 March 31, 1996*
---------------------- ------------------------
Class I Shares: Shares Amount Shares Amount
---------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
Shares sold ................................ 119,967,013 $851,275,218 201,620,716 $ 1,453,142,737
Shares issued in reinvestment of distributions 28,989,597 204,917,414 42,780,749 307,634,947
Shares redeemed ............................ (109,373,580) (775,236,334) (207,875,226) (1,498,417,284)
---------- ----------- ---------- ------------
Net increase .......................... 39,583,030 $ 280,956,298 36,526,239 $ 262,360,400
========== =========== ========== ============
Class II Shares:
Shares sold ................................ 6,354,204 $ 45,054,848 6,721,771 $ 48,645,910
Shares issued in reinvestment of distributions 216,577 1,530,298 81,783 593,535
Shares redeemed ............................ (739,203) (5,226,703) (160,604) (1,168,981)
---------- ----------- ---------- ------------
Net increase .......................... 5,831,578 $ 41,358,443 6,642,950 $ 48,070,464
========== =========== ========== ============
</TABLE>
*For the period May 1, 1995 to March 31, 1996 for Class II shares.
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 September 30,
1996 by $208,836.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the six months ended September 30, 1996 aggregated
$1,047,087,835 and $952,538,840, 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 aggregate annual expenses of the Fund be
limited to the extent necessary to comply with the limitations set forth in the
laws, regulations and administrative interpretations of the states in which the
Fund's shares are registered. For the six months ended September 30, 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 six months ended September 30, 1996 aggregated $1,120,851, of which
$1,088,104 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 reimburses 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 such 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. Fees incurred by the Fund under the Plans aggregated
$4,830,622 for the six months ended September 30, 1996.
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 the Fund's shares.
Commissions received by Distributors and the amounts paid to other dealers for
the six months ended September 30, 1996 amounted to $16,656,790 and $16,762,595,
respectively. Distributors also received contingent deferred sales charges
relating to transactions in the Fund of $49,591.
d. Other Affiliates and Related Party Transactions:
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 portfolio, 98.2% of its investments are in
the securities of issuers in California. Such concentration may subject the Fund
to economic changes occurring within that state.
6. CREDIT RISK AND DEFAULTED SECURITIES (cont.)
In addition, 1.05% of its portfolio is invested in lower rated and comparable
quality unrated securities. At September 30, 1996, the Fund held two defaulted
securities issued by two separate issuers with a value aggregating $6,906,250,
representing .05% of the Fund's 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:
CLASS I SHARES: For the Year ended March 31,
six months ended --------------------------------------------------------------
September 30, 1996 1996 1995 1994 1993 1992
------------- --------- --------- --------- --------- ----------
PER SHARE OPERATING
PERFORMANCE
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period ................. $7.18 $7.11 $7.12 $7.36 $7.07 $6.92
------------- --------- --------- --------- --------- ----------
Net investment income ...... .22 .44 .45 .46 .48 .49
Net realized and unrealized
gain (loss) on securities . .017 .074 (.016) (.226) .288 .154
------------- --------- --------- --------- --------- ----------
Total from investment
operations ................ .237 .514 .434 .234 .768 .644
------------- --------- --------- --------- --------- ----------
Less distributions from:
Net investment income ..... (.219) (.444) (.444) (.456) (.478) (.494)
Capital gains ............. (.048) -- -- (.018) -- --
------------- --------- --------- --------- --------- ----------
Total distributions ........ (.267) (.444) (.444) (.474) (.478) (.494)
------------- --------- --------- --------- --------- ----------
Net asset value at
end of period ............. $7.15 $7.18 $7.11 $7.12 $7.36 $7.07
============= ========= ========= ========= ========= ==========
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN **............. 3.40% 7.40% 6.37% 2.88% 10.95% 9.32%
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period
(in 000's) ................ $13,531,591 $13,312,666 $12,923,031 $13,345,420 $13,541,443 $12,303,807
Ratio of expenses to
average net assets ........ 0.56%* 0.55% 0.55% 0.49% 0.49% 0.49%
Ratio of net investment
income to average
net assets ................ 6.07%* 6.14% 6.36% 6.19% 6.61% 6.93%
Portfolio turnover rate .... 7.27% 19.24% 14.07% 18.12% 15.63% 16.13%
7. FINANCIAL HIGHLIGHTS (cont.)
For the
six months ended May 1, 1995 to
CLASS II SHARES: September 30, 1996 March 31, 1996
------------ -----------
<S> <C> <C>
Per Share Operating Performance
Net asset value at beginning of period........................................ $7.18 $7.09
------------ ----------
Net investment income ........................................................ .20 .38
Net realized and unrealized gain on securities ............................... .005 .082
------------ ----------
Total from investment operations ............................................. .205 .462
------------ ----------
Less distributions from:
Net investment income ....................................................... (.197) (.372)
Capital gains ............................................................... (.048) --
------------ ----------
Total distributions .......................................................... (.245) (.372)
------------ ----------
Net asset value at end of period ............................................. $7.14 $7.18
============ ==========
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN **............................................................... 2.94% 6.62%
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (in 000's) ....................................... $89,118 $47,685
Ratio of expenses to average net assets ...................................... 1.14%* 1.14%*
Ratio of net investment income to average net assets ......................... 5.49%* 5.55%*
Portfolio turnover rate ...................................................... 7.27% 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 front-end sales
charge or contingent deferred sales charge, and assumes reinvestment of
dividends and capital gains 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.
Franklin California Tax-Free Income Fund Semi-Annual Report September 30, 1996.
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 9/1/93 through 8/31/96.
<TABLE>
<CAPTION>
Period Ending Price
<S> <C> <C>
Sep-93 6.04% 5.47%
Oct-93 5.96% 5.48%
Nov-93 6.29% 5.65%
Dec-93 6.35% 5.52%
Jan-94 6.23% 5.45%
Feb-94 6.67% 5.77%
Mar-94 7.10% 6.36%
Apr-94 7.22% 6.37%
May-94 7.39% 6.40%
Jun-94 7.63% 6.47%
Jul-94 7.39% 6.33%
Aug-94 7.46% 6.36%
Sep-94 7.82% 6.58%
Oct-94 7.97% 6.85%
Nov-94 7.99% 7.16%
Dec-94 7.89% 6.92%
Jan-95 7.71% 6.66%
Feb-95 7.46% 6.42%
Mar-95 7.44% 6.37%
Apr-95 7.34% 6.35%
May-95 6.67% 6.10%
Jun-95 6.63% 6.28%
Jul-95 6.86% 6.19%
Aug-95 6.65% 6.11%
Sep-95 6.49% 6.07%
Oct-95 6.34% 5.91%
Nov-95 6.14% 5.74%
Dec-95 5.96% 5.56%
Jan-96 6.03% 5.57%
Feb-96 6.48% 5.71%
Mar-96 6.67% 5.96%
Apr-96 6.89% 6.05%
May-96 7.00% 6.09%
Jun-96 6.90% 6.01%
Jul-96 6.96% 5.98%
Aug-96 7.13% 6.02%
</TABLE>
GRAPHIC MATERIAL (2)
This chart shows in pie chart format the income and capital appreciation of the
Lehman Brothers 20-Year Municipal Bond Index for the 10-year period ended
8/31/96.
<TABLE>
<CAPTION>
Income: An Important Component of Total Return
<S> <C>
Income 90.83%
Capital Appreciation 9.17%
</TABLE>
GRAPHIC MATERIAL (3)
This bar chart shows that 37% insured municipal bonds and 63% non-insured
municipal bonds were issued in 1994, 44% insured municipal bonds and 56%
non-insured municipal bonds issued in 1995, and 48% insured municipal bonds and
52% non-insured municipal bonds issued in 1996.
GRAPHIC MATERIAL (4)
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), 1995 ($156 billion), and 1996 (105 billion).
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.
<TABLE>
<CAPTION>
Quality Breakdown on September 30, 1996
<S> <C>
AAA 41.4%
AA 10.7%
A 22.7%
BBB 24.1%
Below Investment Grade 1.1%
</TABLE>
GRAPHIC MATERIAL (6)
This bar chart shows the comparison between the fund's disribution rate of 5.78%
and the taxable equivalent distribution rate of 10.55%, for Class I shares.
GRAPHIC MATERIAL (7)
This bar chart shows the comparison between the fund's disribution rate of 5.41%
and the taxable equivalent distribution rate of 9.87%, for Class II shares.
