FRANKLIN CALIFORNIA TAX-FREE INCOME FUND
Annual Report
March 31, 1997
CONTENTS
MESSAGE FROM THE CHAIRMAN 1
SPECIAL FEATURE: 2
Q & A WITH THE MUNICIPAL
BOND DEPARTMENT
THE CALIFORNIA ECONOMY -- 4
A YEAR IN REVIEW
MANAGER'S DISCUSSION 5
GLOSSARY OF TERMS 13
MUNICIPAL BOND RATINGS 14
STATEMENT OF INVESTMENTS 16
FINANCIAL STATEMENTS 53
NOTES TO FINANCIAL 56
STATEMENTS
REPORT OF 60
INDEPENDENT AUDITORS
To ensure the highest quality of service, telephone calls to or from our
service departments may be monitored, recorded and accessed. These calls can
be determined by the presence of a regular beeping tone.
Charles B. Johnson
Chairman
May 14 , 1997
Dear Shareholder,
It is a pleasure to bring you the Franklin California Tax-Free Income Fund
annual report for the period ended March 31, 1997.
For most of the year under review, interest rates fluctuated as investors
reacted to various U.S. economic reports. The 30-year Treasury bond, for
example, yielded 6.67% at the beginning of the fiscal period on April 1,
1996, and 7.10% at the close. Interest rates ended the period higher due to
continued, above-trend U.S. economic strength. In fact, the Federal Reserve
Board moved to pre-empt potentially higher inflation by raising the federal
funds rate (the rate banks charge each other for overnight loans) from 5.25%
to 5.50% in March.
So far, this rate increase has caused some volatility in the U.S. stock and
bond markets. Many analysts anticipate additional rate hikes, which could
result in more market volatility. However, any slowdown in economic activity
may reduce the risk of higher inflation. Fixed-income securities, which
include tax-free bonds, may respond well in this type of environment.
During this period, bond calls dominated the municipal market. Bonds issued
in the higher interest rate environment of the late 1980s continued to be
called or refunded, which returned large amounts of cash to individual and
institutional investors -- including the Franklin California Tax-Free Income
Fund. Reinvesting these proceeds in similar, high-quality or insured issues
generally resulted in receiving the lower yields of the current investment
environment. Our investment strategy has not changed, however, and we still
manage our portfolios to generate maximum, tax-free income.
Looking forward, we expect the 1997 supply of California municipal
securities should be around the $18.2 billion of 1996. We also anticipate the
trend of heavy bond calls will persist. These bond calls should continue to
provide cash for reinvestment into municipal securities and, therefore,
should help sustain strong demand and favorable performance.
As a Franklin Templeton fund shareholder, you receive the benefits of
professional management and dedicated service. If you have any questions
concerning the Franklin California Tax-Free Income Fund, we welcome the
opportunity to answer them. A more detailed report on your fund can be found
in the following pages.
Sincerely,
Charles B. Johnson
Chairman
Celebrating 50 Years
This year marks 50 years of business for Franklin Templeton. Over these
years, the mutual fund industry has experienced profound changes in
technology, regulations and customer expectations. As one of the
largest mutual fund families, we're proud to be an innovative industry
leader, providing people like you with an opportunity to invest around
the globe. We thank you for your past support and look forward to
serving your investment needs in the years ahead.
Special Feature: Q&A with the
Municipal Bond Department
Tom Kenny, director of Franklin's Municipal Bond Department, and portfolio
managers Don Duerson, Sheila Amoroso and Bernie Schroer discuss some issues
facing the municipal bond market.
1997 marks the start of a second presidential term for Bill Clinton. Do you
think his re-election was good news for the markets?
Tom Kenny: Market participants do not like uncertainty, so they appear
comfortable with the re-election of a Democratic president and a Republican
Congress. Alan Greenspan's reappointment as Federal Reserve Board Chairman
was also positive for the markets.
Why is that?
Tom: His monetary policy is designed to encourage low inflation with moderate
growth, which he has been able to accomplish.
Sheila Amoroso: We expect at least the first two quarters of 1997 to be
similar to 1996 with regard to growth and inflation, though it is difficult
to predict.
Alan Greenspan maintained a relatively neutral stance on monetary policy
throughout most of 1996. Do you see this carrying over into 1997?
Bernie Schroer: Possibly. As you know, we do not try to predict where rates
will be in the future. But, I think Greenspan will continue to look for signs
of above-trend growth, and will probably focus on wages and commodity prices.
At this point, wage inflation is moderate and companies do not feel they can
raise prices.
Don Duerson: The "threat" of higher rates seems to be sufficient to control
market expectations. Also, the recent strength of the dollar should have a
moderating effect on the economy by slowing export growth while keeping
import price inflation under control.
Floods in the U.S.: What impact do you see this having on state finances,
bond issuance, and bond ratings?
Sheila: Historically, very few bond issues are affected negatively by natural
disasters. At worst, some types of issues may be called and paid off from
insurance proceeds. Bond ratings are generally long term in nature and are
usually not affected by such short-term events. Most of the repair costs are
covered by insurance com- panies, the Federal Emergency Management Agency,
and state disaster relief funds.
(PICTURE OMITTED)
Portfolio managers Don Duerson (left) and Sheila Amoroso (right) discuss aspects
of a new bond issue with Tom Kenny, director of Franklin's Municipal Bond
Department.
Bernie: Generally, these disasters create an increase in construction
activity, however, which can contribute to increased economic growth in those
affected areas.
What kinds of bonds are you purchasing for your funds?
Don: We try to choose bonds whose coupons provide higher income with lower
volatility than, for example, deep discount bonds with lower coupons. We feel
that the best relative value in the market today is in the insured sector.
The narrow quality spreads in the market are due to the low interest-rate
environment and the increase in volume of insured issues in the market.
Close to 50% of new issues came to market insured, taking more spread out of
the market.
What do you mean by "narrow spread?"
Bernie: In a declining or low interest-rate environment, investors tend to
"reach for yield," trying to obtain the same yield level they had in an
earlier, higher interest-rate environment. To accomplish this, investors have
to buy lesser-quality bonds, which are usually higher yielding. Because
interest rates have been relatively low for most of the 1990s, investor
demand has increased for higher-yielding, lower-quality securities, which
drives the prices of these securities higher. This results in lower relative
yield differentials between lower-quality issues and AAA-rated insured bonds.
When this happens, it makes more sense for us to buy insured bonds.
Do you plan on changing your investment strategy in 1997?
Tom: Franklin employs a long-term "buy and hold" strategy, and our major
objective for the tax-free funds is to pay out high tax-free income. Our
portfolio managers don't speculate on the market by trying to predict future
interest rates. We use a consistent and disciplined long-term relative value
strategy toward meeting our objectives, and we plan on maintaining this
approach.
Thanks for sharing your thoughts.
The California Economy -
A Year in Review
For the first time since the late 1980s, California's economic growth outpaced
the nation's in 1996, led by the export, tourism, computer services and
entertainment industries.+ The state also added many jobs in dynamic new
industries, such as multimedia, bio-technology and Internet/Intranet services.
Although state employment rose to pre-recession levels, wages climbed only
slightly above the national average, due in part to the decline in high-paying
aerospace employment.
Furthermore, despite strong job growth, the state's unemployment level (7.0%
as of February 1997) remained above the national average of 5.7%.* On the
plus side, California's employment base remained quite diverse, as February
1997 figures showed manufacturing represented 14.4% of state employment,
trade 23.1%, services 30.9% and government 16.5%.*
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
At the close of the state's 1995-96 fiscal year on June 30, 1996, California
had experienced its second year of operating surpluses and broad economic
improvement, following four years of operating deficits. Based in part on
California's improving economic position, Standard & Poor's(R) Corporation (a
national rating agency) raised its rating of the state's general obligation
debt, from A to A+, in July 1996. Since then, California's economy has
experienced further growth, and Standard & Poor's may grant another rating
upgrade soon. (See page 14 for more information on bond ratings.)
In November, California voters passed Proposition 218 -- significant
legislation requiring voter approval of all new taxes and fee increases.
Although the potential effects are still unclear, it has caused some issuers
to postpone the sale of new bonds until they study the legislation further.
With fewer issues coming to market, it should help the value of the bonds in
your fund.
Overall, California's economy has undergone fundamental changes and appears
to be poised for continued growth. The chart to the left shows the
year-over-year percent change in California's non-farm employment during the
period 1990-97, illustrating the recession years of 1991-1993 and the
recovery that began in 1994. We expect California's economy should continue
to expand throughout 1997, which gives us a positive outlook for the state
and its municipal debt in the coming fiscal year.
+ Source: Standard & Poor's Creditweek Municipal, September 9, 1996.
* Source: Bureau of Labor Statistics.
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.*
*For investors subject to the federal alternative minimum tax, a small
portion of this income may be subject to such tax. Distributions of capital
gains and of ordinary income from accrued market discount, if any, are
generally taxable.
Portfolio Notes
During the fiscal year, municipal bonds issued during times of higher
interest rates continued to be pre-refunded. A pre-refunded bond will be paid
off at its first call date with the proceeds of a second bond carrying a
lower interest rate. Pre-refunding allows bond issuers to reduce their
borrowing costs by paying off higher-rate bonds. Because pre-refunded bonds
have guaranteed, early, refund dates, they typically sell at premiums over
their par values.
Consequently, a major investment theme for us during the reporting period was
to seek opportune times for selling the fund's pre-refunded bonds at a
profit, with most bonds having four to six years remaining until refunding.
Because refunding volume was so high, these bonds increased from 12.1% of the
fund's long-term investments on March 31, 1996, to 13.8% on March 31, 1997.
We intend to sell pre-refunded bonds, when appropriate, until this sector is
approximately 10% of long-term investments.
Franklin California
Tax-Free Income Fund
Portfolio Breakdown on March 31, 1997
Based on Total Long-Term Investments
% of Total
Lont-Term
Sector Investments
Utilities 17.8%
Certificates of Participation 14.7%
Pre-Refunded 13.8%
Tax-Allocation Bonds 8.8%
Transportation 8.6%
Marks-Roos Bonds 8.0%
Hospitals 7.1%
Housing 5.4%
General Obligation 4.1%
Mello-Roos Bonds 3.9%
Other Revenue 2.0%
Health Care 1.7%
Sales Tax Revenue 1.4%
Special Assessment Bonds 1.3%
Education 1.0%
Industrial 0.4%
For a complete list of portfolio holdings, please see page 16 of this report.
GRAPHIC MATERIAL 2 OMITTED - SEE APPENDIX AT END OF DOCUMENT
We used the proceeds from these sales to invest mostly in full-coupon insured
bonds in the 25- to 30-year maturity range. We found the best value in
insured issues as the yield spread between AAA-rated insured issues and
lower-rated issues narrowed. This allowed us to invest in issues with
very-reduced credit risk, without sacrificing much yield. Depending on the
call protection, investing in bonds with longer maturities should help
protect the fund's income-earning potential.
Additionally, we purchased investment-grade essential service bonds in the
20- to 30-year range, which tend to have relatively stable income streams
generated from hospitals, utilities and transportation projects. As you can
see from the table on page 5, the fund was well-diversified across a broad
range of sectors on March 31, 1997. Overall, the fund's credit quality
remained high, with AAA-rated investments increasing from 39.5% of long-term
investments on March 31, 1996, to 44.7% on March 31, 1997.
Going forward, we anticipate continued economic growth in California, rather
mild inflation and relatively stable interest rates. Under such
circumstances, we believe the fund is positioned to perform well during the
next year.
PERFORMANCE SUMMARY
CLASS I
GRAPHIC MATERIAL 3 OMITTED - SEE APPENDIX AT END OF DOCUMENT
The Franklin California Tax-Free Income Fund's Class I share price, as
measured by net asset value, decreased 9.0 cents, from $7.18 on March 31,
1996, to $7.09 on March 31, 1997.
In addition to distributing 43.5 cents ($0.435) per share in dividend income
during the reporting period, the fund also paid out a long-term capital gain
of 4.8 cents ($0.048) per share in June 1996. Distributions will vary
depending on income earned by the fund and any profits realized from sales of
securities in the fund's portfolio. Past distributions are not predictive of
future trends.
At the end of this reporting period, your fund's distribution rate was 5.84%,
based on an annualization of March's monthly dividend of 3.6 cents ($0.036)
per share and the maximum offering price of $7.40 on March 31, 1997. This
double-tax-free rate is generally higher than the after-tax return on a
comparable taxable investment of similar quality. For example, if you are in
the maximum combined federal and California state personal income tax bracket
of 45.2%, you would have to earn 10.66% from a taxable investment to match
your fund's double-tax-free distribution rate.
Franklin California Tax-Free
Income Fund
Class I
Dividend Distributions (4/1/96 - 3/31/97)
Dividend
Month per Share
April 3.70 cents
May 3.70 cents
June 3.70 cents
July 3.60 cents
August 3.60 cents
September 3.60 cents
October 3.60 cents
November 3.60 cents
December 3.60 cents
January 3.60 cents
February 3.60 cents
March 3.60 cents
Total 43.50 cents
GRAPHIC MATERIAL 4 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Franklin California Tax-Free Income Fund - Class I
Periods ended March 31, 1997
The fund posted a cumulative total return of +5.67% for the 12-month period
ended March 31, 1997. Total return measures the change in value of an
investment, assuming reinvestment of all distributions, and does not include
the initial sales charge. Past performance is not predictive of future
results.
As illustrated by the chart to the left, your fund's performance over the
last 10 years has exceeded the rate of inflation, as measured by the Consumer
Price Index, maintaining your purchasing power -- a pri-mary goal of any
investment. Although the fund's shares have slightly underperformed the
Lehman Brothers
Municipal Bond Index, unmanaged market indices have inherent performance
differentials in comparison with any fund. They do not pay management fees to
cover salaries of security analysts or portfolio managers, nor do they pay
commissions to buy and sell bonds. Unlike unmanaged indices, mutual funds are
never 100% invested since they need to keep cash on hand to redeem shares and
pay for upcoming investments. The fund's performance figures also include the
maximum initial sales charge, all fund expenses and account fees. If
operating expenses such as the fund's had been applied to this index, the
index's performance would have been lower. Please remember that an index is
simply a measure of performance, and one cannot invest directly in an index.
Past performance is not predictive of future results.
Since
Inception
1-Year 5-Year 10-Year (2/1/77)
Cumulative Total Return1 5.67% 38.53% 94.06% 227.02%
Average Annual Total Return2 1.16% 5.82% 6.40% 5.83%
Distribution Rate3 5.84%
Equivalent Taxable Distribution Rate4 10.66%
30-Day Standardized Yield5 5.01%
Equivalent Taxable Yield4 9.14%
1. Cumulative total returns measure the change in value of an investment over
the periods indicated and do not include the sales charge. See Note below.
2. Average annual total returns represent the average annual change in value
of an investment over the specified periods and reflect the current, maximum
4.25% initial sales charge. See Note below.
3. Distribution rate is based on an annualization of the current, 3.6 cent
per share monthly dividend and the maximum offering price of $7.40 on March
31, 1997.
4. Equivalent taxable distribution rate and yield assume the 1997 maximum
combined federal and California state personal income tax bracket of 45.2%,
based on the 39.6% federal income tax rate.
5. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended March 31, 1997.
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. 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.
The Franklin California Tax-Free Income Fund's Class I shares paid per share
distributions derived from long-term capital gains of 4.8 cents ($0.048) in
June 1996. The fund hereby designates such distributions as capital gains
dividends per Section 852(b)(3) of the Internal Revenue Code.
PERFORMANCE SUMMARY
CLASS II
GRAPHIC MATERIAL 5 OMITTED - SEE APPENDIX AT END OF DOCUMENT
The Franklin California Tax-Free Income Fund's Class II share price, as measured
by net asset value, decreased 9.0 cents, from $7.18 on March 31, 1996, to $7.09
on March 31, 1997.
In addition to distributing 39.37 cents ($0.3937) per share in dividend
income during the reporting period, the fund also paid out a long-term
capital gain of 4.8 cents ($0.048) per share in June 1996. Distributions will
vary depending on income earned by the fund and any profits realized from
sales of securities in the fund's portfolio. Past distributions are not
predictive of future trends.
At the end of this reporting period, your fund's distribution rate was 5.48%,
based on an annualization of March's monthly dividend of 3.27 cents ($0.0327)
per share and the offering price of $7.16 on March 31, 1997. This
double-tax-free rate is generally higher than the after-tax return on a
comparable taxable investment of similar quality. For example, if you are in
the maximum combined federal and California state personal income tax bracket
of 45.2%, you would have to earn 10.00% from a taxable investment to match
your fund's double-tax-free distribution rate.
Franklin California Tax-Free
Income Fund
Class II
Dividend Distributions (4/1/96 - 3/31/97)
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
October 3.28 cents
November 3.28 cents
December 3.28 cents
January 3.26 cents
February 3.26 cents
March 3.27 cents
Total 39.37 cents
Franklin California Tax-Free Income Fund - Class II
Periods ended March 31, 1997
GRAPHIC MATERIAL 6 OMITTED - SEE APPENDIX AT END OF DOCUMENT
The fund posted a cumulative total return of +5.06% for the 12-month period
ended March 31, 1997. Total return measures the change in value of an
investment, assuming reinvestment of all distributions, and does not include
sales charges. Past performance is not predictive of future results.
As illustrated by the chart to the left, your fund's performance since
inception has exceeded the rate of inflation, as measured by the Consumer
Price Index, maintaining your purchasing power -- a primary goal of any
investment. Although the fund's shares have slightly underperformed the
Lehman Brothers Municipal Bond Index, unmanaged market indices have inherent
performance differentials in comparison with any fund. They do not pay
management fees to cover salaries of security analysts or portfolio managers,
nor do they pay commissions to buy and sell bonds. Unlike unmanaged indices,
mutual funds are never 100% invested since they need to keep cash on hand to
redeem shares and pay for upcoming investments. The fund's performance
figures also include sales charges, all fund expenses and account fees. If
operating expenses such as the fund's had been applied to this index, the
index's performance would have been lower. Please remember that an index is
simply a measure of performance, and one cannot invest directly in an index.
Past performance is not predictive of future results.
Since
Inception
1-Year (5/1/95)
Cumulative Total Return1 5.06% 12.07%
Average Annual Total Return2 3.07% 5.58%
Distribution Rate3 5.48%
Equivalent Taxable Distribution Rate4 10.00%
30-Day Standardized Yield5 4.61%
Equivalent Taxable Yield4 8.41%
1. Cumulative total returns measure the change in value of an investment over
the specified periods and do not include sales charges.
2. Average annual total returns represent the average annual change in value
of an investment over the specified periods and reflect the 1.0% initial
sales charge and 1.0% contingent deferred sales charge, applicable to shares
redeemed within the first 18 months of investment.
3. Distribution rate is based on an annualization of the current, 3.27 cent
per share monthly dividend and the offering price of $7.16 on March 31, 1997.
4. Equivalent taxable distribution rate and yield assume the 1997 maximum
combined federal and California state personal income tax bracket of 45.2%,
based on the 39.6% federal income tax rate.
5. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended March 31, 1997.
All total return calculations assume reinvestment of dividends and capital
gains at net asset value. 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.
The Franklin California Tax-Free Income Fund's Class II shares paid per share
distributions derived from long-term capital gains of 4.8 cents ($0.048) in
June 1996. The fund hereby designates such distributions as capital gains
dividends per Section 852 (b)(3) of the Internal Revenue Code.
GLOSSARY OF INVESTMENT TERMS
Call Protection: the length of time during which a bond cannot be redeemed
by its issuer.
Coupon: the interest rate on a bond that the issuer promises to pay to the
holder until the bond matures.
Full-Coupon Bond: a bond with a coupon rate that is at or near current
market interest rates.
High-Grade Bond/High-Quality Bond: a bond rated AAA or AA by Standard &
Poor's(R) or Aaa or Aa by Moody's Investors Service -- two national
credit-rating agencies.
Investment-Grade Bond: a bond with a rating of AAA to BBB-, usually within
the top-four rating categories assigned to bonds.
Premium: amount by which a bond sells above its face (par) value. For
instance, a bond with a face value of $1,000 would sell for a $100 premium
when it cost $1,100.
Pre-Refunded Bond: a bond that will be paid off at its first call date with
proceeds of the sale of a second bond carrying a lower interest rate. When a
bond is pre-refunded its premium rises, and then falls to par value as the
refunding date approaches.
Par Value: the face value or amount at which a security will be redeemed at
maturity -- typically $1,000 for a bond.
Yield Spread: the difference in yield between lower- and higher-quality
issues. Normally, lower-quality issues provide higher yields to compensate
investors for added credit risk.
MUNICIPAL BOND RATINGS
Moody's
Aaa - Best quality. They carry the smallest degree of investment risk and are
generally referred to as "gilt-edged." Interest payments are protected by a
large or exceptionally stable margin, and principal is secure. While the
various protective elements may change, such changes are unlikely to impair
the fundamentally strong position of such issues.
Aa - High quality by all standards. Together with the Aaa group, they
comprise what are generally known as high-grade bonds. Aa bonds are rated
lower than Aaa because margins of protection may not be as large, fluctuation
of protective elements may be of greater amplitude, or there may be other
elements which make the long-term risks appear larger.
A - Possess many favorable investment attributes and are considered upper
medium-grade obligations. Factors giving security to principal and interest
are considered adequate, but elements may be present that suggest a
susceptibility to impairment sometime in the future.
Baa - Medium-grade obligations, i.e., they are neither highly protected nor
poorly secured. Interest payments and principal security appear adequate for
the present, but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time.
Ba - Contain speculative elements. Often the protection of interest and
principal payments may be very mod-erate and, thereby, not well-safeguarded
during both good and bad times into the future. Uncertainty of position
characterizes bonds in this class.
B - Generally lack characteristics of more desirable investments. Assurance
of interest and principal payments or of maintenance of other terms of the
contract over any long period of time may be small.
Caa - Poor standing. Such issues may be in default or there may be present
elements of danger with respect to principal or interest.
Ca - Obligations which are highly speculative. Such issues are often in
default or have other marked shortcomings.
C - Lowest-rated class of bonds. Issues rated C can be regarded as having
extremely poor prospects of ever attaining any real investment standing.
Standard and Poor's Corporation (S&P(R))
AAA - This is the highest rating assigned by S&P to a debt obligation and
indicates the ultimate degree of protection as to principal and interest.
AA - Also qualify as high-grade obligations, and, in the majority of
instances, differ from AAA issues only
to a small degree.
A - Generally regarded as upper medium-grade obligations. They have
considerable investment strength but are not entirely free from adverse
effects of changes in economic and trade conditions. Interest and principal
are regarded as safe.
BBB - Regarded as having an adequate capacity to pay principal and interest.
Whereas they normally exhibit adequate protection parameters, adverse
economic conditions or changing circumstances are more likely to lead to a
weakened capacity to pay principal and interest for bonds in this category
than for bonds in the A category.
BB, B, CCC, CC - Bonds rated BB, B, CCC and CC are regarded, on balance, as
predominantly speculative with respect to the issuer's capacity to pay
interest and repay principal in accordance with the terms of the obligations.
BB indicates the lowest degree of speculation and CC the highest degree of
speculation. While such bonds will likely have some quality and protective
characteristics, these are outweighed by large uncertainties or major risk
exposures to adverse conditions.
C - Reserved for income bonds on which no interest is being paid.
D - Debt rated D is in default, and payment of interest and/or repayment of
principal is in arrears.
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS
Franklin California Tax-Free Income Fund, Inc., March 31, 1997
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE1)
Long Term Investments98.8%
Bonds94.4%
ABAG Finance Authority of Nonprofit Corporations, COP,
<S> <C> <C>
$ 3,955,000 6.75%, 08/01/20 ...................................................................... $ 4,097,261
4,245,000 6.125%, 03/01/21 ..................................................................... 4,246,358
5,570,000 Butte Valley-Tulelake Rural Health, 6.65%, 10/01/22 .................................. 5,655,110
1,250,000 Insured, Miramonte Mental Health Services, 6.60%, 07/01/22 ........................... 1,295,613
2,000,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%, 06/01/12 ........ 2,066,700
2,370,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%, 06/01/22 ........ 2,448,897
2,325,000 Peninsula Family YMCA, Series A, 6.80%, 10/01/11 ..................................... 2,371,291
2,800,000 United Way of Santa Clara County Project, 7.20%, 07/01/11 ............................ 3,026,576
4,500,000 ABAG Finance Corp., COP, ABAG XXV, 6.80%, 08/01/12 .................................... 4,595,895
ABAG Revenue Tax Allocation, California RDA, FSA Insured,
6,000,000 Pool A, 6.00%, 12/15/24............................................................... 5,992,500
6,320,000 cPool A-4, 5.875%, 12/15/25......................................................... 6,211,802
Adelanto Improvement Agency, Tax Allocation, Pre-Refunded,
12,710,000 Adelanto Improvement Project, Series 1990, 8.00%, 08/01/20 ........................... 14,067,555
1,870,000 Adelanto Improvement Project, Series 1991, 8.25%, 08/01/20 ........................... 2,147,602
7,755,000 Refunding, Series 1985, 8.125%, 06/01/15 ............................................. 8,542,753
16,295,000 Agua Mansa Industrial Growth Association, Special Tax, CFD No. 89-1, 8.25%, 09/01/17 .. 16,755,171
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 ........................... 173,813
180,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/99 ........................... 186,291
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 ................ 24,796,011
3,720,000 Alameda COP, MBIA Insured, 5.75%, 12/01/21............................................. 3,624,061
Alameda County COP, Capital Projects,
6,400,000 6.00%, 06/01/22 ...................................................................... 6,317,568
4,250,000 Series 1992, 6.25%, 06/01/06 ......................................................... 4,433,600
10,500,000 Series 1992, 6.75%, 06/01/16 ......................................................... 10,951,815
2,560,000 Alhambra RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 6.375%, 05/01/23 2,513,562
5,455,000 Anaheim COP, California Lutheran Homes, Pre-Refunded, 8.20%, 01/01/18 ................. 5,697,802
Anaheim Public Financing Authority Revenue,
25,940,000 Electric Utilities, San Juan 4, Second Series, FGIC Insured, 5.75%, 10/01/22 ......... 25,098,247
51,675,000 Lease, Public Improvements Project, Senior Series A, FSA Insured 5.00%, 03/01/37 ..... 44,563,487
5,215,000 Local Agency, CFD, Series A, MBIA Insured, 5.75%, 09/01/14 ........................... 5,158,157
Antelope Valley Insured Hospital District, COP, Series 1989,
5,515,000 7.30%, 01/01/06 ...................................................................... 5,682,656
21,600,000 7.35%, 01/01/20 ...................................................................... 22,254,696
Antioch 1915 Act,
1,230,000 AD No. 26, Hillcrest, Series 1987, 8.00%, 09/02/04 ................................... 1,272,115
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 ................................... 915,081
885,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/10 ................................... 915,258
885,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/11 ................................... 915,258
885,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/12 ................................... 915,258
880,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/13 ................................... 910,087
4,895,000 Antioch Development Agency, Refunding, Tax Allocation,
Project 1, FGIC Insured, 6.40%, 09/01/17.............................................. 5,114,492
3,500,000 Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 06/01/20 .................. 3,721,270
Arcadia Hospital Revenue, Methodist Hospital of Southern California,
2,295,000 6.50%, 11/15/12 ...................................................................... 2,337,480
3,750,000 6.625%, 11/15/22 ..................................................................... 3,824,738
9,000,000 Pre-Refunded, 7.875%, 08/01/10 ....................................................... 9,297,090
Arcata CDA, Tax Allocation, Community Development Project, Pre-Refunded,
$ 1,250,000 7.90%, 11/01/12 ...................................................................... $ 1,345,638
1,555,000 7.90%, 11/01/13 ...................................................................... 1,642,733
10,225,000 Azusa Public Financing Authority Revenue, Local Agency,
Series A, Pre-Refunded, 7.75%, 08/01/20 .............................................. 11,406,703
5,200,000 Azusa Public Financing Authority Revenue, Refunding,
Water Systems Acquisition Project, Series A, FGIC Insured,
5.50%, 07/01/20....................................................................... 4,969,796
5,750,000 Bakersfield COP, Waste Water Treatment Plant No. 3
Project, Pre-Refunded, 8.00%, 01/01/10 ............................................... 5,975,343
Bakersfield Hospital Revenue, Bakersfield Memorial Hospital, Series A,
2,205,000 6.375%, 01/01/12 ..................................................................... 2,228,153
2,750,000 6.50%, 01/01/22 ...................................................................... 2,782,505
11,070,000 Bakersfield Public Financing Authority Revenue, Series A, 6.10%, 09/15/10.............. 11,234,279
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
2,000,000 Refunding, Series A, 7.10%, 09/01/24 ................................................. 2,110,680
12,630,000 Series A, 7.75%, 08/01/19 ............................................................ 13,089,732
5,795,000 Series B, 7.75%, 08/01/21 ............................................................ 6,005,938
1,455,000 Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 .................................. 1,583,855
Belmont RDA, Tax Allocation, Los Costanos Community Development, Series A,
1,235,000 6.70%, 08/01/14 ...................................................................... 1,292,341
2,080,000 6.25%, 08/01/17 ...................................................................... 2,094,872
2,310,000 6.80%, 08/01/23 ...................................................................... 2,421,781
3,500,000 Berkeley COP, AMBAC Insured, 7.50%, 06/01/19 .......................................... 3,669,365
Berkeley Hospital Revenue, Alta Bates Hospital, Pre-Refunded,
6,825,000 Series 1985-B, 7.65%, 12/01/15 ....................................................... 7,477,197
2,850,000 Series 1985-C, 7.60%, 12/01/15 ....................................................... 3,166,293
2,580,000 Beverly Hills COP, Refunding, Civic Center Improvement
Project, Series 1989, 7.00%, 06/01/15................................................. 2,720,791
2,315,000 Blythe MFHR, Series 1989, 8.125%, 05/01/20 ............................................ 2,324,908
Brea and Olinda USD, COP, Refunding, High School Refinancing Program,
12,645,000 Series A, FSA Insured, 6.25%, 08/01/18 ............................................... 12,979,460
9,120,000 Series B, 7.00%, 08/01/18 ............................................................ 9,424,152
Brea and Olinda USD, COP, Series 1989, Pre-Refunded,
2,025,000 7.85%, 08/01/09 ...................................................................... 2,215,330
11,835,000 7.90%, 08/01/18 ...................................................................... 12,960,272
Brea Public Finance Authority Revenue, Tax Allocation,
Redevelopment Project, Series A, MBIA Insured,
1,720,000 7.00%, 08/01/15 ...................................................................... 1,869,468
4,395,000 6.75%, 08/01/22 ...................................................................... 4,725,944
6,315,000 7.00%, 08/01/23 ...................................................................... 6,850,954
11,070,000 Brea Public Financing Authority Water Revenue,
Series B, FGIC Insured, 6.25%, 07/01/21 .............................................. 11,316,308
Brea RDA, Refunding, Tax Allocation, Redevelopment Project, MBIA Insured,
12,845,000 6.125%, 08/01/13 ..................................................................... 13,244,608
18,320,000 5.75%, 08/01/23....................................................................... 17,715,806
2,000,000 Brentwood RDA, Tax Allocation, Brentwood Redevelopment
Project, Series A, 7.70%, 11/01/08.................................................... 2,117,620
5,775,000 Brentwood 1915 Act, Infrastructure Financing,
Reassessment, Series A, FSA Insured, 5.80%, 09/02/17.................................. 5,673,014
3,390,000 Brisbane COP, Civic Center Financing Project, Pre-Refunded, 8.25%, 04/01/18 ........... 3,593,231
5,700,000 Brisbane Public Finance Authority Revenue, 8.00%, 09/02/15 ............................ 5,789,091
7,000,000 Buena Park CRDA, Refunding, Tax Allocation,
Central Business District Project, Series A, 7.10%, 09/01/14 ......................... 7,318,570
1,600,000 Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 ................... 1,670,160
Burbank RDA, Refunding, Tax Allocation, Series A,
6,500,000 6.00%, 12/01/23....................................................................... 6,380,660
5,000,000 City Center Redevelopment Project, FSA Insured, 5.50%, 12/01/23....................... 4,732,500
1,320,000 Butte Valley USD, COP, 7.75%, 03/01/15 ................................................ 1,379,017
5,455,000 Calexico COP, CRDA, Water and Waste Improvement Project, 7.80%, 11/01/13 .............. 5,608,286
5,840,000 Calexico RDA, Tax Allocation, Refunding, Merged
Central Business and Residential, FSA Insured, 5.80%, 08/01/24........................ 5,760,634
Calexico USD, COP, Financing Project, Series 1992, Pre-Refunded,
745,000 7.25%, 09/01/08 ...................................................................... 805,904
3,185,000 7.375%, 09/01/17 ..................................................................... 3,454,387
California Counties Lease Financing Authority, COP, CSAC Financing Corp.,
2,565,000 Amador County Project, ETM, 7.70%, 10/01/09 .......................................... 3,070,100
4,585,000 Contra Costa County Project II, Pre-Refunded, 7.85%, 10/01/09 ........................ 4,720,533
4,165,000 Contra Costa County Project II, Pre-Refunded, 7.90%, 10/01/19 ........................ 4,289,117
California Counties Lease Financing Authority, COP, CSAC Financing Corp., (cont.)
$ 1,810,000 Glenn County Project, 8.125%, 10/01/08 ............................................... $ 1,832,390
1,295,000 Trinity County Project, 7.70%, 10/01/09 .............................................. 1,327,388
California Educational Facilities Authority Revenue,
1,300,000 Chapman College, 7.30%, 01/01/02 ..................................................... 1,379,144
385,000 Chapman College, Pre-Refunded, 7.30%, 01/01/02 ....................................... 425,714
3,000,000 Chapman College Project, Pre-Refunded, 7.50%, 01/01/18 ............................... 3,332,160
1,100,000 Loyola Marymount University, Series B, 6.60%, 10/01/22 ............................... 1,162,436
10,000,000 Refunding, Chapman University, Connie Lee Insured, 5.125%, 10/01/26................... 8,796,600
3,460,000 Refunding, Los Angeles Chiropractic College, 7.125%, 11/01/07 ........................ 3,556,188
5,815,000 Refunding, Occidental College, MBIA Insured, 5.625%, 10/01/17......................... 5,626,245
16,565,000 Refunding, Occidental College, MBIA Insured, 5.70%, 10/01/27.......................... 15,985,225
14,550,000 Refunding, Santa Clara University, MBIA Insured, 5.75%, 09/01/21...................... 14,176,793
26,815,000 Refunding, Santa Clara University, MBIA Insured, 5.75%, 09/01/26...................... 25,892,296
2,100,000 St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 .............. 2,335,389
17,480,000 California Health Facilities Authority Revenue, Pacific Presbyterian
Medical Center, Series C, 7.60%, 06/01/15 ............................................ 18,637,875
California Health Facilities Financing Authority Revenue,
7,300,000 Adventist Health System, Series A, 8.375%, 03/01/08 .................................. 7,522,869
2,930,000 Adventist Health System, Series B, MBIA Insured, 6.25%, 03/01/21 ..................... 2,994,987
885,000 CHFCLP Insured, AIDS Hospice Foundation, Pre-Refunded, 7.15%, 01/01/15 ............... 958,570
6,550,000 CHFCLP Insured, American Baptist Homes, Series A, 7.65%, 04/01/14 .................... 6,836,432
3,650,000 CHFCLP Insured, Association for Retarded Citizens of San Diego, 7.00%, 05/01/21 ...... 3,855,057
3,560,000 CHFCLP Insured, California Autism Foundation, Inc., Series A, 6.25%, 11/01/20......... 3,546,721
1,575,000 CHFCLP Insured, Cedarknoll Health Facilities, Series B, 7.50%, 08/01/20 .............. 1,690,243
4,500,000 CHFCLP Insured, Clinicas Del Camino, Series A, 6.55%, 05/01/25 ....................... 4,660,740
2,700,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.75%, 07/01/06 ........ 2,835,270
9,860,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.80%, 07/01/15 ........ 10,389,285
3,425,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.70%, 07/01/18 ........ 3,596,250
7,750,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.80%, 07/01/06 ........ 7,879,813
18,900,000 CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.85%, 07/01/15 ........ 19,218,276
4,240,000 CHFCLP Insured, Feedback Foundation, Inc., Series A, 6.50%, 12/01/22 ................. 4,349,901
4,000,000 CHFCLP Insured, Lodi Memorial Hospital Association, Series A, 7.70%, 09/01/10 ........ 4,354,760
3,900,000 CHFCLP Insured, Marshall Hospital, Series A, 6.625%, 11/01/22 ........................ 4,041,609
2,000,000 CHFCLP Insured, On Lok Senior Health Services, Series A, 6.40%, 12/01/12 ............. 2,058,240
7,525,000 CHFCLP Insured, On Lok Senior Health Services, Series A, 6.50%, 12/01/22 ............. 7,743,300
5,500,000 CHFCLP Insured, Small Facilities Loan, Health Facilities, Series A, 6.75%, 03/01/20 .. 5,708,120
3,000,000 CHFCLP Insured, South Coast Medical Center, 7.25%, 07/01/15 .......................... 3,193,860
2,595,000 CHFCLP Insured, St. Paul's Episcopal Home, 6.50%, 09/01/14 ........................... 2,677,677
25,000,000 Children's Hospital of Los Angeles, Series A, Pre-Refunded, 7.125%, 06/01/21 ......... 27,747,250
730,000 Community Provider, Pooled Loan Program, Series A, 7.35%, 06/01/20 ................... 766,573
2,520,000 County Program, Series B, 7.20%, 01/01/12 ............................................ 2,579,371
5,000,000 Kaiser Permanente, Series A, 7.00%, 10/01/18 ......................................... 5,315,300
8,870,000 Kaiser Permanente, Series A, 6.75%, 10/01/19 ......................................... 9,345,876
11,000,000 Kaiser Permanente, Series A, 6.50%, 12/01/20 ......................................... 11,549,560
11,880,000 Marin General Hospital, Series A, Pre-Refunded, 8.20%, 08/01/14 ...................... 12,282,613
11,500,000 Mills-Peninsula Health, Series B, Connie Lee Insured, 5.75%, 01/15/15................. 11,174,780
3,500,000 Pomona Valley Community Hospital, Series A, 7.00%, 01/01/17 .......................... 3,544,695
14,000,000 Pomona Valley Hospital Medical Center, 7.375%, 01/01/14 .............................. 14,970,060
7,300,000 Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%, 07/01/17........ 7,358,546
1,000,000 Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%, 07/01/25........ 999,880
4,200,000 Refunding, Catholic Healthcare West, Series A, AMBAC Insured, 5.75%, 07/01/15......... 4,152,834
13,920,000 Refunding, Hospital of the Good Samaritan, 6.90%, 09/01/07 ........................... 14,898,019
71,050,000 Refunding, Hospital of the Good Samaritan, 7.00%, 09/01/21 ........................... 73,634,089
1,750,000 Refunding, Insured, AIDS Health Care Foundation, Series C, 6.25%, 09/01/17 ........... 1,785,175
5,000,000 Refunding, Insured, Small Facilities Loan, Health Facilities, Series B, 7.50%, 04/01/22 5,611,200
5,665,000 Refunding, Mills-Peninsula Hospital, Series A, Connie Lee Insured, 5.75%, 01/15/15 ... 5,504,794
8,250,000 Refunding, San Diego Hospital Association, Series A, MBIA Insured, 6.20%, 08/01/20 ... 8,443,875
7,000,000 Refunding, St. Francis Medical Center, Series H, AMBAC Insured, 6.35%, 10/01/23....... 7,327,460
5,750,000 Refunding, Sutter/CHS Facility, Series A, MBIA Insured, 5.875%, 08/15/16.............. 5,700,320
California Health Facilities Financing Authority Revenue, (cont.)
$21,145,000 San Diego Hospital Association, Series A, 6.95%, 10/01/21 ............................ $ 22,370,141
18,190,000 San Diego Hospital Association, Series B, Pre-Refunded, 8.25%, 08/01/18 .............. 18,812,462
4,575,000 S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 ....................... 4,751,183
9,725,000 Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 .................. 10,120,808
3,500,000 Sisters of Providence Project, Pre-Refunded, 8.375%, 10/01/07 ........................ 3,645,845
7,500,000 Sutter Health, Series A, 6.70%, 01/01/13 ............................................. 7,661,175
1,275,000 Unihealth America, Series A, AMBAC Insured, 7.625%, 10/01/15 ......................... 1,348,198
3,225,000 Walden House, State Guaranteed, 6.85%, 03/01/22 ...................................... 3,374,285
California HFA Revenue,
5,945,000 Home Mortgage, Series 1986-B, 6.90%, 08/01/16 ........................................ 6,012,357
415,000 Home Mortgage, Series 1988-A, 8.125%, 08/01/19 ....................................... 429,326
12,720,000 Home Mortgage, Series 1988-B, 8.60%, 08/01/19 ........................................ 13,203,869
2,585,000 Home Mortgage, Series 1988-C, 8.30%, 08/01/19 ........................................ 2,670,434
17,740,000 Home Mortgage, Series 1988-E, 8.35%, 08/01/19 ........................................ 18,282,312
1,930,000 Home Mortgage, Series 1988-F, 7.875%, 08/01/19 ....................................... 1,991,239
10,855,000 Home Mortgage, Series 1988-G, 8.15%, 08/01/19 ........................................ 11,167,733
2,050,000 Home Mortgage, Series 1989-A, 7.75%, 08/01/17 ........................................ 2,152,726
5,915,000 Home Mortgage, Series 1989-B, 7.90%, 08/01/09 ........................................ 6,143,142
34,425,000 Home Mortgage, Series 1989-B, 8.00%, 08/01/29 ........................................ 35,833,327
5,200,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/20 ........................................ 5,406,804
23,075,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/29 ........................................ 23,991,770
13,430,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/23 ........................................ 13,976,467
7,135,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/29 ........................................ 7,425,323
6,735,000 Home Mortgage, Series 1989-G, 7.55%, 08/01/23 ........................................ 7,011,809
11,675,000 Home Mortgage, Series 1990-A, 7.70%, 08/01/30 ........................................ 12,212,517
53,080,000 Home Mortgage, Series 1990-C, 7.60%, 08/01/30 ........................................ 56,044,518
2,785,000 Home Mortgage, Series 1990-D, 7.75%, 08/01/10 ........................................ 2,940,013
2,165,000 Home Mortgage, Series 1991-D, 7.25%, 08/01/17 ........................................ 2,259,242
865,000 Home Mortgage, Series 1991-F, 6.75%, 08/01/11 ........................................ 910,715
4,200,000 Home Mortgage, Series 1991-G, 7.05%, 08/01/27 ........................................ 4,335,282
6,975,000 Home Mortgage, Series 1994-A, 6.55%, 08/01/26 ........................................ 7,220,032
8,715,000 Home Mortgage, Series 1994-E, 6.70%, 08/01/25 ........................................ 8,992,224
5,700,000 Home Mortgage, Series D, 5.75%, 08/01/22.............................................. 5,493,546
5,250,000 Home Mortgage, Series D, MBIA Insured, 6.15%, 08/01/28................................ 5,206,163
14,090,000 Home Mortgage, Series E, 6.375%, 08/01/27............................................. 14,275,565
17,500,000 Home Mortgage, Series E, MBIA Insured, 6.15%, 08/01/25................................ 17,405,150
3,350,000 Home Mortgage, Series F-1, 6.875%, 08/01/15 .......................................... 3,509,125
20,760,000 Home Mortgage, Series F-1, 7.00%, 08/01/26 ........................................... 21,350,830
20,415,000 Home Mortgage, Series H, 6.25%, 08/01/27.............................................. 20,511,359
7,785,000 Home Mortgage, Series N, 6.375%, 02/01/27............................................. 7,855,999
5,000,000 Home Mortgage, Series Q, MBIA Insured, 5.85%, 08/01/16................................ 4,948,150
9,000,000 Home Mortgage, Series R, MBIA Insured, 6.15%, 08/01/27................................ 9,006,750
465,000 Home Mortgage, SF, Series A, 10.25%, 02/01/14 ........................................ 468,860
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 ....................... 2,439,590
8,885,000 Housing Revenue, Series 1989-A, MBIA Insured, 7.65%, 08/01/24 ........................ 9,206,370
4,365,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.625%, 08/01/14 ....................... 4,568,147
11,855,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.75%, 08/01/26 ........................ 12,443,719
11,345,000 Housing Revenue, Series 1994-F, MBIA Insured, 6.90%, 08/01/26 ........................ 11,887,518
5,000,000 MFHR, Series A, AMBAC Insured, 6.25%, 02/01/37........................................ 5,062,200
2,465,000 Multi-Unit Rental Housing, Series A, 6.875%, 02/01/22 ................................ 2,481,294
California HFA, SFM,
13,935,000 cPurchase Series A-1, Class 1, 6.05%, 08/01/26...................................... 13,801,363
11,250,000 Refunding, Purchase Series A-2, 6.45%, 08/01/25....................................... 11,508,413
California Mobilehome Park Financing Authority Revenue, Series A, FSA Insured,
105,000 3.85%, 10/01/97....................................................................... 104,897
110,000 4.20%, 10/01/98....................................................................... 110,078
115,000 4.50%, 10/01/99....................................................................... 114,865
California Mobilehome Park Financing Authority Revenue, Series A, FSA Insured, (cont.)
$ 120,000 4.65%, 10/01/00....................................................................... $ 120,191
125,000 4.80%, 10/01/01....................................................................... 125,249
130,000 4.95%, 10/01/02....................................................................... 130,619
135,000 5.05%, 10/01/03....................................................................... 135,741
140,000 5.15%, 10/01/04....................................................................... 140,864
150,000 5.25%, 10/01/05....................................................................... 151,020
5,895,000 6.25%, 10/01/25....................................................................... 6,013,077
California PCFA, PCR,
1,750,000 Pacific Gas & Electric Co., Series A, 6.625%, 06/01/09 ............................... 1,854,458
134,770,000 Pacific Gas & Electric Co., Series B, 8.875%, 01/01/10 ............................... 141,206,615
2,500,000 Small Business, Desert Valley, Series A, 7.625%, 10/01/00 ............................. 2,523,100
2,510,000 Southern California Edison Co., 6.90%, 12/01/17 ...................................... 2,650,560
12,120,000 Southern California Edison Co., Series B, 6.40%, 12/01/24 ............................ 12,601,406
29,000,000 Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 .............. 29,576,230
17,205,000 California PCFA Revenue, Solid Waste Disposal, Keller
Canyon Landfill Co. Project, 6.875%, 11/01/27......................................... 18,206,159
California Public Capital Improvements, Financing Authority Revenue, Pooled Projects,
23,615,000 Joint Powers Agency, Series E, 8.375%, 03/01/03 ...................................... 24,603,996
59,690,000 Series A, 8.40%, 03/01/08 ............................................................ 62,355,159
121,300,000 Series A, 8.50%, 03/01/18 ............................................................ 126,822,789
5,000,000 California Rural Home Mortgage Finance Authority,
SFMR, MBS Program, Series A-3, 6.25%, 09/01/29......................................... 5,332,150
California Special Districts Association Finance Corp., COP,
970,000 Series F, 8.10%, 09/01/10 ............................................................ 993,202
1,630,000 Series H, 7.75%, 02/01/15 ............................................................ 1,678,721
1,500,000 Series H, 7.80%, 02/01/21 ............................................................ 1,544,565
1,385,000 Series N, 8.30%, 03/01/12 ............................................................ 1,437,561
1,000,000 Series O, 7.40%, 03/01/17 ............................................................ 1,035,910
California Special Districts Finance Authority, COP, Series A,
18,775,000 8.40%, 07/01/05 ...................................................................... 19,639,589
70,000,000 8.50%, 07/01/18 ...................................................................... 73,817,100
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 ............................................................ 1,126,609
3,100,000 Series E, 7.75%, 12/01/19 ............................................................ 3,171,517
2,000,000 California State Department of Transportation, COP,
East Bay State Building, Series A, 6.50%, 03/01/16 ................................... 2,073,120
California State Department of Water Resources,
Central Valley Project, Water System Revenue,
32,240,000 Refunding, Series L, 5.75%, 12/01/19.................................................. 31,401,115
52,395,000 Refunding, Series L, 5.50%, 12/01/23.................................................. 48,860,957
40,070,000 Refunding, Series L, 5.875%, 12/01/25................................................. 39,330,709
31,375,000 Series J-1, 6.00%, 12/01/20 .......................................................... 31,332,330
13,140,000 Series J-2, 6.00%, 12/01/20 .......................................................... 13,122,130
26,010,000 Series J-3, 6.00%, 12/01/20 .......................................................... 25,974,626
13,035,000 Series K, 6.00%, 12/01/21 ............................................................ 13,017,012
California State GO,
5,500,000 5.50%, 03/01/20....................................................................... 5,225,165
7,930,000 5.75%, 03/01/23....................................................................... 7,751,972
52,500,000 cFGIC Insured, 5.625%, 10/01/26..................................................... 50,492,925
26,490,000 MBIA Insured, 6.00%, 08/01/24......................................................... 26,675,165
10,650,000 Refunding, 5.625%, 09/01/24 .......................................................... 10,156,586
2,750,000 Series 1991, 6.30%, 02/01/04 ......................................................... 2,974,208
2,500,000 Series 1991, 6.40%, 02/01/05 ......................................................... 2,727,575
500,000 Series 1991, 6.40%, 02/01/06 ......................................................... 550,170
13,625,000 Series 1991, 6.60%, 02/01/10 ......................................................... 15,109,444
1,000,000 Series 1992, 6.25%, 09/01/12 ......................................................... 1,069,660
5,000,000 Series 1992, FGIC Insured, 5.75%, 11/01/17 ........................................... 4,940,300
5,000,000 Series 1992, FGIC Insured, 6.00%, 08/01/19 ........................................... 5,052,800
7,000,000 Series 1994, 6.00%, 03/01/24 ......................................................... 7,071,610
30,290,000 Series 1994, 6.00%, 05/01/24 ......................................................... 30,604,713
21,920,000 Various Purposes, 5.50%, 04/01/15 .................................................... 21,334,298
California State GO, (cont.)
$22,550,000 Various Purposes, 5.75%, 03/01/19 .................................................... $ 22,217,388
45,250,000 c Various Purposes, 5.90%, 04/01/23................................................. 45,130,088
15,760,000 Various Purposes, AMBAC Insured, 5.90%, 03/01/25...................................... 15,758,897
6,500,000 Various Purposes, FSA Insured, 5.50%, 04/01/19........................................ 6,181,890
5,430,000 Various Purposes, MBIA Insured, 6.00%, 10/01/21 ...................................... 5,478,816
3,780,000 Various Purposes, Series 1991, 6.50%, 09/01/10 ....................................... 4,169,113
California State GO, Veterans Bonds,
2,000,000 Series AX, 7.00%, 04/01/16 ........................................................... 2,024,840
29,000,000 Series BD, BE, and BF, 6.40%, 02/01/22................................................ 29,561,150
50,000,000 Series BD, BE, and BF, 6.55%, 02/01/25 ............................................... 50,959,500
11,500,000 Series BD, BE, and BF, AMBAC Insured, 6.20%, 02/01/16 ................................ 11,572,565
32,500,000 Series BD, BE, and BF, AMBAC Insured, 6.375%, 02/01/27 ............................... 32,935,175
16,495,000 California State HFA, HMR, Series L, MBIA Insured, 6.40%, 08/01/27..................... 16,799,003
6,735,000 cCalifornia State Local Government Finance Authority
Revenue, Marin Valley, Series A, FSA Insured,
5.85%, 10/01/27....................................................................... 6,640,710
California State Public Works Board, Lease Revenue,
5,250,000 California State University, Various Projects, Series A, 6.30%, 10/01/04 ............. 5,633,408
6,815,000 California State University, Various Projects, Series A, 6.375%, 10/01/05 ............ 7,302,954
10,695,000 California State University, Various Projects, Series A, 6.50%, 10/01/06 ............. 11,470,815
34,610,000 California State University, Various Projects, Series A, 6.375%, 10/01/14 ............ 36,414,929
2,150,000 California State University, Various Projects, Series A, 6.375%, 10/01/19 ............ 2,253,652
8,610,000 California State University, Various Projects, Series A, Pre-Refunded, 6.625%, 10/01/10 9,502,427
9,395,000 California State University, Various Projects, Series A, Pre-Refunded, 6.70%, 10/01/17 10,426,665
15,250,000 Department of Corrections, California State
Prison at Coalinga, Series B, MBIA Insured, 5.375%, 12/01/19.......................... 14,076,208
10,000,000 Department of Corrections, Corcoran II Facility, California
Substance Abuse Treatment, AMBAC Insured,
5.50%, 01/01/15....................................................................... 9,669,300
9,980,000 Department of Corrections, Corcoran II Facility, Series A, AMBAC Insured, 5.50%, 01/01/17 9,573,115
10,000,000 Department of Corrections, Corcoran II Facility, Series A, AMBAC Insured, 5.25%, 01/01/21 9,174,300
5,100,000 Department of Corrections, Series A, AMBAC Insured, 5.75%, 09/01/21................... 4,905,792
5,500,000 Department of Justice Building, Series A, FSA Insured, 5.80%, 05/01/15................ 5,499,670
5,000,000 Department of Justice Building, Series A, FSA Insured, 5.625%, 05/01/20............... 4,827,550
7,725,000 Franchise Tax Board, Phase II, Series A, 6.25%, 09/01/11 ............................. 7,916,657
10,000,000 Refunding, University of California Project, Series A, AMBAC Insured, 5.40%, 12/01/16. 9,477,400
14,000,000 Refunding, University of California, Various Projects, Series A, 5.50%, 06/01/21...... 12,927,460
8,320,000 cRefunding, Various California Community Colleges, Series A, 5.90%, 04/01/17........ 8,320,000
16,000,000 Secretary of State, Series A, Pre-Refunded, 6.75%, 12/01/12 .......................... 17,832,960
3,000,000 Southern California Veterans Home, Series A, 6.375%, 10/01/08 ........................ 3,208,140
3,750,000 Southern California Veterans Home, Series A, 6.50%, 10/01/14 ......................... 3,978,900
4,700,000 University of California, Various Projects, Series A, AMBAC Insured,
Pre-Refunded, 6.40%, 12/01/16 ........................................................ 5,157,592
7,415,000 University of California, Various Projects, Series B, 6.625%, 12/01/14 ............... 7,969,716
13,000,000 University of California, Various Projects, Series B, 5.50%, 06/01/19................. 12,117,430
7,535,000 Various Community College Projects, Series A, 5.625%, 12/01/18........................ 7,150,489
2,185,000 California State University Foundation Revenue,
Hayward Auxiliary Organization, MBIA Insured, 6.25%, 08/01/20......................... 2,270,783
California Statewide CDA Revenue, COP,
2,255,000 6.10%, 12/01/15....................................................................... 2,260,006
5,000,000 California Lutheran Homes, 5.75%, 11/15/15............................................ 4,855,100
11,240,000 Catholic Health Care West, MBIA Insured, 5.50%, 07/01/23.............................. 10,500,633
23,530,000 Cedars Sinai Medical Center, 6.75%, 08/01/22 ......................................... 24,200,134
4,000,000 CHFCLP Insured, 5.90%, 08/01/21....................................................... 3,918,680
5,120,000 CHFCLP Insured, 7.25%, 12/01/22 ...................................................... 5,632,768
2,590,000 CHFCLP Insured Health Facilities, AIDS Project, Series A, 6.25%, 08/01/22 ............ 2,616,962
2,765,000 CHFCLP Insured Health Facilities, Children's Campus, 6.375%, 09/01/12 ................ 2,799,728
3,000,000 CHFCLP Insured Health Facilities, Children's Campus, 6.50%, 09/01/22 ................. 3,038,400
9,600,000 CHFCLP Insured Health Facilities, Eskaton Properties, 6.75%, 05/01/21 ................ 9,998,400
36,000,000 CHFCLP Insured Health Facilities, Unihealth, Series A, AMBAC Insured, 5.75%, 10/01/25. 34,777,800
5,365,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/15............................ 5,400,946
3,775,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/20............................ 3,786,099
4,755,000 Gemological Institute, Connie Lee Insured, 6.00%, 05/01/25............................ 4,768,980
California Statewide CDA Revenue, COP, (cont.)
$ 2,000,000 Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.25%, 08/01/06 ............... $ 2,066,840
80,230,000 Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.50%, 08/01/22 ............... 81,010,638
7,000,000 Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.625%, 04/15/12 ........... 7,280,350
16,000,000 Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.75%, 04/15/22 ............ 16,707,680
250,000 Refunding, Health Facilities, Barton Memorial Hospital, Series B, 6.40%, 12/01/05 .... 261,315
6,465,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.00%, 08/15/09 ............. 6,658,110
9,330,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.125%, 08/15/22 ............ 9,536,846
14,000,000 Refunding, Sutter Health Obligated Group, MBIA Insured, 5.50%, 08/15/23 .............. 13,077,680
7,065,000 Salk Institute, Connie Lee Insured, 6.20%, 07/01/24 .................................. 7,158,329
8,395,000 St. Joseph Health System Group, 6.50%, 07/01/15 ...................................... 8,816,093
12,500,000 St. Joseph Health System Group, 6.625%, 07/01/21 ..................................... 13,191,750
25,520,000 Sutter Health Obligation Group, MBIA Insured, 5.50%, 08/15/22......................... 24,024,018
California Statewide CDA,
10,000,000 Lease Revenue, Refunding, Oakland Convention
Center Project, AMBAC Insured, 5.50%, 10/01/14........................................ 9,694,300
8,000,000 MFHR, Series E, 6.40%, 06/01/28....................................................... 8,085,280
4,615,000 Water Revenue, Refunding, Series A, 6.10%, 07/01/21................................... 4,640,336
California Statewide Community Development Corp., COP,
1,675,000 CHFCLP Insured, United Western Medical Centers, Pre-Refunded, 6.80%, 12/01/09 ........ 1,849,016
10,000,000 CHFCLP Insured, United Western Medical Centers, Pre-Refunded, 6.75%, 12/01/21 ........ 11,018,200
4,730,000 CHFCLP Insured, Villaview Community Hospital, 7.00%, 09/01/09 ........................ 5,076,756
6,270,000 Pacific Homes, Series A, 6.00%, 04/01/17 ............................................. 6,219,527
2,575,000 California Urban Waterfront Area Restoration, 7.40%, 10/01/20 ......................... 2,685,957
5,125,000 Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 04/01/08 .............. 5,533,309
1,570,000 Cambria Community Services, Sewer and Water
District Revenue, Refunding, MBIA Insured, Pre-Refunded,
7.40%, 05/01/15 ...................................................................... 1,695,066
940,000 Cambria Community Services, Sewer District Revenue,
Refunding, MBIA Insured, Pre-Refunded, 7.40%, 05/01/15 ............................... 1,014,880
1,410,000 Campbell COP, Refunding, Civic Center Project, Series 1991, 6.75%, 10/01/17 ........... 1,466,950
5,615,000 Campbell Housing Facility Revenue, San Tomas Gardens
Project, Series A, 6.625%, 10/20/34................................................... 5,750,771
3,250,000 Campbell USD, Series A, MBIA Insured, 6.25%, 08/01/19.................................. 3,365,733
5,120,000 Camrosa Water District, COP, Water System
Improvement Projects, MBIA Insured, 6.00%, 01/15/20................................... 5,157,069
2,800,000 Capistrano Bay Park and Recreation District, COP, Special
Lease Finance, Series Q, 6.35%, 08/01/12.............................................. 2,801,764
Capistrano Unified Public Financing Authority,
Special Tax Revenue, Refunding, First Lien, Series A, AMBAC Insured,
16,770,000 5.70%, 09/01/16....................................................................... 16,479,376
10,640,000 5.70%, 09/01/20....................................................................... 10,371,127
3,000,000 Carlsbad COP, Carlsbad Public Improvement Corp., 8.00%, 08/01/08 ...................... 3,181,290
Carson RDA, Refunding, Project Area No. 1, Series 1992,
3,965,000 6.375%, 10/01/12 ..................................................................... 4,001,319
1,565,000 6.375%, 10/01/16 ..................................................................... 1,572,841
Castaic Lake Water Agency, COP, Water System Improvement Project,
11,540,000 Refunding, Series A, MBIA Insured, 6.125%, 08/01/15 .................................. 11,932,014
5,345,000 Refunding, Series A, MBIA Insured, 6.00%, 08/01/18 ................................... 5,401,443
35,000,000 Series 1990, Pre-Refunded, 7.35%, 08/01/20 ........................................... 38,559,850
11,210,000 Cathedral City Public Financing Authority Revenue, Refunding,
Tax Allocation, Redevelopment Projects,
Series A, MBIA Insured, 5.70%, 08/01/24............................................... 10,906,433
5,800,000 Central San Joaquin Water Conservation District, COP, Series 1990, 7.65%, 12/01/18 .... 5,844,022
5,500,000 Cerritos Public Financing Authority Revenue, Los Coyotes
Redevelopment Project, Loan, Series A, AMBAC Insured,
5.75%, 11/01/22....................................................................... 5,427,180
5,000,000 Chaffey Community College District, COP, 7.40%, 11/01/14 .............................. 5,386,350
1,955,000 Chico Public Financing Authority Revenue,
Southeast Chico Redevelopment Project, Series A, FGIC Insured,
6.625%, 04/01/21 ..................................................................... 2,067,647
Chico RDA Revenue, COP, Insured Health Facilities, Sierra Sunrise Lodge,
4,110,000 6.80%, 02/01/11 ...................................................................... 4,327,912
2,800,000 6.75%, 02/01/21 ...................................................................... 2,898,896
9,980,000 Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%, 09/01/22 ........ 10,398,362
Chino USD, COP,
2,655,000 Land Acquisition, Series C, MBIA Insured, Pre-Refunded, 7.45%, 09/01/24............... 2,890,445
7,895,000 Land Acquisition, Series D, MBIA Insured, 7.45%, 09/01/24 ............................ 8,102,086
525,000 Land Acquisition, Series E, MBIA Insured, 7.50%, 09/01/24 ............................ 536,356
Chino USD, COP, (cont.)
$ 2,540,000 Land Acquisition, Series G, MBIA Insured, Pre-Refunded, 7.35%, 09/01/24 .............. $ 2,759,507
8,695,000 Refunding, Capital Construction Project, Series A, Pre-Refunded, 8.00%, 09/01/04 ..... 9,327,735
5,000,000 Chula Vista RDA, COP, Capital Improvements Project,
Series A, Pre-Refunded, 8.75%, 09/01/12............................................... 5,198,450
Clayton 1915 Act, Limited Obligation, Contra Costa County, Oakhurst Country Club,
280,000 8.10%, 09/02/01 ...................................................................... 289,803
415,000 8.20%, 09/02/02 ...................................................................... 429,521
425,000 8.25%, 09/02/03 ...................................................................... 439,777
535,000 8.30%, 09/02/04 ...................................................................... 553,490
625,000 8.30%, 09/02/05 ...................................................................... 646,338
600,000 8.35%, 09/02/06 ...................................................................... 620,352
730,000 8.35%, 09/02/07 ...................................................................... 754,455
765,000 8.375%, 09/02/08 ..................................................................... 790,383
810,000 8.375%, 09/02/09 ..................................................................... 836,706
90,000 8.40%, 09/02/10 ...................................................................... 92,957
845,000 8.40%, 09/02/11 ...................................................................... 872,767
1,020,000 8.40%, 09/02/12 ...................................................................... 1,053,303
1,145,000 8.40%, 09/02/13 ...................................................................... 1,182,384
6,370,000 Clayton Special Tax, CFD No. 90-1, 8.60%, 09/02/22 .................................... 6,671,556
3,000,000 Clovis CDA, Tax Allocation, Pre-Refunded, 7.625%, 08/01/15 ............................ 3,194,730
2,670,000 Clovis COP, 7.20%, 08/01/11 ........................................................... 2,777,975
1,750,000 Coachella RDA, Refunding, Tax Allocation, Project Area No. 4, Pre-Refunded, 8.45%, 09/01/20 1,988,525
3,000,000 Coachella Valley COP, ID No. 71, Storm Water District, Flood Central Project, 6.75%, 10/01/12 3,171,600
6,375,000 Coachella Valley USD, COP, 8.25%, 09/01/12 ............................................ 6,743,539
8,120,000 Coalinga Public Financing Authority Revenue, Series B, 6.625%, 09/15/21 ............... 8,170,344
Coast Community College District, Refunding, COP, Coastline
Community College, Second Project,
1,360,000 7.90%, 02/01/99 ...................................................................... 1,398,950
1,450,000 8.00%, 02/01/00 ...................................................................... 1,491,992
1,595,000 8.05%, 02/01/01 ...................................................................... 1,641,175
1,665,000 8.10%, 02/01/02 ...................................................................... 1,713,185
1,860,000 8.10%, 02/01/03 ...................................................................... 1,913,828
2,010,000 8.10%, 02/01/04 ...................................................................... 2,067,828
Coastside County Water District, 1915 Act, Improvement Board, Crystal Springs, AD No. 1,
900,000 7.00%, 09/02/02 ...................................................................... 930,249
905,000 7.10%, 09/02/03 ...................................................................... 935,417
895,000 7.15%, 09/02/04 ...................................................................... 925,081
625,000 7.20%, 09/02/05 ...................................................................... 646,006
630,000 7.25%, 09/02/06 ...................................................................... 651,168
Colton Public Financing Authority Revenue, Tax Allocation,
5,855,000 Series A, 7.60%, 05/15/19............................................................. 5,976,725
20,830,000 Series B, 7.60%, 05/15/19............................................................. 21,263,056
4,100,000 Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 07/01/22 ................... 4,228,576
1,555,000 Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 02/01/18....................... 1,620,279
31,825,000 Commerce Energy Authority Revenue, Refunding, Collateralized, 8.75%, 07/01/10.......... 35,645,591
4,000,000 Commerce Joint Powers Financing Authority, Lease Revenue,
Community Center, Series A, 6.25%, 10/01/22........................................... 3,974,760
Commerce RDA, Tax Allocation, Project Area No. 1, Series 1988-A,
1,000,000 7.60%, 08/01/98 ...................................................................... 1,032,630
1,655,000 7.70%, 08/01/99 ...................................................................... 1,737,717
1,420,000 7.75%, 08/01/00 ...................................................................... 1,491,866
16,000,000 8.00%, 08/01/10 ...................................................................... 16,811,840
Compton CRDA, Tax Allocation,
7,375,000 Series 1, FSA Insured, 6.75%, 08/01/13................................................ 7,384,883
13,000,000 Walnut Industrial Park, Series 1985, AMBAC Insured, Pre-Refunded, 10.20%, 08/01/09.... 14,992,380
Compton Public Finance Authority Revenue, Pre-Refunded,
935,000 Rosecrans Redevelopment Project Area No. 1, Series B, 9.25%, 02/01/01 ................ 969,847
24,715,000 Walnut Industrial Park Project, Series A, 9.30%, 08/01/13 ............................ 25,571,869
Compton Sewer Revenue, Series 1993,
1,405,000 6.60%, 07/01/12 ...................................................................... 1,437,034
4,535,000 6.75%, 07/01/23 ...................................................................... 4,652,366
$ 8,395,000 Concord RDA, Refunding, Tax Allocation, Central Concord
Redevelopment Project, Sub-Series A, 6.00%, 07/01/19.................................. $ 8,008,074
Contra Costa County, COP,
11,740,000 Merrithew Memorial Hospital, Pre-Refunded, 6.60%, 11/01/12 ........................... 12,955,090
49,500,000 Merrithew Memorial Hospital, Pre-Refunded, 6.625%, 11/01/22 .......................... 54,683,640
11,000,000 Refunding, Merrithew Memorial Hospital Project, MBIA Insured, 5.50%, 11/01/22......... 10,353,090
4,500,000 Series 1994, 6.50%, 08/01/24 ......................................................... 4,578,075
5,930,000 Contra Costa County MFHR, Refunding,
Byron Park Project, Series C, GNMA Secured, 6.40%, 01/20/31 .......................... 6,048,719
Contra Costa Transportation Authority Revenue, Sales Tax, Series A, ETM,
13,900,000 6.875%, 03/01/07 ..................................................................... 15,095,539
1,000,000 FGIC Insured, 6.50%, 03/01/09 ........................................................ 1,068,420
5,000,000 Contra Costa Water District Revenue, Refunding, Series F, FGIC Insured, 5.00%, 10/01/20 4,402,950
1,415,000 Corcoran Hospital District Revenue, Series A, 6.55%, 07/01/12 ......................... 1,444,191
Corona 1915 Act,
740,000 AD No. 79-2, Northeast Area, Series B, 7.625%, 09/02/98 .............................. 757,116
790,000 AD No. 79-2, Northeast Area, Series B, 7.75%, 09/02/99 ............................... 818,614
840,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/00 ............................... 870,240
905,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/01 ............................... 937,191
970,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/02 ............................... 1,004,299
1,035,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/03 ............................... 1,071,153
1,120,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/04 ............................... 1,158,662
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 ........................... 23,810,905
Corona COP,
15,000,000 Corona Community Hospital Project, Pre-Refunded, 9.425%, 09/01/20 .................... 19,851,300
22,325,000 Refunding, Vista Hospital System, Series C, 9.50%, 07/01/20 .......................... 23,508,895
3,000,000 Corona RDA, Tax Allocation, Refunding, Redevelopment
Project Area A, Series A, FGIC Insured, 6.25%, 09/01/16 .............................. 3,118,710
24,125,000 Corona-Norco USD, Lease Revenue, Land Acquisition, Series
A, FSA Insured, 6.00%, 04/15/29....................................................... 24,207,508
Corona-Norco USD, Special Tax,
3,820,000 CFD No. 7, 9.30%, 11/01/07 ........................................................... 3,965,122
5,195,000 CFD No. 88-1, Pre-Refunded, 7.55%, 10/01/14 .......................................... 5,706,967
16,180,000 Covina CDA, Tax Allocation, Covina Revitalization No. 1, 9.75%, 11/01/09 .............. 16,862,796
2,100,000 CSAC Finance Corp., COP, Sutter County, Health Facilities Program, 7.80%, 01/01/21 .... 2,111,718
1,750,000 Cucamonga School District, COP, Pre-Refunded, 7.60%, 12/01/15 ......................... 1,916,478
Culver City Redevelopment Finance Authority Revenue,
Subordinated Lien, Project Loans, Series B,
1,630,000 AMBAC Insured, 7.50%, 12/01/08 ....................................................... 1,769,430
7,955,000 AMBAC Insured, 7.60%, 12/01/15 ....................................................... 8,634,277
3,370,000 Pre-Refunded, 7.50%, 12/01/08 ........................................................ 3,691,161
16,445,000 Pre-Refunded, 7.60%, 12/01/15 ........................................................ 18,053,157
5,000,000 Culver City USD, MBIA Insured, 5.75%, 08/01/36......................................... 4,797,000
Cupertino COP,
4,110,000 Memorial Park Expansion Project, Bank Qualified, Pre-Refunded, 7.25%, 07/01/10 ....... 4,507,889
5,000,000 Refunding, Series A, 5.75%, 01/01/16 ................................................. 4,725,600
3,535,000 Refunding, Series B, 6.25%, 07/01/10 ................................................. 3,606,654
3,440,000 Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%, 08/01/17 ........... 3,529,578
1,230,000 Desert Hot Springs RDA, Tax Allocation, Redevelopment
Project No. 2, Series A, 6.625%, 09/01/20............................................. 1,262,952
5,370,000 Duarte COP, City Civic Center, Refunding, 7.00%, 06/15/22 ............................. 5,612,617
Duarte RDA, Refunding, Tax Allocation,
13,085,000 Davis Addition Project, 8.375%, 06/01/17 ............................................. 13,393,283
1,935,000 Las Lomas Redevelopment Project, 8.00%, 08/01/07 ..................................... 1,976,274
15,100,000 East Bay MUD Revenue, Water System, Refunding, Series 1992, 6.00%, 06/01/20............ 15,079,766
East Bay Regional Park District,
1,220,000 Series 1989, 6.25%, 09/01/13 ......................................................... 1,247,182
3,390,000 Series C, FGIC Insured, 6.00%, 09/01/20 .............................................. 3,412,001
Eastern Municipal Water District Revenue, Water and Sewer, COP,
$16,055,000 Refunding, Series A, 6.90%, 07/01/23 ................................................. $ 16,188,096
7,975,000 Refunding, Series A, FGIC Insured, 6.30%, 07/01/20 ................................... 8,199,895
3,500,000 Series 1991, 6.00%, 07/01/23 ......................................................... 3,494,995
3,750,000 Series 1991, MBIA Insured, 6.00%, 07/01/23 ........................................... 3,768,938
10,975,000 Eden Township Hospital District Revenue, COP, Insured
Health Facility, Eden Hospital Health Services Corp.,
Pre-Refunded, 7.80%, 07/01/18 ........................................................ 11,687,058
1,500,000 El Camino Hospital District Revenue, Crossover Refunding,
COP, Series A, 8.50%, 09/01/17 ....................................................... 1,551,885
8,945,000 El Camino Hospital District Revenue, Refunding, Series A, 7.25%, 08/15/09 ............. 9,556,391
5,500,000 El Dorado County Board Authority Lease Revenue,
Capital Facilities Project, 7.40%, 11/01/09 .......................................... 5,925,425
3,390,000 El Dorado Union High School District, COP, Capital Projects, 6.30%, 08/01/12 .......... 3,461,292
2,540,000 El Monte Public Financing Authority Revenue, Tax Allocation,
Downtown El Monte Redevelopment Project,
Series A, 6.35%, 12/01/23 ............................................................ 2,485,441
2,590,000 Elsinore Valley Municipal Water District, COP, Series A,
Refunding, FGIC Insured, 5.75%, 07/01/19.............................................. 2,541,930
6,085,000 Emeryville Public Financing Authority Revenue, Incremental Lien, 6.20%, 09/01/25....... 6,088,834
1,165,000 Empire Union School District, COP, Garst School Supplies
Financing Project, 6.75%, 12/01/17 ................................................... 1,209,678
2,700,000 Empire Union School District, Refunding, Special Tax, CFD No. 1989-1,
Series A, MBIA Insured, 6.50%, 10/01/17............................................... 2,855,493
5,000,000 Encina Financing Authority Revenue, Joint Powers Waste Water,
Phase IV, Expansion Project, Series A,
AMBAC Insured, Pre-Refunded, 6.50%, 08/01/14 ......................................... 5,327,900
Escondido COP, Escondido Mobile Home Park,
1,000,000 7.25%, 03/01/07 ...................................................................... 1,037,230
4,910,000 7.40%, 03/01/21 ...................................................................... 5,079,886
Escondido COP, Refunding, Waste Water Project, AMBAC Insured,
13,465,000 5.70%, 09/01/26....................................................................... 12,999,246
5,600,000 5.80%, 09/01/26 ...................................................................... 5,483,632
1,095,000 Fairfield 1915 Act, Green Valley Road/Mangels Boulevard, 8.00%, 09/02/11 .............. 1,129,284
395,000 Fairfield 1915 Act, North Cordelia ID, 8.00%, 09/02/11 ................................ 407,367
2,145,000 Fairfield Public Financing Authority Revenue, Fairfield
Redevelopment Projects, Series A, 7.80%, 08/01/19 .................................... 2,193,198
1,960,000 Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 ............................... 2,087,812
6,000,000 Fallbrook Union High School District, San Diego County,
Series A, MBIA Insured, 6.25%, 09/01/19 .............................................. 6,237,420
2,590,000 Fillmore COP, Water System Improvement Project, AMBAC Insured, 7.70%, 05/01/19 ........ 3,030,430
Folsom Public Financing Authority Revenue, Local Agency,
3,000,000 7.25%, 10/01/10 ...................................................................... 3,115,140
7,590,000 8.00%, 10/01/18 ...................................................................... 7,781,799
Folsom Special Tax,
2,000,000 CFD No. 1, Willow Creek, 8.25%, 12/01/06 ............................................. 2,076,720
3,910,000 CFD No. 2, 7.60%, 12/01/09 ........................................................... 4,038,913
3,950,000 CFD No. 2, 7.70%, 12/01/19 ........................................................... 4,071,976
Fontana Public Financing Authority Revenue, Tax Allocation,
North Fontana Redevelopment,
1,905,000 Series B, 6.30%, 01/15/24 ............................................................ 1,803,711
2,000,000 Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 ........................... 2,278,220
11,005,000 Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 ........................... 12,581,466
Fontana RDA, Tax Allocation, Refunding, Jurupa Hills
Redevelopment Project, Series A,
10,000,000 7.10%, 10/01/23 ...................................................................... 10,339,500
16,830,000 Pre-Refunded, 7.90%, 10/01/18 ........................................................ 17,496,805
31,750,000 Fontana Special Tax, CFD No. 2, Series B, 8.50%, 09/01/17 ............................. 32,987,933
Foothill-De Anza Community College District, COP,
Parking Structure Project, Pre-Refunded,
1,690,000 8.20%, 07/01/08 ...................................................................... 1,822,766
3,110,000 8.25%, 07/01/18 ...................................................................... 3,356,188
Foothill/Eastern Transportation Corridor Agency,
Toll Road Revenue, Senior Lien, Series A,
108,175,000 6.50%, 01/01/32....................................................................... 110,508,335
91,270,000 6.00%, 01/01/34....................................................................... 87,357,255
5,000,000 5.00%, 01/01/35 ...................................................................... 4,067,000
2,120,000 Fort Bragg COP, Capital Improvement Authority, Pre-Refunded, 7.85%, 08/01/14 .......... 2,265,135
2,015,000 Fort Bragg RDA Revenue, Tax Allocation, Fort Bragg
Redevelopment Project, Series A, 6.875%, 05/01/18..................................... 2,045,346
2,000,000 Fortuna and Susanville Cities, COP, Series B, 7.375%, 09/01/17 ........................ 2,090,620
6,035,000 Fremont COP, Park Facilities Corp., 6.75%, 08/01/11 ................................... 6,156,304
Fremont COP,
8,320,000 Series A, MBIA Insured, 5.90%, 08/01/25 .............................................. 8,337,971
3,585,000 Series B, 6.10%, 08/01/25 ............................................................ 3,585,753
$ 1,980,000 Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%, 08/01/06 ......... $ 2,023,639
Fresno County COP, American Avenue Landfill Project,
255,000 ETM, 7.50%, 11/01/97 ................................................................. 260,358
275,000 ETM, 7.60%, 11/01/98 ................................................................. 289,633
295,000 ETM, 7.75%, 11/01/99 ................................................................. 318,594
320,000 ETM, 7.90%, 11/01/00 ................................................................. 354,675
345,000 ETM, 8.00%, 11/01/01 ................................................................. 390,926
7,185,000 Pre-Refunded, 8.25%, 11/01/13 ........................................................ 8,372,393
80,000 Fresno County HFR, Mortgage Loans, Series A, 12.50%, 09/15/12 ......................... 80,802
2,470,000 Fresno County Office of Education, COP, Capital Outlay
Financing Program, Series C, 7.50%, 12/01/10 ......................................... 2,613,952
5,000,000 Fresno Health Facilities Revenue, Holy Cross Health Systems Corp.,
MBIA Insured, 5.625%, 12/01/15......................................................... 4,872,800
3,000,000 Fresno IDR, Refunding, Civic Center Square Project, 8.60%, 04/01/08 ................... 3,016,230
1,505,000 Fresno RDA Revenue, Tax Allocation, Mariposa
Redevelopment Project, Series A, 6.625%, 02/01/23..................................... 1,525,363
7,065,000 Fresno USD, COP, Project Phase VI, Series A, 7.20%, 05/01/11 .......................... 7,507,198
5,840,000 Galt 1915 Act, Improvement Board, AD No. 92-1, 7.75%, 09/02/24 ........................ 6,023,318
3,340,000 Galt COP, Waste Water Improvement, 7.80%, 09/01/10 .................................... 3,466,152
3,520,000 Galt High and Elementary School, Joint Powers Facilities
Authority Revenue, Series A, 7.00%, 11/01/17 ......................................... 3,614,195
3,980,000 Galt Middle School, Joint Powers Authority, Special Tax, CFD No. 1, 8.00%, 09/01/15 ... 4,028,556
25,515,000 Glendale Memorial Hospital and Health Revenue,
Refunding, Series A, Pre-Refunded, 9.00%, 11/01/17.................................... 26,759,367
7,250,000 Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 03/01/19 ........................... 7,299,228
2,945,000 Grand Terrace Public Financing Authority, Series A, 7.85%, 06/01/21 ................... 3,152,681
3,000,000 Grass Valley Hospital Revenue, Insured, Sierra Nevada
Memorial Hospital, 7.25%, 04/01/19 ................................................... 3,141,840
Hawaiian Gardens Public Finance Authority, Tax Allocation, Pre-Refunded,
3,105,000 Redevelopment Project No. 1, Series A, 7.15%, 12/01/17 ............................... 3,513,463
9,375,000 Series 1988, 7.90%, 12/01/13 ......................................................... 10,119,094
Hawaiian Gardens RDA, Refunding, Tax Allocation, Project No. 1,
13,000,000 6.35%, 12/01/33 ...................................................................... 12,691,770
7,550,000 ETM, 8.00%, 12/01/10 ................................................................. 8,483,558
5,000,000 a,bHawthorne CRDA, Special Tax, CFD No. 91-1, 8.25%, 10/01/14 ......................... 3,993,750
2,250,000 Hawthorne CRDA, Tax Allocation, Hawthorne Redevelopment
Project No. 2, Pre-Refunded, 7.875%, 07/01/15 ........................................ 2,398,005
4,000,000 Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 ............................ 4,605,360
2,665,000 Hemet Valley Hospital District Revenue, COP, Hemacinto
Community Corp. Project, Series A, 7.75%, 05/01/19 ................................... 2,684,081
Hemet Valley Hospital District Revenue, Moreno Valley
Regional Medical Center, Series A, Pre-Refunded,
3,380,000 8.25%, 07/01/05 ...................................................................... 3,613,254
22,490,000 8.50%, 07/01/18 ...................................................................... 24,109,505
4,000,000 Hesperia Public Financing Authority Revenue, Highway and Street
Improvement, Series A, 6.10%, 10/01/10 ............................................... 3,978,200
5,000,000 Hesperia Water District, COP, Refunding, Water Facilities
Improvement Project, FGIC Insured, 7.15%, 06/01/26 ................................... 5,521,000
Highland Special Tax, CFD No. 90-1, Series A, Pre-Refunded,
2,000,000 8.50%, 09/01/10 ...................................................................... 2,159,120
3,000,000 8.60%, 09/01/15 ...................................................................... 3,242,760
Hollister RDA, Tax Allocation, Community Development Project,
2,000,000 Series 1989, 7.55%, 10/01/13 ......................................................... 2,090,180
1,905,000 Series 1992-B, FSA Insured, 6.625%, 10/01/07 ......................................... 2,050,752
1,495,000 Series 1992-B, FSA Insured, 6.75%, 10/01/13 .......................................... 1,588,871
3,655,000 Huntington Beach COP, Refunding, Emerald Cove
Senior Citizens Housing Project, 7.00%, 09/01/21...................................... 3,707,084
Huntington Beach Public Financing Authority Revenue,
Huntington Beach Redevelopment Projects,
2,630,000 Refunding, Series 1992, 7.00%, 08/01/24 .............................................. 2,601,202
14,855,000 Series A, Pre-Refunded, 8.375%, 05/01/18 ............................................. 15,812,850
Huntington Park Public Financing Authority,
4,855,000 Lease Revenue, Series A, 7.875%, 09/01/19 ............................................ 5,022,983
10,000,000 Local Agency Revenue, Refunding, Series A, MBIA Insured, 6.45%, 09/01/22.............. 10,539,800
11,665,000 Huntington Park RDA, Sales and Use Tax Revenue,
Junior Lien, Tax Allocation, Merged Project, Pre-Refunded,
8.00%, 01/01/22 ...................................................................... 12,871,628
Imperial COP, Water System Refining Program, Refunding,
1,275,000 Series A, 5.75%, 10/15/11............................................................. 1,260,134
2,625,000 Series A, 5.85%, 10/15/16............................................................. 2,588,880
4,535,000 Series A, 5.875%, 10/15/20............................................................ 4,452,690
1,845,000 Series B, 5.75%, 10/15/11............................................................. 1,823,487
1,820,000 Series B, 5.85%, 10/15/16............................................................. 1,794,957
3,175,000 Series B, 5.875%, 10/15/20............................................................ 3,117,374
$21,010,000 Imperial Irrigation District, COP, Electric System Project, Series 1994, 6.00%, 11/01/18 $ 21,130,177
Indio Public Financing Authority Revenue, Refunding, Tax Allocation, Series 1992,
255,000 6.85%, 08/15/01 ...................................................................... 267,977
275,000 6.95%, 08/15/02 ...................................................................... 290,615
300,000 7.10%, 08/15/03 ...................................................................... 317,922
12,120,000 7.30%, 08/15/22 ...................................................................... 12,584,317
11,380,000 Industry COP, Refunding, 6.625%, 06/01/06 ............................................. 12,214,382
5,500,000 Industry GO, Refunding, MBIA Insured, 5.25%, 07/01/20.................................. 5,050,375
5,860,000 Industry Urban Development Agency, Refunding, Tax Allocation,
Transportation District No. 3 Project,
6.90%, 11/01/07 ...................................................................... 6,183,999
12,000,000 Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc., 6.75%, 05/01/13 ............ 12,470,400
7,410,000 Inglewood Public Financing Authority Revenue, La Cinega Redevelopment
Project, Series A, AMBAC Insured,
6.00%, 05/01/16 ...................................................................... 7,473,207
2,990,000 Inglewood USD, COP, 7.375%, 10/01/05 .................................................. 3,151,879
Inland Empire Solid Waste Financing Authority Revenue,
Landfill Improvement Financing Project, Series B, FSA Insured,
5,000,000 6.25%, 08/01/11....................................................................... 5,205,500
5,000,000 6.00%, 08/01/16....................................................................... 4,971,200
37,885,000 Intercommunity Hospital Financing Authority, Solano County COP, 7.75%, 11/01/19 ....... 39,214,006
Intermodal Container Transfer Facility, Joint Powers Authority Revenue, Refunding, Series A,
9,640,000 7.65%, 11/01/04 ...................................................................... 10,011,429
27,465,000 7.70%, 11/01/14 ...................................................................... 28,531,741
1,470,000 Inyo County COP, Series 1990, 7.30%, 12/01/10 ......................................... 1,513,277
Irvine Ranch Water District Revenue, Joint Powers Agency, Local Pool,
13,000,000 7.80%, 02/15/08 ...................................................................... 13,356,200
228,390,000 7.875%, 02/15/23 ..................................................................... 234,693,564
15,000,000 Issue II, 8.20%, 08/15/08 ............................................................ 15,720,150
255,995,000 Issue II, 8.25%, 08/15/23 ............................................................ 268,280,200
1,950,000 Irwindale COP, Refunding, Municipal Facilities Project, 7.75%, 04/01/05 ............... 1,960,979
Irwindale CRDA, Tax Allocation,
1,630,000 Individual Development Project, 6.60%, 08/01/18....................................... 1,659,014
9,100,000 Individual Development Project, 6.625%, 08/01/26...................................... 9,341,605
10,220,000 Refunding, Senior Lien, FSA Insured, 5.75%, 08/01/26.................................. 10,076,511
10,000,000 Irwindale Public Finance Authority, Special Tax, CFD No. 1, 8.50%, 11/01/20 ........... 10,535,200
1,760,000 John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 06/01/23 ........... 1,849,267
Jurupa Community Service District, COP, Waste Water Facility Project,
Series 1990, Pre-Refunded,
800,000 7.55%, 10/01/05 ...................................................................... 855,512
510,000 7.55%, 10/01/06 ...................................................................... 545,389
980,000 7.55%, 10/01/07 ...................................................................... 1,048,002
2,000,000 Keppel Union School District, Special Tax, CFD No. 1-91, Series A, 7.40%, 09/01/16 .... 2,091,220
5,050,000 Kern County Housing Authority, RRMR, Series 1985-A, 9.875%, 09/01/08 .................. 5,076,462
Kern County Housing Authority, SFMR, Series A, GNMA Secured,
230,000 7.45%, 12/01/02 ...................................................................... 234,630
510,000 7.55%, 12/01/07 ...................................................................... 528,039
740,000 7.65%, 12/01/12 ...................................................................... 754,119
3,370,000 7.70%, 12/01/23 ...................................................................... 3,450,644
835,000 7.50%, 10/01/24 ...................................................................... 845,730
Kings River Conservation District, Pine Flat Power Revenue, Refunding, Series D,
6,455,000 6.00%, 01/01/17....................................................................... 6,482,240
6,450,000 5.50%, 01/01/20....................................................................... 6,120,857
3,000,000 La Habra COP, Park La Habra and Viewpark Projects, FSA Insured, 6.625%, 11/01/22 ...... 3,204,390
4,080,000 La Mesa Parking Authority Lease Revenue, Refunding,
Municipal Forwards, AMBAC Insured, 6.00%, 10/01/07 ................................... 4,316,150
La Mirada RDA, Special Tax, Civic Theater Project, CFD No. 89-1,
295,000 7.90%, 10/01/01 ...................................................................... 310,405
315,000 8.00%, 10/01/02 ...................................................................... 333,179
340,000 8.00%, 10/01/03 ...................................................................... 358,533
12,725,000 8.25%, 10/01/20 ...................................................................... 13,422,330
7,100,000 La Mirada RDA, Tax Allocation, Housing, Refunding, Series A,
FSA Insured, 5.875%, 08/15/25......................................................... 7,075,079
2,135,000 La Mirada SFMR, 7.65%, 04/01/24 ....................................................... 2,214,059
La Palma Community Development Commission, Tax Allocation,
La Palma Community Development Project No. 1,
$ 4,945,000 7.10%, 06/01/21 ...................................................................... $ 5,139,685
2,355,000 6.10%, 06/01/22 ...................................................................... 2,233,223
La Quinta RDA, Tax Allocation,
7,500,000 Housing & Redevelopment Project, Areas No. 1 & 2, MBIA Insured, 6.00%, 09/01/25 ...... 7,557,225
1,500,000 La Quinta Redevelopment Project, Pre-Refunded, 8.00%, 09/01/12 ....................... 1,609,155
3,500,000 La Verne COP, RDA, Capital Improvement, Series 1987, Pre-Refunded, 8.375%, 06/01/17.... 3,594,710
10,000,000 Lake Arrowhead Community Services District, COP, Refunding, FGIC Insured, 6.50%, 06/01/15 10,548,000
6,750,000 Lake Elsinore Public Financing Authority, Tax Allocation Revenue,
Lake Elsinore Redevelopment Projects,
Series A, FSA Insured, 5.80%, 09/01/25................................................ 6,521,918
5,150,000 Lake Elsinore USD, COP, Refunding, 6.90%, 02/01/20 .................................... 5,392,668
Lake Elsinore USD, Special Tax, CFD No. 88-1,
4,825,000 7.50%, 09/01/14 ...................................................................... 4,840,247
4,200,000 8.25%, 09/01/16 ...................................................................... 4,422,852
6,705,000 Lakewood RDA, Refunding, Tax Allocation, Redevelopment
Project No. 1, Series A, FSA Insured, 6.50%, 09/01/17 ................................ 7,087,319
4,155,000 Lancaster CFD No. 89-1, 7.60%, 09/01/20 ............................................... 3,240,900
Lancaster COP, Refunding, School District Project, FSA Insured,
2,640,000 6.95%, 03/01/12 ...................................................................... 2,934,228
3,555,000 7.00%, 03/01/22 ...................................................................... 3,942,317
5,000 Lancaster RDA, RMR, Los Angeles County, Series 1983-A, 10.125%, 09/01/16 .............. 5,061
Lancaster RDA, Tax Allocation,
9,125,000 Combined Redevelopment Project Areas, Housing Program,
MBIA Insured, 5.80%, 08/01/23 ........................................................ 9,002,908
13,140,000 cCombined Redevelopment Project Areas, Sheriff's Program,
MBIA Insured, 5.70%, 08/01/23 ..................................................... 12,789,688
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 ............. 6,453,056
6,000,000 Refunding, Lancaster Redevelopment Project No. 6, MBIA Insured, 5.80%, 08/01/23....... 5,919,720
Lassen County COP, Public Facility Project,
1,260,000 Series A, 7.50%, 11/01/04 ............................................................ 1,330,094
1,840,000 Series A, 7.60%, 11/01/09 ............................................................ 1,930,896
1,045,000 Series B, 7.50%, 11/01/04 ............................................................ 1,103,133
1,050,000 Series B, 7.60%, 11/01/09 ............................................................ 1,101,870
1,000,000 Lemon Grove CDA Revenue, Tax Allocation, Lemon Redevelopment Project, 6.90%, 08/01/20.. 1,037,630
4,400,000 Lemoore Financing Authority Lease Revenue, Water and Waste Water System Improvement Project,
AMBAC Insured, 6.20%, 12/01/20 ....................................................... 4,561,260
6,105,000 Lemoore RDA, Tax Allocation, Refunding, 6.85%, 08/01/25................................ 6,355,366
2,745,000 Liberty Union High School District, Series A, FSA Insured, 6.20%, 08/01/19 ............ 2,822,958
Little Lake City School District, COP, Refunding, Series A,
280,000 6.15%, 06/01/06 ...................................................................... 285,286
300,000 6.20%, 06/01/07 ...................................................................... 304,323
315,000 6.25%, 06/01/08 ...................................................................... 318,837
335,000 6.25%, 06/01/09 ...................................................................... 338,340
355,000 6.25%, 06/01/10 ...................................................................... 357,758
15,000,000 Local Government Finance, Joint Powers Authority Revenue, Anaheim RDA, Series A, Pre-Refunded,
8.20%, 09/01/15 ...................................................................... 16,132,350
9,530,000 Local Medical Facilities Financing Authority, COP, 7.55%, 03/01/20 .................... 10,152,595
Local Medical Facilities Financing Authority II, COP, California Health Clinic Project,
4,195,000 7.55%, 11/01/20 ...................................................................... 4,508,492
2,985,000 Series B, 6.85%, 10/01/21 ............................................................ 3,108,400
3,645,000 Local Medical Facilities Financing Authority III, COP,
Insured Health Clinic Projects, 6.90%, 07/01/22 ...................................... 3,811,066
4,750,000 Lodi USD, COP, Refunding, Educational Support Center, FSA Insured, 5.75%, 09/01/20..... 4,630,490
11,525,000 Loma Linda Hospital Revenue, Refunding, Loma
Linda University Medical Center, Series A, AMBAC Insured,
6.55%, 12/01/18 ...................................................................... 12,125,107
Long Beach COP, Fleet Services Project, Series A,
7,715,000 6.60%, 05/01/14 ...................................................................... 7,887,507
3,680,000 6.00%, 05/01/17 ...................................................................... 3,616,594
Long Beach Harbor Revenue, MBIA Insured,
10,285,000 5.375%, 05/15/20...................................................................... 9,461,994
15,500,000 5.25%, 05/15/25....................................................................... 13,832,820
2,495,000 Long Beach HMR, Series 1983-A, 9.60%, 11/01/14 ........................................ 2,561,666
Long Beach RDA, Downtown Redevelopment Project, Series B, Pre-Refunded,
$ 3,080,000 8.20%, 11/01/05 ...................................................................... $ 3,272,962
3,410,000 8.30%, 11/01/10 ...................................................................... 3,627,217
3,735,000 Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%, 12/01/12 ............ 3,821,017
7,935,000 Long Beach Water Revenue, Refunding, 6.25%, 05/01/24 .................................. 8,066,245
Los Angeles Community College District, COP, Series A,
7,175,000 Capital Improvement Project, Pre-Refunded, 7.50%, 08/15/09 ........................... 7,810,490
4,330,000 Refunding, FSA Insured, 6.00%, 08/15/20 .............................................. 4,344,982
Los Angeles COP,
3,360,000 Ararat Mission Hills Project, Series A, 7.25%, 06/01/21 .............................. 3,581,424
5,335,000 Bay Harbor Hospital, Inc., 7.30%, 04/01/20 ........................................... 5,638,935
6,000,000 Los Angeles County, Capital Asset Leasing Corp., Leasehold Revenue, Refunding, AMBAC Insured,
6.00%, 12/01/16 ...................................................................... 6,054,360
Los Angeles County COP,
15,545,000 CHFCLP Insured Health Clinic Program, Series A, 7.30%, 01/01/21 ...................... 16,980,892
7,175,000 CHFCLP Insured Health Clinic Program, Series B, 7.05%, 08/01/21 ...................... 7,432,511
1,260,000 CHFCLP Insured Health Clinic Program, Series C, 6.90%, 01/01/22 ...................... 1,316,700
3,250,000 Civic Center Heating and Refrigeration Plant, Pre-Refunded, 8.00%, 06/01/10 .......... 3,456,700
11,560,000 Disney Parking Project, 5.50%, 09/01/21 .............................................. 10,387,700
13,060,000 Disney Parking Project, 6.50%, 03/01/23 .............................................. 13,155,207
1,000,000 Hospital Information System, Medical Center, 5.90%, 12/01/97 ......................... 1,007,970
21,615,000 Marina del Rey, Series A, 6.50%, 07/01/08 ............................................ 22,371,525
6,000,000 Multiple Capital Facilities Project III, 6.25%, 11/01/07 ............................. 5,981,220
7,520,000 Refunding, CHFCLP Insured Health Clinic Program,
Behavorial Health Service, Series F, 5.875%, 01/01/21................................. 7,345,160
3,400,000 Refunding, Retirement Housing Foundation, 6.625%, 04/15/12 ........................... 3,546,064
7,665,000 Refunding, Retirement Housing Foundation, 6.75%, 04/15/22 ............................ 7,981,718
1,000,000 Series 1992, 6.625%, 07/01/22 ........................................................ 1,034,970
Los Angeles County Metropolitan Transportation Authority,
Sales Tax Revenue, Refunding, Proposition A, Series A,
27,500,000 FGIC Insured, 5.00%, 07/01/21......................................................... 24,038,850
20,060,000 MBIA Insured, 5.625%, 07/01/18........................................................ 19,394,610
35,355,000 Los Angeles County Public Works, Financing Authority Revenue,
Regional Park and Open Space District,
Series A, 6.00%, 10/01/15............................................................. 35,634,305
Los Angeles County Sanitation Districts Financing Authority Revenue, Capital Projects,
Series A, MBIA Insured,
33,545,000 5.25%, 10/01/19....................................................................... 30,460,873
19,300,000 5.00%, 10/01/23....................................................................... 16,850,176
Los Angeles County SFMR, GNMA Secured,
2,360,000 Issue 1986-A, 7.875%, 08/01/16 ....................................................... 2,398,397
3,485,000 Issue 1987-A, 8.00%, 03/01/17 ........................................................ 3,642,627
Los Angeles County Special Tax, CFD No. 1, Palmdale/Lancaster Waterworks, Series A,
230,000 8.00%, 09/01/06 ...................................................................... 236,081
4,350,000 8.125%, 09/01/18 ..................................................................... 4,481,196
Los Angeles County Special Tax, CFD No. 2, Rowland Heights Area, Pre-Refunded,
1,070,000 7.90%, 09/01/08 ...................................................................... 1,119,338
6,255,000 8.00%, 09/01/18 ...................................................................... 6,544,607
5,785,000 Los Angeles County Special Tax, CFD No. 3, Series A, 7.60%, 09/01/14 .................. 5,953,864
15,898,000 Los Angeles County Transportation Commission, Lease Revenue, FSA Insured, 7.375%, 12/15/06 17,564,428
Los Angeles County Transportation Commission, Sales Tax Revenue,
26,410,000 Refunding, Series A, 7.40%, 07/01/09 ................................................. 28,157,286
1,830,000 Refunding, Series A, 7.40%, 07/01/15 ................................................. 1,962,803
8,240,000 Refunding, Series A, Pre-Refunded, 8.00%, 07/01/18 ................................... 8,794,387
4,300,000 Refunding, Series B, 6.50%, 07/01/13 ................................................. 4,562,257
5,000,000 Refunding, Series B, FGIC Insured, 6.50%, 07/01/13 ................................... 5,295,150
28,095,000 Refunding, Series B, FGIC Insured, 5.75%, 07/01/18 ................................... 27,752,803
13,480,000 Refunding, Series B, MBIA Insured, 5.75%, 07/01/18 ................................... 13,315,814
1,200,000 Series A, FGIC Insured, 6.25%, 07/01/16 .............................................. 1,201,320
29,590,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.625%, 07/01/09 ............... 32,023,778
15,000,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.25%, 07/01/13 ................ 15,617,700
55,780,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.00%, 07/01/23 ................ 55,935,626
Los Angeles CRDA, Financing Authority Revenue, Pooled Financing,
$ 7,500,000 Beacon Normandie, Series B, 6.625%, 09/01/14 ......................................... $ 7,682,100
5,000,000 Bunker Harbor, Series A, 6.375%, 09/01/14 ............................................ 4,859,000
6,575,000 Los Angeles CRDA, MFHR, Refunding, Angelus Plaza Project, Series A, 6.40%, 07/01/23.... 6,666,524
Los Angeles CRDA, Tax Allocation, Refunding,
20,000,000 Bunker Hill, Series H, FSA Insured, 5.625%, 12/01/18.................................. 19,330,400
50,090,000 Bunker Hill, Series H, FSA Insured, 5.625%, 12/01/23.................................. 47,665,644
36,900,000 Bunker Hill, Series H, FSA Insured, 5.60%, 12/01/28................................... 34,814,781
17,245,000 Central Business District, Series G, 6.75%, 07/01/10.................................. 17,512,642
Los Angeles Department of Water and Power Electric Plant Revenue,
33,125,000 Crossover Refunding, 5.875%, 09/01/30 ................................................ 32,019,288
15,000,000 Crossover Refunding, FGIC Insured, 5.875%, 09/01/30................................... 14,836,500
19,400,000 Crossover Refunding, MBIA Insured, 5.875%, 09/01/30................................... 19,188,540
14,500,000 Crossover Refunding, Second Issue, 5.40%, 11/15/31.................................... 12,928,925
37,080,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/20 ...................... 40,041,950
87,955,000 Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 09/01/23 ..................... 81,256,347
8,245,000 Refunding, Series 1992, 6.375%, 02/01/20 ............................................. 8,562,845
8,290,000 Refunding, Series 1992, 6.00%, 02/01/28 .............................................. 8,318,601
11,060,000 Refunding, Series 1992, MBIA Insured, 6.00%, 02/01/28 ................................ 11,157,439
37,600,000 Second Issue, 6.00%, 08/15/32 ........................................................ 37,269,496
14,535,000 Series 1987, 7.60%, 07/15/27 ......................................................... 15,086,458
22,800,000 Series 1988, 7.90%, 05/01/28 ......................................................... 24,157,056
101,095,000 Series 1993, 6.125%, 01/15/33 ........................................................ 101,797,610
5,000,000 Series 1993, FGIC Insured, 6.125%, 01/15/33 .......................................... 5,084,450
Los Angeles Department of Water and Power Waterworks Revenue,
6,700,000 Crossover Refunding, FGIC Insured, 5.25%, 04/15/18.................................... 6,178,941
10,520,000 Crossover Refunding, Series 1993, 5.80%, 04/15/24 .................................... 10,090,784
11,100,000 FGIC Insured, 6.125%, 05/15/25........................................................ 11,415,018
21,590,000 Refunding, Series 1992, 6.40%, 05/15/28 .............................................. 22,309,379
1,000,000 Second Issue, 6.50%, 11/01/14 ........................................................ 1,048,890
14,815,000 Second Issue, 6.40%, 11/01/31 ........................................................ 15,358,711
15,590,000 Second Issue, 6.00%, 07/15/32 ........................................................ 15,565,524
5,500,000 Second Issue, FGIC Insured, 6.40%, 11/01/31 .......................................... 5,760,590
3,200,000 Second Issue, FGIC Insured, 6.00%, 07/15/32 .......................................... 3,218,368
4,330,000 Second Issue, MBIA Insured, 6.00%, 07/15/32 .......................................... 4,354,854
3,850,000 Series 1989, 7.20%, 02/15/19 ......................................................... 4,116,882
3,500,000 Series 1992, 6.50%, 04/15/32 ......................................................... 3,617,320
3,000,000 Series 1994, MBIA Insured, 6.375%, 07/01/34 .......................................... 3,132,660
Los Angeles GO, Series A,
6,465,000 FGIC Insured, 6.10%, 09/01/12......................................................... 6,679,056
8,130,000 FGIC Insured, 6.125%, 09/01/13........................................................ 8,385,201
11,470,000 FGIC Insured, Series A, 6.30%, 09/01/15............................................... 11,883,264
5,000,000 MBIA Insured, 6.00%, 09/01/12 ........................................................ 5,126,050
Los Angeles Harbor Department Revenue, Series B,
24,810,000 6.125%, 08/01/18...................................................................... 25,019,148
59,835,000 6.20%, 08/01/22....................................................................... 60,703,804
35,690,000 6.20%, 08/01/25....................................................................... 36,710,377
500,000 Los Angeles HMR, Series 1985, 9.00%, 06/15/18 ......................................... 503,085
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......................................................... 6,048,120
7,425,000 Los Angeles MFHR, Refunding, Senior Series G, FSA Insured, 5.75%, 01/01/24 ............ 7,226,604
3,000,000 Los Angeles Municipal Improvement Corp., Lease Revenue,
Refunding, Central Library Project, Series A,
6.30%, 06/01/18 ...................................................................... 3,049,710
Los Angeles USD, COP, Refunding, Dr. Francisco Bravo Medical Facility,
3,040,000 6.50%, 06/01/04 ...................................................................... 3,257,542
1,145,000 6.60%, 06/01/05 ...................................................................... 1,226,673
3,610,000 6.60%, 06/01/06 ...................................................................... 3,850,607
8,505,000 6.625%, 06/01/08 ..................................................................... 9,049,660
Los Angeles Waste Water System Revenue,
$15,000,000 Refunding, Series A, FGIC Insured, 6.00%, 12/01/12 ................................... $ 15,203,700
65,445,000 Refunding, Series A, MBIA Insured, 5.70%, 06/01/20 ................................... 63,797,095
35,505,000 Refunding, Series A, MBIA Insured, 5.80%, 06/01/21 ................................... 34,601,753
15,495,000 Refunding, Series C, 7.10%, 06/01/18 ................................................. 16,526,347
31,540,000 Refunding, Series C, MBIA Insured, 5.60%, 06/01/20.................................... 30,350,311
8,000,000 Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 ................................... 8,133,440
25,665,000 Series A, FGIC Insured, 6.00%, 12/01/18 .............................................. 25,802,051
45,400,000 Series A, MBIA Insured, 5.875%, 06/01/24 ............................................. 44,939,644
10,650,000 Series B, AMBAC Insured, 6.00%, 06/01/22 ............................................. 10,710,386
75,720,000 Series B, MBIA Insured, 5.70%, 06/01/23............................................... 73,706,605
7,210,000 Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 07/01/13 .................. 7,095,577
Lynwood USD, COP, Series A,
490,000 7.70%, 11/01/07 ...................................................................... 500,241
300,000 7.70%, 11/01/08 ...................................................................... 306,258
1,140,000 7.70%, 11/01/09 ...................................................................... 1,163,723
2,360,000 Madera-Chowchilla Power Authority, Hydroelectric Revenue, Refunding, 8.00%, 01/01/14 .. 2,517,412
Madera County COP, Valley Children's Hospital, MBIA Insured,
18,000,000 6.125%, 03/15/23...................................................................... 18,436,860
27,500,000 5.75%, 03/15/28....................................................................... 26,725,050
1,250,000 Madera USD, COP, 6.50%, 12/01/07 ...................................................... 1,316,800
2,330,000 Marin County COP, Capital Improvement Project, 6.625%, 08/01/06 ....................... 2,511,227
Martinez USD, Refunding, Series 1992,
1,260,000 6.00%, 08/01/06 ...................................................................... 1,286,888
1,265,000 6.00%, 08/01/10 ...................................................................... 1,288,491
1,110,000 Marysville COP, Capital Improvement Financing Project, 7.125%, 02/01/13 ............... 1,152,569
7,070,000 Mayer's Memorial Hospital District, Health Facility Revenue,
Fall River Mills, IDBI Insured, Pre-Refunded,
7.70%, 02/01/19 ...................................................................... 7,560,092
6,310,000 Mendocino County COP, Refunding, MBIA Insured, 7.40%, 08/15/06 ........................ 6,663,802
Mendota and Parlier USD, COP, Capital Outlay Financing Program,
1,025,000 7.50%, 01/01/11 ...................................................................... 1,034,379
795,000 7.55%, 01/01/17 ...................................................................... 809,175
3,475,000 Menlo Park CDA, MFHR, Gateway Project, Series A, FHA Insured, 8.25%, 12/01/28 ......... 3,592,490
3,580,000 Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 ............ 3,629,225
Metropolitan Water District Revenue, Southern California Waterworks,
78,315,000 5.50%, 07/01/19 ...................................................................... 73,441,458
5,250,000 5.00%, 07/01/20 ...................................................................... 4,589,970
10,490,000 Series C, 5.00%, 07/01/37............................................................. 8,958,250
Mid-Peninsula Regional Open Space District, COP,
5,000,000 Series 1990, Pre-Refunded, 7.60%, 09/01/20 ........................................... 5,454,400
5,200,000 Special Districts Association Finance Corp., 5.75%, 09/01/20 ......................... 4,955,704
Mid-Peninsula Regional Open Space District, Series 1990,
1,215,000 7.50%, 09/01/07 ...................................................................... 1,304,679
1,305,000 7.50%, 09/01/08 ...................................................................... 1,399,782
1,400,000 7.50%, 09/01/09 ...................................................................... 1,501,682
1,500,000 7.50%, 09/01/10 ...................................................................... 1,607,175
2,750,000 Mill Valley Revenue, COP, 7.10%, 12/01/20 ............................................. 2,908,840
13,000,000 Modesto COP, Water System Improvement Project, AMBAC Insured, 6.25%, 10/01/22 ......... 13,348,010
Modesto Health Facility Revenue, Memorial Hospital Association, Series A,
3,800,000 MBIA Insured, 6.85%, 06/01/16 ........................................................ 4,063,416
6,800,000 Pre-Refunded, 7.875%, 08/01/18 ....................................................... 7,267,704
10,000,000 Modesto Irrigation District, COP, Refunding and Capital
Improvement Project, Series A, MBIA Insured,
6.00%, 10/01/21 ...................................................................... 10,038,900
3,000,000 Modesto Irrigation District, Financing Authority Revenue,
Domestic Water Project, Series A, AMBAC Insured,
6.125%, 09/01/19 ..................................................................... 3,057,870
670,000 Mojave Water Agency ID, Morongo Basin, ETM, 6.20%, 09/01/01............................ 711,500
Montclair RDA, Tax Allocation,
1,645,000 Redevelopment Project No. IV, 6.90%, 10/01/22 ........................................ 1,721,443
4,245,000 Redevelopment Project No. V, 6.90%, 10/01/22 ......................................... 4,432,162
$ 1,505,000 Monterey Bay Unified Air Pollution Control District, COP, Pre-Refunded, 7.375%, 12/01/15 $ 1,641,759
Monterey County COP, Natividad Medical Center Improvement Project,
1,095,000 Series A, 6.10%, 08/01/23 ............................................................ 1,069,651
5,170,000 Series B, MBIA Insured, 6.10%, 08/01/27 .............................................. 5,264,353
3,500,000 Series C, MBIA Insured, 6.50%, 08/01/15 .............................................. 3,715,950
13,250,000 Series C, MBIA Insured, 6.60%, 08/01/23 .............................................. 14,169,815
13,385,000 Series C, MBIA Insured, 6.25%, 08/01/28 .............................................. 13,794,313
Monterey Hospital Revenue,
1,695,000 Monterey Peninsula Hospital Project, Series A, 7.375%, 07/01/14 ...................... 1,723,120
1,130,000 Refunding, Monterey Peninsula Hospital, Series B, 7.375%, 07/01/14 ................... 1,148,747
13,680,000 Monterey Park RDA, Tax Allocation, Refunding,
Atlantic-Garvey Redevelopment Project No. 1, 6.85%, 09/01/14.......................... 14,013,382
5,830,000 Moreno Valley Special Tax, Refunding, Towngate Community
Facilities 87-1, Series A, FSA Insured,
5.875%, 12/01/15...................................................................... 5,813,093
Moreno Valley USD, COP, Land Acquisition, FSA Insured, Series E,
250,000 6.70%, 09/01/11 ...................................................................... 256,275
2,895,000 6.75%, 09/01/27 ...................................................................... 2,962,396
Moreno Valley USD, COP, Palm Middle School,
10,000 ETM, 7.00%, 09/01/01 ................................................................. 10,914
10,000 Pre-Refunded, 7.10%, 09/01/02 ........................................................ 11,117
10,000 Pre-Refunded, 7.20%, 09/01/03 ........................................................ 11,156
5,000 Pre-Refunded, 7.30%, 09/01/05 ........................................................ 5,598
3,350,000 Moulton-Niguel Water District, ID No. 6, Series 2, Pre-Refunded, 8.00%, 05/01/13....... 3,427,419
5,000,000 Mount Diablo USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 08/01/22 .............. 5,177,150
4,195,000 Mount Shasta Hospital Revenue, COP, Mercy Medical
Center, Series A, Pre-Refunded, 7.25%, 07/01/19 ...................................... 4,425,431
Mountain View Capital Improvements, Financing Authority Revenue, City Hall, MBIA Insured,
3,110,000 6.25%, 08/01/12 ...................................................................... 3,232,938
2,000,000 6.50%, 08/01/16 ...................................................................... 2,100,020
2,175,000 Mountain View-Los Altos UHSD, COP, Financing Project, Pre-Refunded, 7.40%, 08/01/16 ... 2,439,741
Mountain View School District, COP, Santa Clara County Financing Project,
1,010,000 6.75%, 04/01/07 ...................................................................... 1,055,400
1,430,000 6.90%, 04/01/12 ...................................................................... 1,504,989
9,605,000 Mountain View, Shoreline Regional Park, Community
Tax Allocation, Series A, MBIA Insured, 5.75%, 08/01/18............................... 9,487,915
M-S-R Public Power Agency Revenue, San Juan Project,
16,550,000 Series C, 6.875%, 07/01/19 ........................................................... 16,881,000
5,000,000 Series C, AMBAC Insured, 6.875%, 07/01/19 ............................................ 5,100,000
8,630,000 Series C, AMBAC Insured, 5.50%, 07/01/21 ............................................. 8,240,356
8,490,000 Series E, MBIA Insured, 6.00%, 07/01/22............................................... 8,520,479
10,750,000 Series F, AMBAC Insured, 6.00%, 07/01/20 ............................................. 10,818,155
1,510,000 Murieta County Water District, Special Tax, CFD No. 88-1, 8.10%, 10/01/18 ............. 1,580,593
6,125,000 Napa Housing Facility Revenue, Napa Park Apartments, Series A, 6.35%, 06/20/35 ........ 6,192,988
2,000,000 Napa Mortgage Revenue, Refunding, Creekside II Apartments
Project, Series A, MBIA Insured, 6.625%, 07/01/25 .................................... 2,057,860
1,580,000 Needles Public Financing Authority Revenue, Tax Allocation,
Redevelopment Project, Series A, 7.50%, 08/15/22 ..................................... 1,640,719
6,275,000 Nevada County COP, Jail and Government Center Project,
Refunding, FSA Insured, 5.875%, 10/01/19.............................................. 6,255,548
7,805,000 Nevada Power Authority Revenue, Refunding, Bowman Hydroelectric Project, 7.50%, 05/01/13 7,968,749
Norco RDA, Tax Allocation, Redevelopment Project Area No. 1,
8,820,000 Pre-Refunded, 8.10%, 03/01/18 ........................................................ 9,319,829
5,175,000 Pre-Refunded, 8.10%, 03/01/19 ........................................................ 5,468,267
10,000,000 Refunding, MBIA Insured, 5.75%, 03/01/26.............................................. 9,724,900
Northern California Public Power Agency Revenue, Hydroelectric Project No. 1,
10,000,000 Refunding, Series A, MBIA Insured, 5.50%, 07/01/24.................................... 9,332,100
83,715,000 Refunding, Series B-1, Pre-Refunded, 8.00%, 07/01/24 ................................. 87,753,412
60,945,000 Refunding, Series B-2, Pre-Refunded, 8.00%, 07/01/24 ................................. 63,884,987
114,045,000 Series E, 7.15%, 07/01/24 ............................................................ 118,831,469
38,500,000 Series F, 7.15%, 07/01/24 ............................................................ 40,115,845
38,500,000 Series G, 7.15%, 07/01/24 ............................................................ 40,115,845
7,625,000 Northern California Transmission Revenue, Ore Transmission Project,
Series A, MBIA Insured, 6.00%, 05/01/24 .............................................. 7,657,559
14,720,000 Norwalk Community Facilities Financing Authority Revenue,
Tax Allocation, Projects No. 1 & 2, Pre-Refunded,
8.00%, 12/01/19 ...................................................................... 16,246,906
Novato Special Tax, CFD No. 1, Pre-Refunded,
$ 450,000 7.60%, 10/01/01 ...................................................................... $ 481,208
4,565,000 8.65%, 10/01/11 ...................................................................... 4,946,908
16,350,000 8.75%, 10/01/21 ...................................................................... 17,741,385
1,720,000 Novato USD, COP, Capital Improvement Project, Series A, 6.70%, 10/01/12 ............... 1,724,008
8,000,000 Oakland COP, Refunding, Oakland Museum, Series A, AMBAC Insured, 6.00%, 04/01/12 ...... 8,039,840
12,085,000 cOakland GO, Measure I, FGIC Insured, 5.85%, 12/15/22 ................................. 12,004,997
Oakland HFR,
240,000 Issue D-1, 6.80%, 01/01/99 ........................................................... 245,616
260,000 Issue D-1, 6.80%, 07/01/99 ........................................................... 263,981
275,000 Issue D-1, 6.875%, 01/01/00 .......................................................... 280,110
275,000 Issue D-1, 6.875%, 07/01/00 .......................................................... 276,026
280,000 Issue D-1, 6.95%, 01/01/01 ........................................................... 280,504
325,000 Issue D-1, 6.95%, 07/01/01 ........................................................... 325,657
3,650,000 Issue D-1, 7.10%, 01/01/10 ........................................................... 3,737,564
290,000 Issue D-2, 6.95%, 07/01/01 ........................................................... 290,586
1,170,000 Issue D-2, 7.10%, 01/01/10 ........................................................... 1,197,437
5,800,000 Issue D-2, 7.15%, 01/01/24 ........................................................... 5,907,474
Oakland Joint Powers Financing Authority Lease Revenue, Oakland
Administration Buildings, AMBAC Insured,
12,500,000 5.75%, 08/01/21....................................................................... 12,179,500
17,750,000 5.75%, 08/01/26....................................................................... 17,258,503
Oakland Revenue, Refunding,
6,000,000 Series A, FGIC Insured, 7.60%, 08/01/21 .............................................. 6,361,740
5,405,000 YMCA Project, Series 1990, Pre-Refunded, 7.40%, 06/01/10 ............................. 5,942,041
5,185,000 Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 ...................... 5,700,856
4,205,000 Oceanside COP, La Salina Waste Water Treatment, Pre-Refunded, 7.00%, 05/01/21 ......... 4,632,775
5,000,000 Oceanside COP, Refunding, Oceanside Civic Center Project, MBIA Insured, 5.75%, 08/01/15 4,971,500
Oceanside COP, Refunding, Series A,
4,435,000 6.375%, 04/01/12 ..................................................................... 4,488,885
9,000,000 6.625%, 04/01/23 ..................................................................... 9,013,860
4,750,000 Oceanside COP, Refunding, Water System Project, AMBAC Insured, 5.80%, 08/01/21......... 4,658,515
4,500,000 Oceanside COP, Waste Water Systems Plan, Refunding, AMBAC Insured, 5.80%, 05/01/21..... 4,413,915
2,000,000 Oceanside COP, Water Use Association Finance Program,
Series A, AMBAC Insured, 6.40%, 10/01/12 ............................................. 2,115,620
Ontario Montclair School District, COP, Series A, 7.50%, 10/01/12
7,500,000 cCapital Projects, FSA Insured, 5.625%, 09/01/17.................................... 7,343,700
1,850,000 Series A, 7.50%, 10/01/12 ............................................................ 1,922,557
Orange County Airport Revenue, GO,
10,505,000 John Wayne International Airport, Series 1987, 8.10%, 07/01/07 ....................... 10,761,742
32,910,000 John Wayne International Airport, Series 1987, 8.125%, 07/01/16 ...................... 33,710,371
4,495,000 John Wayne International Airport, Series 1987, Pre-Refunded, 8.10%, 07/01/07 ......... 4,628,502
14,090,000 John Wayne International Airport, Series 1987, Pre-Refunded, 8.125%, 07/01/16 ........ 14,509,318
5,000,000 cRefunding, MBIA Insured, 5.625%, 07/01/12.......................................... 4,887,000
Orange County COP,
4,500,000 Civic Center Expansion Project, AMBAC Insured, Pre-Refunded, 6.00%, 08/01/21 ......... 4,747,950
13,800,000 Juvenile Justice Center Project, Pre-Refunded, 7.50%, 06/01/09 ....................... 14,928,702
16,500,000 Juvenile Justice Center Project, Pre-Refunded, 7.625%, 06/01/19 ...................... 17,891,610
2,375,000 Loma Ridge/Data Center Project, AMBAC Insured, Pre-Refunded, 6.00%, 06/01/21 ......... 2,406,873
3,250,000 Public Facilities Corp., 7.875%, 12/01/13 ............................................ 3,400,313
5,000,000 Refunding, Juvenile Justice Center Facilities, AMBAC Insured, 6.375%, 06/01/11 ....... 5,180,800
6,500,000 Orange County Development Agency, Tax Allocation, Refunding, Santa Ana Heights Area Project,
6.125%, 09/01/23...................................................................... 6,313,385
Orange County Financing Authority Revenue, Refunding, Tax Allocation, Series A, MBIA Insured,
5,525,000 6.50%, 09/01/21 ...................................................................... 5,774,288
8,000,000 6.50%, 09/01/22 ...................................................................... 8,360,960
Orange County Purchaser Certificates, Master Lease, Series 1990,
2,000,000 7.00%, 09/01/97 ...................................................................... 2,001,980
2,000,000 7.00%, 09/01/98 ...................................................................... 2,000,880
1,000,000 7.00%, 09/01/99 ...................................................................... 994,250
1,975,000 7.00%, 09/01/00 ...................................................................... 1,959,536
Orange County Recovery, Refunding, Series A, MBIA Insured,
$79,010,000 5.75%, 06/01/15....................................................................... $ 78,125,878
17,100,000 cCOP, 5.875%, 07/01/19.............................................................. 16,837,515
Orange County Special Tax, Pre-Refunded,
4,700,000 CFD No. 87-1, Dimensions Business Park, 8.25%, 08/15/13 .............................. 5,049,774
5,000,000 CFD No. 87-4, Foothill Ranch, 8.00%, 08/15/10 ........................................ 5,605,000
9,900,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, 8.00%, 08/15/05 ............................ 10,604,187
43,265,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, 8.10%, 08/15/13 ............................ 46,399,549
2,865,000 Orange County Transportation District COP, Business Acquisition Project, 6.75%, 12/01/05 3,005,500
4,000,000 Orange County USD, COP, Pre-Refunded, 6.875%, 06/01/21 ................................ 4,276,160
Orange County Water District, COP,
2,000,000 AMBAC Insured, 6.50%, 08/15/11 ....................................................... 2,083,360
9,430,000 Refunding, Series A, 5.50%, 08/15/14.................................................. 8,963,875
3,400,000 Orange Cove Irrigation District Revenue, COP,
Rehabilitation Project, Pre-Refunded, 7.25%, 02/01/12................................. 3,753,328
8,530,000 Orange RDA Revenue, Refunding, Tax Allocation, Northwest
Redevelopment Project, Series B, 5.70%, 10/01/23...................................... 7,926,247
12,150,000 Oroville Public Financing Authority Revenue, Series A, AMBAC Insured, 6.30%, 09/15/20 . 12,591,774
10,060,000 Oroville Wyandotte Irrigation District Revenue, Refunding, Hydroelectric, 6.20%, 01/01/09 10,157,180
Oxnard 1915 Act, AD No. 86-3, Northeast Industrial Area,
950,000 8.10%, 09/02/00 ...................................................................... 952,850
2,020,000 8.10%, 09/02/01 ...................................................................... 2,024,626
965,000 8.20%, 09/02/02 ...................................................................... 966,419
1,490,000 8.20%, 09/02/03 ...................................................................... 1,490,775
1,330,000 8.20%, 09/02/04 ...................................................................... 1,329,402
1,590,000 8.20%, 09/02/05 ...................................................................... 1,587,710
2,230,000 8.20%, 09/02/06 ...................................................................... 2,224,693
Oxnard Public Facilities Corp., COP, Pre-Refunded,
18,765,000 AMBAC Insured, 7.50%, 09/01/06 ....................................................... 20,111,952
3,750,000 Civic Library Project, 8.00%, 10/01/08 ............................................... 4,028,775
1,345,000 Palm Desert 1915 Act, Improvement Board, AD No. 92-1, 7.60%, 09/02/12 ................. 1,389,977
5,020,000 Palm Desert Financing Authority Lease Revenue,
Blythe County Administrative Project, 6.625%, 08/01/26................................ 5,023,313
Palm Desert Financing Authority Revenue, Tax Allocation,
Project Area No.1, Series A, MBIA Insured,
5,595,000 6.625%, 04/01/23 ..................................................................... 5,964,606
15,075,000 5.95%, 04/01/24 ...................................................................... 15,074,849
1,890,000 Palm Desert RDA, Tax Allocation, Project Area No. 1, MBIA Insured, 7.40%, 05/01/09 .... 1,913,096
11,570,000 Palm Springs COP, Multiple Capital Facilities Project,
Refunding, AMBAC Insured, 5.75%, 04/01/27............................................. 11,327,146
5,000,000 Palm Springs COP, Municipal Gold Course Expansion Project, Pre-Refunded, 7.40%, 11/01/18 5,624,200
2,230,000 Palm Springs Financing Authority Revenue, Tax Allocation, Series B, 6.875%, 08/01/21... 2,316,033
Palmdale 1915 Act, AD No. 87-1, Rancho Vista, Pre-Refunded,
500,000 8.20%, 09/02/00 ...................................................................... 523,610
555,000 8.20%, 09/02/01 ...................................................................... 581,207
625,000 8.20%, 09/02/02 ...................................................................... 654,513
700,000 8.20%, 09/02/03 ...................................................................... 733,054
775,000 8.20%, 09/02/04 ...................................................................... 811,596
850,000 8.20%, 09/02/05 ...................................................................... 890,137
945,000 8.20%, 09/02/06 ...................................................................... 989,623
1,040,000 8.20%, 09/02/07 ...................................................................... 1,089,109
11,580,000 Palmdale Civic Authority Revenue, Refunding, Merged Redevelopment
Project Areas, Series A, MBIA Insured,
6.15%, 09/01/24 ...................................................................... 11,997,343
495,000 Palmdale School District, COP, Series 1990, 7.40%, 08/01/20............................ 506,880
20,400,000 Palo Alto Medical Foundation, Insured Revenue, Series 1987, ETM, 7.875%, 05/15/17...... 20,869,200
4,210,000 Palomar Community College District, COP,
Building Acquisition Project, Connie Lee Insured, 6.75%, 10/01/19 .................... 4,533,833
6,300,000 Palomar Pomerado Hospital District Revenue,
Refunding and Project, Series A, MBIA Insured, 5.00%, 11/01/14 ....................... 5,716,494
3,000,000 Panoche Water District, COP, 7.50%, 12/01/08 .......................................... 3,162,090
22,070,000 Paramount RDA, Tax Allocation, Custodial Receipts, MBIA Insured, 6.25%, 08/01/23....... 22,744,901
8,250,000 Pasadena COP, Art Center, College of Design, Connie Lee Insured, 6.50%, 12/01/19....... 8,709,195
4,000,000 Pasadena Water Revenue, 6.00%, 07/01/13 ............................................... 4,061,880
Perris Public Financing Authority Revenue, Refunding, Tax Allocation,
5,280,000 Series B, MBIA Insured, 6.35%, 08/15/17 .............................................. 5,499,754
3,330,000 Series C, 7.10%, 11/15/17 ............................................................ 3,454,242
Perris Public Financing Authority Revenue, Special Tax, Series A,
$ 205,000 7.45%, 09/01/01 ...................................................................... $ 208,034
235,000 7.50%, 09/01/02 ...................................................................... 238,429
270,000 7.55%, 09/01/03 ...................................................................... 273,883
305,000 7.60%, 09/01/04 ...................................................................... 309,322
325,000 7.60%, 09/01/05 ...................................................................... 329,472
3,555,000 7.80%, 09/01/19 ...................................................................... 3,601,677
Perris RDA, Tax Allocation,
4,535,000 Central and North Perris Redevelopment Project, Series B, Pre-Refunded, 7.875%, 10/01/14 5,187,904
2,935,000 Refunding, Central and North Perris Redevelopment
Project, Series A, Pre-Refunded, 7.875%, 10/01/10 .................................... 3,380,709
865,000 Series 1991, 7.15%, 08/01/11 ......................................................... 895,491
2,040,000 Series 1991, 7.20%, 08/01/21 ......................................................... 2,116,051
Perris Special Tax,
50,000 CFD No. 88-1, Series A, ETM, 8.00%, 09/01/99 ......................................... 54,037
65,000 CFD No. 88-1, Series A, ETM, 8.05%, 09/01/00 ......................................... 71,936
85,000 CFD No. 88-1, Series A, ETM, 8.10%, 09/01/01 ......................................... 96,279
100,000 CFD No. 88-1, Series A, ETM, 8.15%, 09/01/02 ......................................... 115,637
6,040,000 CFD No. 88-1, Series A, Pre-Refunded, 8.30%, 09/01/18 ................................ 7,269,623
5,395,000 CFD No. 91-1, 8.75%, 09/01/21 ........................................................ 5,748,319
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 ..................................... 5,002,464
18,905,000 Pico Rivera RDA, Tax Allocation, Refunding,
Redevelopment Project Area No. 1, 8.15%, 05/01/07..................................... 19,315,049
1,200,000 Pismo Beach Public Financing Authority Revenue, 6.90%, 09/15/22 ....................... 1,210,260
1,770,000 Placentia COP, Refunding, RDA, Series A, 6.90%, 01/01/14 .............................. 1,824,746
3,230,000 Pleasant Valley School District, Ventura County COP,
Woodcreek Road, Elementary School Project,
6.375%, 08/01/18 ..................................................................... 3,176,059
Pleasanton COP,
2,180,000 Capital Improvements, 6.70%, 10/01/11 ................................................ 2,239,558
3,500,000 Capital Projects No. 1 & 2, Pre-Refunded, 8.75%, 10/01/08 ............................ 3,652,215
4,585,000 Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 09/01/14 ................... 5,030,204
Pomona Public Financing Authority Revenue,
6,490,000 Refunding, Series P, 5.75%, 10/01/15 ................................................. 6,164,332
10,205,000 Series H, AMBAC Insured, 7.40%, 05/01/18 ............................................. 10,887,102
Pomona RDA, Tax Allocation,
2,370,000 Holt Ave./Indian Hill Blvd., Redevelopment Project, 8.25%, 06/01/16 .................. 2,409,271
2,795,000 Refunding, Reservoir Street Industrial Redevelopment Project, 8.25%, 06/01/13 ........ 2,841,565
14,295,000 Southwest Pomona Redevelopment Project, 11.45%, 01/01/07 ............................. 18,699,861
4,675,000 West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 02/01/15 ................. 4,834,698
3,195,000 Port Hueneme RDA, Refunding, Tax Allocation, R-76 Project, 6.50%, 05/01/23 ............ 3,212,668
Port of Oakland Revenue, MBIA Insured,
2,310,000 Series A, Pre-Refunded, 7.60%, 11/01/16 .............................................. 2,362,576
1,525,000 Series E, 6.25%, 11/01/05 ............................................................ 1,628,319
1,050,000 Series E, 6.30%, 11/01/06 ............................................................ 1,121,012
500,000 Series E, 6.40%, 11/01/07 ............................................................ 533,700
11,495,000 Series E, 6.40%, 11/01/22 ............................................................ 11,948,018
Port of Oakland Special Facilities Revenue, Mitsui O.S.K. Lines Ltd., Series A,
6,100,000 6.70%, 01/01/07 ...................................................................... 6,446,053
4,890,000 6.75%, 01/01/12 ...................................................................... 5,073,277
8,075,000 6.80%, 01/01/19 ...................................................................... 8,334,288
1,950,000 Porterville COP, Refunding, Public Building Project, AMBAC Insured, 6.30%, 10/01/18 ... 2,037,848
8,100,000 Poway COP, RDA, Poinsettia Mobile Home Park, Pre-Refunded, 8.375%, 06/01/18 ........... 8,649,261
Poway COP, Royal Mobile Home Park Project, FSA Insured,
6,500,000 Capital Improvement, Pre-Refunded, 7.00%, 07/01/20.................................... 7,132,905
5,400,000 Refunding, 6.00%, 08/01/20............................................................ 5,399,460
15,000,000 Refunding, 6.00%, 08/01/28............................................................ 14,893,650
6,250,000 Refunding, FSA Insured, 5.875%, 08/01/15.............................................. 6,232,000
Poway RDA, Tax Allocation,
23,000,000 Refunding, Sub-Parguay Redevelopment Project, FGIC Insured, 5.50%, 12/15/23........... 21,476,480
11,710,000 Refunding, Sub-Parguay Redevelopment Project, FGIC Insured, 5.75%, 12/15/26........... 11,305,185
15,000,000 Sub-Parguay Redevelopment Project, Series A, Pre-Refunded, 7.60%, 12/15/22 ........... 16,482,750
$63,000,000 Puerto Rico Commonwealth Highway and Transportation
Authority, Highway Revenue, Series Y, 5.00%, 07/01/36................................. $ 53,774,910
610,000 Ramona Municipal Water District, COP, 8.50%, 07/15/11 ................................. 637,481
6,905,000 Rancho Cucamonga, Palmdale, Potterville, Colton HFA, SFMR,
Series 1986, GNMA Secured, 7.55%, 08/01/18 ........................................... 7,119,469
8,330,000 Rancho Cucamonga RDA, Tax Allocation, Rancho
Redevelopment Project, Set-Aside Housing, MBIA Insured,
5.25%, 09/01/21....................................................................... 7,684,258
1,100,000 Rancho Cucamonga, Refunding, Special Tax, CFD No. 7, FSA Insured, 6.40%, 08/01/04 ..... 1,157,926
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 ............................... 168,686
Redlands USD, COP, Series A, FSA Insured,
750,000 6.15%, 09/01/11 ...................................................................... 762,600
4,310,000 6.25%, 09/01/27 ...................................................................... 4,362,323
3,795,000 Redwood City MFHR, Refunding, Redwood Plaza Project,
Series 1987-A, GNMA Secured, 8.25%, 09/01/26 ......................................... 3,826,043
3,750,000 Redwood City Public Financing Authority Revenue, Local Agency, Series B, 7.25%, 07/15/11 3,930,000
Rialto COP,
2,715,000 5.75%, 02/01/22....................................................................... 2,627,658
145,000 Series 1989, Pre-Refunded, 7.50%, 11/01/01 ........................................... 158,314
3,165,000 Series 1989, Pre-Refunded, 7.50%, 11/01/15 ........................................... 3,455,610
3,500,000 Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, 6.75%, 03/01/24 ......... 3,661,700
2,000,000 Richmond Joint Power Finance Authority, Series B, Pre-Refunded, 7.00%, 05/15/07 ....... 2,173,680
3,715,000 Richmond Revenue, West Contra Costa YMCA Project, Pre-Refunded, 7.75%, 06/01/17 ....... 4,121,941
4,420,000 Ridgecrest COP, RDA, 7.60%, 03/01/13 .................................................. 4,575,805
Ridgecrest RDA, Tax Allocation, Ridgecrest Redevelopment Project,
200,000 8.00%, 02/01/09 ...................................................................... 206,374
220,000 8.00%, 02/01/10 ...................................................................... 226,921
240,000 8.00%, 02/01/11 ...................................................................... 247,452
255,000 8.00%, 02/01/12 ...................................................................... 262,813
275,000 8.00%, 02/01/13 ...................................................................... 283,313
300,000 8.00%, 02/01/14 ...................................................................... 309,069
325,000 7.80%, 02/01/15 ...................................................................... 333,515
355,000 7.40%, 02/01/16 ...................................................................... 362,714
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project, Series A,
23,000,000 6.375%, 06/01/09 ..................................................................... 23,893,320
20,125,000 6.50%, 06/01/12 ...................................................................... 21,238,919
19,500,000 6.25%, 06/01/19 ...................................................................... 19,544,655
2,000,000 MBIA Insured, 6.25%, 06/01/19 ........................................................ 2,019,840
7,945,000 Riverside County Board of Education, COP, Financing Project, Series A, 6.65%, 11/01/17. 8,269,871
Riverside County CFD,
660,000 No. 84-2, Refunding, Lakehills Project, 7.60%, 09/01/00 .............................. 647,625
5,130,000 No. 84-2, Refunding, Lakehills Project, 7.50%, 09/01/06 .............................. 5,033,813
575,000 No. 85-1, Golden Triangle Project, Series A, Pre-Refunded, 7.50%, 09/01/06 ........... 616,486
2,425,000 No. 85-1, Golden Triangle Project, Series B, Pre-Refunded, 7.50%, 09/01/06 ........... 2,599,964
440,000 No. 85-2, California Oaks Project, ETM, 7.70%, 09/01/97 .............................. 447,115
260,000 No. 85-2, California Oaks Project, ETM, 7.80%, 09/01/98 .............................. 273,666
295,000 No. 85-2, California Oaks Project, Pre-Refunded, 7.90%, 09/01/99 ..................... 317,886
485,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.00%, 09/01/00 ..................... 522,937
585,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.05%, 09/01/01 ..................... 631,157
11,970,000 No. 85-2, California Oaks Project, Pre-Refunded, 8.25%, 09/01/13 ..................... 12,946,991
23,195,000 No. 86-1, Menifee Village Project, 7.875%, 09/01/11 .................................. 23,217,267
305,000 No. 87-5, Special Tax, 7.90%, 09/01/98 ............................................... 243,619
325,000 No. 87-5, Special Tax, 7.95%, 09/01/99 ............................................... 259,594
355,000 No. 87-5, Special Tax, 8.00%, 09/01/00 ............................................... 283,556
380,000 No. 87-5, Special Tax, 8.05%, 09/01/01 ............................................... 303,525
7,500,000 No. 87-5, Special Tax, 8.20%, 09/01/13 ............................................... 5,990,625
Riverside County CFD, (cont.)
$ 2,820,000 No. 87-5, Special Tax, 8.75%, 09/01/13 ............................................... $ 2,252,475
4,730,000 No. 89-1, Special Tax, 8.25%, 09/01/16 ............................................... 4,251,088
16,000,000 Riverside County CFD No. 8, Mello Roos, Series 1987, 8.75%, 09/01/16 .................. 16,321,600
Riverside County COP,
4,975,000 Capital Projects, Series A, 6.875%, 11/01/09 ......................................... 5,280,117
15,900,000 Capital Projects, Series A, 6.125%, 11/01/21 ......................................... 15,945,792
4,775,000 Desert Justice Facility Project, MBIA Insured, 6.00%, 12/01/17 ....................... 4,822,655
4,625,000 Desert Justice Facility Project, MBIA Insured, 6.25%, 12/01/21 ....................... 4,764,675
5,295,000 Family Law Court Project, MBIA Insured, 5.75%, 11/01/27............................... 5,146,316
3,945,000 Refunding, Juvenile Facility, Pre-Refunded, 8.00%, 10/01/18 .......................... 4,238,271
Riverside County Flood Control and Water Conservation District, Elsinore Valley AD, Zone 3, Series 1993,
165,000 7.875%, 09/01/03...................................................................... 189,470
180,000 7.875%, 09/01/04 ..................................................................... 208,928
190,000 7.875%, 09/01/05...................................................................... 222,422
205,000 7.875%, 09/01/06...................................................................... 241,539
225,000 7.875%, 09/01/07...................................................................... 265,343
240,000 7.875%, 09/01/08...................................................................... 284,446
260,000 7.875%, 09/01/09...................................................................... 308,519
280,000 7.875%, 09/01/10...................................................................... 332,170
305,000 7.875%, 09/01/11...................................................................... 360,934
325,000 7.875%, 09/01/12...................................................................... 390,468
350,000 7.875%, 09/01/13...................................................................... 421,183
380,000 7.875%, 09/01/14...................................................................... 460,013
410,000 7.875%, 09/01/15...................................................................... 496,498
440,000 7.875%, 09/01/16...................................................................... 532,668
475,000 7.875%, 09/01/17...................................................................... 574,527
Riverside County Housing Authority Revenue,
6,750,000 Riverside Apartment Project, 7.875%, 11/01/19 ........................................ 6,532,043
13,980,000 Series 1988-A, 7.85%, 10/01/08 ....................................................... 13,948,545
33,080,000 Series 1988-A, 7.90%, 10/01/18 ....................................................... 33,327,108
Riverside County RDA, Tax Allocation,
1,100,000 Series A, 7.60%, 10/01/25 ............................................................ 1,152,668
2,750,000 Series B, 7.60%, 10/01/25 ............................................................ 2,881,670
1,600,000 Series C, 7.60%, 10/01/25 ............................................................ 1,676,608
2,100,000 Series D, 7.60%, 10/01/25 ............................................................ 2,200,548
5,600,000 Series E, 7.60%, 10/01/25 ............................................................ 5,868,128
Riverside County SFMR, GNMA Secured,
585,000 Series 1989-B, 7.60%, 11/01/19 ....................................................... 619,667
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 ...................................................................... 5,209,150
6,545,000 Refunding, 9.25%, 12/01/05 ........................................................... 6,682,772
6,210,000 Riverside MFHR, Palm Shadows Apartments, Series A, 6.50%, 01/01/18 .................... 6,329,597
Riverside Public Financing Authority Revenue, Airport and
Central Industrial Redevelopment Project, Series A,
240,000 7.80%, 02/01/08 ...................................................................... 244,790
3,300,000 7.90%, 02/01/18 ...................................................................... 3,370,290
6,000,000 Riverside RDA, Refunding, Tax Allocation, Merged
Redevelopment Project, Series A, MBIA Insured,
5.625%, 08/01/23...................................................................... 5,741,700
3,000,000 Riverside Water Revenue, 6.00%, 10/01/15 .............................................. 3,022,230
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, Pre-Refunded, 7.70%, 09/01/12 ................................. 6,771,936
$ 7,500,000 Rohnert Park CDA, Tax Allocation, Rohnert Park
Redevelopment Project, Pre-Refunded, 8.20%, 06/01/18.................................. $ 7,993,800
8,380,000 Rohnert Park HFA Revenue, Rancho Feliz Mobile Home Park, FSA Insured, 5.375%, 12/01/26. 7,689,907
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 .................... 2,121,463
Roseville Special Tax,
715,000 CFD No. 1, 7.50%, 09/01/02 ........................................................... 735,621
825,000 CFD No. 1, 7.60%, 09/01/04 ........................................................... 846,227
15,660,000 CFD No. 1, 7.70%, 09/01/20 ........................................................... 16,062,149
355,000 CFD No. 2, 8.00%, 09/01/06 ........................................................... 376,286
7,165,000 CFD No. 2, 8.25%, 09/01/21 ........................................................... 7,563,016
1,725,000 Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 .................................... 1,803,367
1,860,000 Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 .................................... 1,956,236
10,000,000 Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 .................................... 10,459,600
12,000,000 Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 .................................... 12,579,360
1,000,000 Northeast Roseville CFD No. 1, 7.95%, 12/01/00 ....................................... 1,042,090
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/01 ....................................... 1,041,260
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/02 ....................................... 1,040,460
6,000,000 Northeast Roseville CFD No. 1, 8.30%, 12/01/08 ....................................... 6,256,140
5,450,000 Rubidoux Community Services District, COP,
Water System Improvement Project, AMBAC Insured,
6.25%, 12/01/24 ...................................................................... 5,616,389
Sacramento 1915 Act, North Natomas AD No. 88-3,
805,000 8.20%, 09/02/10 ...................................................................... 768,509
1,795,000 8.20%, 09/02/11 ...................................................................... 1,703,563
2,325,000 8.25%, 09/02/12 ...................................................................... 2,202,961
2,515,000 8.25%, 09/02/13 ...................................................................... 2,379,115
2,715,000 8.25%, 09/02/14 ...................................................................... 2,564,453
1,500,000 Sacramento Area Council of Governments, COP, Sacog
Administrative Building Project, 7.125%, 7/01/16 ..................................... 1,556,355
Sacramento City Financing Authority Revenue, Series 1991,
1,300,000 6.60%, 11/01/05 ...................................................................... 1,388,829
920,000 6.70%, 11/01/11 ...................................................................... 962,642
Sacramento County 1915 Act, Cordova Industrial Park, Unit 3, Series C-1,
230,000 8.25%, 09/02/05 ...................................................................... 237,815
245,000 8.25%, 09/02/06 ...................................................................... 253,222
265,000 8.25%, 09/02/07 ...................................................................... 273,782
290,000 8.25%, 09/02/08 ...................................................................... 299,489
310,000 8.25%, 09/02/09 ...................................................................... 320,078
340,000 8.25%, 09/02/10 ...................................................................... 350,985
365,000 8.25%, 09/02/11 ...................................................................... 376,717
Sacramento County Airport System Revenue, MBIA Insured,
6,875,000 Series A, 5.90%, 07/01/24............................................................. 6,692,675
6,195,000 Series B, 5.75%, 07/01/26............................................................. 6,023,584
10,000,000 Sub-Series D, 5.75%, 07/01/26......................................................... 9,723,300
Sacramento County CFD, Special Tax,
$ 2,250,000 Improvement Area 1, Series 1990, 8.20%, 12/01/10 ..................................... $ 2,375,730
7,610,000 Improvement Area 1, Series 1990, 8.25%, 12/01/20 ..................................... 8,022,158
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.00%, 12/01/98 ................................... 1,584,210
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.20%, 12/01/99 ................................... 1,586,145
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.30%, 12/01/00 ................................... 1,587,105
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.40%, 12/01/01 ................................... 1,588,080
13,000,000 Laguna, Series 1987, Pre-Refunded, 8.625%, 12/01/06 .................................. 13,782,210
.................................................................Sacramento County COP,
2,735,000 Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 .................... 2,974,641
3,500,000 Cherry Island Golf Course Project, Series B, 6.80%, 07/01/18 ......................... 3,625,335
11,000,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/19 .. 11,599,720
29,500,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/24 .. 31,108,340
1,495,000 Refunding, Cherry Island Golf Course Project, Series B, 6.80%, 07/01/12 .............. 1,546,667
2,325,000 Refunding, Parking Facility Project, Series 1987-A, 6.80%, 07/01/12 .................. 2,405,352
Sacramento MUD, Electric Revenue,
16,905,000 Refunding, Series D, MBIA Insured, 5.25%, 11/15/20.................................... 15,412,965
9,250,000 Refunding, Series R, 6.00%, 02/01/17 ................................................. 9,112,083
5,740,000 Refunding, Series Z, FGIC Insured, 6.25%, 07/01/04 ................................... 6,138,069
3,000,000 Refunding, Series Z, FGIC Insured, 6.35%, 07/01/05 ................................... 3,207,480
16,110,000 Refunding, Subordinated Lien, 8.00%, 11/15/10 ........................................ 16,173,151
1,200,000 Series B, MBIA Insured, 6.25%, 08/15/11 .............................................. 1,257,504
5,950,000 Series B, MBIA Insured, 6.375%, 08/15/22 ............................................. 6,206,505
4,500,000 Series I, MBIA Insured, 6.00%, 01/01/24 .............................................. 4,545,180
14,715,000 Series J, AMBAC Insured, 5.60%, 08/15/24.............................................. 14,214,690
1,000,000 Series V, 7.60%, 08/15/00 ............................................................ 1,057,050
2,225,000 Series W, 7.60%, 08/15/00 ............................................................ 2,351,936
5,405,000 Series W, Pre-Refunded, 7.875%, 08/15/16 ............................................. 5,788,106
2,720,000 Sacramento Public Television Facility Revenue, KVIE, Inc., Series A, 7.50%, 07/01/20 .. 2,826,352
2,500,000 Sacramento RDA, Tax Allocation, Merged
Downtown Project, Series A, MBIA Insured, 6.50%, 11/01/13 ............................ 2,646,325
Sacramento Regional Transit District, COP, Series A,
1,605,000 6.20%, 03/01/00 ...................................................................... 1,658,671
1,100,000 6.25%, 03/01/01 ...................................................................... 1,146,255
1,000,000 6.375%, 03/01/02 ..................................................................... 1,054,720
1,200,000 6.40%, 03/01/03 ...................................................................... 1,272,408
1,000,000 6.375%, 03/01/04 ..................................................................... 1,061,360
1,100,000 6.375%, 03/01/05 ..................................................................... 1,154,648
Sacramento-Yolo Port District Revenue, Refunding,
3,620,000 Facilities Improvement, Series A, Pre-Refunded, 8.875%, 12/01/12 ..................... 3,809,579
11,645,000 Port Facilities, Series A, 7.25%, 07/01/13 ........................................... 12,121,979
Salida Area Public Facility Financing Agency, Special Tax, CFD No. 88-1,
215,000 7.70%, 09/01/99 ...................................................................... 221,375
250,000 7.75%, 09/01/00 ...................................................................... 259,038
290,000 7.80%, 09/01/01 ...................................................................... 300,478
260,000 7.85%, 09/01/02 ...................................................................... 269,386
385,000 7.90%, 09/01/03 ...................................................................... 398,891
435,000 7.95%, 09/01/04 ...................................................................... 450,686
495,000 7.95%, 09/01/05 ...................................................................... 512,172
460,000 8.00%, 09/01/06 ...................................................................... 475,948
630,000 8.00%, 09/01/07 ...................................................................... 651,414
700,000 8.00%, 09/01/08 ...................................................................... 723,310
6,075,000 8.05%, 09/01/14 ...................................................................... 6,277,176
2,495,000 Salinas Union High School District, COP, Refunding,
Facility Financing Projects, 7.375%, 01/01/14......................................... 2,610,069
San Bernardino 1915 Act, AD No. 961, Refunding,
855,000 7.60%, 09/02/02 ...................................................................... 781,290
920,000 7.65%, 09/02/03 ...................................................................... 832,158
990,000 7.70%, 09/02/04 ...................................................................... 887,842
1,065,000 7.75%, 09/02/05 ...................................................................... 948,372
San Bernardino County COP, MBIA Insured,
$ 5,000,000 Medical Center Financing Project, Series A, 5.50%, 08/01/15........................... $ 4,804,350
85,130,000 Medical Center Financing Project, Series A, 5.50%, 08/01/22........................... 79,614,427
34,000,000 Medical Center Financing Project, Series A, 5.875%, 08/01/26.......................... 33,413,160
3,705,000 West Valley Detention Center Project, 6.25%, 11/01/04 ................................ 4,021,852
3,935,000 West Valley Detention Center Project, 6.35%, 11/01/05 ................................ 4,270,419
4,185,000 West Valley Detention Center Project, 6.40%, 11/01/06 ................................ 4,541,102
20,000,000 West Valley Detention Center Project, 6.50%, 11/01/12 ................................ 21,393,400
9,275,000 West Valley Detention Center Project, 6.20%, 11/01/25 ................................ 9,544,161
390,000 San Bernardino County Mortgage Revenue, Refunding,
Don Miguel Apartments Projects, MBIA Insured,
6.00%, 09/01/03 ...................................................................... 402,730
San Bernardino County SFMR, Series A, GNMA Secured,
915,000 7.50%, 12/01/07 ...................................................................... 966,441
4,455,000 7.65%, 06/01/23 ...................................................................... 4,640,506
San Bernardino Joint Powers Financing Authority, Lease Revenue, Refunding,
City Hall Project, MBIA Insured,
3,215,000 5.60%, 01/01/15....................................................................... 3,161,470
6,315,000 5.70%, 01/01/23....................................................................... 6,189,079
4,715,000 San Bernardino Joint Powers Financing Authority Revenue, COP,
Police Station Financing Authority Project,
6.60%, 04/01/20....................................................................... 4,852,348
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation,
3,000,000 Central City Merged Project, Series B, 7.50%, 11/01/20 ............................... 3,032,190
450,000 Refunding, Central City Merged Project, Series A, 6.75%, 11/01/00 .................... 472,779
480,000 Refunding, Central City Merged Project, Series A, 6.90%, 11/01/01 .................... 511,229
510,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/02 .................... 548,056
550,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/03 .................... 591,998
585,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/04 .................... 627,208
625,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/05 .................... 668,725
670,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/06 .................... 715,473
720,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/07 .................... 764,374
15,585,000 Refunding, Central City Merged Project, Series A, 7.10%, 11/01/20 .................... 16,212,920
9,000,000 Refunding, Series A, FSA Insured, 5.75%, 10/01/15..................................... 8,899,020
19,915,000 Refunding, Series A, FSA Insured, 5.75%, 10/01/25..................................... 19,505,149
1,695,000 Tri-City Redevelopment Project, Series B, Pre-Refunded, 7.60%, 01/01/08 .............. 1,857,669
905,000 San Bernardino Municipal Water Department, COP, FGIC Insured, 6.25%, 02/01/12 ......... 931,553
75,000,000 San Bernardino PBA Revenue, Capital Improvement, 8.30%, 09/02/19 ...................... 76,359,000
8,465,000 San Carlos Mortgage Revenue, Elms Project, FHA Mortgage Insured, 6.875%, 08/01/37 ..... 8,876,314
2,200,000 San Diego Community College District, COP,
Financing Project, Series 1987, Pre-Refunded, 8.625%, 12/01/09 ....................... 2,310,924
San Diego County COP,
2,260,000 Children's Center Project, 6.00%, 10/01/02 ........................................... 2,277,289
10,625,000 Inmate Reception Center and Cooling, MBIA Insured, 6.25%, 08/01/24 ................... 11,003,356
San Diego County Regional Transportation Commission, Sales Tax Revenue, Series A,
1,250,000 ETM, 6.00%, 04/01/08 ................................................................. 1,316,863
4,000,000 Pre-Refunded, 7.375%, 04/01/06 ...................................................... 4,303,760
San Diego IDR, San Diego Gas & Electric Co. Project,
12,230,000 Series 1987-A, 8.75%, 03/01/23 ....................................................... 12,638,115
19,800,000 Series 1992-A, 6.40%, 09/01/18 ....................................................... 20,433,996
5,000,000 San Diego Public Facilities Financing Authority, Sewer Revenue,
Series A, FGIC Insured, 5.375%, 05/15/16 ............................................. 4,756,050
San Diego RDA, Refunding, Tax Allocation, Series A,
2,200,000 Columbia Redevelopment Project, Pre-Refunded, 8.75%, 12/01/08 ........................ 2,302,718
5,000,000 Horton Project, FSA Insured, 6.00%, 11/01/15 ......................................... 5,062,150
75,000 San Diego SFMR, Issue A, 9.20%, 07/15/16 .............................................. 77,003
28,845,000 San Diego Special Tax, CFD No.1, Series A, 8.50%, 09/01/16 ............................ 30,637,428
5,000,000 San Elijo Joint Powers Authority Revenue, Refunding,
Water Pollution Control Facilities, FGIC Insured,
5.00%, 03/01/20 ...................................................................... 4,409,750
1,440,000 San Francisco BART District Revenue, Sales Tax, FGIC Insured, 6.60%, 07/01/12.......... 1,547,467
San Francisco City and County Airports Commission, International Airport Revenue,
2,500,000 Issue 6, AMBAC Insured, 6.50%, 05/01/18 .............................................. 2,649,150
13,250,000 Issue 6, AMBAC Insured, 6.60%, 05/01/24 .............................................. 14,085,148
62,415,000 Issue 9A, FGIC Insured, 5.90%, 05/01/25............................................... 61,153,593
San Francisco City and County Airports Commission, International Airport Revenue, (cont.)
$10,060,000 Issue 9B, Second Series, FGIC Insured, 6.00%, 05/01/25 ............................... $ 10,164,523
45,000,000 Issue 12, Second Series A, 5.90%, 05/01/26 ........................................... 43,423,200
18,590,000 Issue 12, Second Series B, 5.70%, 05/01/26 ........................................... 18,074,871
2,810,000 San Francisco City and County COP, San Francisco
Courthouse Project, FSA Insured, 5.875%, 04/01/21..................................... 2,815,227
4,000,000 San Francisco City and County Public Utilities Commission,
Water Revenue, Crossover Refunding, Series A,
6.50%, 11/01/09 ...................................................................... 4,333,160
9,415,000 San Francisco City and County RDA, Hotel Tax Revenue,
Refunding, FSA Insured, 6.75%, 07/01/25............................................... 10,236,459
22,170,000 San Francisco City and County RDA Lease Revenue,
George R. Moscone Center, Crossover Refunding,
Series 1992, 5.50%, 07/01/18 ......................................................... 20,545,604
8,350,000 San Francisco City and County RDA Mortgage Revenue,
Refunding, Series A, MBIA Insured, 6.65%, 07/01/24 ................................... 8,352,422
3,000,000 San Francisco City and County Revenue, Irwin
Memorial Blood Center, Series A, 6.80%, 12/01/21...................................... 3,126,510
90,000 San Francisco City and County SFMR, Series 1985, 9.375%, 10/01/12 ..................... 94,510
1,000,000 San Gabriel Valley Mosquito Abatement District, COP, Lease Finance, Series R, 6.60%, 08/01/12 1,009,960
San Gabriel Valley Schools Financing Authority Revenue,
5,150,000 Pomona USD Financing, 5.80%, 02/01/26................................................. 4,934,267
3,620,000 Refunding, Oxnard Union High School, 6.50%, 03/01/18.................................. 3,641,901
4,145,000 Refunding, Oxnard Union High School, 6.60%, 03/01/24.................................. 4,182,720
1,765,000 Series A, 7.70%, 11/01/19 ............................................................ 1,859,357
1,815,000 San Gorgonio Memorial Health Care District, Health
Facilities Revenue, CHFCLP Insured, 6.375%, 06/01/08.................................. 1,890,359
San Jacinto RDA, COP, Fire Station Project,
1,065,000 7.90%, 12/01/08 ...................................................................... 1,099,889
2,375,000 8.00%, 12/01/15 ...................................................................... 2,447,414
San Jacinto Special Tax, CFD No. 2,
540,000 7.55%, 09/01/00 ...................................................................... 216,000
520,000 7.60%, 09/01/01 ...................................................................... 208,000
775,000 7.65%, 09/01/02 ...................................................................... 310,000
1,000,000 7.70%, 09/01/04 ...................................................................... 400,000
1,275,000 7.75%, 09/01/06 ...................................................................... 510,000
1,465,000 7.75%, 09/01/07 ...................................................................... 586,000
1,240,000 7.80%, 09/01/08 ...................................................................... 496,000
805,000 7.80%, 09/01/09 ...................................................................... 322,000
12,605,000 7.90%, 09/01/14 ...................................................................... 5,042,000
1,590,000 San Jacinto USD, COP, Series 1991-B, FSA Insured, 6.75%, 09/01/26...................... 1,625,187
10,260,000 San Joaquin Area Flood Control Agency, 1915 Act, Flood Protection
& Restoration Assessment, FSA Insured,
6.00%, 09/02/14....................................................................... 10,204,493
San Joaquin COP, General Hospital Project,
32,880,000 6.25%, 09/01/13 ...................................................................... 33,219,979
36,500,000 6.625%, 09/01/20 ..................................................................... 37,767,645
San Joaquin County Special Tax, CFD No. 89-1,
1,420,000 7.625%, 09/01/10 ..................................................................... 1,416,904
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 ...................................................................... 100,471,164
64,320,000 6.75%, 01/01/32 ...................................................................... 66,861,926
61,540,000 5.00%, 01/01/33 ...................................................................... 50,966,197
San Jose 1915 Act, Refunding, ID 87-198SJ,
125,000 7.90%, 09/02/99 ...................................................................... 128,840
130,000 8.00%, 09/02/00 ...................................................................... 134,505
13,600,000 San Jose Airport Revenue, Refunding, MBIA Insured, 5.75%, 03/01/16..................... 13,521,664
San Jose Financing Authority Revenue, Convention Center Project, Series C,
55,550,000 6.40%, 09/01/22 ...................................................................... 56,184,937
16,100,000 Refunding, 6.40%, 09/01/17 ........................................................... 16,471,749
San Jose RDA, Tax Allocation,
10,000,000 Merged Area Redevelopment Project, MBIA Insured, 5.00%, 08/01/21...................... 8,786,000
24,135,000 cMerged Area Redevelopment Project, MBIA Insured, 5.625%, 08/01/28.................. 23,024,307
1,160,000 Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/07 ..................... 1,199,254
1,240,000 Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/08 ..................... 1,278,564
1,325,000 Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/09 ..................... 1,364,101
$ 65,000 San Leandro RDA, RMR, Pre-Refunded, 11.25%, 04/01/13 .................................. $ 85,634
3,500,000 San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 08/01/12 ..................... 3,655,995
1,980,000 San Luis Obispo County COP, Community College District, Pre-Refunded, 7.00%, 07/01/21 . 2,088,187
San Luis Obispo County COP, Jail Expansion Project,
1,830,000 6.75%, 10/01/16 ...................................................................... 1,871,102
1,475,000 6.80%, 10/01/21 ...................................................................... 1,510,975
San Marcos Public Facilities Authority Revenue,
17,710,000 Capital Improvement, 8.25%, 01/01/19 ................................................. 18,577,613
5,350,000 Rancheros Mobil Home Park Project, 7.00%, 10/01/24 ................................... 5,544,152
11,670,000 Refunding & Improvement, Civic Center, Mission Blvd. Project, Series A, 6.15%, 08/01/13 11,238,677
7,895,000 Refunding & Improvement, Civic Center, Mission Blvd. Project, Series A, 6.20%, 08/01/22 7,489,434
18,000,000 Refunding, Tax Allocation, Series A, FSA Insured, 5.50%, 08/01/23..................... 17,157,420
25,000,000 San Marcos Public Financing Authority Revenue, Series A, 6.25%, 09/02/22 .............. 25,494,000
San Marcos Special Tax, CFD No. 88-1,
11,500,000 7.75%, 09/01/18 ...................................................................... 9,697,835
10,620,000 7.625%, 09/01/19 ..................................................................... 8,809,715
5,000,000 San Marcos USD, School Facilities ID No. 1, AMBAC Insured, 5.80%, 11/01/14............. 5,020,650
1,185,000 San Mateo County Board of Education, COP, Administrative Building Project, 7.10%, 05/01/21 1,228,418
1,915,000 San Mateo County COP, Capital Projects Program, Series 1985-A, 9.125%, 07/01/98........ 2,006,058
San Mateo County COP, San Mateo County Health Care Center, Series A, FSA Insured,
6,000,000 6.125%, 07/15/14 ..................................................................... 6,181,200
28,445,000 5.75%, 07/15/22 ...................................................................... 27,702,870
9,000,000 San Mateo County Joint Powers Financing Authority, Lease Revenue,
Capital Projects, Series A, FSA Insured,
5.75%, 07/15/27 ...................................................................... 8,809,560
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 ..... 3,627,995
6,740,000 San Rafael RDA, Refunding, Tax Allocation, Central San Rafael
Redevelopment, FGIC Insured, 6.45%, 12/01/17.......................................... 7,113,733
2,200,000 San Rafael Sanitation District, COP, Waste Water Facilities Financing, 6.80%, 08/01/11 2,255,264
1,730,000 San Ramon COP, San Ramon Capital Improvement Projects, Series 1993, 6.00%, 03/01/18.... 1,662,253
San Ramon Public Finance Authority,
49,235,000 Local Agency Revenue, 8.80%, 09/02/18 ................................................ 50,771,624
13,050,000 Tax Allocation, Refunding, 6.90%, 02/01/24 ........................................... 13,455,203
135,000 Tax Allocation, Series A, ETM, 7.20%, 02/01/98 ....................................... 138,661
145,000 Tax Allocation, Series A, ETM, 7.30%, 02/01/99 ....................................... 152,476
7,280,000 Tax Allocation, Series A, Pre-Refunded, 7.625%, 02/01/20 ............................. 7,831,169
6,275,000 San Ramon Valley Fire Protection District, COP, Refunding, Financing Corp., 6.00%, 07/01/19 6,198,445
San Ramon Valley USD, COP,
9,000,000 Measure A, Capital Project, Series A, 5.95%, 10/01/01 ................................ 9,424,980
970,000 Refunding, 7.40%, 02/01/98 ........................................................... 988,304
1,040,000 Refunding, 7.40%, 02/01/99 ........................................................... 1,067,498
6,505,000 Refunding, 7.55%, 02/01/04 ........................................................... 6,673,545
6,000,000 Refunding, Pre-Refunded, 7.70%, 02/01/10 ............................................. 6,814,860
20,895,000 Refunding, Series 1992, 7.00%, 02/01/22 .............................................. 21,565,521
17,970,000 Series A, 6.35%, 10/01/01 ............................................................ 18,186,179
2,070,000 Santa Ana COP, Parking Facilities Project, Refunding,
Series A, AMBAC Insured, 6.125%, 06/01/16............................................. 2,126,573
Santa Ana CRDA, Tax Allocation, Refunding,
$ 2,000,000 Mainplace Project, 7.40%, 09/01/19 ................................................... $ 1,999,800
2,500,000 Series A, 7.25%, 09/01/19 ............................................................ 2,570,500
10,105,000 Series B, 7.375%, 09/01/09 ........................................................... 10,410,070
14,980,000 Series B, 6.75%, 09/01/19............................................................. 14,674,108
6,000,000 Series C, 7.25%, 09/01/17 ............................................................ 6,180,960
2,260,000 Series C, 6.75%, 09/01/19 ............................................................ 2,271,458
5,000,000 Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%, 09/01/24 ........... 5,123,350
Santa Ana Mountains, County Water District, Pre-Refunded, CFD No. 7, Special Tax,
17,800,000 9.50%, 10/01/12 ...................................................................... 18,638,914
10,625,000 8.40%, 10/01/13 ...................................................................... 11,475,850
1,830,000 Santa Barbara COP, California Health Facilities, Loan Program, 7.65%, 05/01/15 ........ 1,959,015
8,090,000 Santa Barbara COP, Refunding, Harbor Project, 6.75%, 10/01/27.......................... 8,411,497
6,150,000 Santa Barbara Housing Authority Revenue, Refunding and Acquisition, 7.93%, 11/15/20 ... 6,248,954
Santa Barbara SFMR, GNMA Secured,
555,000 7.625%, 10/01/10 ..................................................................... 570,795
1,615,000 7.65%, 10/01/23 ...................................................................... 1,663,498
Santa Clara County COP, Terraces of Los Gatos Project,
4,000,000 6.90%, 03/01/18 ...................................................................... 4,182,680
3,090,000 Refunding, 6.125%, 03/01/11 .......................................................... 3,079,772
12,200,000 Refunding, 6.125%, 03/01/18 .......................................................... 12,236,600
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 ...................................................................... 14,128,530
29,025,000 6.25%, 11/15/22 ...................................................................... 29,907,650
16,130,000 Santa Clara County MFR, Refunding, Meadows Housing, Series A, 5.875%, 05/20/26......... 15,701,103
Santa Clara Electric Revenue,
33,500,000 Crossover Refunding, Series B, 7.80%, 07/01/10 ....................................... 34,247,720
10,000,000 Series A, MBIA Insured, 5.75%, 07/01/24 .............................................. 9,796,800
Santa Clara Housing Authority, MFHR, Series A,
6,465,000 Arastradero Park Apartments Project, 6.65%, 05/20/35.................................. 6,789,931
5,625,000 Elana Gardens Apartments Project, 6.40%, 06/20/35..................................... 5,775,638
3,860,000 Sierra Vista I Apartments Project, 6.65%, 06/20/35.................................... 4,055,084
17,000,000 Santa Clara Valley Water District, COP, Refunding & Improvement,
Series A, FGIC Insured, 6.00%, 02/01/24 .............................................. 17,172,210
3,150,000 Santa Cruz City School District, COP, Education Center Financing Project, 7.00%, 05/01/24 3,291,593
Santa Cruz County Housing Authority, MFHR,
3,840,000 Dominican Oaks, Series 1987, GNMA Secured, 8.20%, 12/20/10 ........................... 3,962,650
7,080,000 Dominican Oaks, Series 1987, GNMA Secured, 8.25%, 12/20/17 ........................... 7,306,843
9,230,000 Series 1990-B, 7.75%, 07/01/23 ....................................................... 9,761,187
7,000,000 Santa Margarita/Dana Point Authority Revenue,
Refunding, ID 3, 3A, 4, and 4A, Series B, MBIA Insured,
5.75%, 08/01/20....................................................................... 6,867,210
Santa Margarita Water District, Pre-Refunded,
2,000,000 ID No. 2A, Series C, 8.00%, 06/01/13 ................................................. 2,128,380
2,400,000 ID No. 3A, Series A, 8.00%, 06/01/08 ................................................. 2,552,640
2,585,000 ID No. 3A, Series A, 8.00%, 06/01/13 ................................................. 2,749,406
5,000,000 ID No. 4, Series D, 8.00%, 06/01/08 .................................................. 5,320,950
11,000,000 ID No. 4, Series D, 8.00%, 06/01/13 .................................................. 11,706,090
4,000,000 ID No. 4A, Series A, 7.75%, 08/01/06 ................................................. 4,131,120
5,000,000 ID No. 4A, Series B, 8.00%, 06/01/08 ................................................. 5,320,950
5,000,000 ID No. 4A, Series B, 8.00%, 06/01/13 ................................................. 5,320,950
2,750,000 Santa Maria Bonita School District, COP, Refunding, MBIA Insured, 7.00%, 03/01/16 ..... 2,962,878
3,600,000 Santa Maria COP, Revenue, Marian Medical Center, 6.75%, 09/01/22 ...................... 3,681,648
Santa Monica RDA, Refunding, Tax Allocation, Ocean
Park Redevelopment Project, Pre-Refunded,
3,805,000 Series A, 8.25%, 07/01/18 ............................................................ 4,070,018
1,260,000 Series B, 8.25%, 07/01/18 ............................................................ 1,347,759
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 $ 3,280,820
1,970,000 Sausalito School District, Marin County, COP, Capital Outlay
Financing Program, Series A, Pre-Refunded,
7.75%, 04/01/09 ...................................................................... 2,029,100
2,880,000 Seal Beach RDA, Refunding, Subordinated Lien, Tax Allocation,
Riverfront, Series A, 6.70%, 09/01/13................................................. 2,895,379
5,775,000 Sequoia Hospital District Revenue, Refunding, Pre-Refunded, 7.50%, 09/01/08............ 6,160,193
Shafter Joint Powers Financing Authority, Lease Revenue,
Community Correctional Facility Project, Series A,
1,880,000 5.95%, 01/01/11....................................................................... 1,852,082
5,135,000 6.05%, 01/01/17....................................................................... 5,030,195
Shasta Joint Powers Financing Authority, Lease Revenue,
Courthouse County Improvement Project, Series A,
1,000,000 6.60%, 06/01/12 ...................................................................... 1,021,000
2,500,000 6.70%, 06/01/23 ...................................................................... 2,556,625
Sierra Madre Financing Authority Revenue, Local Agency, Series 1988-A,
240,000 7.50%, 11/01/98 ...................................................................... 249,646
260,000 7.60%, 11/01/99 ...................................................................... 275,691
280,000 7.70%, 11/01/00 ...................................................................... 297,041
5,500,000 7.80%, 11/01/18 ...................................................................... 5,747,170
15,000,000 Sierra View Local Hospital District Revenue, Insured Health Facilities, 6.40%, 03/01/22 15,325,800
3,000,000 Simi Valley CDA, Commercial Mortgage Revenue, Sycamore Plaza II, 8.20%, 09/01/12 ...... 3,002,970
1,690,000 Simi Valley SFRMR, Series 1990-A, 7.70%, 03/01/25 ..................................... 1,769,903
1,000,000 Snowline Joint USD, COP, 7.25%, 04/01/18 .............................................. 1,061,020
4,035,000 Soledad RDA, Refunding, Tax Allocation, Soledad Redevelopment Project, 7.40%, 11/01/12 4,249,259
1,745,000 Sonoma County Office of Education, COP, Series 1990, Pre-Refunded, 7.375%, 07/01/20.... 1,920,442
5,280,000 South Coast Air Quality Management District Revenue,
Building Corp., Installment Sale Headquarters,
Series 1992, 6.00%, 08/01/09.......................................................... 5,485,339
3,385,000 South Gate Public Finance Authority Revenue, Tax Allocation,
Pre-Refunded, Series A-1, 7.60%, 09/01/09 ............................................ 3,618,497
8,505,000 South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 09/01/24 ............... 8,475,743
4,500,000 South Napa Waste Management Authority Revenue, Solid Waste
Transfer Facilities Project, 6.50%, 02/15/14 ......................................... 4,520,565
South Orange County Public Financing Authority, Special Tax Revenue,
5,000,000 Foothill Area, Series C, FGIC Insured, 5.75%, 08/15/18................................ 4,879,500
18,850,000 Refunding, Senior Lien, Series A, MBIA Insured, 6.00%, 09/01/18 ...................... 18,910,320
South San Francisco 1915 Act, Gateway AD No. ST-82-2,
1,175,000 8.00%, 09/02/97 ...................................................................... 1,184,482
1,260,000 8.00%, 09/02/98 ...................................................................... 1,290,820
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
30,130,000 South Tahoe Joint Powers Financing Authority Revenue,
Tahoe Redevelopment Project, Area 1-A, Refunding,
Series S, Pre-Refunded, 7.20%, 10/01/23............................................... 34,003,513
Southern California HFA, SFMR, GNMA Secured,
4,525,000 7.625%, 10/01/22 ..................................................................... 4,752,517
6,525,000 7.75%, 03/01/24 ...................................................................... 6,855,883
830,000 Series A, 6.75%, 09/01/22 ............................................................ 863,308
1,220,000 Series B, 6.90%, 10/01/24 ............................................................ 1,276,327
Southern California Public Power Authority Revenue,
10,000,000 Multi-Purpose Projects, 6.75%, 07/01/13 .............................................. 10,989,600
29,645,000 Multi-Purpose Projects, 6.00%, 07/01/18 .............................................. 29,570,888
7,795,000 Refunding, Hydroelectric-Hoover Uprating, 6.00%, 10/01/17 ............................ 7,704,422
6,790,000 San Juan Project, Unit 3, Series A, MBIA Insured, 5.00%, 01/01/20..................... 5,990,953
51,035,000 Sub-Crossover Refunding, Southern Transmission Project, 6.125%, 07/01/18 ............. 51,221,278
19,785,000 Sub-Crossover Refunding, Southern Transmission Project, 5.50%, 07/01/20............... 18,527,861
22,530,000 Sub-Crossover Refunding, Southern Transmission Project, 5.75%, 07/01/21 .............. 21,784,708
16,335,000 Sub-Crossover Refunding, Southern Transmission Project, MBIA Insured, 5.75%, 07/01/21 16,019,408
2,250,000 Southern Kern USD, COP, Pre-Refunded, 7.10%, 09/01/17 ................................. 2,531,025
1,390,000 Standard Elementary School District, COP, 7.375%, 06/01/11 ............................ 1,466,603
3,500,000 Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%, 01/01/99 .......... 3,607,695
Stockton 1915 Act, Limited Obligation, Weber/Sperry Ranch Project No. 88-1,
295,000 8.30%, 09/02/07 ...................................................................... 286,519
345,000 8.30%, 09/02/08 ...................................................................... 335,081
Stockton 1915 Act, Limited Obligation, Weber/Sperry Ranch Project No. 8, (cont.)
$ 380,000 8.40%, 09/02/09 ...................................................................... $ 369,075
475,000 8.40%, 09/02/10 ...................................................................... 461,344
545,000 8.40%, 09/02/11 ...................................................................... 529,331
620,000 8.40%, 09/02/12 ...................................................................... 602,175
705,000 8.40%, 09/02/13 ...................................................................... 684,731
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 ............................................ 21,036,800
19,000,000 Series 1990-A, AMBAC Insured, Pre-Refunded, 7.30%, 04/01/20 .......................... 20,790,560
28,575,000 Series 1990-B, 7.45%, 04/01/05 ....................................................... 47,244,476
Stockton Health Facilities Revenue,
12,000,000 Refunding, Dameron Hospital Association, Series 1988, 8.30%, 12/01/14................. 12,387,240
5,000,000 St. Joseph Medical Center, Series A, MBIA Insured, 5.50%, 06/01/23.................... 4,734,600
2,250,000 Stockton Port District Revenue, Port Facilities Improvement, Series A, 8.10%, 01/01/14 2,338,200
8,000,000 Stockton Public Financing Authority, Special Tax, CFD No. 90-4, 8.50%, 09/01/16 ....... 8,454,400
Stockton, South Stockton Special Tax, CFD No. 90-1,
3,000,000 8.10%, 09/01/09 ...................................................................... 3,101,850
5,400,000 8.125%, 09/01/15 ..................................................................... 5,577,714
Stockton Special Tax,
455,000 CFD No. 1, Weston Ranch, 7.80%, 09/01/99 ............................................. 455,933
545,000 CFD No. 1, Weston Ranch, 7.85%, 09/01/00 ............................................. 546,117
635,000 CFD No. 1, Weston Ranch, 7.90%, 09/01/01 ............................................. 636,295
680,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/02 ............................................. 681,387
625,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/03 ............................................. 626,275
7,910,000 CFD No. 1, Weston Ranch, 8.00%, 09/01/09 ............................................. 7,926,136
11,890,000 CFD No. 1, Weston Ranch, 8.10%, 09/01/14 ............................................. 11,914,137
725,000 CFD No. 90-2, Series 002, 7.30%, 08/01/00 ............................................ 748,338
780,000 CFD No. 90-2, Series 002, 7.35%, 08/01/01 ............................................ 807,230
835,000 CFD No. 90-2, Series 002, 7.40%, 08/01/02 ............................................ 869,794
895,000 CFD No. 90-2, Series 002, 7.45%, 08/01/03 ............................................ 932,241
965,000 CFD No. 90-2, Series 002, 7.50%, 08/01/04 ............................................ 1,005,105
3,000,000 CFD No. 90-2, Series 002, 7.70%, 08/01/09 ............................................ 3,117,210
3,000,000 CFD No. 90-2, Series 006, 7.75%, 08/01/15 ............................................ 3,090,150
1,430,000 CFD No. 90-2, Series 305, Brookside, 8.50%, 08/01/09 ................................. 1,519,590
2,710,000 CFD No. 90-2, Series 305, Brookside, 8.65%, 08/01/15 ................................. 2,879,212
Suisun City COP,
2,205,000 Civic Center Financing Project, Pre-Refunded, 9.125%, 11/01/15 ....................... 2,314,103
2,105,000 Refunding, Civic Center Project, 6.45%, 11/01/15 ..................................... 2,098,075
Suisun City RDA, Tax Allocation, Suisun City Redevelopment Project,
Refunding, MBIA Insured,
3,285,000 6.00%, 10/01/18 ...................................................................... 3,320,478
3,565,000 5.90%, 10/01/23 ...................................................................... 3,541,328
4,735,000 Sunnyvale Financing Authority Revenue, Utilities,
Waste Water Reuse and Sludge, Series A, 6.30%, 10/01/12 .............................. 4,824,965
2,500,000 Tehachapi COP, Series 1990, 8.20%, 11/01/20 ........................................... 2,705,700
3,000,000 Tehachapi, Cummings County Water District, COP,
Capital Improvement Project, MBIA Insured, 6.30%, 08/01/14 ........................... 3,124,500
2,325,000 Tehachapi USD, COP, Tompkins Elementary School Project, Pre-Refunded, 7.80%, 02/01/21.. 2,615,253
Temecula Valley USD,
1,250,000 Series D, FGIC Insured, 6.00%, 09/01/14 .............................................. 1,264,800
3,110,000 Series D, FGIC Insured, 6.125%, 09/01/19 ............................................. 3,169,992
5,460,000 Series E, FSA Insured, 6.35%, 09/01/19 ............................................... 5,691,886
24,485,000 Thousand Oaks RDA, Tax Allocation, Refunding,
Thousand Oaks Blvd. Redevelopment, MBIA Insured,
5.375%, 12/01/25...................................................................... 22,715,714
Thousand Oaks SFHMR, GNMA Secured,
305,000 7.45%, 09/01/10 ...................................................................... 311,457
440,000 7.55%, 09/01/15 ...................................................................... 454,164
1,230,000 7.625%, 03/01/23 ..................................................................... 1,254,416
163,000 8.00%, 09/01/23 ...................................................................... 271,933
Torrance Hospital Revenue, Refunding,
3,885,000 Little Co. of Mary Hospital, 6.875%, 07/01/15......................................... 4,072,568
2,000,000 Torrance Memorial Hospital Medical Center, 6.75%, 01/01/12 ........................... 2,028,720
$ 7,500,000 Torrance RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 7.75%, 09/01/13 $ 7,813,500
Trabuco Canyon Public Financing Authority, Special Tax Revenue, Refunding, FSA Insured,
13,775,000 Series A, 6.00%, 10/01/10 ............................................................ 14,424,905
13,220,000 Series A, 6.10%, 10/01/15 ............................................................ 13,896,996
3,040,000 Series C, 6.00%, 07/01/12 ............................................................ 3,195,192
5,215,000 Series C, 6.10%, 10/01/19 ............................................................ 5,509,491
5,000,000 Tracy Area Public Facilities Financing Agency, Special Tax,\
CFD No. 87-1, Series C, Pre-Refunded, 7.80%, 10/01/16................................. 5,599,800
Travis USD, COP, Foxboro Elementary School Construction Project,
320,000 6.00%, 09/01/99 ...................................................................... 329,286
335,000 6.10%, 09/01/00 ...................................................................... 347,894
355,000 6.20%, 09/01/01 ...................................................................... 371,515
170,000 6.30%, 09/01/02 ...................................................................... 179,449
405,000 6.40%, 09/01/03 ...................................................................... 430,956
430,000 6.50%, 09/01/04 ...................................................................... 460,242
455,000 6.60%, 09/01/05 ...................................................................... 486,896
490,000 6.70%, 09/01/06 ...................................................................... 524,231
3,670,000 7.00%, 09/01/12 ...................................................................... 3,862,051
2,665,000 Tri-Cities Municipal Water District, COP, Special
District Lease Program, Series T, 6.55%, 12/01/17..................................... 2,576,975
Tri-City Hospital District Revenue, MBIA Insured,
6,895,000 Pre-Refunded, 7.50%, 02/01/17 ........................................................ 7,820,102
5,000,000 Refunding, Series A, 5.625%, 02/15/17................................................. 4,839,950
49,525,000 Tri-Dam Power Authority Revenue, Refunding, Hydroelectric Sand Bar Project, 7.50%, 01/01/17 50,276,294
Trinity County PUD, COP, Electric District Facilities, Refunding, Series 1993,
2,565,000 6.60%, 04/01/11 ...................................................................... 2,577,594
4,000,000 6.75%, 04/01/23 ...................................................................... 4,029,360
500,000 Truckee-Donner PUD, COP, Water System Improvement
Project, MBIA Insured, Pre-Refunded, 6.75%, 11/15/21 ................................. 551,665
Tulare County COP,
4,250,000 Capital Improvement Program, Series A, MBIA Insured, 6.00%, 02/15/16.................. 4,300,363
1,100,000 Financing Project, Series B, 6.875%, 11/15/12 ........................................ 1,146,541
University of California COP, Refunding, UCLA Center Chiller/Cogeneration Project,
13,940,000 5.50%, 11/01/17....................................................................... 13,153,087
14,880,000 5.60%, 11/01/20....................................................................... 14,079,456
University of California Revenues,
5,975,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.30%, 09/01/15 ................. 6,207,129
7,540,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/19 ................ 7,866,784
44,995,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/24 ................ 46,806,949
26,780,000 Research Facilities, Series B, 6.55%, 09/01/24........................................ 27,455,659
45,385,000 U.C. Davis Medical Center, AMBAC Insured, 5.75%, 07/01/20............................. 44,244,929
10,500,000 U.C. Davis Medical Center, AMBAC Insured, 5.75%, 07/01/24............................. 10,217,340
Upland COP, Refunding,
4,935,000 5.50%, 01/01/07....................................................................... 4,868,723
11,210,000 San Antonio Community Hospital, 5.70%, 01/01/11....................................... 10,866,414
6,500,000 Upland Hospital Revenue, COP, San Antonio
Community Hospital, Pre-Refunded, 7.80%, 01/01/18..................................... 6,994,975
4,440,000 Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 07/01/20 ............... 4,601,438
Upland Public Financing Authority Revenue, Refunding, Loan Agency, Series B,
2,500,000 8.10%, 12/01/08 ...................................................................... 2,623,525
10,645,000 8.25%, 12/01/15 ...................................................................... 11,195,772
12,695,000 Vacaville COP, 9.40%, 10/01/15 ........................................................ 14,131,820
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 ...................................................................... 5,603,418
Vacaville Special Tax, Nut Tree, CFD No. 2, Series A,
1,885,000 8.25%, 09/01/10 ...................................................................... 1,950,108
1,000,000 8.20%, 09/01/15 ...................................................................... 1,032,340
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 ......................................... 7,628,740
2,785,000 Vista Verde Project, 6.95%, 06/01/21 ................................................. 2,896,066
Val Verde USD, COP, Solano County Fairgrounds Drive, AD No. 65, Phase 1,
$ 255,000 7.90%, 09/02/99 ...................................................................... $ 263,407
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 ........ 2,525,158
Vallejo Revenue, Series A,
6,000,000 Golf Course Project, 7.90%, 06/01/17 ................................................. 6,337,140
6,500,000 Refunding, Water Improvement Project, FSA Insured, 5.875%, 05/01/26................... 6,432,530
Vallejo USD, Special Tax Revenue, CFD No. 2,
2,300,000 7.75%, 09/01/15 ...................................................................... 2,354,671
5,100,000 8.125%, 09/01/16 ..................................................................... 5,328,633
5,100,000 Victor Valley UHSD, COP, Pre-Refunded, 7.875%, 11/01/12 ............................... 5,735,205
Victorville RDA, Tax Allocation, Bear Valley Road Redevelopment Project,
1,200,000 Pre-Refunded, 7.50%, 11/01/06 ........................................................ 1,357,344
2,405,000 Refunding, Series A, FSA Insured, 6.125%, 09/01/19 ................................... 2,456,275
3,245,000 Refunding, Series A, FSA Insured, 6.125%, 09/01/24.................................... 3,314,183
8,000,000 Victorville Special Tax, CFD No. 90-1, Series A, 8.30%, 09/01/16 ...................... 5,990,000
10,500,000 Vista Community Development Commission, Tax Allocation Revenue,
Vista Redevelopment Project Area,
MBIA Insured, 5.50%, 09/01/23......................................................... 10,008,180
Vista Joint Powers Financing Authority Revenue, Series A,
4,000,000 7.45%, 01/01/09 ...................................................................... 4,162,240
9,100,000 7.50%, 01/01/16 ...................................................................... 9,495,031
3,675,000 7.625%, 02/01/20 ..................................................................... 3,876,170
200,000 Walnut Improvement Agency, RMR, Series A, 10.25%, 05/01/17 ............................ 203,390
Walnut Improvement Agency, Tax Allocation, Walnut Improvement Project, Series A,
1,665,000 8.00%, 09/01/18 ...................................................................... 1,754,744
9,135,000 Pre-Refunded, 8.00%, 09/01/18 ........................................................ 9,806,331
8,285,000 Walnut Public Financing Authority Revenue, Refunding,
Tax Allocation, Improvement Project, MBIA Insured,
6.50%, 09/01/22 ...................................................................... 8,783,177
5,000,000 Washington Township Hospital District Revenue, AMBAC Insured, 5.25%, 07/01/23.......... 4,568,400
Watsonville Hospital Revenue, Watsonville Community Hospital, Insured, Series A,
3,990,000 6.30%, 07/01/15....................................................................... 4,095,496
5,435,000 6.35%, 07/01/24....................................................................... 5,557,505
1,745,000 Watsonville RDA, Tax Allocation, Watsonville Redevelopment Project, 6.30%, 08/01/06 ... 1,746,361
23,665,000 West and Center Basin Financing Authority Revenue, AMBAC Insured, 6.125%, 08/01/22..... 24,258,282
7,750,000 West Covina COP, Refunding, Civic Center Complex, 6.875%, 09/01/14 .................... 7,868,343
23,000,000 West Covina RDA, Special Tax, CFD No. 1, Pre-Refunded, 7.80%, 09/01/22 ................ 25,166,600
9,255,000 West Hollywood COP, Capital Projects, Series A, 6.50%, 02/01/25........................ 9,319,137
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 ............ 16,165,314
4,725,000 West Sacramento RDA, Tax Allocation, West Sacramento
Redevelopment Project, MBIA Insured, 6.25%, 09/01/21 ................................. 4,849,882
6,455,000 Westminster RDA Revenue, Refunding, Tax Allocation,
Commercial Redevelopment Project No. 1, Series A,
7.30%, 08/01/21 ...................................................................... 6,920,922
$ 5,095,000 Whittier Special Tax, CFD No. 89-1, 7.75%, 09/01/19 ................................... $ 5,227,368
4,000,000 William S. Hart Joint School Financing Authority, Special Tax Revenue,
Refunding, Community Facilities,
FSA Insured, 6.50%, 09/01/14 ......................................................... 4,248,400
William S. Hart Union High School District, Special Tax, CFD No. 87-1, Pre-Refunded,
1,210,000 7.75%, 09/01/14 ...................................................................... 1,324,067
3,225,000 8.10%, 09/01/18 ...................................................................... 3,464,069
3,000,000 Wilsona USD, COP, Ameri-Cal Improvement Corp., Pre-Refunded, 8.50%, 06/01/07 .......... 3,111,330
14,775,000 Yucaipa-Sweetwater School Facilities Financing Authority Revenue, Special Tax,
Sweetwater Project, Pre-Refunded, 8.00%, 09/01/15 .................................... 15,989,948
Total Bonds (Cost $12,581,803,443) .................................................... 13,005,164,319
Zero Coupon/Step-up Bonds4.4%
2,965,000 Auburn Union School District, COP, Land Acquisition Program,
Series A, FSA Insured, zero coupon to 09/01/00,
(original accretion rate 7.00%), 7.00% thereafter, 09/01/28 .......................... 2,472,276
Baldwin Park RDA, Refunding, Tax Allocation, San Gabriel, Series A, ETM,
540,000 (original accretion rate 7.50%), 02/01/99 ............................................ 497,545
550,000 (original accretion rate 7.60%), 02/01/00 ............................................ 481,223
560,000 (original accretion rate 7.70%), 02/01/01 ............................................ 465,623
565,000 (original accretion rate 7.75%), 02/01/02 ............................................ 445,565
570,000 (original accretion rate 7.80%), 02/01/03 ............................................ 426,713
575,000 (original accretion rate 7.85%), 02/01/04 ............................................ 406,876
585,000 (original accretion rate 7.90%), 02/01/05 ............................................ 390,517
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, 09/01/27 769,268
665,000 Series B, zero coupon to 09/01/00, (original accretion rate 6.60%), 6.60% thereafter, 09/01/27 540,140
13,970,000 California Health Facilities Financing Authority Revenue, Kaiser Permanente, Series A,
(original accretion rate 7.15%), 10/01/11 ............................................ 6,014,084
California HFA Revenue,
615,000 Capital Appreciation, Home Mortgage, Series 1985-A,
(original accretion rate 10.989%), 08/01/16 .......................................... 77,772
54,765,000 Capital Appreciation, Home Mortgage, Series 1990-A,
(original accretion rate 7.90%), 08/01/23............................................. 7,283,744
37,580,000 Home Mortgage, Series 1991-C, (original accretion rate 7.80%), 08/01/21 .............. 5,841,058
1,690,000 Home Ownership Mortgage, Series 1985-A, zero coupon to 08/01/98,
(original accretion rate 9.875%),
9.875% thereafter, 08/01/17 .......................................................... 1,472,531
California Public School District, Financing Authority Lease Revenue,
Los Banos School, FSA Insured,
455,000 Series A, zero coupon to 10/01/00, (original accretion rate 6.20%),
6.20% thereafter, 10/01/23............................................................ 361,911
10,035,000 Series B, zero coupon to 10/01/00, (original accretion rate 6.20%),
6.20% thereafter, 10/01/23............................................................ 7,981,938
California State GO,
7,500,000 Principal Eagles II, Series 3, (original accretion rate 7.15%), 03/01/09 ............. 3,875,700
10,000,000 Principal Eagles II, Series 4, (original accretion rate 6.50%), 06/01/06 ............. 6,242,600
5,000,000 Principal Eagles II, Series 6, (original accretion rate 6.50%), 03/01/09 ............. 2,607,850
9,000,000 Principal M-Raes, Series 8, (original accretion rate 7.20%), 04/01/09 ................ 4,629,420
California Statewide CDA Revenue, COP, Refunding, Insured Hospital, Triad Health Care,
6,450,000 (original accretion rate 7.00%), 08/01/09 ............................................ 2,921,011
6,745,000 (original accretion rate 7.00%), 08/01/10 ............................................ 2,846,052
3,115,000 (original accretion rate 7.00%), 08/01/11 ............................................ 1,223,478
Campbell Union School District, Series B, FGIC Insured,
5,000,000 (original accretion rate 6.20%), 08/01/20............................................. 1,230,850
6,280,000 (original accretion rate 6.20%), 08/01/21............................................. 1,455,766
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 ................................................... 9,068,630
Chino USD, COP, Land Acquisition, FSA Insured,
2,250,000 Series A, zero coupon to 09/01/99, (original accretion rate 6.60%),
6.60% thereafter, 09/01/14........................................................... 1,963,710
11,855,000 Series A, zero coupon to 09/01/99,
(original accretion rate 6.70%), 6.70% thereafter, 09/01/29........................... 10,281,485
2,810,000 Series B, zero coupon to 09/01/02,
(original accretion rate 6.60%), 6.60% thereafter, 09/01/14........................... 2,013,954
8,485,000 Series B, zero coupon to 09/01/02, (original accretion rate 6.70%),
6.70% thereafter, 09/01/29........................................................... 6,049,381
6,810,000 Contra Costa County COP, Merrithew Memorial Hospital,
Pre-Refunded, (original accretion rate 7.05%), 11/01/15 .............................. 2,194,250
Contra Costa County Home Mortgage Finance Authority, HMR, MBIA Insured, Pre-Refunded,
10,770,000 (original accretion rate 7.05%), 09/01/17 ............................................ 1,963,155
5,890,000 (original accretion rate 7.05%), 09/01/17 ............................................ 1,105,552
Contra Costa County Home Mortgage Finance Authority, HMR, MBIA
Insured, Pre-Refunded, (cont.)
$ 9,635,000 (original accretion rate 7.10%), 09/01/17 ............................................ $ 1,842,501
8,615,000 (original accretion rate 7.10%), 09/01/17 ............................................ 1,724,894
8,095,000 (original accretion rate 7.10%), 09/01/17 ............................................ 1,593,257
7,700,000 (original accretion rate 7.10%), 09/01/17 ............................................ 1,631,475
7,135,000 (original accretion rate 7.10%), 09/01/17 ............................................ 1,469,595
6,275,000 (original accretion rate 7.10%), 09/01/17 ............................................ 1,367,698
Contra Costa School Financing Authority Revenue, Capital Appreciation,
1,785,000 Antioch USD Community, Series B, (original accretion rate 7.30%), 09/01/07 ........... 943,372
1,000,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate 6.50%), 09/01/03 735,140
3,820,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate 7.00%), 09/01/17 1,066,581
6,820,000 Desert Sands USD, COP, Capital Projects, FSA Insured,
(original accretion rate 6.381%) 03/01/20.............................................. 5,320,486
Fairfield-Suisun USD, Special Tax, CFD No. 1,
445,000 (original accretion rate 9.25%), 06/01/97 ............................................ 440,812
4,325,000 zero coupon to 12/01/97, (original accretion rate 10.50%), 10.50% thereafter, 12/01/23 4,294,120
Foothill/Eastern Transportation Corridor Agency, California
Toll Road Revenue, Senior Lien, Series A,
8,000,000 (original accretion rate 6.55%), 01/01/12............................................. 5,196,640
5,500,000 (original accretion rate 6.734%), 01/01/14............................................ 3,598,320
20,000,000 (original accretion rate 7.07%), 01/01/25............................................. 3,291,800
23,000,000 (original accretion rate 7.00%), 01/01/26............................................. 3,547,290
10,000,000 (original accretion rate 7.00%), 01/01/27............................................. 1,445,200
18,000,000 (original accretion rate 6.98%), 01/01/29............................................. 2,284,020
7,915,000 Kern County Housing Authority, RRMR, Series 1985-A,
(original accretion rate 10.875%), 03/01/17........................................... 969,824
26,750,000 Los Angeles Convention and Exhibition Center
Authority, COP, Series 1985, ETM, (original accretion
rate 6.85%), 12/01/05 ................................................................ 17,076,130
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............................... 3,163,590
4,895,000 (original accretion rate 7.25%), 07/01/03 ............................................ 3,412,744
2,625,000 Los Angeles HMR, Series 1986-A, GNMA Secured, (original accretion rate 8.50%), 08/25/16 522,348
5,000,000 Los Banos USD, COP, Series B, MBIA Insured, (original accretion rate 6.50%), 08/01/16.. 3,809,400
38,500,000 Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded,
(original accretion rate 8.20%), 05/01/14 ............................................ 10,759,210
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............................................... 7,237,708
Orange County COP, Juvenile Justice Center Project, Pre-Refunded,
3,280,000 (original accretion rate 7.50%), 06/01/01 ............................................ 2,695,273
3,280,000 (original accretion rate 7.55%), 06/01/02 ............................................ 2,500,343
3,280,000 (original accretion rate 7.60%), 06/01/03 ............................................ 2,317,253
3,280,000 (original accretion rate 7.60%), 06/01/04 ............................................ 2,150,695
4,715,000 (original accretion rate 7.70%), 06/01/10 ............................................ 1,955,262
4,715,000 (original accretion rate 7.70%), 06/01/11 ............................................ 1,813,011
4,715,000 (original accretion rate 7.70%), 06/01/12 ............................................ 1,681,085
Paramount USD, COP, Land Acquisition, Series B, FSA Insured, zero coupon to 09/01/01,
1,695,000 (original accretion rate 6.85%), 6.85% thereafter, 09/01/14........................... 1,308,132
7,675,000 (original accretion rate 7.00%), 7.00%, thereafter, 09/01/29.......................... 5,909,903
4,090,000 Pasadena Special Tax, CFD No. 1, Civic Center West, (original accretion rate 7.70%), 12/01/17 944,340
19,095,000 Perris SFMR, Series A, GNMA Secured, ETM, (original accretion rate 8.705%), 06/01/23... 3,816,517
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 ................................................. 434,417
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 .......................................................... 1,784,521
Port of Oakland Revenue, MBIA Insured, Pre-Refunded,
10,000,000 Series A, (original accretion rate 7.70%), 11/01/19 .................................. 1,912,200
36,000,000 Series B, (original accretion rate 7.45%), 11/01/19 .................................. 7,268,040
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 ........................................................... 1,335,992
Rancho Water District Financing Authority Revenue, AMBAC Insured,
1,250,000 (original accretion rate 6.80%), 08/15/08 ............................................ 674,624
1,250,000 (original accretion rate 6.80%), 08/15/09 ............................................ 631,362
Rancho Water District Financing Authority Revenue, AMBAC Insured, (cont.)
$ 8,605,000 (original accretion rate 6.90%), 08/15/16 ............................................ $ 2,738,541
13,605,000 (original accretion rate 6.90%), 08/15/17 ............................................ 4,081,227
13,605,000 (original accretion rate 6.90%), 08/15/18 ............................................ 3,846,950
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.......................... 1,536,048
6,005,000 Series A, zero coupon to 09/01/98,
(original accretion rate 6.70%), 6.70% thereafter, 09/01/27.......................... 5,506,944
1,440,000 Series B, zero coupon to 09/01/00,
(original accretion rate 6.60%), 6.60% thereafter, 09/01/11.......................... 1,161,532
5,095,000 Series B, zero coupon to 09/01/00,
(original accretion rate 6.70%), 6.70% thereafter, 09/01/27.......................... 4,089,451
1,250,000 Riverside County Board of Education, COP, Financing Projects,
Series A, (original accretion rate 6.75%), 11/01/05 .................................. 770,562
Riverside County SFMR, GNMA Secured, ETM,
20,220,000 Series 1987-A, (original accretion rate 8.50%), 09/01/14 ............................. 7,126,538
25,055,000 Series 1988-A, (original accretion rate 8.55%), 11/01/20 ............................. 5,870,887
26,160,000 Series 1988-B, (original accretion rate 8.75%), 06/01/23 ............................. 5,268,623
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 .......................................................... 5,306,246
Rocklin USD, Series A, FGIC Insured,
3,660,000 (original accretion rate 7.10%), 09/01/08 ............................................ 1,948,803
4,100,000 (original accretion rate 7.10%), 09/01/09 ............................................ 2,040,980
4,595,000 (original accretion rate 7.10%), 09/01/10 ............................................ 2,134,377
5,145,000 (original accretion rate 7.10%), 09/01/11 ............................................ 2,241,315
5,760,000 (original accretion rate 7.10%), 09/01/12 ............................................ 2,350,943
33,960,000 (original accretion rate 7.10%), 09/01/16 ............................................ 10,779,243
Roseville City School District, Series A,
3,115,000 (original accretion rate 6.50%), 08/01/11 ............................................ 1,339,075
30,770,000 (original accretion rate 6.60%), 08/01/17 ............................................ 9,017,455
Roseville Joint Union High School District, Series A,
1,820,000 (original accretion rate 6.50%), 08/01/10 ............................................ 846,135
1,965,000 (original accretion rate 6.50%), 08/01/11 ............................................ 844,713
18,155,000 (original accretion rate 6.60%), 08/01/17 ............................................ 5,320,503
San Bernardino County COP, West Valley Detention Center Project, Pre-Refunded,
3,270,000 (original accretion rate 7.30%), 11/01/00 ............................................ 2,731,594
3,270,000 (original accretion rate 7.35%), 11/01/01............................................. 2,538,925
3,170,000 (original accretion rate 7.40%), 11/01/02............................................. 2,285,474
3,250,000 (original accretion rate 7.45%), 11/01/03 ............................................ 2,173,697
3,135,000 (original accretion rate 7.50%), 11/01/04............................................. 1,943,230
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 ............................................ 8,169,930
11,320,000 (original accretion rate 6.90%), 07/01/06 ............................................ 6,769,246
4,570,000 (original accretion rate 6.95%), 07/01/07 ............................................ 2,559,336
7,785,000 (original accretion rate 6.95%), 07/01/08 ............................................ 4,075,213
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/16 .............................. 4,252,670
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/17 .............................. 3,913,141
16,300,000 Pre-Refunded, (original accretion rate 8.50%), 07/01/18 .............................. 3,600,506
46,000,000 zero coupon to 07/01/02, (original accretion rate 8.50%), 8.50% thereafter, 07/01/14 . 36,523,540
6,540,000 San Francisco City and County SFMR, Series 1985, (original accretion rate 10.375%), 10/01/18 743,597
2,250,000 San Gabriel USD, COP, Facilities Development Program,
Series B, FSA Insured, (original accretion rate
7.15%), 09/01/29...................................................................... 1,582,852
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue, Senior Lien,
5,700,000 (original accretion rate 6.95%), 01/01/25............................................. 938,162
33,545,000 (original accretion rate 7.75%), 01/01/28 ............................................ 4,542,663
37,050,000 (original accretion rate 7.75%), 01/01/29 ............................................ 4,701,274
21,585,000 zero coupon to 01/01/02, (original accretion rate 7.50%), 7.50% thereafter, 01/01/09 . 17,758,411
10,745,000 zero coupon to 01/01/02, (original accretion rate 7.55%), 7.55% thereafter, 01/01/10.. 8,850,226
25,935,000 zero coupon to 01/01/02, (original accretion rate 7.60%), 7.60% thereafter, 01/01/11.. 21,308,973
25,215,000 zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65% thereafter, 01/01/12.. 20,666,717
27,350,000 zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65% thereafter, 01/01/13.. 22,416,606
7,470,000 zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70% thereafter, 01/01/14.. 6,140,041
60,155,000 zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70% thereafter, 01/01/15.. 49,182,727
$ 100,000 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 ........................................................... $ 89,391
26,375,000 Santa Cruz County Housing Authority, MFHR, Dominican Oaks, Series 1987, GNMA Secured,
(original accretion rate 9.00%), 06/20/29 ............................................ 1,597,797
1,910,000 Simi Valley SFRMR, Series 1990-A, (original accretion rate 8.00%), 09/01/25 ........... 211,361
Southern California Public Power Authority Revenue, Refunding, Series A, AMBAC Insured,
12,000,000 (original accretion rate 7.25%), 07/01/11 ............................................ 5,351,640
16,890,000 (original accretion rate 7.25%), 07/01/12 ............................................ 6,960,876
16,000,000 (original accretion rate 7.25%), 07/01/13............................................. 6,172,640
103,885,000 Stockton East Water District, COP, Refunding, Series 1990-A, AMBAC Insured,
(original accretion rate 7.00%), 04/01/16 ............................................ 30,316,760
-------------
Total Zero Coupon/Step-up Bonds (Cost $534,812,257) ................................... 604,715,060
-------------
Total Long Term Investments (Cost $13,116,615,700) .................................... 13,609,879,379
-------------
Short Term Investments0.6%
2,500,000 dCalifornia Health Facilities Financing Authority Revenue,
Sutter Health, Series A, Daily VRDN and Put,
3.70%, 03/01/20....................................................................... 2,500,000
5,000,000 California School Cash Reserve Program Authority, Series A, 4.75%, 07/02/97............ 5,010,600
2,000,000 dCalifornia Statewide CDA Revenue, COP, Sutter Health Obligation
Group, Daily VRDN and Put, 3.70%, 07/01/15............................................ 2,000,000
12,500,000 dIrvine Ranch Water District COP, Capital Improvement Project,
Daily VRDN and Put, 3.80%, 08/01/16................................................... 12,500,000
dIrvine Ranch Water District, Daily VRDN and Put,
8,000,000 Consolidated District Nos. 102, 103, 105 and 106, 3.70%, 09/01/06..................... 8,000,000
10,900,000 Consolidated District Nos. 105, 140, 240 and 250, 3.70%, 04/01/33..................... 10,900,000
10,000,000 DATES, Consolidated Bonds, Series B, 3.70%, 10/01/05.................................. 10,000,000
2,850,000 ID No. 182, Series A, 3.55%, 11/15/13................................................. 2,850,000
7,100,000 Refunding, Consolidated Bonds, Series A, 3.55%, 05/01/09.............................. 7,100,000
3,600,000 Refunding, DATES, Consolidated Bonds, Series B, 3.55%, 10/01/04....................... 3,600,000
15,900,000 dLos Angeles County Metropolitan Transportation Authority, Sales
Tax Revenue, Refunding, Proposition C,
Second Series, Series A, MBIA Insured, Weekly VRDN and Put, 3.20%, 07/01/20 .......... 15,900,000
-------------
Total Short Term Investments (Cost $80,360,919) ....................................... 80,360,600
-------------
Total Investments (Cost $13,196,976,619)99.4% ........................................ 13,690,239,979
Other Assets and Liabilities, Net0.6% ................................................. 81,811,520
-------------
Net Assets100.0% ...................................................................... $13,772,051,499
=============
At March 31, 1997, the net unrealized appreciation based on
the cost of investments for income tax purposes
of $13,197,218,121 was as follows:
Aggregate gross unrealized appreciation for all investments in which there was an excess of value
over tax cost ........................................................................ $ 557,910,457
Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost
over value ........................................................................... (64,888,599)
-------------
Net unrealized appreciation ........................................................... $ 493,021,858
=============
</TABLE>
PORTFOLIO ABBREVIATIONS:
1915 Act -Improvement Bond Act of 1915
ABAG -The Association of Bay Area Governments
AD -Assessment District
AMBAC -American Municipal Bond Assurance Corp.
BART -Bay Area Rapid Transit
CDA -Community Development Agency/Authority
CFD -Community Facilities District
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
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 -Housing Financial Revenue
HMR -Home Mortgage Revenue
ID -Improvement District
IDBI -Industrial Development Bond Insurance
IDR -Industrial Development Revenue
MBIA -Municipal Bond Investors Assurance Corp.
MBS -Mortgage-Backed Securities
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
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
UHSD -Unified High School District
USD -Unified School District
aNon-income producing.
bSee Note 6 regarding defaulted securities.
cSee Note 1(f) 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.
FINANCIAL STATEMENTS
Franklin California Tax-Free Income Fund, Inc.
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
March 31, 1997
Assets:
<S> <C>
Investments in securities, at value (identified cost $13,196,976,619)............................... $13,690,239,979
Cash................................................................................................ 6,638,548
Receivables:
Interest............................................................................................. 211,476,387
Investment securities sold........................................................................... 49,552,512
Capital shares sold.................................................................................. 13,372,817
-------------
Total assets......................................................................................... 13,971,280,243
-------------
Liabilities:
Payables:
Investment securities purchased:
Regular Delivery.................................................................................... 26,789,766
When-issued basis (Note 1).......................................................................... 159,227,173
Capital shares repurchased........................................................................... 5,793,300
Management fees...................................................................................... 5,130,401
Distribution fees.................................................................................... 1,620,000
Shareholder servicing costs.......................................................................... 290,000
Accrued expenses and other liabilities.............................................................. 378,104
-------------
Total liabilities.................................................................................... 199,228,744
-------------
Net assets, at value ................................................................................ $13,772,051,499
=============
Net assets consist of:
Undistributed net investment income................................................................. $ 19,264,116
Net unrealized appreciation on investments.......................................................... 493,263,360
Accumulated net realized loss....................................................................... (11,970,901)
Class I capital shares.............................................................................. 13,131,486,548
Class II capital shares............................................................................. 140,008,376
-------------
Net assets, at value ................................................................................ $13,772,051,499
=============
Class I shares:
Net assets, at value ............................................................................... $13,633,542,450
=============
Shares outstanding.................................................................................. 1,922,182,969
=============
Net asset value per share*.......................................................................... $7.09
=============
Maximum offering price per share (100/95.75 of net asset value per share)........................... $7.40
=============
Class II shares:
Net assets, at value ............................................................................... $ 138,509,049
=============
Shares outstanding.................................................................................. 19,541,671
=============
Net asset value per share*.......................................................................... $7.09
=============
Maximum offering price per share (100/99 of net asset value per share).............................. $7.16
=============
*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.
FINANCIAL STATEMENTS continued
Franklin California Tax-Free Income Fund, Inc.
Statement of Operations
for the year ended March 31, 1997
Investment income:
<S> <C> <C>
Interest.............................................................................................. $900,981,584
-------------
Expenses:
Management fees (Note 5)................................................................. $60,994,984
Distribution fees - Class I (Note 5)..................................................... 9,108,343
Distribution fees - Class II (Note 5).................................................... 571,130
Shareholder servicing costs (Note 5)..................................................... 2,565,546
Reports to shareholders.................................................................. 1,808,684
Professional fees........................................................................ 292,320
Custodian fees........................................................................... 128,990
Directors' fees and expenses............................................................. 96,991
Registration and filing fees............................................................. 70,499
Other.................................................................................... 420,589
-------------
Total expenses......................................................................................... 76,058,076
-------------
Net investment income................................................................................. 824,923,508
-------------
Realized and unrealized loss on investments:
Net realized loss..................................................................................... (11,759,936)
Net unrealized depreciation .......................................................................... (67,071,715)
-------------
Net realized and unrealized loss on investments........................................................ (78,831,651)
-------------
Net increase in net assets resulting from operations................................................... $746,091,857
=============
The accompanying notes are an integral part of these financial statements.
FINANCIAL STATEMENTS continued
Franklin California Tax-Free Income Fund, Inc.
Statements of Changes in Net Assets
for the years ended March 31, 1997 and 1996
1997 1996
------------- -------------
Increase (decrease) in net assets:
Operations:
<S> <C> <C>
Net investment income............................................................. $ 824,923,508 $ 813,551,016
Net realized gain (loss) from security transactions............................... (11,759,936) 103,262,760
Net unrealized appreciation (depreciation) on investments ........................ (67,071,715) 24,322,955
------------- -------------
Net increase in net assets resulting from operations.............................. 746,091,857 941,136,731
Distributions to shareholders from:
Undistributed net investment income (Note 7):
Class I........................................................................... (821,420,713) (813,322,623)
Class II.......................................................................... (4,813,000) (931,950)
Undistributed net realized capital gains:
Class I........................................................................... (89,640,774) --
Class II.......................................................................... (426,581) --
Increase in net assets from capital share transactions (Note 2)................... 581,909,618 310,430,864
------------- -------------
Net increase in net assets........................................................ 411,700,407 437,313,022
Net assets:
Beginning of year................................................................ 13,360,351,092 12,923,038,070
------------- -------------
End of year ..................................................................... $13,772,051,499 $13,360,351,092
============= =============
Undistributed net investment income included in net assets:
Beginning of year................................................................ $ 20,574,321 $ 21,277,878
============= =============
End of year...................................................................... $ 19,264,116 $ 20,574,321
============= =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
Franklin California Tax-Free Income Fund, Inc.
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 offering of Class II shares began May 1, 1995, at which time all previously
outstanding shares became Class I shares.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies.
a. Security Valuation:
Tax-free bonds generally trade in the over-the-counter market rather than on a
national securities exchange. In the absence of a sale or reported bid and asked
prices, information with respect to bond and note transactions, quotations from
bond dealers, market transactions in comparable securities, and various
relationships between securities are used to determine the value of the
security. The Fund may utilize a pricing service, bank or broker/dealer
experienced in such matters to perform any of the pricing functions under
procedures approved by the Board of Directors (the Board). Securities for which
market quotations are not available are valued in accordance with procedures
established by the Board.
b. Municipal Bonds or Notes with "Puts":
The Fund has purchased municipal bonds or notes with the right to resell the
bonds or notes to the seller at an agreed upon price or yield on a specified
date or within a specified period (which will be prior to the maturity date of
the bonds or notes). Such a right to resell is commonly known as a "put". In
determining the weighted average to maturity of the Fund's portfolio, municipal
bonds and notes as to which the Fund holds a put will be deemed to mature on the
first day on which the put may be exercisable.
c. 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
the Fund from income and excise taxes.
d. 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.
e. 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 and losses differ for financial statement and tax purposes
primarily due to differing treatment of wash sale transactions.
f. Securities Purchased on a When-Issued 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.
g. 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 March 31, 1997, 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>
Year Ended March 31
----------------------------------------------------
1997 1996*
------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Class I Shares:
Shares sold........................................... 235,692,887 $1,680,292,311 201,620,716 $1,453,142,737
Shares issued in reinvestment of distributions........ 51,732,327 367,601,933 42,780,749 307,634,947
Shares redeemed....................................... (218,672,841) (1,557,929,912) (207,875,226) (1,498,417,284)
----------- ------------ ---------- ------------
Net increase.......................................... 68,752,373 $ 489,964,332 36,526,239 $ 262,360,400
=========== ============ ========== ============
Class II Shares:
Shares sold........................................... 14,504,915 $ 103,391,150 6,721,771 $ 48,645,910
Shares issued in reinvestment of distributions........ 493,520 3,511,018 81,783 593,535
Shares redeemed....................................... (2,099,714) (14,956,882) (160,604) (1,168,981)
----------- ------------ ---------- ------------
Net increase.......................................... 12,898,721 $ 91,945,286 6,642,950 $ 48,070,464
=========== ============ ========== ============
</TABLE>
*For the period May 1, 1995 to March 31, 1996 for Class II shares.
3. CAPITAL LOSS CARRYOVERS
At March 31, 1997, for tax purposes, the Fund had an accumulated net realized
loss of $11,729,399, expiring in 2005.
For tax purposes, the aggregate cost of securities is higher (and unrealized
appreciation is lower) than for financial reporting purposes at March 31, 1997
by $241,502.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the year ended March 31, 1997 aggregated $2,095,603,851 and
$1,593,372,551, 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.
Under an agreement with Advisers, Franklin Templeton Services, Inc. (FT
Services) provides administrative services and facilities for the Fund. The fee
is paid by Advisers and computed monthly based on average daily net assets. It
is not a separate expense of the Fund
b. Shareholder Services Agreement
Under the terms of a shareholder services agreement with Franklin/Templeton
Investor Services, Inc. (Investor Services), the Fund pays costs on a per
shareholder account basis. Shareholder servicing costs incurred by the Fund for
the year ended March 31, 1997 aggregated $2,565,546, of which $2,431,125 was
paid to Investor Services.
5. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (cont.)
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
$9,679,473 for the year ended March 31, 1997.
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, including any applicable contingent
deferred sales charges (CDSC) and the amounts paid to other dealers for the year
ended March 31, 1997 amounted to $32,844,082 and $33,141,728, respectively.
Distributors received CDSC relating to transactions in the Fund of $95,263.
d. Other Affiliates and Related Party Transactions
During the year ended March 31, 1997, legal fees and expenses of $32,404 were
incurred to a law firm in which Brian E. Lorenz, Secretary of the Fund, is a
partner.
Certain officers and directors of the Fund are also officers and/or directors of
Distributors, Advisers, FT Services and Investor Services, all wholly-owned
subsidiaries of Franklin Resources, Inc.
6. CREDIT RISK AND DEFAULTED SECURITIES
Although the Fund has a diversified portfolio, 99.4% of its investments are in
the securities of issuers in California. Such concentration may subject the Fund
to economic changes occurring within that state.
In addition, 1.25% of its portfolio is invested in lower rated and comparable
quality unrated securities. At March 31, 1997, the Fund held a defaulted
security with a value of $3,993,750, representing .03% 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.
7. FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock outstanding throughout the period are
as follows:
<TABLE>
<CAPTION>
Year Ended March 31,
--------------------------------------------------------
1997 1996 1995 1994 1993
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Class I Shares
Per Share Operating Performance
Net asset value at beginning of period ........... $7.18 $7.11 $7.12 $7.36 $7.07
--------- --------- --------- --------- ---------
Net investment income ............................ .43 .44 .45 .46 .48
Net realized and unrealized gain (loss) on securities (.037) .074 (.016) (.226) .288
--------- --------- --------- --------- ---------
Total from investment operations ................. .393 .514 .434 .234 .768
--------- --------- --------- --------- ---------
Less distributions from:
Net investment income ........................... (.435) (.444) (.444) (.456) (.478)
Capital gains ................................... (.048) -- -- (.018) --
--------- --------- --------- --------- ---------
Total distributions .............................. (.483) (.444) (.444) (.474) (.478)
--------- --------- --------- --------- ---------
Net asset value at end of period ................. $7.09 $7.18 $7.11 $7.12 $7.36
========= ========= ========= ========= =========
TOTAL RETURN**.................................... 5.67% 7.40% 6.37% 2.88% 10.95%
Ratios/Supplemental Data
Net assets at end of period (in 000's) ........... $13,633,542 $13,312,666 $12,923,031 $13,345,420 $13,541,443
Ratio of expenses to average net assets .......... 0.56% 0.55% 0.55% 0.49% 0.49%
Ratio of net investment income to average net assets 6.07% 6.14% 6.36% 6.19% 6.61%
Portfolio turnover rate .......................... 11.96% 19.24% 14.07% 18.12% 15.63%
Year Ended May 1, 1995 to
March 31, 1997March 31, 1996
---------- ----------
<S> <C> <C>
Class II Shares
Per Share Operating Performance
Net asset value at beginning of period.................................................... $7.18 $7.09
---------- ----------
Net investment income..................................................................... .39 .38
Net realized and unrealized gain (loss) on securities..................................... (.038) .082
---------- ----------
Total from investment operations.......................................................... .352 .462
---------- ----------
Less distributions from:
Net investment income.................................................................... (.394) (.372)
Capital gains............................................................................ (.048) --
---------- ----------
Total distributions....................................................................... (.442) (.372)
---------- ----------
Net asset value at end of period.......................................................... $7.09 $7.18
========== ==========
TOTAL RETURN**............................................................................ 5.06% 6.62%
Ratios/Supplemental Data
Net assets at end of period (in 000's) ................................................... $138,509 $47,685
Ratio of expenses to average net assets .................................................. 1.14% 1.14%*
Ratio of net investment income to average net assets ..................................... 5.47% 5.55%*
Portfolio turnover rate................................................................... 11.96% 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.
During the fiscal year, the Fund paid distributions from undistributed net
investment income in the amounts shown in the Statement of Changes in Net
Assets. The Fund hereby designates the total amount of these distributions as
exempt-interest dividends under Section 852 (b)(5) of the Internal Revenue Code.
REPORT OF INDEPENDENT AUDITORS
Franklin California Tax-Free Income Fund, Inc.
To the Shareholders and Board of Directors of the Franklin California Tax-Free
Income Fund, Inc.
We have audited the accompanying statement of assets and liabilities of the
Franklin California Tax-Free Income Fund, Inc., including the Fund's statement
of investments in securities and net assets, as of March 31, 1997, and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the periods presented. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1997, by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Fund as of March 31, 1997, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods presented, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
May 2, 1997
Franklin California Tax-Free Trust Annual Report March 31, 1997.
APPENDIX
DESCRIPTION OF GRAPHIC MATERIAL OMITTED FROM EDGAR FILING (PURSUANT TO ITEM 304
(a)OF REGULATION S-T)
GRAPHIC MATERIAL (1)
This line graph demonstrates the monthly California non-farm employment growth
from 1990 - 1997.
- ----------------------
JAN 90 0.021997
FEB 90 0.022814
MAR 90 0.023389
APR 90 0.023795
MAY 90 0.025637
JUNE 90 0.024865
JULY 90 0.026101
AUG 90 0.026923
SEP 90 0.020616
OCT 90 0.017393
NOV 90 0.013238
DEC 90 0.009955
JAN 91 0.002667
FEB 91 -0.002081
MAR 91 -0.005886
APR 91 -0.007529
MAY 91 -0.011032
JUNE 91 -0.013252
JULY 91 -0.015175
AUG 91 -0.014262
SEP 91 -0.014736
OCT 91 -0.015682
NOV 91 -0.017732
DEC 91 -0.019898
JAN 92 -0.019224
FEB 92 -0.020210
MAR 92 -0.015342
APR 92 -0.014687
MAY 92 -0.015025
JUN 92 -0.015631
JUL 92 -0.014372
AUG 92 -0.017796
SEP 92 -0.018905
OCT 92 -0.017027
NOV 92 -0.015693
DEC 92 -0.015449
JAN 93 -0.009284
FEB 93 -0.008571
MAR 93 -0.013812
APR 93 -0.015316
MAY 93 -0.014155
JUN 93 -0.011219
JUL 93 -0.009924
AUG 93 -0.006677
SEP 93 -0.004966
OCT 93 -0.006176
NOV 93 -0.006034
DEC 93 -0.000323
JAN 94 -0.003755
FEB 94 0.001194
MAR 94 0.006637
APR 94 0.008259
MAY 94 0.008909
JUN 94 0.009592
JUL 94 0.008364
AUG 94 0.010415
SEP 94 0.013469
OCT 94 0.014497
NOV 94 0.017587
DEC 94 0.018182
JAN 95 0.017418
FEB 95 0.020681
MAR 95 0.018377
APR 95 0.019502
MAY 95 0.021834
JUN 95 0.023308
JUL 95 0.019592
AUG 95 0.023275
SEP 95 0.024958
OCT 95 0.023060
NOV 95 0.024621
DEC 95 0.022725
JAN 96 0.027442
FEB 96 0.025006
MAR 96 0.025898
APR 96 0.026403
MAY 96 0.028129
JUN 96 0.026471
JUL 96 0.032451
AUG 96 0.029391
SEP 96 0.026461
OCT 96 0.031633
NOV 96 0.031287
DEC 96 0.030187
JAN 97 0.029306
FEB 97 0.029041
MAR 97 0.030410
GRAPHIC MATERIAL (2)
This chart shows in pie format the fund's credit quality breakdown on 3/31/97,
based on total long-term investments.
Quality Breakdown on March 31, 1997
AAA 44.7%
AA 10.0%
A 23.8%
BBB 20.1%
Below Investment Grade 1.4%
GRAPHIC MATERIAL (3)
This bar chart shows the comparison between the fund's Class I shares
distribution rate of 5.84% and the taxable equivalent rate of 10.66%.
GRAPHIC MATERIAL (4)
The following line graph hypothetically compares the performance of the fund's
Class I shares to the Lehman Brothers Municipal Bond Index and the Consumer
Price Index (CPI), based on a $10,000 investment from 4/1/87 to 3/31/97.
Period Ending Fund Index Index
4/1/87 9581 10,000 10,000
4/30/87 9127 9,498 10,054
5/31/87 9028 9,451 10,089
6/30/87 9128 9,728 10,125
7/31/87 9188 9,828 10,151
8/31/87 9236 9,849 10,205
9/30/87 8900 9,486 10,258
10/31/87 8768 9,519 10,284
11/30/87 9075 9,767 10,294
12/31/87 9231 9,909 10,294
1/31/88 9556 10,262 10,320
2/29/88 9715 10,371 10,347
3/31/88 9521 10,250 10,392
4/30/88 9582 10,328 10,446
5/31/88 9601 10,298 10,481
6/30/88 9720 10,449 10,526
7/31/88 9797 10,517 10,571
8/31/88 9903 10,526 10,615
9/30/88 10054 10,716 10,686
10/31/88 10251 10,905 10,721
11/30/88 10196 10,805 10,730
12/31/88 10335 10,915 10,748
1/31/89 10475 11,141 10,802
2/28/89 10404 11,014 10,846
3/31/89 10378 10,987 10,909
4/30/89 10582 11,248 10,980
5/31/89 10787 11,482 11,043
6/30/89 10947 11,638 11,069
7/31/89 11014 11,796 11,096
8/31/89 10971 11,681 11,113
9/30/89 10913 11,646 11,149
10/31/89 11013 11,788 11,202
11/30/89 11146 11,994 11,229
12/31/89 11231 12,092 11,247
1/31/90 11171 12,035 11,363
2/28/90 11339 12,143 11,417
3/31/90 11328 12,146 11,479
4/30/90 11316 12,059 11,498
5/31/90 11587 12,322 11,524
6/30/90 11657 12,430 11,586
7/31/90 11829 12,614 11,630
8/31/90 11613 12,431 11,737
9/30/90 11616 12,439 11,836
10/31/90 11705 12,664 11,907
11/30/90 11932 12,918 11,933
12/31/90 11970 12,975 11,933
1/31/91 12131 13,149 12,005
2/28/91 12187 13,263 12,023
3/31/91 12243 13,269 12,041
4/30/91 12389 13,447 12,059
5/31/91 12500 13,566 12,095
6/30/91 12502 13,553 12,130
7/31/91 12685 13,718 12,148
8/31/91 12778 13,899 12,184
9/30/91 12963 14,080 12,237
10/31/91 13038 14,206 12,256
11/30/91 13095 14,246 12,291
12/31/91 13284 14,553 12,300
1/31/92 13304 14,586 12,318
2/29/92 13306 14,590 12,363
3/31/92 13422 14,596 12,426
4/30/92 13500 14,726 12,443
5/31/92 13713 14,900 12,460
6/30/92 13869 15,150 12,505
7/31/92 14259 15,605 12,532
8/31/92 14066 15,452 12,567
9/30/92 14103 15,552 12,602
10/31/92 13883 15,400 12,646
11/30/92 14298 15,675 12,664
12/31/92 14515 15,835 12,655
1/31/93 14674 16,019 12,717
2/28/93 15035 16,599 12,761
3/31/93 14931 16,423 12,806
4/30/93 15031 16,589 12,842
5/31/93 15090 16,682 12,860
6/30/93 15340 16,960 12,878
7/31/93 15317 16,982 12,878
8/31/93 15669 17,336 12,914
9/30/93 15814 17,533 12,941
10/31/93 15849 17,567 12,994
11/30/93 15738 17,412 13,003
12/31/93 15893 17,779 13,003
1/31/94 16058 17,982 13,038
2/28/94 15815 17,516 13,083
3/31/94 15398 16,803 13,127
4/30/94 15458 16,946 13,145
5/31/94 15582 17,094 13,155
6/30/94 15531 16,989 13,199
7/31/94 15745 17,300 13,235
8/31/94 15827 17,361 13,288
9/30/94 15709 17,106 13,324
10/31/94 15523 16,801 13,333
11/30/94 15314 16,497 13,350
12/31/94 15443 16,860 13,350
1/31/95 15824 17,342 13,404
2/28/95 16229 17,847 13,457
3/31/95 16383 18,052 13,502
4/30/95 16422 18,074 13,546
5/31/95 16811 18,650 13,573
6/30/95 16711 18,488 13,601
7/31/95 16821 18,664 13,601
8/31/95 16980 18,901 13,636
9/30/95 17091 19,020 13,663
10/31/95 17323 19,296 13,708
11/30/95 17580 19,616 13,699
12/31/95 17766 19,804 13,689
1/31/96 17855 19,955 13,770
2/29/96 17775 19,819 13,814
3/31/96 17596 19,565 13,886
4/30/96 17564 19,511 13,940
5/31/96 17606 19,503 13,966
6/30/96 17794 19,715 13,975
7/31/96 17910 19,895 14,001
8/31/96 17950 19,891 14,028
9/30/96 18194 20,169 14,073
10/31/96 18363 20,397 14,118
11/30/96 18635 20,770 14,145
12/31/96 18599 20,683 14,145
1/31/97 18615 20,722 14,190
2/28/97 18787 20,913 14,234
3/31/97 18593 20,635 14,270
Total Return 85.93% 106.35% 42.70%
GRAPHIC MATERIAL (5)
This bar chart shows the comparison between the fund's Class II shares
distribution rate of 5.48% and the taxable equivalent rate of 10.00%.
GRAPHIC MATERIAL (6)
The following line graph hypothetically compares the performance of the fund's
Class II shares to the Lehman Brothers Municipal Bond Index and the Consumer
Price Index (CPI), based on a $10,000 investment from 5/1/95 to 3/31/97.
Period Ending Fund Index Index
5/1/95 9902 10,000 10,000
5/31/95 10140 10,319 10,020
6/30/95 10060 10,229 10,040
7/31/95 10121 10,326 10,040
8/31/95 10211 10,458 10,066
9/30/95 10286 10,523 10,086
10/31/95 10406 10,676 10,120
11/30/95 10569 10,853 10,112
12/31/95 10675 10,957 10,105
1/31/96 10723 11,041 10,165
2/29/96 10668 10,966 10,198
3/31/96 10562 10,825 10,251
4/30/96 10537 10,795 10,291
5/31/96 10542 10,791 10,310
6/30/96 10649 10,908 10,316
7/31/96 10728 11,008 10,336
8/31/96 10747 11,005 10,356
9/30/96 10873 11,159 10,389
10/31/96 10984 11,286 10,422
11/30/96 11127 11,492 10,442
12/31/96 11100 11,444 10,442
1/31/97 11104 11,466 10,475
2/28/97 11202 11,571 10,508
3/31/97 11096 11,417 10,534
Total Return 10.96% 14.17% 5.34%
