Semi Annual Report
September 30, 1997
Franklin California
Tax-Free Income Fund
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.
CONTENTS
Shareholder Letter......................... 1
Manager's Discussion....................... 3
Performance Summary........................ 5
Financial Highlights &
Statement of Investments................... 9
Financial Statements....................... 57
Notes to
Financial Statements....................... 60
SHAREHOLDER LETTER
Dear Shareholder:
It's a pleasure to bring you the Franklin California Tax-Free Income Fund's
semi-annual report for the period ended September 30, 1997.
During the six months under review, the U.S. economy continued its healthy
expansion. Just prior to the beginning of the period, in March, the Federal
Reserve Board (the Fed) raised short-term interest rates 25 basis points, from
5.25% to 5.50%. The Fed's rate increase was in response to tight labor markets
and its concern that possible wage demands could lead to inflation.
Subsequently, interest rates reached their highest point of the year in April.
Concerns over inflation soon dissipated, however, as reports released later in
the period indicated few signs of inflation and showed economic growth was
moderating. In this low-inflation and moderate-growth environment, interest
rates decreased slightly. The 30-year U.S. Treasury bond started the six-month
period offering a rate of 7.10% and finished at 6.41% on September 30, 1997.1
Over the period, we have continued to see many insured municipal issues brought
to the market. As individual state economies enjoyed healthy growth, state and
local governments witnessed an increase in their revenues. Voter resistance
toward higher taxes helped restrain government spending, causing government
fiscal positions and credit ratings to strengthen. As credit qualities rose,
municipal bond insurance became relatively cheap for state and local
governments. Furthermore, increased competition among the municipal insurance
companies also contributed to lower insurance costs for issuers. Overall,
municipal issuers favored insured bonds because of the stronger market appeal
for this type of security.
1. Source: Federal Reserve H15 Report, 30-Year Constant Maturity Index, 9/30/97.
Our Municipal Bond Department reacted to the opportunities inherent in the
increased issues of insured bonds and the prepayment of outstanding municipal
securities. As a policy -- and as the market permits -- we continue to enjoy the
income from prerefunded holdings until they have a term left of approximately
five years. Ideally, at this time the gains are captured and the proceeds are
reinvested in bonds with greater call protection.
As always, we continue to stress a long-term investment perspective. The
financial markets always have been -- and probably always will be -- subject to
daily fluctuation. No one can predict the future performance of the securities
markets, but history has shown that, over the long term, stocks and bonds have
delivered impressive results when income is left to compound. We encourage you
to review your investment program periodically with your investment
representative, and focus on your continuing long-term goals. If you have any
questions concerning the Franklin California Tax-Free Income Fund, we welcome
the opportunity to answer them.
Sincerely,
Charles B. Johnson
Chairman
Franklin California Tax-Free Income Fund
Thomas J. Kenny
Director
Franklin Municipal Bond Department
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.1
California Economic Update California's growing economy continued to improve
during the six-month reporting period. Previously, defense cutbacks by the
federal government had resulted in significant job losses for the state. These
job losses have since been replaced, and currently California's unemployment
rate has generally decreased from March through August by a greater amount than
the corresponding national rate.2 In addition to gains in employment, California
has also enjoyed significant appreciation within its real estate market, as
demand for new housing continues to escalate.
The broader national economic environment continues to bode well for California.
The U.S. economy grew at a moderate rate, and interest rates have declined since
Congress and the President enacted the balanced budget agreement. While there
was some fear that the new treatment of IRAs in the budget agreement would
adversely affect the municipal bond market, this has not occurred, and seems at
the moment, an unfounded concern.
Portfolio Breakdown
9/30/97
% of Total
Long-Term
Sector Investments
- -------------------------------------------------------------------------------
Utilities 16.8%
Certificates of Participation 14.4%
Prerefunded 12.1%
Transportation 10.8%
Tax-Allocation Bonds 8.5%
Hospitals 7.9%
Marks-Roos Bonds 6.5%
Housing 5.6%
General Obligation 4.4%
Mello-Roos Bonds 3.4%
Education 2.3%
Sales Tax Revenue 1.9%
Health Care 1.8%
Other Revenue 1.7%
Special Assessment Bonds 1.6%
Industrial 0.3%
For a complete list of portfolio holdings, please see page 11.
1. 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.
2. Source: U.S. Bureau of Labor Statistics.
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
PORTFOLIO NOTES
During the six-month reporting period, we sold prerefunded bonds and bought debt
securities with longer call protections than those we sold. Generally, we
attempt to replace prerefunded bonds when their call dates are approximately
five years away. Prerefunded bonds' values decline rapidly to their call price,
as they approach five years to their call date. Thus, selling such bonds can
help extend the fund's income earning potential and protect your share value. As
a result of this investment strategy, prerefunded bond holdings decreased from
13.8% to 12.1% of the fund's total long-term investments over the course of the
reporting period.
Many of the new municipal bond issues entering the California market were
insured, and as of June 30, 1997 insured bonds composed over 80% of new issues.
Using the proceeds from our sales of prerefunded bonds, we concentrated on
purchasing these insured securities, because the difference in yields between
AAA and lower-rated securities is very tight.3 As a result, we increased the
fund's portfolio holdings of AAA-rated securities by 3.9%, from 44.7% to 48.6%,
over the reporting period.
3. Fund shares are not insured by any U.S. or other government agency, are
subject to market risks and will fluctuate in value. Insurance relates only to
the payment of principal and interest on the portfolio's securities.
PERFORMANCE SUMMARY
Class I
Franklin California Tax-Free Income Fund's Class I share price, as measured by
net asset value, increased 21.0 cents, from $7.09 on March 31, 1997, to $7.30 on
September 30, 1997.
At the end of this reporting period, your fund's distribution rate was 5.51%,
based on an annualization of September's monthly dividend of 3.5 cents ($0.035)
per share and the maximum offering price of $7.62 on September 30, 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, you
would have to earn 10.06% from a taxable investment to match your fund's double
tax-free distribution rate.
GRAPHIC MATERIAL 2 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Dividend Distributions
4/1/97 - 9/30/97
Dividend
Month per Share
- -------------------------------------------------------------------------
April 3.60 cents
May 3.60 cents
June 3.60 cents
July 3.50 cents
August 3.50 cents
September 3.50 cents
- -------------------------------------------------------------------------
Total 21.3 cents
Class I
Periods ended 9/30/97
Since
Inception
- --------------------------------------------------------------------------------
1-Year 5-Year 10-Year (2/1/77)
Cumulative Total Return1 8.39% 39.84% 121.58% 246.86%
Average Annual Total Return2 3.75% 6.01% 7.81% 5.98%
Distribution Rate3 5.51%
Taxable Equivalent Distribution Rate4 10.06%
30-Day Standardized Yield5 4.69%
Taxable Equivalent Yield4 8.56%
1. Cumulative total returns measure the change in value of an investment over
the periods indicated and do not include the sales charges.
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 3.5 cents per
share monthly dividend and the maximum offering price of $7.62 on September 30,
1997.
4. Equivalent taxable distribution rate and yield assume the 1997 maximum
combined federal and California state personal income tax bracket of 45.22%,
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 September 30, 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 would differ. Effective May 1, 1994, the fund eliminated the sales
charge on reinvested dividends and implemented a Rule 12b-1 plan, 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.
Class II
Franklin California Tax-Free Income Fund's Class II share price, as measured by
net asset value, increased 20.0 cents, from $7.09 on March 31, 1997, to $7.29 on
September 30, 1997.
At the end of this reporting period, your fund's distribution rate was 5.20%,
based on an annualization of September's monthly dividend of 3.19 cents
($0.0319) per share and the maximum offering price of $7.36 on September 30,
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,
you would have to earn 9.49% from a taxable investment to match your fund's
double tax-free distribution rate.
GRAPHIC MATERIAL 3 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Dividend Distributions
4/1/97 - 9/30/97
Dividend
Month per Share
- -------------------------------------------------------------------------
April 3.26 cents
May 3.26 cents
June 3.26 cents
July 3.19 cents
August 3.19 cents
September 3.19 cents
- -------------------------------------------------------------------------
Total 19.35 cents
Past performance is not predictive of future results.
Class II
Periods ended 9/30/97
Since
Inception
1-Year (5/1/95)
- -------------------------------------------------------------------------------
Cumulative Total Return1 7.81% 18.38%
Average Annual Total Return2 5.77% 6.79%
Distribution Rate3 5.20%
Taxable Equivalent Distribution Rate4 9.49%
30-Day Standardized Yield5 4.29%
Taxable Equivalent Yield4 7.83%
1. Cumulative total returns measure the change in value of an investment over
the periods indicated 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 the 1.0% contingent deferred sales charge, applicable to shares
redeemed within 18 months of investment.
3. Distribution rate is based on an annualization of the current 3.19 cents per
share monthly dividend and the offering price of $7.36 on September 30, 1997.
4. Equivalent taxable distribution rate and yield assume the 1997 maximum
combined federal and California state personal income tax bracket of 45.22%,
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 September 30, 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.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Highlights
<TABLE>
<CAPTION>
Class I
Six Months Ended
- ---------------------------------------------------------------------------------------------------------------------------
September 30, 1997 Year Ended March 31,
(unaudited) 1997 1996 1995 1994 1993
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
(for a share outstanding throughout the period)
Net asset value, beginning of period $7.09 $7.18 $7.11 $7.12 $7.36 $7.07
- ---------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .21 .43 .44 .45 .46 .48
Net realized and unrealized gains (losses) .21 (.04) .07 (.02) (.23) .29
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations .42 .39 .51 .43 .23 .77
- ---------------------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income (.21) (.43) (.44) (.44) (.45) (.48)
Realized gains -- (.05) -- -- (.02) --
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions (.21) (.48) (.44) (.44) (.47) (.48)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $7.30 $7.09 $7.18 $7.11 $7.12 $7.36
===========================================================================================================================
Total return* 6.07% 5.67% 7.40% 6.37% 2.88% 10.95%
Ratios/Supplemental Data
Net assets, end of period (000's) $14,363,360 $13,633,542 $13,312,666 $12,923,031 $13,345,420 $13,541,443
Ratio to
average net assets:
Expenses .56%** .56% .55% .55% .49% .49%
Net investment income 5.86%** 6.07% 6.14% 6.36% 6.19% 6.61%
Portfolio turnover rate 8.50% 11.96% 19.24% 14.07% 18.12% 15.63%
</TABLE>
*Total return does not reflect sales commissions or the contingent deferred
sales charge, and is not annualized. Prior to May 1, 1994, dividends from net
investment income were reinvested at the offering price.
**Annualized
<TABLE>
<CAPTION>
Class II
- ---------------------------------------------------------------------------------------------------
Six Months Ended
September 30, 1997 Year Ended March 31,
(unaudited) 1997 1996***
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Per Share Operating Performance
(for a share outstanding throughout the period)
Net asset value, beginning of period $7.09 $7.18 $7.09
- ---------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .19 .39 .38
Net realized and unrealized gains (losses) .20 (.04) .08
- ---------------------------------------------------------------------------------------------------
Total from investment operations .39 .35 .46
Less distributions from:
Net investment income (.19) (.39) (.37)
Realized gains -- (.05) --
- ---------------------------------------------------------------------------------------------------
Total distributions (.19) (.44) (.37)
Net asset value, end of period $7.29 $7.09 $7.18
Total return* 5.63% 5.06% 6.62%
Ratios/Supplemental Data
Net assets, end of period (000's) $211,303 $138,509 $47,685
Ratio to average net assets:
Expenses 1.14%** 1.14% 1.14%**
Net investment income 5.28%** 5.47% 5.55%**
Portfolio turnover rate 8.50% 11.96% 19.24%
</TABLE>
*Total return does not reflect sales commissions or the contingent deferred
sales charge, and is not annualized. Prior to May 1, 1994, dividends from net
investment income were reinvested at the offering price.
**Annualized
***For the period May 1, 1995 (effective date) to March 31, 1996.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Statement of Investments, September 30, 1997 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Long Term Investments 101.0%
Bonds 94.5%
ABAG Finance Authority of Nonprofit Corporations, COP,
6.75%, 8/01/20 $ 3,955,000 $ 4,288,367
6.125%, 3/01/21 4,245,000 4,452,920
Butte Valley-Tulelake Rural Health, 6.65%, 10/01/22 5,485,000 5,840,812
Insured, Home for Jewish Parents, 5.625%, 5/15/22 5,000,000 4,996,300
Insured, Milestones Human Services, Inc., 5.65%, 7/1/22 2,000,000 2,003,200
Insured, Miramonte Mental Health Services, 6.60%, 7/01/22 1,250,000 1,334,038
Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%, 6/01/12 2,000,000 2,137,700
Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%, 6/01/22 2,370,000 2,527,866
Peninsula Family YMCA, Series A, 6.80%, 10/01/11 2,325,000 2,430,532
United Way of Santa Clara County Project, 7.20%, 7/01/11 2,690,000 2,941,972
ABAG Finance Corp., COP, ABAG XXV, 6.80%, 8/01/12 4,500,000 4,709,880
ABAG Revenue, Mello-Roos, Refunding & Improvement, Series A, FSA Insured,
5.125%, 9/01/21 4,760,000 4,578,930
5.20%, 9/01/27 4,140,000 4,011,619
ABAG Revenue Tax Allocation, California RDA, FSA Insured,
Pool A, 6.00%, 12/15/24 6,000,000 6,319,980
Pool A-4, 5.875%, 12/15/25 6,320,000 6,553,334
Pool A-6, 5.25%, 12/15/17 1,200,000 1,185,180
Pool A-6, 5.375%, 12/15/25 3,670,000 3,625,043
Adelanto Improvement Agency, Tax Allocation, Pre-Refunded,
Adelanto Improvement Project, Series 1990, 8.00%, 8/01/20 12,705,000 14,081,841
Adelanto Improvement Project, Series 1991, 8.25%, 8/01/20 1,870,000 2,164,731
Refunding, Series 1985, 8.125%, 6/01/15 7,570,000 8,356,220
Agua Mansa Industrial Growth Association, Special Tax,
CFD No. 8, 8.25%, 9/01/17 16,210,000 17,113,221
Alameda 1915 Act, Harbor Bay Park, AD No. 9, 7.50%, 9/02/12 24,755,000 25,611,028
Alameda-Contra Costa Transit District, Refunding, COP, 7.60%, 8/01/18 23,675,000 24,945,874
Alameda COP, MBIA Insured, 5.75%, 12/01/21 3,720,000 3,824,606
Alameda County COP, Capital Projects, 6.00%, 6/01/22 6,400,000 6,590,272
Series 1992, 6.25%, 6/01/06 4,250,000 4,559,485
Series 1992, 6.75%, 6/01/16 10,500,000 11,257,995
Alhambra RDA, Refunding, Tax Allocation, Industrial
Redevelopment Project, 6.375%, 5/01/23 2,560,000 2,639,386
Alvord USD, Series A, FGIC Insured, 5.375%, 08/01/27 6,100,000 6,077,003
Anaheim COP, California Lutheran Homes, Pre-Refunded, 8.20%, 1/01/18 5,455,000 5,614,450
Anaheim Public Financing Authority Revenue,
Electric Utilities, San Juan 4, Second Series, FGIC Insured,
5.75%, 10/01/22 24,940,000 25,533,572
Lease, Public Improvements Project, Senior Series A,
FSA Insured 5.00%, 3/01/37 72,935,000 68,189,849
Antelope Valley Insured Hospital District, COP, Series 1989, 7.30%, 1/01/06 5,515,000 5,650,834
7.35%, 1/01/20 21,600,000 22,167,216
Antioch 1915 Act, AD No. 27, Lone Tree, Series 1988,
8.20%, 9/02/09 885,000 917,046
8.25%, 9/02/10 885,000 917,223
8.25%, 9/02/11 885,000 917,223
8.25%, 9/02/12 885,000 917,223
8.25%, 9/02/13 880,000 912,041
Antioch Area Public Facilities Financing Agency, Special Tax,
CFD No. 1989-1, MBIA Insured, 5.50%, 8/01/22 $ 4,870,000 $ 4,886,363
Antioch Development Agency, Refunding, Tax Allocation,
Project 1, FGIC Insured, 6.40%, 9/01/17 4,895,000 5,275,586
Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 6/01/20 3,500,000 3,772,965
Arcadia Hospital Revenue, Methodist Hospital of Southern California,
6.50%, 11/15/12 2,295,000 2,441,306
6.625%, 11/15/22 3,750,000 3,992,438
Arcata CDA, Tax Allocation, Community Development Project, Pre-Refunded,
7.90%, 11/01/12 1,250,000 1,326,875
7.90%, 11/01/13 1,555,000 1,633,481
Azusa Public Financing Authority Revenue, Local Agency,
Series A, Pre-Refunded, 7.75%, 8/01/20 10,225,000 11,431,346
Azusa Public Financing Authority Revenue, Refunding,
Water Systems Acquisition Project, Series A,
FGIC Insured, 5.50%, 7/01/20 5,200,000 5,228,808
Bakersfield COP,
Refunding, Convention Center Expansion Project,
MBIA Insured, 5.875%, 4/01/22 7,270,000 7,597,150
Waste Water Treatment Plant No. 3 Project, Pre-Refunded, 8.00%, 1/01/10 5,750,000 5,866,553
Bakersfield Hospital Revenue,
Bakersfield Memorial Hospital, Series A, 6.375%, 1/01/12 2,205,000 2,329,119
Bakersfield Memorial Hospital, Series A, 6.50%, 1/01/22 2,750,000 2,906,943
Refunding, Adventist Health Systems West, MBIA Insured, 5.50%, 3/01/19 6,085,000 6,117,737
Bakersfield Public Financing Authority Revenue, Series A, 6.10%, 9/15/10 11,070,000 11,585,419
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
Refunding, Series A, 7.10%, 9/01/24 2,000,000 2,192,300
Series A, 7.75%, 8/01/19 12,630,000 13,118,402
Series B, 7.75%, 8/01/21 5,795,000 6,019,093
Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 1,455,000 1,557,403
Belmont RDA, Tax Allocation, Los Costanos Community Development, Series A,
6.70%, 8/01/14 1,235,000 1,342,717
6.25%, 8/01/17 2,080,000 2,165,093
6.80%, 8/01/23 2,310,000 2,514,828
Berkeley COP, AMBAC Insured, 7.50%, 6/01/19 3,500,000 3,642,100
Berkeley Hospital Revenue, Alta Bates Hospital, Pre-Refunded,
Series B, 7.65%, 12/01/15 6,825,000 7,498,082
Series C, 7.60%, 12/01/15 2,850,000 3,174,900
Beverly Hills COP, Refunding, Civic Center Improvement
Project, Series 1989, 7.00%, 6/01/15 2,580,000 2,727,679
Blythe MFHR, Series 1989, 8.125%, 5/01/20 2,280,000 1,710,205
Brea and Olinda USD, COP, Refunding, High School Refinancing Program,
Series A, FSA Insured, 6.25%, 8/01/18 12,645,000 13,452,004
Series B, 7.00%, 8/01/18 9,120,000 9,725,933
Brea and Olinda USD, COP, Series 1989, Pre-Refunded,
7.85%, 8/01/09 2,025,000 2,201,216
7.90%, 8/01/18 11,835,000 12,875,297
Brea Public Finance Authority Revenue, Tax Allocation,
Redevelopment Project, Series A, MBIA Insured,
7.00%, 8/01/15 1,720,000 1,897,865
6.75%, 8/01/22 4,395,000 4,803,164
7.00%, 8/01/23 6,280,000 6,917,734
Brea Public Financing Authority Water Revenue,
Series B, FGIC Insured, 6.25%, 7/01/21 11,070,000 11,595,493
Brea RDA, Refunding, Tax Allocation, Redevelopment Project, MBIA Insured,
6.125%, 8/01/13 $ 12,845,000 $ 13,752,499
5.75%, 8/01/23 18,320,000 18,770,306
Brentwood 1915 Act, Infrastructure Financing, Reassessment,
Series A, FSA Insured, 5.80%, 9/02/17 5,700,000 5,887,131
Brentwood RDA, Tax Allocation, Brentwood Redevelopment Project,
Series A, 7.70%, 11/01/08 2,000,000 2,139,040
Brisbane COP, Civic Center Financing Project, Pre-Refunded, 8.25%, 4/01/18 3,390,000 3,532,278
Brisbane Public Finance Authority Revenue, 8.00%, 9/02/15 5,700,000 5,917,911
Buena Park CRDA, Refunding, Tax Allocation, Central Business
District Project, Series A, 7.10%, 9/01/14 7,000,000 7,535,990
Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 1,490,000 1,563,695
Burbank RDA, Refunding, Tax Allocation, Series A,
6.00%, 12/01/23 6,500,000 6,723,730
City Center Redevelopment Project, FSA Insured, 5.50%, 12/01/23 5,000,000 5,028,950
Butte Valley USD, COP, 7.75%, 3/01/15 1,320,000 1,395,082
Calexico COP, CRDA, Water and Waste Improvement Project,
Pre-Refunded, 7.80%, 11/01/13 5,455,000 5,781,755
Calexico RDA, Tax Allocation, Refunding, Merged Central
Business and Residential, FSA Insured,
5.80%, 8/01/24 5,840,000 6,002,002
Calexico USD, COP, Financing Project, Series 1992, Pre-Refunded,
7.25%, 9/01/08 745,000 803,185
7.375%, 9/01/17 3,185,000 3,441,010
California Counties Lease Financing Authority, COP, CSAC Financing Corp.,
Amador County Project, ETM, 7.70%, 10/01/09 2,565,000 3,184,088
Trinity County Project, 7.70%, 10/01/09 1,295,000 1,322,001
California Educational Facilities Authority Revenue,
Chapman College, 7.30%, 1/01/02 1,300,000 1,399,047
Chapman College, Pre-Refunded, 7.30%, 1/01/02 385,000 428,536
Chapman College Project, Pre-Refunded, 7.50%, 1/01/18 3,000,000 3,362,160
Loyola Marymount University, Series B, 6.60%, 10/01/22 1,100,000 1,187,527
Refunding, Chapman University, Connie Lee Insured, 5.125%, 10/01/26 10,000,000 9,515,000
Refunding, Los Angeles Chiropractic College, 7.125%, 11/01/07 3,460,000 3,534,009
Refunding, Occidental College, MBIA Insured, 5.625%, 10/01/17 5,815,000 5,950,024
Refunding, Occidental College, MBIA Insured, 5.70%, 10/01/27 16,565,000 16,984,757
Refunding, Santa Clara University, MBIA Insured, 5.75%, 9/01/21 14,550,000 15,013,418
Refunding, Santa Clara University, MBIA Insured, 5.75%, 9/01/26 26,815,000 27,669,058
St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 2,100,000 2,344,671
Stanford University, Series N, 5.35%, 6/01/27 21,250,000 21,336,913
Stanford University, Series N, 5.20%, 12/01/27 37,650,000 37,083,368
Student Loan Program, Series A, MBIA Insured, 6.00%, 3/01/16 6,000,000 6,225,600
California Health Facilities Financing Authority Revenue,
Adventist Health System, Series B, MBIA Insured, 6.25%, 3/01/21 2,930,000 3,087,224
bCatholic Healthcare West, Series A, MBIA Insured, 5.00%, 7/01/17 5,000,000 4,781,900
bCatholic Healthcare West, Series A, MBIA Insured, 5.125%, 7/01/24 10,000,000 9,598,700
bCedars-Sinai Center, Series A, MBIA Insured, 5.125%, 8/01/17 8,355,000 8,116,381
bCedars-Sinai Center, Series A, MBIA Insured, 5.25%, 8/01/27 52,500,000 50,881,425
CHFCLP Insured, AIDS Hospice Foundation, Pre-Refunded, 7.15%, 1/01/15 885,000 960,986
CHFCLP Insured, American Baptist Homes, Series A, 7.65%, 4/01/14 6,550,000 6,782,787
CHFCLP Insured, Association for Retarded Citizens of San Diego, 7.00%, 5/01/21 3,650,000 3,941,161
CHFCLP Insured, California Autism Foundation, Inc., Series A, 6.25%, 11/01/20 3,560,000 3,727,783
California Health Facilities Financing Authority Revenue, (cont.)
CHFCLP Insured, Cedarknoll Health Facilities, Series B, 7.50%, 8/01/20 $ 1,575,000 $ 1,709,222
CHFCLP Insured, Clinicas Del Camino, Series A, 6.55%, 5/01/25 4,500,000 4,863,555
CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.75%, 7/01/06 2,700,000 2,820,366
CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.80%, 7/01/15 9,860,000 10,307,644
CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.70%, 7/01/18 3,425,000 3,575,426
CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.80%, 7/01/06 7,750,000 7,891,438
CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.85%, 7/01/15 18,900,000 19,250,028
CHFCLP Insured, Feedback Foundation, Inc., Series A, 6.50%, 12/01/22 4,240,000 4,521,536
CHFCLP Insured, Lodi Memorial Hospital Association, Series A, 7.70%, 9/01/10 4,000,000 4,397,160
CHFCLP Insured, Marshall Hospital, Series A, 6.625%, 11/01/22 3,900,000 4,177,992
CHFCLP Insured, On Lok Senior Health Services, Series A, 6.40%, 12/01/12 2,000,000 2,133,240
CHFCLP Insured, On Lok Senior Health Services, Series A, 6.50%, 12/01/22 7,525,000 8,024,660
CHFCLP Insured, Small Facilities Loan, Health Facilities,
Series A, 6.75%, 3/01/20 5,500,000 5,885,770
CHFCLP Insured, South Coast Medical Center, 7.25%, 7/01/15 3,000,000 3,235,200
CHFCLP Insured, St. Paul's Episcopal Home, 6.50%, 9/01/14 2,595,000 2,793,569
Community Provider, Pooled Loan Program, Series A, 7.35%, 6/01/20 730,000 773,143
County Program, Series B, 7.20%, 1/01/12 2,500,000 2,557,600
Kaiser Permanente, Series A, 7.00%, 10/01/18 5,000,000 5,338,300
Kaiser Permanente, Series A, 6.75%, 10/01/19 8,870,000 9,401,934
Kaiser Permanente, Series A, 6.50%, 12/01/20 11,000,000 11,727,540
Mills-Peninsula Health, Series B, Connie Lee Insured, 5.75%, 1/15/15 11,500,000 11,772,895
Pacific Presbyterian Medical Center, Series C, 7.60%, 6/01/15 16,950,000 18,064,802
Pomona Valley Hospital Medical Center, 7.375%, 1/01/14 4,000,000 4,362,600
Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%, 7/01/17 7,300,000 7,738,365
Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%, 7/01/25 1,000,000 1,055,840
Refunding, Catholic Healthcare West, Series A, AMBAC Insured, 5.75%, 7/01/15 4,200,000 4,354,938
Refunding, Children's Hospital, MBIA Insured, 5.375%, 7/01/16 7,935,000 7,901,752
Refunding, Children's Hospital, MBIA Insured, 5.375%, 7/01/20 6,200,000 6,131,242
Refunding, Hospital of the Good Samaritan, 6.90%, 9/01/07 13,920,000 15,103,478
Refunding, Hospital of the Good Samaritan, 7.00%, 9/01/21 71,050,000 76,158,495
Refunding, Insured, AIDS Health Care Foundation, Series C, 6.25%, 9/01/17 1,750,000 1,839,898
Refunding, Insured, Small Facilities Loan, Series B, 7.50%, 4/01/22 5,000,000 5,825,250
Refunding, Mills-Peninsula Hospital, Series A, Connie Lee
Insured, 5.75%, 1/15/15 5,665,000 5,799,430
Refunding, Pomona Valley Hospital, Series A, MBIA Insured, 5.75%, 7/01/15 13,000,000 13,493,870
Refunding, Pomona Valley Hospital, Series A, MBIA Insured, 5.625%, 7/01/19 8,500,000 8,656,485
Refunding, San Diego Hospital Association, Series A,
MBIA Insured, 6.20%, 8/01/20 8,250,000 8,737,740
Refunding, St. Francis Medical Center, Series H,
AMBAC Insured, 6.35%, 10/01/23 7,000,000 7,657,300
Refunding, Sutter/CHS Facility, Series A, MBIA Insured, 5.875%, 8/15/16 5,750,000 5,967,063
Refunding, Valleycare Hospital Corp., 5.50%, 5/01/20 8,795,000 8,738,272
San Diego Hospital Association, Series A, 6.95%, 10/01/21 21,145,000 22,800,654
S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 4,575,000 4,754,157
Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 9,725,000 10,457,001
Sutter Health, Series A, 6.70%, 1/01/13 7,500,000 7,696,125
Sutter Health, Series A, FSA Insured, 5.125%, 8/15/17 1,000,000 971,420
Sutter Health, Series A, FSA Insured, 5.25%, 8/15/27 5,300,000 5,136,548
Unihealth America, Series A, AMBAC Insured, 7.625%, 10/01/15 1,275,000 1,340,790
Walden House, State Guaranteed, 6.85%, 3/01/22 3,225,000 3,470,326
California HFA Revenue,
Home Mortgage, Series A, 7.75%, 8/01/17 $ 1,960,000 $ 2,063,586
Home Mortgage, Series A, 8.125%, 8/01/19 415,000 428,795
Home Mortgage, Series A, 6.55%, 8/01/26 6,975,000 7,465,970
Home Mortgage, Series A, 7.70%, 8/01/30 11,675,000 12,291,790
Home Mortgage, Series B, 7.90%, 8/01/09 5,465,000 5,705,624
Home Mortgage, Series B, 6.90%, 8/01/16 5,945,000 6,043,925
Home Mortgage, Series B, 8.60%, 8/01/19 12,585,000 13,031,390
Home Mortgage, Series B, 8.00%, 8/01/29 31,785,000 33,228,993
Home Mortgage, Series C, 8.30%, 8/01/19 2,065,000 2,131,700
Home Mortgage, Series C, 7.60%, 8/01/30 49,180,000 52,342,274
Home Mortgage, Series D, 7.75%, 8/01/10 2,505,000 2,665,596
Home Mortgage, Series D, 7.25%, 8/01/17 1,725,000 1,832,381
Home Mortgage, Series D, 7.50%, 8/01/20 4,940,000 5,160,719
Home Mortgage, Series D, 7.50%, 8/01/29 21,900,000 22,878,273
Home Mortgage, Series D, MBIA Insured, 6.15%, 8/01/28 5,250,000 5,464,515
Home Mortgage, Series E, 8.35%, 8/01/19 16,520,000 17,033,607
Home Mortgage, Series E, 7.65%, 8/01/23 12,900,000 13,484,112
Home Mortgage, Series E, 6.70%, 8/01/25 8,560,000 9,146,189
Home Mortgage, Series E, 6.375%, 8/01/27 14,090,000 14,860,723
Home Mortgage, Series E, 7.65%, 8/01/29 6,840,000 7,149,715
Home Mortgage, Series E, AMBAC Insured, 6.10%, 8/01/29 22,275,000 23,168,005
Home Mortgage, Series E, MBIA Insured, 6.15%, 8/01/25 17,500,000 18,148,025
Home Mortgage, Series F, 6.75%, 8/01/11 865,000 924,503
Home Mortgage, Series F, 7.875%, 8/01/19 1,740,000 1,794,758
Home Mortgage, Series F-1, 6.875%, 8/01/15 3,350,000 3,627,112
Home Mortgage, Series F-1, 7.00%, 8/01/26 20,760,000 22,102,134
Home Mortgage, Series G, 8.15%, 8/01/19 9,780,000 10,079,561
Home Mortgage, Series G, 7.55%, 8/01/23 6,320,000 6,633,598
Home Mortgage, Series G, 7.05%, 8/01/27 4,200,000 4,430,076
Home Mortgage, Series H, 6.25%, 8/01/27 20,350,000 21,293,223
Home Mortgage, Series I, MBIA Insured, 5.75%, 2/01/29 8,100,000 8,266,536
Home Mortgage, Series N, 6.375%, 2/01/27 7,785,000 8,178,765
Home Mortgage, Series Q, MBIA Insured, 5.85%, 8/01/16 5,000,000 5,185,500
Home Mortgage, Series R, MBIA Insured, 6.15%, 8/01/27 9,000,000 9,367,740
Home Mortgage, SF, Series A, 10.25%, 2/01/14 465,000 469,627
Home Mortgage, SF, Series B, 10.625%, 2/01/14 170,000 171,044
Housing Revenue, Series A, MBIA Insured, 7.65%, 8/01/24 8,835,000 9,214,728
Housing Revenue, Series B, MBIA Insured, 8.625%, 8/01/15 2,340,000 2,456,438
Housing Revenue, Series E, MBIA Insured, 6.625%, 8/01/14 4,365,000 4,729,870
Housing Revenue, Series E, MBIA Insured, 6.75%, 8/01/26 11,855,000 12,822,131
Housing Revenue, Series F, MBIA Insured, 6.90%, 8/01/26 11,345,000 12,357,314
MFHR, Series A, AMBAC Insured, 6.25%, 2/01/37 5,000,000 5,263,800
Multi-Unit Rental Housing, Series A, 6.875%, 2/01/22 2,465,000 2,485,509
bSeries B-1, Class 1, 5.65%, 8/01/28 13,190,000 13,188,813
California HFA, SFM,
Purchase Series A-1, Class 1, 6.05%, 8/01/26 $ 13,935,000 $ 14,383,568
Refunding, Purchase Series A-2, 6.45%, 8/01/25 11,250,000 11,890,913
bSeries C-2, Class 1, 5.65%, 2/01/25 14,585,000 14,608,628
bSeries C-4, Class 1, 5.65%, 8/01/16 5,000,000 4,999,550
California Mobilehome Park Financing Authority Revenue,
Series A, FSA Insured, 4.20%, 10/01/98 105,000 105,457
4.50%, 10/01/99 110,000 111,148
4.65%, 10/01/00 115,000 116,926
4.80%, 10/01/01 120,000 122,843
4.95%, 10/01/02 120,000 123,472
5.05%, 10/01/03 120,000 124,070
5.15%, 10/01/04 125,000 130,209
5.25%, 10/01/05 135,000 141,273
6.25%, 10/01/25 5,305,000 5,620,329
California PCFA Revenue,
PG&E Corp., Series A, 6.625%, 6/01/09 1,750,000 1,898,400
PG&E Corp., Series B, 8.875%, 1/01/10 134,770,000 138,542,212
Southern California Edison Co., 6.90%, 12/01/17 2,510,000 2,732,763
Southern California Edison Co., Series B, 6.40%, 12/01/24 12,120,000 12,978,581
Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 29,000,000 30,490,020
California PCFA Revenue, Solid Waste Disposal, Keller
Canyon Landfill Co. Project, 6.875%, 11/01/27 17,205,000 18,894,531
California Public Capital Improvements, Financing Authority
Revenue, Pooled Projects,
Joint Powers Agency, Series E, 8.375%, 3/01/03 23,615,000 24,346,829
Series A, 8.40%, 3/01/08 59,690,000 61,683,049
Series A, 8.50%, 3/01/18 121,300,000 125,398,727
California Resources Efficiency Financing Authority, COP,
Refunding, Capital Improvement Program,
AMBAC Insured, 5.625%, 4/01/22 10,365,000 10,598,316
5.75%, 4/01/27 7,885,000 8,146,309
California Rural Home Mortgage Finance Authority , SFMR,
MBS Program, Series A-3, 6.25%, 9/01/29 5,000,000 5,727,050
California Special Districts Association Finance Corp., COP,
Series F, 8.10%, 9/01/10 160,000 164,270
Series H, 7.75%, 2/01/15 1,630,000 1,672,396
Series H, 7.80%, 2/01/21 1,500,000 1,538,910
Series N, 8.30%, 3/01/12 1,320,000 1,376,258
Series O, 7.40%, 3/01/17 1,000,000 1,041,130
California Special Districts Finance Authority, COP, Series A,
8.40%, 7/01/05 17,545,000 18,266,626
8.50%, 7/01/18 70,000,000 73,140,200
California Special Districts Lease Financing Program, COP,
Series C, 7.90%, 4/01/14 135,000 137,938
Series E, 7.70%, 12/01/09 1,100,000 1,124,112
Series E, 7.75%, 12/01/19 3,100,000 3,167,053
California State Department of Transportation,
COP, East Bay State Building, Series A, 6.50%, 3/01/16 2,000,000 2,106,680
California State Department of Water Resources,
Central Valley Project, Water System Revenue,
Refunding, Series L, 5.75%, 12/01/19 $ 22,240,000 $ 22,818,685
Refunding, Series L, 5.50%, 12/01/23 52,395,000 52,738,711
Refunding, Series L, 5.875%, 12/01/25 40,070,000 41,618,706
Refunding, Series Q, MBIA Insured, 5.375%, 12/01/27 18,000,000 17,905,320
Refunding, Series S, 5.00%, 12/01/29 21,230,000 20,124,766
Series J-1, 6.00%, 12/01/20 31,375,000 32,688,985
Series J-2, 6.00%, 12/01/20 13,140,000 13,690,303
Series J-3, 6.00%, 12/01/20 26,010,000 27,099,299
Series K, 6.00%, 12/01/21 13,035,000 14,167,481
California State GO, 5.50%, 3/01/20 5,500,000 5,536,465
5.25%, 10/01/20 11,170,000 11,023,115
5.75%, 3/01/23 7,930,000 8,142,128
FGIC Insured, 5.625%, 10/01/21 10,000,000 10,226,300
FGIC Insured, 5.625%, 10/01/26 52,500,000 53,688,075
MBIA Insured, 6.00%, 8/01/24 26,490,000 27,972,645
Refunding, 5.625%, 9/01/24 10,650,000 10,845,002
Refunding, FGIC Insured, 5.375%, 6/01/26 7,500,000 7,514,475
Series 1991, 6.40%, 2/01/05 2,500,000 2,806,775
Series 1991, 6.40%, 2/01/06 500,000 566,445
Series 1991, 6.60%, 2/01/10 13,625,000 15,858,274
Series 1992, 6.25%, 9/01/12 1,000,000 1,138,170
Series 1992, FGIC Insured, 5.75%, 11/01/17 5,000,000 5,131,100
Series 1992, FGIC Insured, 6.00%, 8/01/19 5,000,000 5,298,000
Series 1994, 6.00%, 3/01/24 7,000,000 7,304,500
Series 1994, 6.00%, 5/01/24 30,290,000 31,628,515
Various Purposes, 5.50%, 4/01/15 21,920,000 22,350,947
Various Purposes, 5.75%, 3/01/19 22,550,000 23,293,023
Various Purposes, 5.90%, 4/01/23 45,250,000 46,629,220
Various Purposes, AMBAC Insured, 5.90%, 3/01/25 15,760,000 16,488,585
Various Purposes, FSA Insured, 5.50%, 4/01/19 6,500,000 6,539,585
Various Purposes, MBIA Insured, 6.00%, 10/01/21 5,430,000 5,698,188
Various Purposes, Series 1991, 6.50%, 9/01/10 3,780,000 4,384,913
California State GO, Veterans Bonds,
Series AX, 7.00%, 4/01/16 2,000,000 2,032,520
Series BD, BE, and BF, 6.40%, 2/01/22 29,000,000 29,793,440
Series BD, BE, and BF, 6.55%, 2/01/25 50,000,000 51,383,500
Series BD, BE, and BF, AMBAC Insured, 6.20%, 2/01/16 11,500,000 11,710,220
Series BD, BE, and BF, AMBAC Insured, 6.375%, 2/01/27 45,000,000 45,943,200
California State HFA, Mortgage Revenue, Series L,
MBIA Insured, 6.40%, 8/01/27 16,495,000 17,526,432
California State Local Government Finance Authority Revenue,
Marin Valley, Series A, FSA Insured, 5.85%, 10/01/27 6,735,000 7,024,201
California State Public Works Board, Lease Revenue,
California State University, Various Projects, Series A, 6.30%, 10/01/04 5,250,000 5,792,325
California State University, Various Projects, Series A, 6.375%, 10/01/05 6,815,000 7,493,229
California State University, Various Projects, Series A, 6.50%, 10/01/06 10,695,000 11,742,789
California State Public Works Board, Lease Revenue, (cont.)
California State University, Various Projects, Series A, 6.375%, 10/01/14 $ 11,480,000 $ 12,585,983
California State University, Various Projects, Series A, 6.375%, 10/01/19 2,150,000 2,354,444
Department of Corrections, California State Prison at Coalinga,
Series B, MBIA Insured, 5.375%, 12/01/19 15,250,000 15,263,725
Department of Corrections, Corcoran II Facility,
California Substance Abuse Treatment, AMBAC Insured, 5.50%, 1/01/15 10,000,000 10,187,300
Department of Corrections, Corcoran II Facility, Series A,
AMBAC Insured, 5.50%, 1/01/17 9,980,000 10,088,083
Department of Corrections, Corcoran II Facility, Series A,
AMBAC Insured, 5.25%, 1/01/21 17,405,000 17,037,406
Department of Corrections, Series A, AMBAC Insured, 5.75%, 9/01/21 5,100,000 5,169,054
Department of Justice Building, Series A, FSA Insured, 5.80%, 5/01/15 5,500,000 5,737,985
Department of Justice Building, Series A, FSA Insured, 5.625%, 5/01/20 5,000,000 5,098,000
Franchise Tax Board, Phase II, Series A, 6.25%, 9/01/11 7,725,000 8,168,492
Refunding, University of California Project, Series A,
AMBAC Insured, 5.40%, 12/01/16 10,000,000 9,987,300
Refunding, University of California, Various Projects,
Series A, 5.50%, 6/01/21 14,000,000 14,085,680
Refunding, Various California Community Colleges, Series A, 5.90%, 4/01/17 8,320,000 8,738,246
Refunding, Various University of California Projects,
Series A, 5.00%, 6/01/23 23,175,000 21,893,886
Southern California Veterans Home, Series A, 6.375%, 10/01/08 3,000,000 3,322,860
Southern California Veterans Home, Series A, 6.50%, 10/01/14 3,750,000 4,138,688
University of California, Various Projects, Series A, 6.375%, 11/01/14 23,130,000 25,374,767
University of California, Various Projects, Series B, 6.625%, 12/01/14 7,415,000 8,250,522
University of California, Various Projects, Series B, 5.50%, 6/01/19 13,000,000 13,023,010
Various Community College Projects, Series A, 5.625%, 12/01/18 7,535,000 7,610,425
California State University Foundation Revenue,
Hayward Auxiliary Organization, MBIA Insured, 6.25%, 8/01/20 2,185,000 2,371,009
bCalifornia State University Headquarters, Building Authority,
Lease Revenue, Series B, MBIA Insured, 5.25%, 9/01/22 6,850,000 6,700,602
California Statewide CDA,
Lease Revenue, Refunding, Oakland Convention Center Project,
AMBAC Insured, 5.50%, 10/01/14 10,000,000 10,112,900
MFHR, Borregas Court Project, Series J, 6.30%, 3/20/39 7,476,000 7,767,863
MFHR, Series E, 6.40%, 6/01/28 8,000,000 8,401,440
Water Revenue, Refunding, Series A, 6.10%, 7/01/21 4,615,000 4,778,786
California Statewide CDA Revenue, COP, 6.10%, 12/01/15 2,255,000 2,376,996
California Lutheran Homes, 5.75%, 11/15/15 5,000,000 5,123,450
Catholic Health Care West, MBIA Insured, 5.50%, 7/01/23 11,240,000 11,223,477
Cedars-Sinai Medical Center, 6.75%, 8/01/22 23,530,000 24,799,914
CHFCLP Insured, 5.90%, 8/01/21 4,000,000 4,137,400
CHFCLP Insured, 7.25%, 12/01/22 5,120,000 5,861,018
CHFCLP Insured Health Facilities, AIDS Project, Series A, 6.25%, 8/01/22 2,590,000 2,706,576
CHFCLP Insured Health Facilities, Children's Campus, 6.375%, 9/01/12 2,765,000 2,940,826
CHFCLP Insured Health Facilities, Children's Campus, 6.50%, 9/01/22 3,000,000 3,193,380
CHFCLP Insured Health Facilities, Eskaton Properties, 6.75%, 5/01/21 9,600,000 10,309,824
CHFCLP Insured Health Facilities, Unihealth, Series A,
AMBAC Insured, 5.75%, 10/01/25 36,000,000 36,785,520
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/15 5,365,000 5,625,846
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/20 3,775,000 3,934,569
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/25 4,755,000 4,955,994
California Statewide CDA Revenue, COP, (cont.)
Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.25%, 8/01/06 $ 2,000,000 $ 2,136,760
Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.50%, 8/01/22 80,230,000 83,030,829
Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.625%, 4/15/12 7,000,000 7,508,970
Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.75%, 4/15/22 16,000,000 17,176,000
Refunding, Health Facilities, Barton Memorial Hospital,
Series B, 6.40%, 12/01/05 250,000 268,040
Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.00%, 8/15/09 6,465,000 6,900,353
Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.125%, 8/15/22 9,330,000 9,871,886
Refunding, Sutter Health Obligated Group, MBIA Insured, 5.50%, 8/15/23 14,000,000 13,979,700
Salk Institute, Connie Lee Insured, 6.20%, 7/01/24 7,065,000 7,444,037
St. Joseph Health System Group, 6.50%, 7/01/15 8,395,000 9,263,547
St. Joseph Health System Group, 6.625%, 7/01/21 12,500,000 13,881,875
Sutter Health Obligation Group, MBIA Insured, 5.50%, 8/15/22 25,520,000 25,691,750
California Statewide Community Development Corp., COP,
CHFCLP Insured, Villaview Community Hospital, 7.00%, 9/01/09 4,485,000 4,914,035
Pacific Homes, Series A, 6.00%, 4/01/17 6,270,000 6,499,294
California Urban Waterfront Area Restoration, 7.40%, 10/01/20 2,575,000 2,700,943
Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 4/01/08 4,820,000 5,170,607
Cambria Community Services, Sewer and Water District Revenue,
Refunding, BIG Insured, Pre-Refunded, 7.40%, 5/01/15 1,570,000 1,685,788
Cambria Community Services, Sewer District Revenue,
Refunding, BIG Insured, Pre-Refunded, 7.40%, 5/01/15 940,000 1,009,325
Campbell COP, Refunding, Civic Center Project,
Series 1991, 6.75%, 10/01/17 1,410,000 1,502,975
Campbell Housing Facility Revenue, San Tomas
Gardens Project, Series A, 6.625%, 10/20/34 5,615,000 5,942,860
Campbell USD, Series A, MBIA Insured, 6.25%, 8/01/19 3,250,000 3,528,655
Camrosa Water District, COP, Water System Improvement
Projects, MBIA Insured, 6.00%, 1/15/20 5,120,000 5,394,944
Capistrano Bay Park and Recreation District, COP,
Special Lease Finance, Series Q, 6.35%, 8/01/12 2,800,000 2,862,468
Capistrano Unified Public Financing Authority, Special Tax
Revenue, Refunding, First Lien, Series A,
AMBAC Insured, 5.70%, 9/01/20 10,640,000 10,891,104
Carlsbad COP, Carlsbad Public Improvement Corp., 8.00%, 8/01/08 3,000,000 3,163,440
Carson RDA, Refunding, Project Area No. 1, Series 1992,
6.375%, 10/01/12 3,965,000 4,164,162
6.375%, 10/01/16 1,565,000 1,637,147
Castaic Lake Water Agency, COP, Water System Improvement
Project, Refunding, Series A, MBIA Insured, 6.125%, 8/01/15 11,540,000 12,439,889
6.00%, 8/01/18 5,345,000 5,659,660
Cathedral City Public Financing Authority Revenue, Refunding,
Tax Allocation, Redevelopment Projects,
Series A, MBIA Insured, 5.70%, 8/01/24 11,210,000 11,454,266
Central San Joaquin Water Conservation District, COP,
Series 1990, 7.65%, 12/01/18 5,800,000 6,064,712
Cerritos Public Financing Authority Revenue, Los Coyotes
Redevelopment Project, Loan, Series A,
AMBAC Insured, 5.75%, 11/01/22 5,500,000 5,656,970
Chaffey Community College District, COP, 7.40%, 11/01/14 5,000,000 5,574,850
Chico Public Financing Authority Revenue, Southeast Chico
Redevelopment Project, Series A, FGIC Insured, 6.625%, 4/01/21 1,955,000 2,084,108
Chico RDA Revenue, COP, Insured Health Facilities,
Sierra Sunrise Lodge, 6.80%, 2/01/11 4,110,000 4,402,262
6.75%, 2/01/21 2,800,000 2,969,148
Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%, 9/01/22$ 9,980,000 $ 10,729,298
Chino USD, COP,
Land Acquisition, Series C, BIG Insured, Pre-Refunded, 7.45%, 9/01/24 2,620,000 2,839,242
Land Acquisition, Series D, BIG Insured, 7.45%, 9/01/24 7,800,000 8,091,330
Land Acquisition, Series E, BIG Insured, 7.50%, 9/01/24 515,000 534,220
Land Acquisition, Series G, BIG Insured, Pre-Refunded, 7.35%, 9/01/24 2,510,000 2,715,444
Refunding, Capital Construction Project, Series A,
Pre-Refunded, 8.00%, 9/01/04 8,320,000 8,801,978
Clayton 1915 Act, Limited Obligation, Contra Costa County, Oakhurst Country Club,
8.10%, 9/02/01 245,000 254,124
8.20%, 9/02/02 360,000 373,399
8.25%, 9/02/03 370,000 383,690
8.30%, 9/02/04 465,000 482,103
8.30%, 9/02/05 545,000 564,816
8.35%, 9/02/06 520,000 538,793
8.35%, 9/02/07 640,000 662,861
8.375%, 9/02/08 670,000 693,718
8.375%, 9/02/09 710,000 734,985
8.40%, 9/02/10 80,000 82,806
8.40%, 9/02/11 740,000 765,959
8.40%, 9/02/12 890,000 921,034
8.40%, 9/02/13 1,000,000 1,034,870
Clayton Special Tax, CFD No. 90-1, 8.60%, 9/02/22 6,295,000 6,689,634
Clovis CDA, Tax Allocation, Pre-Refunded, 7.625%, 8/01/15 3,000,000 3,153,090
Clovis COP, 7.20%, 8/01/11 2,670,000 2,844,938
Coachella RDA, Refunding, Tax Allocation, Project Area No. 4,
Pre-Refunded, 8.45%, 9/01/20 1,750,000 1,992,043
Coachella Valley COP, ID No. 71, Storm Water District,
Flood Central Project, 6.75%, 10/01/12 3,000,000 3,232,410
Coachella Valley USD, COP, 8.25%, 9/01/12 6,375,000 6,839,355
Coalinga Public Financing Authority Revenue, Series B, 6.625%, 9/15/21 8,120,000 8,309,927
Coastside County Water District, 1915 Act, Crystal Springs, AD No. 1,
7.00%, 9/02/02 885,000 916,718
7.10%, 9/02/03 880,000 911,539
7.15%, 9/02/04 875,000 906,360
7.20%, 9/02/05 610,000 631,862
7.25%, 9/02/06 615,000 637,035
Colma 1915 Act, Refunding, Local ID No. 1,
4.40%, 9/02/98 330,000 330,954
4.70%, 9/02/99 425,000 427,142
4.90%, 9/02/00 440,000 443,304
Colton Public Financing Authority Revenue, Tax Allocation,
Series A, 7.60%, 5/15/19 5,855,000 5,981,468
Series B, 7.60%, 5/15/19 20,830,000 21,279,928
Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 7/01/22 4,100,000 4,261,581
Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 2/01/18 1,555,000 1,652,794
Commerce Energy Authority Revenue, Refunding, Collateralized, 8.75%, 7/01/10 31,825,000 37,040,799
Commerce Joint Powers Financing Authority, Lease Revenue,
Community Center, Series A, 6.25%, 10/01/22 4,000,000 4,201,200
Commerce RDA, Tax Allocation, Project Area No. 1, Series A,
7.60%, 8/01/98 $ 1,000,000 $ 1,026,790
7.70%, 8/01/99 1,655,000 1,728,184
7.75%, 8/01/00 1,420,000 1,484,312
8.00%, 8/01/10 16,000,000 16,719,200
Compton CRDA, Tax Allocation,
Series 1, FSA Insured, 6.75%, 8/01/13 7,375,000 7,746,848
Walnut Industrial Park, Series 1985, AMBAC Insured,
Pre-Refunded, 10.20%, 8/01/09 13,000,000 14,785,810
Compton Sewer Revenue, Series 1993,
6.60%, 7/01/12 1,405,000 1,477,737
6.75%, 7/01/23 4,535,000 4,771,319
Concord RDA, Refunding, Tax Allocation, Central Concord
Redevelopment Project, Sub-Series A,
6.00%, 7/01/19 8,395,000 8,513,286
Contra Costa County, COP,
Refunding, Capital Projects Program, AMBAC Insured, 5.25%, 2/01/17 5,000,000 4,963,600
Refunding, Capital Projects Program, AMBAC Insured, 5.25%, 2/01/21 6,570,000 6,473,881
Refunding, Merrithew Memorial Hospital Project,
MBIA Insured, 5.50%, 11/01/22 11,000,000 11,086,350
Series 1994, 6.50%, 8/01/24 4,500,000 4,791,510
Contra Costa County MFHR, Refunding, Byron Park Project,
Series C, GNMA Secured, 6.40%, 1/20/31 5,930,000 6,295,051
Contra Costa Transportation Authority Revenue, Sales Tax, Series A, ETM,
6.875%, 3/01/07 13,900,000 15,217,581
FGIC Insured, 6.50%, 3/01/09 1,000,000 1,093,000
Contra Costa Water District Revenue, Refunding, Series F,
FGIC Insured, 5.00%, 10/01/20 5,000,000 4,763,650
Corcoran Hospital District Revenue, Series A, 6.55%, 7/01/12 1,360,000 1,451,569
Corona 1915 Act,
AD No. 79-2, Northeast Area, Series B, 7.625%, 9/02/98 740,000 755,029
AD No. 79-2, Northeast Area, Series B, 7.75%, 9/02/99 790,000 820,376
AD No. 79-2, Northeast Area, Series B, 7.80%, 9/02/00 840,000 872,113
AD No. 79-2, Northeast Area, Series B, 7.80%, 9/02/01 905,000 939,218
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/02 970,000 1,006,462
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/03 1,035,000 1,073,471
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/04 1,120,000 1,161,149
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/99 1,390,000 1,445,405
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/00 1,500,000 1,559,160
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/01 1,595,000 1,657,237
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/02 1,690,000 1,755,217
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/03 1,800,000 1,868,706
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/04 1,885,000 1,956,159
Corona CFD No. 90-1, Special Tax, Series A, 8.40%, 9/01/20 23,500,000 24,011,830
Corona COP,
Corona Community Hospital Project, Pre-Refunded, 9.425%, 9/01/20 15,000,000 20,542,650
Refunding, Vista Hospital System, Series C, 9.50%, 7/01/20 22,325,000 25,497,829
Corona RDA, Tax Allocation, Refunding, Redevelopment
Project Area A, Series A, FGIC Insured,
6.25%, 9/01/16 3,000,000 3,248,340
Corona-Norco USD, Lease Revenue, Land Acquisition,
Series A, FSA Insured, 6.00%, 4/15/29 19,155,000 20,052,029
Corona-Norco USD, Special Tax,
CFD No. 7, 9.30%, 11/01/07 $ 3,820,000 $ 3,906,905
CFD No. 8, Pre-Refunded, 7.55%, 10/01/14 5,195,000 5,691,278
Covina CDA, Tax Allocation, Covina Revitalization No. 1, 9.75%, 11/01/09 16,180,000 16,559,421
CSAC Finance Corp., COP, Sutter County, Health Facilities Program,
7.80%, 1/01/21 2,100,000 2,115,099
Cucamonga School District, COP, Pre-Refunded, 7.60%, 12/01/15 1,750,000 1,911,945
Culver City Redevelopment Finance Authority Revenue,
Subordinated Lien, Project Loans, Series B,
AMBAC Insured, 7.50%, 12/01/08 1,630,000 1,769,675
AMBAC Insured, 7.60%, 12/01/15 7,955,000 8,642,551
Pre-Refunded, 7.50%, 12/01/08 3,370,000 3,682,332
Pre-Refunded, 7.60%, 12/01/15 16,445,000 18,002,835
Culver City USD, MBIA Insured, 5.75%, 8/01/36 5,000,000 5,121,000
Cupertino COP,
Memorial Park Expansion Project, Bank Qualified,
Pre-Refunded, 7.25%, 7/01/10 4,110,000 4,525,028
Refunding, Series A, 5.75%, 1/01/16 5,000,000 5,025,900
Refunding, Series B, 6.25%, 7/01/10 3,535,000 3,731,193
Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%, 8/01/17 3,440,000 3,617,538
Desert Hot Springs RDA, Tax Allocation, Redevelopment
Project No. 2, Series A, 6.625%, 9/01/20 1,230,000 1,314,218
bDowney Community Development Commission, Tax Allocation,
Refunding, Downey Redevelopment Project,
MBIA Insured,
5.125%, 8/01/20 2,770,000 2,684,629
5.125%, 8/01/28 4,120,000 3,944,488
Duarte COP, City Civic Center, Refunding, 7.00%, 6/15/22 5,370,000 5,772,965
Duarte RDA, Refunding, Tax Allocation, Las Lomas
Redevelopment Project, 8.00%, 8/01/07 1,820,000 1,862,042
East Bay MUD, Water System Revenue, Refunding,
6.00%, 6/01/20 15,100,000 15,814,683
FGIC Insured, 5.00%, 6/01/26 6,000,000 5,685,060
East Bay Regional Park District,
Series 1989, 6.25%, 9/01/13 1,220,000 1,250,061
Series C, FGIC Insured, 6.00%, 9/01/20 3,390,000 3,552,686
East Side Union High School District, Santa Clara County,
Series D, FGIC Insured, 5.80%, 9/01/21 9,100,000 9,360,806
Eastern Municipal Water District Revenue, Water and Sewer, COP,
Refunding, Series A, FGIC Insured, 6.30%, 7/01/20 7,975,000 8,373,830
Series 1991, 6.00%, 7/01/23 3,500,000 3,590,020
Series 1991, MBIA Insured, 6.00%, 7/01/23 3,750,000 3,895,088
Eden Township Hospital District Revenue, COP, Insured Health Facility,
Eden Hospital Health Services Corp.,
Pre-Refunded, 7.80%, 7/01/18 10,975,000 11,519,141
bEl Cajon RDA, Tax Allocation, Refunding, Redevelopment Project,
AMBAC Insured, 5.35%, 10/01/22 5,000,000 4,959,100
El Camino Hospital District Revenue,
Refunding, Series A, 7.25%, 8/15/09 8,945,000 9,584,746
El Dorado County Board Authority Lease Revenue, Capital Facilities Project,
7.40%, 11/01/09 5,500,000 5,989,445
El Dorado Union High School District, COP,
Capital Projects, 6.30%, 8/01/12 3,390,000 3,546,245
El Monte Public Financing Authority Revenue, Tax Allocation,
Downtown El Monte Redevelopment Project,
Series A, 6.35%, 12/01/23 2,540,000 2,645,867
Emeryville Public Financing Authority Revenue,
Incremental Lien, 6.20%, 9/01/25 6,085,000 6,372,760
Empire Union School District, COP, Garst School Supplies
Financing Project, 6.75%, 12/01/17 1,165,000 1,233,409
Empire Union School District, Refunding, Special Tax, CFD No. 198,
Series A, MBIA Insured,
6.50%, 10/01/17 2,700,000 2,936,736
Escondido COP, Escondido Mobile Home Park,
7.25%, 3/01/07 $ 1,000,000 $ 1,060,350
7.40%, 3/01/21 4,910,000 5,197,530
Escondido COP, Refunding, Wastewater Project, AMBAC Insured,
5.70%, 9/01/26 13,465,000 13,782,774
5.80%, 9/01/26 400,000 412,704
Fairfield 1915 Act, Green Valley Road/Mangels Boulevard, 8.00%, 9/02/11 1,040,000 1,075,256
Fairfield 1915 Act, North Cordelia ID, 8.00%, 9/02/11 365,000 377,374
Fairfield Public Financing Authority Revenue, Fairfield Redevelopment
Projects, Series A, 7.80%, 8/01/19 2,145,000 2,196,995
Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 1,960,000 2,115,977
Fallbrook Union High School District, San Diego County,
Series A, MBIA Insured, 6.25%, 9/01/19 6,000,000 6,500,340
Fillmore COP, Water System Improvement Project,
AMBAC Insured, 7.70%, 5/01/19 2,590,000 3,110,694
Folsom Public Financing Authority Revenue, Local Agency,
7.25%, 10/01/10 3,000,000 3,173,640
8.00%, 10/01/18 7,590,000 7,801,533
Folsom Special Tax,
CFD No. 1, Willow Creek, 8.25%, 12/01/06 2,000,000 2,074,220
CFD No. 2, 7.60%, 12/01/09 3,910,000 4,271,831
CFD No. 2, 7.70%, 12/01/19 3,950,000 4,323,631
Fontana Public Financing Authority Revenue, Tax Allocation,
North Fontana Redevelopment,
Series B, 6.30%, 1/15/24 1,905,000 1,928,374
Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 2,000,000 2,301,040
Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 11,005,000 12,703,072
Fontana RDA, Tax Allocation, Refunding, Jurupa Hills
Redevelopment Project, Series A, 7.10%, 10/01/23 10,000,000 10,684,500
Fontana Special Tax, CFD No. 2, Series B, 8.50%, 9/01/17 31,750,000 33,314,958
Foothill-De Anza Community College District, COP, Parking
Structure Project, Pre-Refunded,
8.20%, 7/01/08 1,690,000 1,795,152
8.25%, 7/01/18 3,110,000 3,304,655
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue,
Senior Lien, Series A,
6.50%, 1/01/32 108,175,000 115,839,199
6.00%, 1/01/34 132,495,000 136,650,043
5.00%, 1/01/35 8,750,000 7,956,813
Fort Bragg COP, Capital Improvement Authority, Pre-Refunded,
7.85%, 8/01/14 2,120,000 2,232,932
Fort Bragg RDA Revenue, Tax Allocation, Fort Bragg Redevelopment
Project, Series A, 6.875%, 5/01/18 2,015,000 2,125,966
Fortuna and Susanville Cities, COP, Series B, 7.375%, 9/01/17 2,000,000 2,144,800
Fremont COP, Park Facilities Corp., 6.75%, 8/01/11 6,035,000 6,213,455
Fremont COP,
Series A, MBIA Insured, 5.90%, 8/01/25 8,320,000 8,525,920
Series B, 6.10%, 8/01/25 3,585,000 3,591,812
Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%, 8/01/06 1,980,000 2,028,074
Fresno County COP, American Avenue Landfill Project,
ETM, 7.50%, 11/01/97 255,000 255,757
ETM, 7.60%, 11/01/98 275,000 285,772
ETM, 7.75%, 11/01/99 295,000 317,258
ETM, 7.90%, 11/01/00 320,000 355,590
ETM, 8.00%, 11/01/01 345,000 394,756
Pre-Refunded, 8.25%, 11/01/13 7,185,000 8,455,595
Fresno County HFR, Mortgage Loans, Series A, 12.50%, 9/15/12 $ 70,000 $ 70,781
Fresno County Office of Education, COP, Capital Outlay
Financing Program, Series C, 7.50%, 12/01/10 2,470,000 2,653,151
Fresno Health Facilities Revenue, Holy Cross Health Systems Corp.,
MBIA Insured, 5.625%, 12/01/15 5,000,000 5,102,800
Fresno IDR, Refunding, Civic Center Square Project, 8.60%, 4/01/08 3,000,000 3,025,920
Fresno RDA Revenue, Tax Allocation, Mariposa Redevelopment
Project, Series A, 6.625%, 2/01/23 1,505,000 1,578,203
Fresno USD, COP, Project Phase VI, Series A, 7.20%, 5/01/11 7,065,000 7,652,525
Galt 1915 Act, AD No. 9, 7.75%, 9/02/24 5,775,000 5,969,098
Galt COP, Waste Water Improvement, 7.80%, 9/01/10 3,340,000 3,505,898
Galt Middle School, Joint Powers Authority, Special Tax,
CFD No. 1, 8.00%, 9/01/15 3,980,000 4,037,232
Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 3/01/19 7,250,000 7,610,470
Grand Terrace Public Financing Authority, Series A, 7.85%, 6/01/21 2,945,000 3,359,833
Grass Valley Hospital Revenue, Insured, Sierra Nevada Memorial
Hospital, 7.25%, 4/01/19 3,000,000 3,160,650
Hawaiian Gardens Public Finance Authority, Tax Allocation,
Pre-Refunded, Series 1988, 7.90%, 12/01/13 9,375,000 9,980,719
Hawaiian Gardens RDA, Refunding, Tax Allocation, Project No. 1,
6.35%, 12/01/33 13,000,000 13,541,840
ETM, 8.00%, 12/01/10 7,550,000 8,819,231
a Hawthorne CRDA, Special Tax, CFD No. 91-1, 8.25%, 10/01/14 5,000,000 3,993,750
Hawthorne CRDA, Tax Allocation, Hawthorne
Redevelopment Project No. 2, Pre-Refunded,
7.875%, 7/01/15 2,250,000 2,362,793
Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 4,000,000 4,655,080
Hemet Valley Hospital District Revenue, COP, Hemacinto
Community Corp. Project, Series A,
7.75%, 5/01/19 2,620,000 2,670,252
Hemet Valley Hospital District Revenue, Moreno Valley
Regional Medical Center, Series A, Pre-Refunded,
8.25%, 7/01/05 3,115,000 3,278,444
8.50%, 7/01/18 22,490,000 23,710,982
Hesperia Public Financing Authority Revenue, Highway and
Street Improvement, Series A, 6.10%, 10/01/10 1,600,000 1,674,304
Hesperia Water District, COP, Refunding, Water Facilities
Improvement Project, FGIC Insured,
7.15%, 6/01/26 5,000,000 5,595,000
Highland Special Tax, CFD No. 90-1, Series A, Pre-Refunded,
8.50%, 9/01/10 2,000,000 2,124,740
8.60%, 9/01/15 3,000,000 3,189,750
Hollister RDA, Tax Allocation, Community Development Project,
Series 1989, 7.55%, 10/01/13 2,000,000 2,172,560
Series B, FSA Insured, 6.625%, 10/01/07 1,905,000 2,083,384
Series B, FSA Insured, 6.75%, 10/01/13 1,495,000 1,618,308
Huntington Beach COP, Refunding, Emerald Cove Senior
Citizens Housing Project, 7.00%, 9/01/21 3,655,000 3,783,035
Huntington Beach Public Financing Authority Revenue,
Huntington Beach Redevelopment Projects,
Refunding, Series 1992, 7.00%, 8/01/24 2,630,000 2,711,451
Series A, Pre-Refunded, 8.375%, 5/01/18 14,855,000 15,542,787
Huntington Park Public Financing Authority, Series A,
Lease Revenue, 7.875%, 9/01/19 4,775,000 4,972,637
Local Agency Revenue, Refunding, MBIA Insured, 6.45%, 9/01/22 10,000,000 10,973,900
Huntington Park RDA, Sales and Use Tax Revenue, Junior Lien,
Tax Allocation, Merged Project,
Pre-Refunded, 8.00%, 1/01/22 11,665,000 12,877,460
Imperial COP, Water System Refining Program, Refunding,
Series A, 5.85%, 10/15/16 2,625,000 2,719,054
Series A, 5.875%, 10/15/20 4,535,000 4,687,149
Imperial COP, Water System Refining Program, Refunding, (cont.)
Series B, 5.85%, 10/15/16 $ 1,820,000 $ 1,885,211
Series B, 5.875%, 10/15/20 3,175,000 3,281,521
Imperial Irrigation District, COP, Electric System Project,
Series 1994, 6.00%, 11/01/18 21,010,000 22,104,201
Indio Public Financing Authority Revenue, Refunding,
Tax Allocation, Series 1992,
6.85%, 8/15/01 255,000 278,524
6.95%, 8/15/02 275,000 301,106
7.10%, 8/15/03 300,000 329,685
7.30%, 8/15/22 12,120,000 13,384,237
Industry COP, Refunding, 6.625%, 6/01/06 11,380,000 12,691,431
Industry GO, Refunding, MBIA Insured, 5.25%, 7/01/20 5,500,000 5,427,620
Industry Urban Development Agency, Refunding,
Tax Allocation, Transportation District No. 3 Project,
6.90%, 11/01/07 5,860,000 6,341,047
Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc., 6.75%, 5/01/13 12,000,000 12,778,920
Inglewood Public Financing Authority Revenue, La Cinega
Redevelopment Project, Series A,
AMBAC Insured, 6.00%, 5/01/16 7,410,000 7,711,217
Inglewood USD, COP, 7.375%, 10/01/05 2,990,000 3,174,453
Inland Empire Solid Waste Financing Authority Revenue, Landfill
Improvement Financing Project,
Series B, FSA Insured,
6.25%, 8/01/11 5,000,000 5,468,300
6.00%, 8/01/16 5,000,000 5,238,900
Intercommunity Hospital Financing Authority, Solano County
COP, 7.75%, 11/01/19 37,885,000 39,275,001
Intermodal Container Transfer Facility, Joint Powers Authority Revenue,
Refunding, Series A, 7.65%, 11/01/04 9,640,000 9,999,476
7.70%, 11/01/14 27,465,000 28,504,001
Inyo County COP, Series 1990, 7.30%, 12/01/10 1,470,000 1,525,787
Irvine Ranch Water District Revenue, Joint Powers Agency, Local Pool,
7.80%, 2/15/08 13,000,000 13,176,540
7.875%, 2/15/23 228,390,000 231,509,807
Issue II, 8.20%, 8/15/08 15,000,000 15,530,100
Issue II, 8.25%, 8/15/23 255,995,000 265,039,303
Irvine USD, Special Tax, Refunding, CFD No. 8,
AMBAC Insured, 5.80%, 11/01/20 8,165,000 8,480,986
Irwindale CRDA, Tax Allocation,
Individual Development Project, 6.60%, 8/01/18 1,630,000 1,735,184
Individual Development Project, 6.625%, 8/01/26 9,100,000 9,719,255
Refunding, Senior Lien, FSA Insured, 5.75%, 8/01/26 10,220,000 10,656,701
Irwindale Public Finance Authority, Special Tax,
CFD No. 1, 8.50%, 11/01/20 10,000,000 10,650,300
John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 6/01/23 1,760,000 1,926,338
Jurupa Community Service District, COP, Waste Water Facility Project,
Series 1990, Pre-Refunded, 7.55%, 10/01/05 800,000 846,032
7.55%, 10/01/06 510,000 539,345
7.55%, 10/01/07 980,000 1,036,389
Keppel Union School District, Special Tax, CFD No. 1-91,
Series A, 7.40%, 9/01/16 2,000,000 2,135,880
Kern County Housing Authority, RRMR, Series A, 9.875%, 9/01/08 5,010,000 5,041,513
Kern County Housing Authority, SFMR, Series A, GNMA Secured,
7.45%, 12/01/02 220,000 228,914
7.55%, 12/01/07 485,000 520,512
Kern County Housing Authority, SFMR, Series A, GNMA Secured, (cont.)
7.65%, 12/01/12 $ 705,000 $ 751,382
7.70%, 12/01/23 3,215,000 3,414,909
7.50%, 10/01/24 835,000 897,041
Kings River Conservation District, Pine Flat Power Revenue, Refunding, Series D,
6.00%, 1/01/17 6,455,000 6,632,125
5.50%, 1/01/20 6,450,000 6,460,772
La Habra COP, Park La Habra and Viewpark Projects,
FSA Insured, 6.625%, 11/01/22 3,000,000 3,275,490
La Mesa Parking Authority Lease Revenue, Refunding, Municipal
Forwards, AMBAC Insured, 6.00%, 10/01/07 3,810,000 4,134,231
La Mirada RDA, Special Tax, Civic Theater Project, CFD No. 8,
7.90%, 10/01/01 295,000 314,538
8.00%, 10/01/02 315,000 336,326
8.00%, 10/01/03 340,000 362,059
8.25%, 10/01/20 12,725,000 13,553,270
La Mirada RDA, Tax Allocation, Housing, Refunding, Series A,
FSA Insured, 5.875%, 8/15/25 7,100,000 7,376,829
La Mirada SFMR, 7.65%, 4/01/24 2,010,000 2,171,061
La Palma Community Development Commission, Tax Allocation,
La Palma Community Development
Project No. 1,
7.10%, 6/01/21 4,945,000 5,240,711
6.10%, 6/01/22 2,355,000 2,386,345
La Quinta RDA, Tax Allocation,
Housing & Redevelopment Project, Areas No. 1 & 2,
MBIA Insured, 6.00%, 9/01/25 7,500,000 7,923,975
La Quinta Redevelopment Project, Pre-Refunded, 8.00%, 9/01/12 1,500,000 1,586,895
Lake Arrowhead Community Services District, COP,
Refunding, FGIC Insured, 6.50%, 6/01/15 10,000,000 10,792,200
Lake Elsinore Public Financing Authority, Tax Allocation Revenue,
Lake Elsinore Redevelopment Projects,
Series A, FSA Insured, 5.80%, 9/01/25 6,750,000 6,895,463
Lake Elsinore USD, COP, Refunding, 6.90%, 2/01/20 5,150,000 5,688,433
Lake Elsinore USD, Special Tax, CFD No. 8,
7.50%, 9/01/14 4,825,000 4,867,991
8.25%, 9/01/16 4,200,000 4,489,716
Lakewood RDA, Refunding, Tax Allocation, Redevelopment
Project No. 1, Series A, FSA Insured, 6.50%, 9/01/17 6,705,000 7,285,854
Lancaster CFD No. 8,7.60%, 9/01/20 4,155,000 3,235,706
Lancaster COP, Refunding, School District Project, FSA Insured,
6.95%, 3/01/12 2,640,000 2,991,859
7.00%, 3/01/22 3,555,000 4,020,385
Lancaster RDA, RMR, Los Angeles County, Series A, 10.125%, 9/01/16 5,000 5,065
Lancaster RDA, Tax Allocation, MBIA Insured,
Combined Redevelopment Project Areas, Housing Program, 5.80%, 8/01/23 9,125,000 9,348,836
Combined Redevelopment Project Areas, Sheriff's Program, 5.70%, 8/01/23 13,140,000 13,379,411
Refunding, Amargosa Redevelopment Project, 6.85%, 2/01/19 6,055,000 6,552,963
Lassen County COP, Public Facility Project,
Series A, 7.50%, 11/01/04 1,260,000 1,341,522
Series A, 7.60%, 11/01/09 1,840,000 1,945,782
Series B, 7.50%, 11/01/04 1,045,000 1,112,612
Series B, 7.60%, 11/01/09 1,050,000 1,110,365
Lemon Grove CDA Revenue, Tax Allocation, Lemon Redevelopment
Project, 6.90%, 8/01/20 $ 1,000,000 $ 1,061,240
Lemoore Financing Authority Lease Revenue, Water and Waste Water
System Improvement Project,
AMBAC Insured, 6.20%, 12/01/20 4,400,000 4,759,348
Lemoore RDA, Tax Allocation, Refunding, 6.85%, 8/01/25 6,105,000 6,586,868
Liberty Union High School District, Series A, FSA Insured, 6.20%, 8/01/19 2,745,000 2,947,142
Little Lake City School District, COP, Refunding, Series A,
6.15%, 6/01/06 280,000 292,460
6.20%, 6/01/07 300,000 312,249
6.25%, 6/01/08 315,000 327,187
6.25%, 6/01/09 335,000 347,261
6.25%, 6/01/10 355,000 367,255
Local Government Finance, Joint Powers Authority Revenue,
Anaheim RDA, Series A, Pre-Refunded, 8.20%, 9/01/15 15,000,000 15,895,500
Local Medical Facilities Financing Authority, COP, 7.55%, 3/01/20 9,530,000 10,255,424
Local Medical Facilities Financing Authority II, COP, California Health Clinic Project,
7.55%, 11/01/20 4,195,000 4,574,773
Series B, 6.85%, 10/01/21 2,635,000 2,823,034
Local Medical Facilities Financing Authority III, COP, Insured
Health Clinic Projects, 6.90%, 7/01/22 3,590,000 3,858,712
Loma Linda Hospital Revenue, Refunding, Loma Linda University Medical Center,
Series A, AMBAC Insured, 6.55%, 12/01/18 11,525,000 12,473,508
Series B, MBIA Insured, 5.00%, 12/01/22 8,000,000 7,551,360
Long Beach COP, Fleet Services Project, Series A,
6.60%, 5/01/14 7,715,000 8,061,481
6.00%, 5/01/17 3,680,000 3,751,870
Long Beach Harbor Revenue, MBIA Insured,
5.375%, 5/15/20 10,285,000 10,105,938
5.25%, 5/15/25 15,500,000 14,930,530
Long Beach HMR, Series A, 9.60%, 11/01/14 2,495,000 2,573,019
Long Beach RDA, Downtown Redevelopment Project, Series B, Pre-Refunded,
8.20%, 11/01/05 3,080,000 3,219,555
8.30%, 11/01/10 3,410,000 3,566,451
Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%, 12/01/12 3,735,000 3,929,855
Long Beach Water Revenue, Refunding, 6.25%, 5/01/24 7,935,000 8,613,443
Los Angeles Community College District, COP, Series A,
Capital Improvement Project, Pre-Refunded, 7.50%, 8/15/09 7,175,000 7,771,386
Refunding, FSA Insured, 6.00%, 8/15/20 4,330,000 4,532,947
Los Angeles Community Redevelopment Agency, Tax Allocation,
Series G, 6.75%, 7/01/10 17,245,000 17,602,323
Los Angeles COP,
Ararat Mission Hills Project, Series A, 7.25%, 6/01/21 3,305,000 3,588,437
Bay Harbor Hospital, Inc., 7.30%, 4/01/20 5,335,000 5,720,240
Los Angeles County, Capital Asset Leasing Corp., Leasehold Revenue,
Refunding, AMBAC Insured,
6.00%, 12/01/16 6,000,000 6,261,540
Los Angeles County COP,
CHFCLP Insured Health Clinic Program, Series A, 7.30%, 1/01/21 15,545,000 17,087,997
CHFCLP Insured Health Clinic Program, Series B, 7.05%, 8/01/21 7,175,000 7,680,264
CHFCLP Insured Health Clinic Program, Series C, 6.90%, 1/01/22 1,260,000 1,340,489
Civic Center Heating and Refrigeration Plant, Pre-Refunded, 8.00%, 6/01/10 3,250,000 3,404,700
Los Angeles County COP, (cont.)
Disney Parking Project, 5.50%, 9/01/21 $ 11,560,000 $ 11,259,440
Disney Parking Project, 6.50%, 3/01/23 13,060,000 13,869,720
Hospital Information System, Medical Center, 5.90%, 12/01/97 1,000,000 1,002,650
Marina del Rey, Series A, 6.50%, 7/01/08 21,615,000 23,219,698
Multiple Capital Facilities Project III, 6.25%, 11/01/07 6,000,000 6,192,000
Refunding, CHFCLP Insured Health, Clinic Program, Behavioral
Health Service, Series F, 5.875%, 1/01/21 7,520,000 7,753,346
Refunding, Retirement Housing Foundation, 6.625%, 4/15/12 3,400,000 3,647,214
Refunding, Retirement Housing Foundation, 6.75%, 4/15/22 7,665,000 8,228,378
Series 1992, 6.625%, 7/01/22 1,000,000 1,066,090
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Proposition C, Second Series A, AMBAC Insured, 5.00%, 7/01/25 7,000,000 6,637,610
Proposition C, Second Series B, AMBAC Insured, 5.25%, 7/01/23 14,660,000 14,334,841
Refunding, Proposition A, First Tier, Senior Series A,
MBIA Insured, 5.25%, 7/01/27 17,300,000 16,941,371
Refunding, Proposition A, Second Tier, MBIA Insured, 6.00%, 7/01/26 12,200,000 12,902,598
Refunding, Proposition A, Series A, FGIC Insured, 5.00%, 7/01/21 67,800,000 64,102,188
Refunding, Proposition A, Series A, MBIA Insured, 5.625%, 7/01/18 10,060,000 10,258,081
Los Angeles County Public Works, Financing Authority Revenue,
Regional Park and Open Space District,
Series A, 6.00%, 10/01/15 35,355,000 37,262,402
Los Angeles County Sanitation Districts Financing Authority
Revenue, Capital Projects, Series A, MBIA Insured,
5.25%, 10/01/19 43,545,000 42,654,940
5.00%, 10/01/23 19,300,000 18,222,409
Los Angeles County SFMR, GNMA Secured, Issue A,
7.875%, 8/01/16 2,285,000 2,412,160
8.00%, 3/01/17 3,310,000 3,637,227
Los Angeles County Special Tax, CFD No. 1, Palmdale/Lancaster Waterworks, Series A,
8.00%, 9/01/06 230,000 237,158
8.125%, 9/01/18 4,350,000 4,490,070
Los Angeles County Special Tax, CFD No. 3, Series A,
Pre-Refunded, 7.60%, 9/01/14 5,785,000 6,273,717
Los Angeles County Transportation Commission, Lease Revenue,
FSA Insured, 7.375%, 12/15/06 15,229,000 16,927,947
Los Angeles County Transportation Commission, Sales Tax Revenue,
Refunding, Series A, 7.40%, 7/01/09 26,410,000 28,273,490
Refunding, Series A, 7.40%, 7/01/15 1,830,000 1,956,563
Refunding, Series A, Pre-Refunded, 8.00%, 7/01/18 8,240,000 8,663,701
Refunding, Series B, 6.50%, 7/01/13 4,300,000 4,604,096
Refunding, Series B, FGIC Insured, 6.50%, 7/01/13 5,000,000 5,396,450
Refunding, Series B, FGIC Insured, 5.75%, 7/01/18 28,095,000 28,507,154
Refunding, Series B, MBIA Insured, 5.75%, 7/01/18 13,480,000 13,700,533
Series A, Proposition C, Second Senior, MBIA Insured, 6.625%, 7/01/09 29,590,000 32,658,779
Series A, Proposition C, Second Senior, MBIA Insured, 6.25%, 7/01/13 15,000,000 16,078,350
Series A, Proposition C, Second Senior, MBIA Insured, 6.00%, 7/01/23 55,780,000 58,092,639
Los Angeles CRDA, Financing Authority Revenue, Pooled Financing,
Beacon Normandie, Series B, 6.625%, 9/01/14 7,500,000 7,959,900
Bunker Harbor, Series A, 6.375%, 9/01/14 5,000,000 5,121,450
Los Angeles CRDA, MFHR, Refunding, Angelus Plaza Project,
Series A, 6.40%, 7/01/23 6,520,000 6,818,420
Los Angeles CRDA, Tax Allocation, Refunding, Bunker Hill, Series H, FSA Insured,
5.625%, 12/01/18 $ 20,000,000 $ 20,279,000
5.625%, 12/01/23 50,090,000 50,623,959
5.60%, 12/01/28 36,900,000 37,233,207
Los Angeles Department of Airports Revenue, Ontario International Airport,
Series A, FGIC Insured,
6.00%, 5/15/26 10,000,000 10,475,300
Los Angeles Department of Water and Power Electric Plant Revenue,
Crossover Refunding, 5.875%, 9/01/30 33,125,000 34,082,313
Crossover Refunding, FGIC Insured, 5.875%, 9/01/30 15,000,000 15,540,750
Crossover Refunding, MBIA Insured, 5.875%, 9/01/30 19,400,000 20,036,126
Crossover Refunding, Second Issue, 5.40%, 11/15/31 14,500,000 14,232,910
Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 9/01/20 32,630,000 35,236,158
Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 9/01/23 87,955,000 87,524,021
Refunding, Series 1992, 6.375%, 2/01/20 8,245,000 8,711,172
Refunding, Series 1992, 6.00%, 2/01/28 8,290,000 8,636,688
Refunding, Series 1992, MBIA Insured, 6.00%, 2/01/28 11,060,000 11,548,741
Second Issue, 6.00%, 8/15/32 37,600,000 39,051,736
Series 1988, 7.90%, 5/01/28 22,800,000 23,778,348
Series 1993, 6.125%, 1/15/33 101,095,000 105,945,538
Series 1993, FGIC Insured, 6.125%, 1/15/33 5,000,000 5,273,850
Los Angeles Department of Water and Power Waterworks Revenue,
Crossover Refunding, FGIC Insured, 5.25%, 4/15/18 6,700,000 6,608,746
Crossover Refunding, Series 1993, 5.80%, 4/15/24 10,520,000 10,666,859
FGIC Insured, 6.125%, 5/15/25 11,100,000 11,859,795
Refunding, Series 1992, 6.40%, 5/15/28 21,590,000 22,886,695
Second Issue, 6.50%, 11/01/14 1,000,000 1,070,250
Second Issue, 6.40%, 11/01/31 14,815,000 15,773,382
Second Issue, 6.00%, 7/15/32 15,590,000 16,149,681
Second Issue, FGIC Insured, 6.40%, 11/01/31 5,500,000 5,910,630
Second Issue, FGIC Insured, 6.00%, 7/15/32 3,200,000 3,333,312
Second Issue, MBIA Insured, 6.00%, 7/15/32 4,330,000 4,510,388
Series 1989, 7.20%, 2/15/19 3,850,000 4,091,318
Series 1992, 6.50%, 4/15/32 3,500,000 3,712,205
Series 1994, MBIA Insured, 6.375%, 7/01/34 3,000,000 3,265,590
Los Angeles GO, Series A,
FGIC Insured, 6.10%, 9/01/12 6,465,000 6,941,600
FGIC Insured, 6.125%, 9/01/13 8,130,000 8,717,962
FGIC Insured, Series A, 6.30%, 9/01/15 11,470,000 12,370,969
MBIA Insured, 6.00%, 9/01/12 5,000,000 5,405,750
Los Angeles Harbor Department Revenue,
Refunding, Series C, MBIA Insured, 5.375%, 11/01/25 9,000,000 8,954,280
Series B, 6.125%, 8/01/18 24,810,000 26,051,989
Series B, 6.20%, 8/01/22 59,835,000 63,140,884
Series B, 5.375%, 11/01/23 7,460,000 7,300,953
Series B, 6.20%, 8/01/25 35,690,000 38,126,913
Los Angeles HMR, Series 1985, 9.00%, 6/15/18 500,000 505,765
Los Angeles Metropolitan Transportation Authority, Sales Tax Revenue,
Proposition A, First Tier,
Senior Series A, MBIA Insured, 6.00%, 7/01/23 $ 6,000,000 $ 6,345,540
Los Angeles MFHR, Refunding, Senior Series G, FSA Insured, 5.75%, 1/01/24 7,415,000 7,570,270
Los Angeles Municipal Improvement Corp., Lease Revenue, Refunding,
Central Library Project, Series A,
6.30%, 6/01/18 3,000,000 3,162,810
Los Angeles USD, COP, Refunding, Dr. Francisco Bravo Medical Facility,
6.50%, 6/01/04 3,040,000 3,315,363
6.60%, 6/01/05 1,145,000 1,248,428
6.60%, 6/01/06 3,610,000 3,920,280
6.625%, 6/01/08 8,505,000 9,215,082
Los Angeles USD, Series A, FGIC Insured,
5.375%, 7/01/16 5,000,000 4,984,900
5.00%, 7/01/21 47,250,000 45,343,935
5.40%, 7/01/22 23,525,000 23,522,883
Los Angeles Waste Water System Revenue,
Refunding, Series A, FGIC Insured, 6.00%, 12/01/12 15,000,000 15,696,750
Refunding, Series A, MBIA Insured, 5.70%, 6/01/20 65,445,000 67,028,769
Refunding, Series A, MBIA Insured, 5.80%, 6/01/21 35,505,000 36,585,417
Refunding, Series C, 7.10%, 6/01/18 15,495,000 16,478,623
Refunding, Series C, MBIA Insured, 5.60%, 6/01/20 31,540,000 32,106,774
Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 8,000,000 8,466,000
Refunding, Series D, FGIC Insured, 5.20%, 11/01/21 10,000,000 9,718,700
Series A, FGIC Insured, 6.00%, 12/01/18 25,665,000 26,719,575
Series A, MBIA Insured, 5.875%, 6/01/24 45,400,000 47,158,342
Series B, AMBAC Insured, 6.00%, 6/01/22 10,650,000 11,087,076
Series B, MBIA Insured, 5.70%, 6/01/23 75,720,000 77,552,424
Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 7/01/13 6,965,000 7,203,482
Lynwood USD, COP, Series A,
7.70%, 11/01/07 490,000 498,065
7.70%, 11/01/08 300,000 304,926
7.70%, 11/01/09 1,140,000 1,158,673
Madera-Chowchilla Power Authority, Hydroelectric Revenue,
Refunding, 8.00%, 1/01/14 2,360,000 2,649,619
Madera County COP, Valley Children's Hospital, MBIA Insured,
6.125%, 3/15/23 18,000,000 19,160,820
5.75%, 3/15/28 27,500,000 28,183,650
Madera USD, COP, 6.50%, 12/01/07 1,250,000 1,343,563
Marin County COP, Capital Improvement Project, 6.625%, 8/01/06 2,330,000 2,552,655
Martinez USD, Refunding, Series 1992,
6.00%, 8/01/06 1,260,000 1,313,348
6.00%, 8/01/10 1,265,000 1,315,258
Marysville COP, Capital Improvement Financing Project, 7.125%, 2/01/13 1,110,000 1,184,992
Mayer's Memorial Hospital District, Health Facility Revenue, Fall River Mills,
IDBI Insured, Pre-Refunded,
7.70%, 2/01/19 7,070,000 7,513,784
Mendocino County COP, Refunding, BIG Insured, 7.40%, 8/15/06 6,310,000 6,617,991
Mendota and Parlier USD, COP, Capital Outlay Financing Program,
7.50%, 1/01/11 635,000 648,964
7.55%, 1/01/17 770,000 787,140
Menlo Park CDA, MFHR, Gateway Project, Series A,
FHA Insured, 8.25%, 12/01/28 $ 3,470,000 $ 3,579,340
Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 3,580,000 3,855,588
Metropolitan Water District Revenue, Southern California Waterworks,
5.50%, 7/01/19 81,315,000 81,807,769
5.00%, 7/01/20 5,250,000 4,996,163
Series C, 5.00%, 7/01/37 13,490,000 12,609,778
Series C, MBIA Insured, 5.00%, 7/01/27 11,855,000 11,256,560
Mid-Peninsula Regional Open Space District, COP,
Series 1990, Pre-Refunded, 7.60%, 9/01/20 5,000,000 5,427,200
Special Districts Association Finance Corp., 5.75%, 9/01/20 5,200,000 5,278,832
Mid-Peninsula Regional Open Space District, Series 1990,
7.50%, 9/01/07 1,215,000 1,306,538
7.50%, 9/01/08 1,305,000 1,402,066
7.50%, 9/01/09 1,400,000 1,504,132
7.50%, 9/01/10 1,500,000 1,610,130
Mill Valley Revenue, COP, Pre-Refunded, 7.10%, 12/01/20 2,750,000 3,047,358
Milpitas RDA, Tax Allocation, Redevelopment Project Area No. 1, MBIA Insured,
5.40%, 1/15/17 12,155,000 12,184,415
5.50%, 1/15/24 15,790,000 15,907,320
Modesto COP, Water System Improvement Project,
AMBAC Insured, 6.25%, 10/01/22 13,000,000 13,766,090
Modesto Health Facility Revenue, Memorial Hospital Association,
Refunding, Series B, MBIA Insured, 5.125%, 6/01/17 1,000,000 971,570
Refunding, Series B, MBIA Insured, 5.25%, 6/01/21 2,360,000 2,309,756
Series A, Pre-Refunded, 7.875%, 8/01/18 6,800,000 7,163,596
Modesto Irrigation District, COP, Refunding and Capital Improvement Project,
Series A, MBIA Insured,
6.00%, 10/01/21 10,000,000 10,263,400
Modesto Irrigation District, Financing Authority Revenue, Domestic
Water Project, Series A, AMBAC Insured,
6.125%, 9/01/19 3,000,000 3,157,440
Mojave Water Agency COP, Supplemental Water Entitlement, MBIA Insured,
5.45%, 9/01/15 6,150,000 6,252,090
5.55%, 9/01/22 10,005,000 10,126,261
Montclair RDA, Tax Allocation,
Redevelopment Project No. IV, 6.90%, 10/01/22 1,645,000 1,767,224
Redevelopment Project No. V, 6.90%, 10/01/22 4,245,000 4,560,404
Monterey County COP, Natividad Medical Center Improvement Project,
Series A, 6.10%, 8/01/23 1,095,000 1,116,385
Series B, MBIA Insured, 6.10%, 8/01/27 5,170,000 5,411,439
Series C, MBIA Insured, 6.50%, 8/01/15 3,500,000 3,869,460
Series C, MBIA Insured, 6.60%, 8/01/23 13,250,000 14,733,338
Series C, MBIA Insured, 6.25%, 8/01/28 13,385,000 14,443,887
Monterey Hospital Revenue,
Monterey Peninsula Hospital Project, Series A, 7.375%, 7/01/14 1,650,000 1,669,932
Refunding, Monterey Peninsula Hospital, Series B, 7.375%, 7/01/14 1,105,000 1,118,348
Monterey Park RDA, Tax Allocation, Refunding, Atlantic-Garvey
Redevelopment Project No. 1,
6.85%, 9/01/14 13,680,000 14,515,985
Moreno Valley Special Tax, Refunding, Towngate Community Facilities 8,
Series A, FSA Insured,
5.875%, 12/01/15 5,830,000 6,023,614
Moreno Valley USD, COP, Land Acquisition, FSA Insured, Series E,
6.70%, 9/01/11 $ 240,000 $ 251,028
6.75%, 9/01/27 2,895,000 3,022,785
Moreno Valley USD, COP,
Palm Middle School, ETM, 7.00%, 9/01/01 10,000 11,030
Palm Middle School, Pre-Refunded, 7.10%, 9/01/02 10,000 11,236
Palm Middle School, Pre-Refunded, 7.20%, 9/01/03 10,000 11,272
Palm Middle School, Pre-Refunded, 7.30%, 9/01/05 5,000 5,654
Refunding, 5.60%, 3/01/17 5,000,000 5,069,050
Refunding, FSA Insured, 5.70%, 3/01/27 15,000,000 15,261,300
Mount Diablo USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 8/01/22 5,000,000 5,351,850
Mount Shasta Hospital Revenue, COP, Mercy Medical Center,
Series A, Pre-Refunded, 7.25%, 7/01/19 4,145,000 4,376,664
Mountain View Capital Improvements, Financing Authority Revenue,
City Hall, MBIA Insured,
6.25%, 8/01/12 3,110,000 3,316,442
6.50%, 8/01/16 2,000,000 2,142,780
Mountain View-Los Altos UHSD,
COP, Financing Project, Pre-Refunded, 7.40%, 8/01/16 2,175,000 2,462,274
Series B, 5.70%, 5/01/22 6,500,000 6,649,045
Mountain View School District, COP, Santa Clara County Financing Project,
6.75%, 4/01/07 1,010,000 1,075,983
6.90%, 4/01/12 1,430,000 1,530,186
Mountain View, Shoreline Regional Park, Community Tax Allocation,
Series A, MBIA Insured,
5.75%, 8/01/18 9,605,000 9,843,588
M-S-R Public Power Agency Revenue, San Juan Project,
Series C, AMBAC Insured, 5.50%, 7/01/21 8,630,000 8,630,259
Series E, MBIA Insured, 6.00%, 7/01/22 8,490,000 8,714,645
Series F, AMBAC Insured, 6.00%, 7/01/20 10,750,000 11,249,660
Murrieta COP, Road Improvement Project, 6.00%, 4/01/27 8,600,000 8,828,244
Murrieta County Water District, Special Tax, CFD No. 8, 8.10%, 10/01/18 1,510,000 1,577,844
Napa Housing Facility Revenue, Napa Park Apartments,
Series A, 6.35%, 6/20/35 6,125,000 6,427,453
Napa Mortgage Revenue, Refunding, Creekside II Apartments Project,
Series A, MBIA Insured,
6.625%, 7/01/25 2,000,000 2,120,720
National City Community Development Commission, MFHR,
Park Villas Apartments, Series A,
5.95%, 1/20/40 10,455,000 10,694,210
Needles Public Financing Authority Revenue, Tax Allocation,
Redevelopment Project, Series A,
7.50%, 8/15/22 1,580,000 1,665,083
Nevada County COP, Jail and Government Center Project,
Refunding, FSA Insured, 5.875%, 10/01/19 6,275,000 6,451,955
Nevada Power Authority Revenue, Refunding, Bowman
Hydroelectric Project, 7.50%, 5/01/13 7,565,000 8,230,115
Norco RDA, Tax Allocation, Redevelopment Project Area No. 1, Pre-Refunded,
8.10%, 3/01/18 8,820,000 9,151,808
8.10%, 3/01/19 5,175,000 5,369,684
North City West School Facilities Financing Authority, Special Tax. CFD No. 1,
Series C, AMBAC Insured,
5.30%. 9/01/22 10,000,000 9,958,300
5.30%, 9/01/27 9,900,000 9,811,395
Northern California Public Power Agency Revenue, Hydroelectric Project No. 1,
Refunding, Series A, MBIA Insured, 5.50%, 7/01/24 10,000,000 10,055,400
Refunding, Series B-1, Pre-Refunded, 8.00%, 7/01/24 83,715,000 86,388,857
Northern California Public Power Agency Revenue, Hydroelectric Project No. 1, (cont.)
Refunding, Series B-2, Pre-Refunded, 8.00%, 7/01/24 $ 60,945,000 $ 62,891,583
Series E, 7.15%, 7/01/24 113,110,000 117,661,546
Series F, 7.15%, 7/01/24 38,190,000 39,726,766
Series G, 7.15%, 7/01/24 38,190,000 39,726,766
Northern California Transmission Revenue, Ore Transmission Project,
Series A, MBIA Insured,
6.00%, 5/01/24 7,625,000 7,851,463
Norwalk Community Facilities Financing Authority Revenue,
Tax Allocation, Projects No. 1 & 2,
Pre-Refunded, 8.00%, 12/01/19 14,720,000 16,202,893
Novato Special Tax, CFD No. 1, Pre-Refunded,
7.60%, 10/01/01 450,000 475,884
8.65%, 10/01/11 4,565,000 4,873,959
8.75%, 10/01/21 16,350,000 17,472,428
Oakland COP, Refunding, Oakland Museum, Series A, AMBAC
Insured, 6.00%, 4/01/12 8,000,000 8,337,280
Oakland GO, Measure I, FGIC Insured, 5.85%, 6/15/22 12,085,000 12,639,822
Oakland HFR,
Issue D-1, 6.80%, 1/01/99 230,000 235,329
Issue D-1, 6.80%, 7/01/99 250,000 255,165
Issue D-1, 6.875%, 1/01/00 265,000 271,980
Issue D-1, 6.875%, 7/01/00 265,000 269,147
Issue D-1, 6.95%, 1/01/01 270,000 274,331
Issue D-1, 6.95%, 7/01/01 265,000 269,836
Issue D-1, 7.10%, 1/01/10 3,500,000 3,673,495
Issue D-2, 6.95%, 7/01/01 280,000 285,110
Issue D-2, 7.10%, 1/01/10 1,160,000 1,215,657
Issue D-2, 7.15%, 1/01/24 5,800,000 6,056,534
Oakland Joint Powers Financing Authority Lease Revenue, Oakland Administration
Buildings, AMBAC Insured,
5.75%, 8/01/21 12,500,000 12,999,625
5.75%, 8/01/26 19,500,000 20,197,905
Oakland Revenue, Refunding,
Series A, FGIC Insured, 7.60%, 8/01/21 6,000,000 6,291,780
YMCA Project, Series 1990, Pre-Refunded, 7.40%, 6/01/10 5,405,000 5,965,715
Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 5,185,000 5,903,330
Oceanside COP, Refunding, Oceanside Civic Center Project,
MBIA Insured, 5.75%, 8/01/15 5,000,000 5,185,700
Oceanside COP, Refunding, Series A,
6.375%, 4/01/12 4,435,000 4,673,470
6.625%, 4/01/23 9,000,000 9,041,670
Oceanside COP, Refunding, Water System Project,
AMBAC Insured, 5.80%, 8/01/21 4,750,000 4,881,765
Oceanside COP, Wastewater Systems Plan, Refunding,
AMBAC Insured, 5.80%, 5/01/21 4,500,000 4,621,725
Oceanside COP, Water Use Association Finance Program, Series A,
AMBAC Insured, 6.40%, 10/01/12 2,000,000 2,175,900
Olivenhain Municipal Water District, 1915 Act, AD No. 9, MBIA Insured,
5.375%, 9/02/17 2,845,000 2,832,795
5.45%, 9/02/27 11,120,000 11,156,918
Ontario Montclair School District, COP,
Capital Projects, FSA Insured, 5.625%, 9/01/17 7,500,000 7,706,175
Series A, Pre-Refunded, 7.50%, 10/01/12 1,795,000 1,996,094
Orange County Airport Revenue, GO, Refunding,
MBIA Insured, 5.625%, 7/01/12 $ 5,000,000 $ 5,157,900
Orange County COP,
Civic Center Expansion Project, AMBAC Insured,
Pre-Refunded, 6.00%, 8/01/21 4,500,000 4,812,885
Juvenile Justice Center Project, Pre-Refunded, 7.50%, 6/01/09 5,000,000 5,373,450
Juvenile Justice Center Project, Pre-Refunded, 7.625%, 6/01/19 16,500,000 17,779,080
Loma Ridge/Data Center Project, AMBAC Insured, Pre-Refunded, 6.00%, 6/01/21 2,375,000 2,555,453
Public Facilities Corp., 7.875%, 12/01/13 3,250,000 3,407,235
Refunding, Juvenile Justice Center Facilities,
AMBAC Insured, 6.375%, 6/01/11 5,000,000 5,340,150
Orange County Development Agency, Tax Allocation, Refunding,
Santa Ana Heights Area Project,
6.125%, 9/01/23 6,500,000 6,711,055
Orange County Financing Authority Revenue, Refunding, Tax Allocation,
Series A, MBIA Insured,
6.50%, 9/01/21 5,430,000 5,853,594
6.50%, 9/01/22 8,000,000 8,624,080
Orange County Purchaser Certificates, Master Lease, Series 1990,
7.00%, 9/01/98 2,000,000 2,009,580
7.00%, 9/01/99 1,000,000 1,006,450
7.00%, 9/01/00 1,975,000 1,995,441
Orange County Recovery, Refunding, Series A, MBIA Insured,
5.75%, 6/01/15 79,010,000 81,603,898
COP, 5.80%, 7/01/16 10,380,000 10,834,644
COP, 5.875%, 7/01/19 17,100,000 18,024,939
Orange County Special Tax, Pre-Refunded,
CFD No. 8, Aliso Viejo, Series A, 8.00%, 8/15/05 9,900,000 10,455,291
CFD No. 8, Aliso Viejo, Series A, 8.10%, 8/15/13 43,265,000 45,728,076
CFD No. 8, Dimensions Business Park, 8.25%, 8/15/13 4,700,000 4,973,540
CFD No. 87-4, Foothill Ranch, 8.00%, 8/15/10 5,000,000 5,622,600
Orange County Transportation District COP, Business
Acquisition Project, 6.75%, 12/01/05 2,865,000 3,050,595
Orange County Water District, COP,
AMBAC Insured, 6.50%, 8/15/11 2,000,000 2,130,580
Refunding, Series A, 5.50%, 8/15/14 9,430,000 9,501,102
Refunding, Series A, 5.00%, 8/15/18 5,000,000 4,709,350
Orange Cove Irrigation District Revenue, COP, Rehabilitation
Project, Pre-Refunded, 7.25%, 2/01/12 3,400,000 3,781,242
Orange RDA Revenue, Refunding, Tax Allocation, Northwest
Redevelopment Project, Series B,
5.70%, 10/01/23 8,530,000 8,567,959
Oroville Public Financing Authority Revenue, Series A, AMBAC
Insured, 6.30%, 9/15/20 12,150,000 13,086,644
Oroville Wyandotte Irrigation District Revenue, Refunding,
Hydroelectric, 6.20%, 1/01/09 10,060,000 10,641,166
Oxnard Public Facilities Corp., COP, Pre-Refunded,
AMBAC Insured, 7.50%, 9/01/06 17,520,000 18,676,495
Civic Library Project, 8.00%, 10/01/08 3,750,000 3,980,213
Palm Desert 1915 Act, AD No. 9, 7.60%, 9/02/12 1,290,000 1,346,889
Palm Desert Financing Authority Lease Revenue, Blythe County
Administrative Project, 6.625%, 8/01/26 5,020,000 5,289,122
Palm Desert Financing Authority Revenue, Tax Allocation, Project
Area No.1, MBIA Insured,
Refunding, 5.625%, 4/01/23 13,000,000 13,058,630
Series A, 6.625%, 4/01/23 5,515,000 5,992,654
Series, A, 5.95%, 4/01/24 15,075,000 15,787,143
Palm Springs COP, Multiple Capital Facilities Project, Refunding,
AMBAC Insured, 5.75%, 4/01/27 11,570,000 11,953,430
Palm Springs Financing Authority,
bRefunding, Lease Revenue, MBIA Insured, 5.25%, 11/01/14 $ 1,810,000 $ 1,787,809
bRefunding, Lease Revenue, MBIA Insured, 5.40%, 11/01/21 5,390,000 5,311,198
Tax Allocation, Series B, 6.875%, 8/01/21 2,230,000 2,364,179
Palmdale Civic Authority Revenue, Refunding, Merged Redevelopment
Project Areas, Series A,
MBIA Insured, 6.15%, 9/01/24 11,580,000 12,506,979
Palmdale CRDA, Tax Allocation Bonds, Series A, MBIA Insured, 5.75%, 9/01/27 10,435,000 10,789,268
Palmdale School District, COP, Series 1990, 7.40%, 8/01/20 495,000 506,826
Palomar Community College District, COP, Building Acquisition Project,
Connie Lee Insured,
6.75%, 10/01/19 4,210,000 4,686,740
Palomar Pomerado Hospital District Revenue, Refunding, Series A,
MBIA Insured, 5.00%, 11/01/14 6,300,000 6,116,607
Panoche Water District, COP, 7.50%, 12/01/08 3,000,000 3,191,490
Paramount RDA, Tax Allocation, Custodial Receipts,
MBIA Insured, 6.25%, 8/01/23 22,070,000 23,651,316
Pasadena COP, Art Center, College of Design, Connie Lee
Insured, 6.50%, 12/01/19 8,250,000 9,049,920
Pasadena Water Revenue, 6.00%, 7/01/13 4,000,000 4,180,720
Perris Public Financing Authority Revenue, Refunding, Tax Allocation,
Series B, MBIA Insured, 6.35%, 8/15/17 5,280,000 5,676,686
Series C, 7.10%, 11/15/17 3,330,000 3,568,694
Perris Public Financing Authority Revenue, Special Tax, Series A,
7.45%, 9/01/01 205,000 208,479
7.50%, 9/01/02 235,000 238,939
7.55%, 9/01/03 270,000 274,469
7.60%, 9/01/04 305,000 309,984
7.60%, 9/01/05 325,000 330,177
7.80%, 9/01/19 3,555,000 3,609,356
Perris RDA, Tax Allocation,
Central and North Perris Redevelopment Project, Series B,
Pre-Refunded, 7.875%, 10/01/14 4,535,000 5,244,728
Refunding, Central and North Perris Redevelopment Project,
Series A, Pre-Refunded, 7.875%, 10/01/10 2,935,000 3,425,439
Series 1991, 7.15%, 8/01/11 865,000 918,673
Series 1991, 7.20%, 8/01/21 2,040,000 2,169,316
Perris Special Tax,
CFD No. 8, Series A, ETM, 8.00%, 9/01/99 50,000 53,709
CFD No. 8, Series A, ETM, 8.05%, 9/01/00 65,000 72,125
CFD No. 8, Series A, ETM, 8.10%, 9/01/01 85,000 97,101
CFD No. 8, Series A, ETM, 8.15%, 9/01/02 100,000 117,262
CFD No. 8, Series A, Pre-Refunded, 8.30%, 9/01/18 6,040,000 7,442,428
CFD No. 91-1, 8.75%, 9/01/21 5,395,000 5,793,852
Petaluma Community Development Commission, MFR, Park Lane
Apartments, Series A, 6.875%, 11/20/34 4,800,000 5,162,448
Pismo Beach Public Financing Authority Revenue, 6.90%, 9/15/22 1,200,000 1,218,444
Pittsburg Public Financing Authority, Water Revenue,
MBIA Insured, 5.50%, 6/01/27 7,980,000 8,040,808
Placentia COP, Refunding, RDA, Series A, 6.90%, 1/01/14 1,770,000 1,899,192
Pleasant Valley School District, Ventura County COP, Woodcreek Road,
Elementary School Project,
6.375%, 8/01/18 3,230,000 3,273,250
Pleasanton COP,
Capital Improvements, 6.70%, 10/01/11 2,180,000 2,296,521
Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 9/01/14 4,585,000 4,999,759
Pomona Public Financing Authority Revenue,
Refunding, Series P, 5.75%, 10/01/15 $ 6,490,000 $ 6,683,856
Series H, AMBAC Insured, 7.40%, 5/01/18 10,205,000 10,879,346
Pomona RDA, Tax Allocation,
Holt Ave./Indian Hill Blvd., Redevelopment Project, 8.25%, 6/01/16 2,370,000 2,411,380
Refunding, Reservoir Street Industrial Redevelopment Project, 8.25%, 6/01/13 2,795,000 2,844,024
Southwest Pomona Redevelopment Project, 11.45%, 1/01/07 14,295,000 18,838,094
West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 2/01/15 4,675,000 4,999,726
Port Hueneme RDA, Refunding, Tax Allocation, R-76 Project, 6.50%, 5/01/23 3,150,000 3,305,106
Port of Oakland Revenue, Series E, MBIA Insured,
6.25%, 11/01/05 1,525,000 1,669,204
6.30%, 11/01/06 1,050,000 1,149,141
6.40%, 11/01/07 500,000 545,875
6.40%, 11/01/22 11,495,000 12,354,941
Port of Oakland Special Facilities Revenue, Mitsui O.S.K. Lines Ltd., Series A,
6.70%, 1/01/07 6,100,000 6,575,312
6.75%, 1/01/12 4,890,000 5,202,471
6.80%, 1/01/19 8,075,000 8,559,016
Porterville COP, Refunding, Public Building Project,
AMBAC Insured, 6.30%, 10/01/18 1,950,000 2,090,381
Porterville Union High School District COP, Capital Appreciation,
Land Acquisition, Series A, FSA Insured,
6.60%, 9/01/27 1,340,000 1,374,197
Poway COP, RDA, Poinsettia Mobile Home Park, Pre-Refunded, 8.375%, 6/01/18 8,100,000 8,505,243
Poway COP, Royal Mobile Home Park Project, FSA Insured,
Capital Improvement, Pre-Refunded, 7.00%, 7/01/20 5,500,000 6,081,185
Refunding, 6.00%, 8/01/20 5,400,000 5,681,934
Refunding, 6.00%, 8/01/28 15,000,000 15,783,150
Refunding, FSA Insured, 5.875%, 8/01/15 6,250,000 6,517,125
Poway RDA, Tax Allocation, Refunding, Sub-Parguay Redevelopment Project,
FGIC Insured,
5.50%, 12/15/23 23,000,000 23,057,960
5.75%, 12/15/26 11,710,000 11,930,968
Puerto Rico Commonwealth Highway and Transportation Authority,
Highway Revenue, Series Y,
5.00%, 7/01/36 63,000,000 59,113,530
Ramona Municipal Water District, COP, 8.50%, 7/15/11 610,000 639,853
Rancho Cucamonga, Palmdale, Potterville, Colton HFA, SFMR,
Series 1986, GNMA Secured,
7.55%, 8/01/18 6,405,000 6,965,117
Rancho Cucamonga RDA, Tax Allocation, Rancho Redevelopment Project,
Set-Aside Housing,
MBIA Insured, 5.25%, 9/01/21 8,330,000 8,206,883
Rancho Cucamonga, Refunding, Special Tax, CFD No. 7,
FSA Insured, 6.40%, 8/01/04 1,100,000 1,163,459
Rancho Murieta Community Services District, 1915 Act, ID No. 1,
8.25%, 9/02/01 865,000 899,453
8.25%, 9/02/02 815,000 847,290
8.30%, 9/02/03 870,000 904,461
8.40%, 9/02/04 855,000 889,029
8.40%, 9/02/05 855,000 888,849
8.40%, 9/02/06 860,000 893,867
Redlands RDA, Refunding, Tax Allocation, Redlands Redevelopment Project,
AMBAC Insured,
6.625%, 7/01/15 165,000 168,993
Redlands USD, COP, Series A, FSA Insured,
6.15%, 9/01/11 $ 710,000 $ 724,896
6.25%, 9/01/27 4,310,000 4,385,684
Redwood City MFHR, Refunding, Redwood Plaza Project, Series A,
GNMA Secured, 8.25%, 9/01/26 3,795,000 3,815,303
Redwood City Public Financing Authority Revenue, Local Agency,
Series B, Pre-Refunded, 7.25%, 7/15/11 3,750,000 4,221,263
Rialto COP,
5.75%, 2/01/22 2,715,000 2,780,622
Series 1989, Pre-Refunded, 7.50%, 11/01/01 145,000 157,899
Series 1989, Pre-Refunded, 7.50%, 11/01/15 3,165,000 3,446,558
Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, 6.75%, 3/01/24 3,500,000 3,802,715
Richmond Joint Power Finance Authority, Series B, Pre-Refunded, 7.00%, 5/15/07 2,000,000 2,185,160
Richmond Revenue, West Contra Costa YMCA Project,
Pre-Refunded, 7.75%, 6/01/17 3,715,000 4,132,938
Ridgecrest COP, RDA, 7.60%, 3/01/13 4,420,000 4,579,164
Ridgecrest RDA, Tax Allocation, Ridgecrest Redevelopment Project,
8.00%, 2/01/09 200,000 205,268
8.00%, 2/01/10 220,000 225,757
8.00%, 2/01/11 240,000 246,242
8.00%, 2/01/12 255,000 261,589
8.00%, 2/01/13 275,000 282,059
8.00%, 2/01/14 300,000 307,701
7.80%, 2/01/15 325,000 332,813
7.40%, 2/01/16 355,000 363,083
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project,
Series A, 6.375%, 6/01/09 23,000,000 24,617,360
Series A, 6.50%, 6/01/12 20,125,000 22,367,126
Series B, MBIA Insured, 5.00%, 6/01/19 13,865,000 13,228,874
Riverside County Board of Education, COP, Financing Project,
Series A, 6.65%, 11/01/17 7,945,000 8,422,495
Riverside County CFD,
No. 8, Golden Triangle Project, Series A, Pre-Refunded, 7.50%, 9/01/06 575,000 608,810
No. 8, Golden Triangle Project, Series B, Pre-Refunded, 7.50%, 9/01/06 2,425,000 2,567,590
No. 8, Menifee Village Project, 7.875%, 9/01/11 23,125,000 23,196,456
No. 84-2, Refunding, Lakehills Project, 7.60%, 9/01/00 660,000 646,800
No. 84-2, Refunding, Lakehills Project, 7.50%, 9/01/06 5,130,000 5,027,400
No. 85-2, California Oaks Project, ETM, 7.80%, 9/01/98 260,000 269,688
No. 85-2, California Oaks Project, Pre-Refunded, 7.90%, 9/01/99 295,000 313,393
No. 85-2, California Oaks Project, Pre-Refunded, 8.00%, 9/01/00 485,000 515,671
No. 85-2, California Oaks Project, Pre-Refunded, 8.05%, 9/01/01 585,000 622,253
No. 85-2, California Oaks Project, Pre-Refunded, 8.25%, 9/01/13 11,970,000 12,753,556
Riverside County CFD No. 8, Mello-Roos, Series 1987, 8.75%, 9/01/16 14,460,000 14,840,732
Riverside County COP,
Capital Projects, Series A, 6.875%, 11/01/09 4,975,000 5,381,010
Capital Projects, Series A, 6.125%, 11/01/21 15,900,000 16,464,609
Desert Justice Facility Project, MBIA Insured, 6.00%, 12/01/17 4,775,000 5,022,775
Desert Justice Facility Project, MBIA Insured, 6.25%, 12/01/21 4,625,000 4,955,318
Family Law Court Project, MBIA Insured, 5.75%, 11/01/27 5,295,000 5,476,619
Historic Courthouse, MBIA Insured, 5.875%, 11/01/27 8,640,000 9,031,392
Refunding, Juvenile Facility, Pre-Refunded, 8.00%, 10/01/18 3,945,000 4,187,184
Riverside County Flood Control and Water Conservation District,
Elsinore Valley AD, Zone 3, Series 1993,
7.875%, 9/01/03 $ 165,000 $ 192,586
7.875%, 9/01/04 180,000 213,264
7.875%, 9/01/05 190,000 227,932
7.875%, 9/01/06 205,000 248,431
7.875%, 9/01/07 225,000 273,875
7.875%, 9/01/08 240,000 302,100
7.875%, 9/01/09 260,000 329,155
7.875%, 9/01/10 280,000 355,883
7.875%, 9/01/11 305,000 388,567
7.875%, 9/01/12 325,000 416,374
7.875%, 9/01/13 350,000 450,468
7.875%, 9/01/14 380,000 490,876
7.875%, 9/01/15 410,000 531,114
7.875%, 9/01/16 440,000 571,116
7.875%, 9/01/17 475,000 607,045
Riverside County Housing Authority Revenue,
Riverside Apartment Project, 7.875%, 11/01/19 6,750,000 6,710,850
Series A, 7.85%, 10/01/08 13,980,000 14,088,764
Series A, 7.90%, 10/01/18 33,080,000 33,597,040
Riverside County SFMR, GNMA Secured,
Series A, 7.20%, 10/01/24 540,000 584,350
Series B, 7.60%, 11/01/19 1,280,000 1,321,446
Riverside Hospital Revenue, Parkview Community Hospital Medical Center Project,
8.25%, 8/01/14 5,000,000 5,185,700
Refunding, 9.25%, 12/01/05 6,545,000 6,654,956
Riverside MFHR, Palm Shadows Apartments, Series A, 6.50%, 1/01/18 6,210,000 6,454,286
Riverside Public Financing Authority Revenue, Airport and Central Industrial
Redevelopment Project, Series A,
7.80%, 2/01/08 240,000 244,260
7.90%, 2/01/18 3,300,000 3,359,598
Riverside RDA, Refunding, Tax Allocation, Merged Redevelopment Project,
Series A, MBIA Insured,
5.625%, 8/01/23 6,000,000 6,072,300
Riverside Water Revenue, 6.00%, 10/01/15 3,000,000 3,071,430
Rocklin 1915 Act, Refunding,
7.55%, 9/02/03 460,000 476,997
7.60%, 9/02/04 495,000 513,290
7.65%, 9/02/05 535,000 554,768
7.65%, 9/02/06 580,000 601,431
7.65%, 9/02/07 625,000 648,094
7.65%, 9/02/08 675,000 699,941
Rocklin USD, CFD No. 1, Pre-Refunded, 7.70%, 9/01/12 6,085,000 6,793,537
Rohnert Park CDA, Tax Allocation, Rohnert Park Redevelopment Project,
Pre-Refunded, 8.20%, 6/01/18 7,500,000 7,866,750
Rohnert Park HFA Revenue, Rancho Feliz Mobile Home Park,
FSA Insured, 5.375%, 12/01/26 8,380,000 8,287,988
Roseville 1915 Act, Limited Obligation, Refunding,
North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 9/02/99 120,000 124,564
North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 9/02/00 125,000 129,754
North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 9/02/01 135,000 140,134
Roseville 1915 Act, Limited Obligation, Refunding, (cont.)
North Roseville, Rocklin Sewer District No. 88-3, 8.10%, 9/02/02 $ 145,000 $ 150,514
North Roseville, Rocklin Sewer District No. 88-3, 8.15%, 9/02/03 160,000 166,085
North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 9/02/04 170,000 176,465
North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 9/02/05 185,000 192,036
North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 9/02/06 200,000 207,606
North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 9/02/07 220,000 228,367
North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 9/02/08 235,000 243,937
North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 9/02/09 205,000 212,796
Rocky Ridge-Harding, District No. 88-4, 8.00%, 9/02/99 220,000 228,367
Rocky Ridge-Harding, District No. 88-4, 8.00%, 9/02/00 245,000 254,317
Rocky Ridge-Harding, District No. 88-4, 8.00%, 9/02/01 260,000 269,888
Rocky Ridge-Harding, District No. 88-4, 8.10%, 9/02/02 285,000 295,839
Rocky Ridge-Harding, District No. 88-4, 8.15%, 9/02/03 305,000 316,599
Rocky Ridge-Harding, District No. 88-4, 8.20%, 9/02/04 330,000 342,550
Rocky Ridge-Harding, District No. 88-4, 8.20%, 9/02/05 350,000 363,311
Roseville Special Tax,
CFD No. 1, 7.50%, 9/01/02 715,000 737,794
CFD No. 1, 7.60%, 9/01/04 825,000 850,542
CFD No. 1, 7.70%, 9/01/20 15,660,000 16,144,364
CFD No. 2, 8.00%, 9/01/06 355,000 379,555
CFD No. 2, 8.25%, 9/01/21 7,165,000 7,632,588
Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 1,725,000 1,837,539
Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 1,860,000 1,988,786
Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 10,000,000 10,650,300
Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 12,000,000 12,798,240
Northeast Roseville CFD No. 1, 7.95%, 12/01/00 1,000,000 1,041,710
Northeast Roseville CFD No. 1, 8.00%, 12/01/01 1,000,000 1,041,110
Northeast Roseville CFD No. 1, 8.00%, 12/01/02 1,000,000 1,040,540
Northeast Roseville CFD No. 1, 8.30%, 12/01/08 6,000,000 6,252,780
Rubidoux Community Services District, COP, Water System
Improvement Project, AMBAC Insured,
6.25%, 12/01/24 5,450,000 5,825,124
Sacramento 1915 Act, North Natomas AD No. 88-3,
8.20%, 9/02/10 805,000 808,333
8.20%, 9/02/11 1,795,000 1,803,508
8.25%, 9/02/12 2,325,000 2,337,206
8.25%, 9/02/13 2,515,000 2,529,310
8.25%, 9/02/14 2,715,000 2,731,914
Sacramento Area Council of Governments, COP, Sacog Administrative
Building Project, 7.125%, 7/01/16 1,500,000 1,583,040
Sacramento City Financing Authority Revenue, Series 1991,
6.60%, 11/01/05 1,300,000 1,417,208
6.70%, 11/01/11 920,000 984,989
Sacramento County 1915 Act, Cordova Industrial Park, Unit 3, Series C-1,
8.25%, 9/02/05 230,000 238,326
8.25%, 9/02/06 245,000 253,766
8.25%, 9/02/07 265,000 274,370
8.25%, 9/02/08 290,000 300,133
Sacramento County 1915 Act, Cordova Industrial Park, Unit 3, Series C-1,
(cont.)
8.25%, 9/02/09 $ 310,000 $ 320,766
8.25%, 9/02/10 340,000 351,737
8.25%, 9/02/11 365,000 377,523
Sacramento County Airport System Revenue, MBIA Insured,
Series A, 5.90%, 7/01/24 6,875,000 7,117,756
Series B, 5.75%, 7/01/26 6,195,000 6,364,309
Sub-Series D, 5.75%, 7/01/26 10,000,000 10,314,400
Sacramento County CFD, Special Tax,
Improvement Area 1, Series 1990, 8.20%, 12/01/10 2,250,000 2,408,153
Improvement Area 1, Series 1990, 8.25%, 12/01/20 7,610,000 8,155,637
Laguna, Series 1987, Pre-Refunded, 8.00%, 12/01/98 1,500,000 1,555,200
Laguna, Series 1987, Pre-Refunded, 8.20%, 12/01/99 1,500,000 1,555,680
Laguna, Series 1987, Pre-Refunded, 8.30%, 12/01/00 1,500,000 1,555,905
Laguna, Series 1987, Pre-Refunded, 8.40%, 12/01/01 1,500,000 1,556,145
Sacramento County COP,
Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 2,735,000 2,933,342
Cherry Island Golf Course Project, Series B, 6.80%, 7/01/18 3,500,000 3,674,615
Public Facilities Project, Coroner/Crime Laboratory, AMBAC
Insured, 6.40%, 10/01/19 11,000,000 12,048,410
Public Facilities Project, Coroner/Crime Laboratory, AMBAC
Insured, 6.40%, 10/01/24 29,500,000 32,220,195
Refunding, Cherry Island Golf Course Project, Series B, 6.80%, 7/01/12 1,495,000 1,569,586
Refunding, Parking Facility Project, Series A, 6.80%, 7/01/12 2,325,000 2,440,994
Sacramento MUD, Electric Revenue,
Refunding, Series D, MBIA Insured, 5.25%, 11/15/20 16,905,000 16,549,488
Refunding, Series L, AMBAC Insured, 5.20%, 7/01/16 23,250,000 23,082,833
Refunding, Series L, MBIA Insured, 5.125%, 7/01/15 20,270,000 20,070,341
Refunding, Series L, MBIA Insured, 5.20%, 7/01/17 8,325,000 8,213,029
Refunding, Series Z, FGIC Insured, 6.25%, 7/01/04 5,740,000 6,241,561
Refunding, Series Z, FGIC Insured, 6.35%, 7/01/05 3,000,000 3,261,510
Refunding, Subordinated Lien, 8.00%, 11/15/10 16,110,000 16,182,978
Series B, MBIA Insured, Pre-Refunded, 6.25%, 8/15/11 1,200,000 1,328,472
Series I, MBIA Insured, 6.00%, 1/01/24 4,500,000 4,720,005
Series J, AMBAC Insured, 5.60%, 8/15/24 14,715,000 15,001,943
Series V, 7.60%, 8/15/00 1,000,000 1,048,650
Series W, 7.60%, 8/15/00 2,225,000 2,333,246
Series W, Pre-Refunded, 7.875%, 8/15/16 5,405,000 5,704,869
Sacramento Public Television Facility Revenue, KVIE, Inc.,
Series A, 7.50%, 7/01/20 2,680,000 2,768,386
Sacramento RDA, Tax Allocation, Merged Downtown Project, Series A,
MBIA Insured, 6.50%, 11/01/13 2,500,000 2,681,200
Sacramento Regional Transit District, COP, Series A,
6.20%, 3/01/00 1,605,000 1,670,324
6.25%, 3/01/01 1,100,000 1,160,181
6.375%, 3/01/02 1,000,000 1,072,140
6.40%, 3/01/03 1,200,000 1,296,408
6.375%, 3/01/04 1,000,000 1,078,110
6.375%, 3/01/05 1,100,000 1,176,835
Sacramento-Yolo Port District Revenue, Refunding, Series A,
Facilities Improvement, Pre-Refunded, 8.875%, 12/01/12 $ 3,620,000 $ 3,722,555
Port Facilities, 7.25%, 7/01/13 11,645,000 12,315,752
Salida Area Public Facility Financing Agency, Special Tax, CFD No. 8,
7.70%, 9/01/99 215,000 222,194
7.75%, 9/01/00 250,000 258,833
7.80%, 9/01/01 290,000 300,243
7.85%, 9/01/02 260,000 269,178
7.90%, 9/01/03 385,000 398,587
7.95%, 9/01/04 435,000 450,342
7.95%, 9/01/05 495,000 512,013
8.00%, 9/01/06 460,000 475,801
8.00%, 9/01/07 630,000 651,357
8.00%, 9/01/08 700,000 723,415
8.05%, 9/01/14 6,075,000 6,278,148
Salinas Union High School District, COP, Refunding, Facility
Financing Projects, 7.375%, 1/01/14 2,495,000 2,606,077
San Bernardino 1915 Act, AD No. 961, Refunding,
7.60%, 9/02/02 855,000 883,437
7.65%, 9/02/03 920,000 950,590
7.70%, 9/02/04 990,000 1,022,908
7.75%, 9/02/05 1,065,000 1,100,390
San Bernardino County COP,
Medical Center Financing Project, Series A, MBIA Insured, 5.50%, 8/01/15 5,000,000 5,052,500
Medical Center Financing Project, Series A, MBIA Insured, 5.50%, 8/01/22 85,130,000 85,378,580
Medical Center Financing Project, Series A, MBIA Insured, 5.875%, 8/01/26 34,000,000 35,321,240
Refunding, Medical Center Financing Project, 5.00%, 8/01/26 15,045,000 13,779,866
Refunding, Medical Center Financing Project, MBIA Insured, 5.00%, 8/01/28 55,065,000 51,692,269
West Valley Detention Center Project, MBIA Insured, 6.25%, 11/01/04 3,705,000 4,117,922
West Valley Detention Center Project, MBIA Insured, 6.35%, 11/01/05 3,935,000 4,372,257
West Valley Detention Center Project, MBIA Insured, 6.40%, 11/01/06 4,185,000 4,649,326
West Valley Detention Center Project, MBIA Insured, 6.50%, 11/01/12 20,000,000 21,962,600
West Valley Detention Center Project, MBIA Insured, 6.20%, 11/01/25 9,275,000 9,966,637
San Bernardino County Mortgage Revenue, Refunding, Don Miguel
Apartments Projects, MBIA Insured,
6.00%, 9/01/03 360,000 380,657
San Bernardino County SFMR, Series A,
GNMA Secured, 7.50%, 12/01/07 915,000 1,001,403
GNMA Secured, 7.65%, 6/01/23 4,455,000 4,928,567
MBS Program, 6.20%, 5/01/21 7,655,000 8,044,027
San Bernardino Joint Powers Financing Authority, Lease Revenue,
Refunding, City Hall Project, MBIA Insured,
5.60%, 1/01/15 3,215,000 3,320,388
5.70%, 1/01/23 6,315,000 6,493,967
San Bernardino Joint Powers Financing Authority Revenue, COP, Police
Station Financing Authority Project,
6.60%, 4/01/20 4,715,000 5,100,876
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation,
Central City Merged Project, Series B, 7.50%, 11/01/20 3,000,000 3,130,110
Refunding, Central City Merged Project, Series A, 6.75%, 11/01/00 450,000 478,643
Refunding, Central City Merged Project, Series A, 6.90%, 11/01/01 480,000 520,411
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation, (cont.)
Refunding, Central City Merged Project, Series A, 7.00%, 11/01/02 $ 510,000 $ 561,281
Refunding, Central City Merged Project, Series A, 7.00%, 11/01/03 550,000 605,303
Refunding, Central City Merged Project, Series A, 7.00%, 11/01/04 585,000 641,534
Refunding, Central City Merged Project, Series A, 7.05%, 11/01/05 625,000 682,894
Refunding, Central City Merged Project, Series A, 7.05%, 11/01/06 670,000 729,463
Refunding, Central City Merged Project, Series A, 7.05%, 11/01/07 720,000 779,738
Refunding, Central City Merged Project, Series A, 7.10%, 11/01/20 15,585,000 16,633,403
Refunding, Series A, FSA Insured, 5.75%, 10/01/15 9,000,000 9,339,300
Refunding, Series A, FSA Insured, 5.75%, 10/01/25 19,915,000 20,509,861
Tri-City Redevelopment Project, Series B, Pre-Refunded, 7.60%, 1/01/08 1,695,000 1,858,686
San Bernardino Municipal Water Department, COP, FGIC
Insured, 6.25%, 2/01/12 905,000 955,707
San Carlos Mortgage Revenue, Elms Project, FHA Mortgage
Insured, 6.875%, 8/01/37 8,465,000 9,155,490
San Diego Community College District, COP, Financing Project,
Series 1987, Pre-Refunded,
8.625%, 12/01/09 2,200,000 2,261,248
San Diego County COP, Inmate Reception Center and Cooling,
MBIA Insured, 6.25%, 8/01/24 10,625,000 11,984,256
San Diego County Regional Transportation Commission, Sales Tax Revenue,
Series A, ETM, 6.00%, 4/01/08 1,250,000 1,367,138
San Diego IDR, San Diego Gas & Electric Co. Project, Series A,
6.40%, 9/01/18 19,800,000 21,089,178
8.75%, 3/01/23 12,230,000 12,520,463
San Diego Public Facilities Financing Authority, Sewer Revenue, FGIC Insured,
5.00%, 5/15/25 5,000,000 4,741,800
Series A, 5.375%, 5/15/16 5,000,000 5,027,550
Series B, 5.25%, 5/15/27 6,175,000 6,029,517
San Diego RDA, Refunding, Tax Allocation, Series A,
Columbia Redevelopment Project, Pre-Refunded, 8.75%, 12/01/08 2,200,000 2,250,952
Horton Project, FSA Insured, 6.00%, 11/01/15 5,000,000 5,307,400
San Diego SFMR, Issue A, 9.20%, 7/15/16 75,000 80,565
San Diego Special Tax, CFD No.1, Series A, 8.50%, 9/01/16 28,845,000 31,120,871
San Elijo Joint Powers Authority Revenue, Refunding, Water Pollution
Control Facilities, FGIC Insured,
5.00%, 3/01/20 5,000,000 4,735,350
San Francisco BART District Revenue, Sales Tax, FGIC Insured, 6.60%, 7/01/12 1,440,000 1,572,091
San Francisco City and County Airports Commission, International Airport Revenue,
Issue 6, AMBAC Insured, 6.50%, 5/01/18 2,500,000 2,735,150
Issue 6, AMBAC Insured, 6.60%, 5/01/24 13,250,000 14,530,613
Issue 9A, FGIC Insured, 5.90%, 5/01/25 46,415,000 47,956,906
Issue 9B, Second Series, FGIC Insured, 6.00%, 5/01/25 10,060,000 10,568,131
Issue 12, Second Series A, 5.90%, 5/01/26 45,000,000 46,493,100
San Francisco City and County COP, San Francisco Courthouse Project,
FSA Insured, 5.875%, 4/01/21 2,810,000 2,937,827
San Francisco City and County Public Utilities Commission, Water Revenue,
Crossover Refunding,
Series A, 6.50%, 11/01/09 4,000,000 4,411,640
San Francisco City and County RDA, Hotel Tax Revenue, Refunding,
FSA Insured, 6.75%, 7/01/25 9,415,000 10,563,159
San Francisco City and County RDA, Lease Revenue, George R. Moscone
Center, Crossover Refunding,
Series 1992, 5.50%, 7/01/18 22,170,000 22,086,419
San Francisco City and County RDA, Mortgage Revenue, Refunding, Series A,
MBIA Insured, 6.65%, 7/01/24 8,350,000 8,363,026
San Francisco City and County Revenue, Irwin Memorial Blood Center,
Series A, 6.80%, 12/01/21 3,000,000 3,208,230
San Francisco City and County SFMR, Series 1985, 9.375%, 10/01/12 30,000 32,800
San Francisco, State Building Authority Lease Revenue, Civic Center Complex,
Series A, AMBAC Insured,
5.25%, 12/01/21 $ 24,810,000 $ 24,276,337
San Gabriel Valley Mosquito Abatement District, COP, Lease Finance,
Series R, 6.60%, 8/01/12 1,000,000 1,031,840
San Gabriel Valley Schools Financing Authority Revenue,
Pomona USD Financing, 5.80%, 2/01/26 5,150,000 5,244,760
Refunding, Oxnard Union High School, 6.50%, 3/01/18 3,620,000 4,054,436
Refunding, Oxnard Union High School, 6.60%, 3/01/24 4,145,000 4,662,255
Series A, 7.70%, 11/01/19 1,765,000 1,872,383
San Gorgonio Memorial Health Care District, Health Facilities Revenue,
CHFCLP Insured, 6.375%, 6/01/08 1,815,000 1,959,020
San Jacinto RDA, COP, Fire Station Project,
7.90%, 12/01/08 1,065,000 1,090,656
8.00%, 12/01/15 2,375,000 2,430,836
San Joaquin Area Flood Control Agency, 1915 Act, Flood Protection &
Restoration Assessment, FSA Insured,
6.00%, 9/02/14 10,125,000 10,464,289
San Joaquin COP, General Hospital Project,
6.25%, 9/01/13 32,880,000 34,831,428
6.625%, 9/01/20 36,500,000 39,421,825
San Joaquin County Special Tax, CFD No. 8,
7.625%, 9/01/10 1,420,000 1,449,138
7.75%, 9/01/20 2,990,000 3,054,255
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue,
bRefunding, Series A, 5.50%, 1/15/28 175,965,000 171,641,540
bRefunding, Series A, MBIA Insured, 5.375%, 1/15/29 34,750,000 34,203,730
bRefunding, Series A, MBIA Insured, 5.25%, 1/15/30 28,000,000 27,151,040
Senior Lien,7.00%, 1/01/30 95,255,000 107,757,219
Senior Lien, 6.75%, 1/01/32 64,320,000 72,606,989
Senior Lien, 5.00%, 1/01/33 61,540,000 56,498,643
San Jose 1915 Act, Refunding, ID 87-198SJ,
7.90%, 9/02/99 125,000 129,293
8.00%, 9/02/00 130,000 134,794
San Jose Airport Revenue, Refunding, MBIA Insured, 5.75%, 3/01/16 13,600,000 13,909,536
San Jose Financing Authority Revenue, Convention Center Project, Series C,
6.40%, 9/01/22 55,550,000 58,787,454
Refunding, 6.40%, 9/01/17 16,100,000 17,097,073
San Jose RDA, MFHR, Miraido Village, Series A, 5.75%, 7/20/38 7,155,000 7,209,163
San Jose RDA, Tax Allocation,
Housing, Set-Aside Merged Area, Series E, MBIA Insured, 5.85%, 8/01/27 7,325,000 7,506,660
Merged Area Redevelopment Project, MBIA Insured, 5.00%, 8/01/21 25,000,000 23,795,000
Merged Area Redevelopment Project, MBIA Insured, 5.625%, 8/01/28 24,135,000 24,476,510
Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/07 1,160,000 1,219,404
Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/08 1,240,000 1,303,500
Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/09 1,325,000 1,392,853
Refunding, Merged Area Redevelopment Project, MBIA Insured, 5.00%, 8/01/20 22,000,000 20,962,480
San Jose-Santa Clara Water Financing Authority, Sewer Revenue, Series A,
FGIC Insured, 5.375%, 11/15/20 10,530,000 10,480,930
San Leandro RDA, RMR, Pre-Refunded, 11.25%, 4/01/13 65,000 86,683
San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 8/01/12 3,500,000 3,666,985
San Luis Obispo County COP, Jail Expansion Project,
6.75%, 10/01/16 $ 1,830,000 $ 1,904,426
6.80%, 10/01/21 1,475,000 1,536,360
San Marcos Public Facilities Authority Revenue,
Capital Improvement, 8.25%, 1/01/19 17,710,000 18,802,884
Rancheros Mobil Home Park Project, 7.00%, 10/01/24 5,350,000 5,692,614
Refunding & Improvement, Civic Center, Mission Blvd. Project,
Series A, 6.15%, 8/01/13 11,670,000 11,814,241
Refunding & Improvement, Civic Center, Mission Blvd. Project,
Series A, 6.20%, 8/01/22 7,895,000 7,959,502
Refunding, Tax Allocation, Series A, FSA Insured, 5.50%, 8/01/23 18,000,000 17,973,720
San Marcos Public Financing Authority Revenue, Series A, 6.25%, 9/02/22 25,000,000 26,698,750
San Marcos Special Tax, CFD No. 8,
7.75%, 9/01/18 11,500,000 9,759,015
7.625%, 9/01/19 10,575,000 8,974,580
San Marcos USD, School Facilities ID No. 1, AMBAC Insured, 5.80%, 11/01/14 5,000,000 5,271,500
San Mateo County Board of Education, COP, Administrative
Building Project, 7.10%, 5/01/21 1,185,000 1,254,192
San Mateo County COP, Capital Projects Program, Series A, 9.125%, 7/01/98 1,355,000 1,399,295
San Mateo County COP, San Mateo County Health Care Center, Series A, FSA Insured,
6.125%, 7/15/14 6,000,000 6,447,960
5.75%, 7/15/22 28,445,000 29,111,182
San Mateo County Joint Powers Financing Authority, Lease Revenue,
Capital Projects, Series A,
FSA Insured, 5.75%, 7/15/27 9,000,000 9,263,700
San Mateo/Foster City School District, MBIA Insured, 5.00%, 8/01/27 4,720,000 4,474,796
San Pablo RDA, Tax Allocation, Merged Project Area, FGIC
Insured, 6.25%, 12/01/19 3,500,000 3,796,240
San Rafael RDA, Refunding, Tax Allocation, Central San Rafael
Redevelopment, FGIC Insured,
6.45%, 12/01/17 6,740,000 7,328,604
San Rafael Sanitation District, COP, Waste Water Facilities
Financing, 6.80%, 8/01/11 2,200,000 2,322,078
San Ramon COP, San Ramon Capital Improvement Projects,
Series 1993, 6.00%, 3/01/18 1,730,000 1,789,408
San Ramon Public Finance Authority,
Local Agency Revenue, 8.80%, 9/02/18 49,235,000 50,475,230
Tax Allocation, Refunding, 6.90%, 2/01/24 13,050,000 14,040,365
Tax Allocation, Series A, ETM, 7.20%, 2/01/98 135,000 136,532
Tax Allocation, Series A, ETM, 7.30%, 2/01/99 145,000 151,345
Tax Allocation, Series A, Pre-Refunded, 7.625%, 2/01/20 7,280,000 7,767,250
San Ramon Valley Fire Protection District, COP, Refunding,
Financing Corp., 6.00%, 7/01/19 6,275,000 6,466,074
San Ramon Valley USD, COP,
Measure A, Capital Project, Series A, 5.95%, 10/01/01 9,000,000 9,536,310
Refunding, 7.40%, 2/01/98 970,000 978,837
Refunding, 7.40%, 2/01/99 1,040,000 1,069,099
Refunding, 7.55%, 2/01/04 6,505,000 6,683,562
Refunding, Pre-Refunded, 7.70%, 2/01/10 6,000,000 6,902,820
Refunding, Series 1992, 7.00%, 2/01/22 20,895,000 22,035,449
Series A, 6.35%, 10/01/01 14,805,000 15,207,992
Santa Ana COP, Parking Facilities Project, Refunding, Series A, AMBAC
Insured, 6.125%, 6/01/16 2,070,000 2,201,631
Santa Ana CRDA, Tax Allocation, Refunding,
Mainplace Project, 7.40%, 9/01/19 2,000,000 2,058,720
Series A, 7.25%, 9/01/19 2,500,000 2,598,700
Series B, 7.375%, 9/01/09 10,105,000 10,513,444
Santa Ana CRDA, Tax Allocation, Refunding, (cont.)
Series B, 6.75%, 9/01/19 $ 14,980,000 $ 15,336,824
Series C, 7.25%, 9/01/17 6,000,000 6,242,460
Series C, 6.75%, 9/01/19 2,260,000 2,331,213
Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%, 9/01/24 5,000,000 5,326,550
Santa Ana Mountains, County Water District, CFD No. 7, Special Tax,
Pre-Refunded, 8.40%, 10/01/13 10,625,000 11,318,388
Santa Barbara COP, California Health Facilities, Loan Program, 7.65%, 5/01/15 1,780,000 1,926,245
Santa Barbara COP, Refunding, Harbor Project, 6.75%, 10/01/27 8,090,000 8,686,476
Santa Barbara Housing Authority Revenue, Refunding and
Acquisition, 7.93%, 11/15/20 6,150,000 6,309,531
Santa Barbara SFMR, GNMA Secured,
7.625%, 10/01/10 470,000 503,520
7.65%, 10/01/23 1,365,000 1,489,665
Santa Clara County COP, Terraces of Los Gatos Project,
6.90%, 3/01/18 4,000,000 4,270,440
Refunding, 6.125%, 3/01/11 3,090,000 3,194,658
Refunding, 6.125%, 3/01/18 12,200,000 12,639,810
Santa Clara County Financing Authority Lease Revenue, Valley Medical
Center Facilities Replacement Project,
Series A, AMBAC Insured,
6.75%, 11/15/20 13,000,000 14,605,240
6.25%, 11/15/22 29,025,000 31,065,748
Santa Clara County MFR, Refunding, Meadows Housing,
Series A, 5.875%, 5/20/26 16,130,000 16,530,831
Santa Clara Electric Revenue,
Crossover Refunding, Series B, 7.80%, 7/01/10 33,500,000 34,290,600
Series A, MBIA Insured, 5.75%, 7/01/24 10,000,000 10,146,700
Santa Clara Housing Authority, MFHR, Series A,
Arastradero Park Apartments Project, 6.65%, 5/20/35 6,465,000 7,025,063
Elana Gardens Apartments Project, 6.40%, 6/20/35 5,625,000 5,982,300
Sierra Vista I Apartments Project, 6.65%, 6/20/35 3,860,000 4,196,553
Santa Clara USD, FGIC Insured, 5.00%, 8/01/22 12,970,000 12,435,117
Santa Clara Valley Water District, COP, Refunding & Improvement,
Series A, FGIC Insured, 6.00%, 2/01/24 17,000,000 17,896,580
Santa Clarita COP, Refunding, MBIA Insured, 5.00%, 10/01/21 5,105,000 4,858,429
Santa Cruz City School District, COP, Education Center Financing
Project, 7.00%, 5/01/24 3,150,000 3,377,619
Santa Cruz County Housing Authority, MFHR,
Dominican Oaks, Series 1987, GNMA Secured, 8.20%, 12/20/10 3,830,000 3,956,582
Dominican Oaks, Series 1987, GNMA Secured, 8.25%, 12/20/17 7,065,000 7,299,205
Series B, 7.75%, 7/01/23 9,230,000 9,832,258
Santa Margarita/Dana Point Authority Revenue, Refunding, ID 3, 3A, 4, and 4A,
Series B, MBIA Insured,
5.75%, 8/01/20 7,000,000 7,189,420
Santa Margarita Water District, Pre-Refunded,
ID No. 2A, Series C, 8.00%, 6/01/13 2,000,000 2,095,880
ID No. 3A, Series A, 8.00%, 6/01/08 2,400,000 2,514,240
ID No. 3A, Series A, 8.00%, 6/01/13 2,585,000 2,708,046
ID No. 4, Series D, 8.00%, 6/01/08 5,000,000 5,239,700
ID No. 4, Series D, 8.00%, 6/01/13 11,000,000 11,527,340
ID No. 4A, Series B, 8.00%, 6/01/08 5,000,000 5,239,700
ID No. 4A, Series B, 8.00%, 6/01/13 5,000,000 5,239,700
Santa Maria Bonita School District, COP, Refunding, MBIA Insured,
7.00%, 3/01/16 2,750,000 3,002,175
Santa Maria COP, Revenue, Marian Medical Center, 6.75%, 9/01/22 $ 3,600,000 $ 3,830,256
Santa Monica RDA, Refunding, Tax Allocation, Ocean Park
Redevelopment Project, Pre-Refunded,
Series A, 8.25%, 7/01/18 3,805,000 4,006,094
Series B, 8.25%, 7/01/18 1,260,000 1,326,591
Santa Rosa Central Parking Service Facilities District Project
No. 8, 7.60%, 7/02/15 3,150,000 3,302,177
Seal Beach RDA, Refunding, Subordinated Lien, Tax Allocation,
Riverfront, Series A, 6.70%, 9/01/13 2,880,000 2,944,454
Sequoia Hospital District Revenue, Refunding, Pre-Refunded, 7.50%, 9/01/08 5,455,000 5,746,788
Shafter Joint Powers Financing Authority, Lease Revenue, Community
Correctional Facility Project, Series A,
5.95%, 1/01/11 1,880,000 1,951,647
6.05%, 1/01/17 5,135,000 5,320,990
Shasta Joint Powers Financing Authority, Lease Revenue, Courthouse
County Improvement Project, Series A,
6.60%, 6/01/12 1,000,000 1,057,140
6.70%, 6/01/23 2,500,000 2,646,625
Sierra Madre Financing Authority Revenue, Local Agency, Series A,
7.50%, 11/01/98 240,000 248,016
7.60%, 11/01/99 260,000 274,966
7.70%, 11/01/00 280,000 296,408
7.80%, 11/01/18 5,500,000 5,752,835
Sierra View Local Hospital District Revenue, Insured Health
Facilities, 6.40%, 3/01/22 15,000,000 15,844,350
Signal Hill RDA, Tax Allocation, Refunding, Signal Hill Redevelopment
Project, Series 1-B, MBIA Insured,
5.25%, 10/01/15 8,390,000 8,380,268
Simi Valley CDA, Commercial Mortgage Revenue, Sycamore
Plaza II, 8.20%, 9/01/12 3,000,000 3,007,920
Simi Valley SFRMR, Series A, 7.70%, 3/01/25 1,370,000 1,488,560
Snowline Joint USD, COP, 7.25%, 4/01/18 1,000,000 1,079,530
Soledad RDA, Refunding, Tax Allocation, Soledad Redevelopment
Project, 7.40%, 11/01/12 4,035,000 4,477,155
Sonoma County Office of Education, COP, Series 1990,
Pre-Refunded, 7.375%, 7/01/20 1,745,000 1,926,812
South Coast Air Quality Management District Revenue, Building Corp.,
Installment Sale Headquarters,
Series 1992, 6.00%, 8/01/09 5,280,000 5,657,362
South Gate Public Finance Authority Revenue, Tax Allocation,
Pre-Refunded, Series A-1, 7.60%, 9/01/09 3,225,000 3,446,106
South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 9/01/24 8,505,000 8,811,605
South Napa Waste Management Authority Revenue, Solid Waste
Transfer Facilities Project, 6.50%, 2/15/14 4,500,000 4,733,460
South Orange County Public Financing Authority, Special Tax Revenue,
Foothill Area, Series C, FGIC Insured, 5.75%, 8/15/18 5,000,000 5,135,800
Refunding, Senior Lien, Series A, MBIA Insured, 6.00%, 9/01/18 18,850,000 19,742,171
South San Francisco 1915 Act, Gateway AD No. ST-82-2,
8.00%, 9/02/98 1,260,000 1,286,699
8.00%, 9/02/99 1,335,000 1,386,157
8.00%, 9/02/00 1,455,000 1,510,145
8.00%, 9/02/01 1,570,000 1,628,828
8.00%, 9/02/02 1,675,000 1,737,059
Southern California HFA, SFMR, GNMA Secured,
7.625%, 10/01/22 3,815,000 4,016,318
7.75%, 3/01/24 6,330,000 6,711,383
Series A, 6.75%, 9/01/22 830,000 880,140
Series B, 6.90%, 10/01/24 1,220,000 1,293,822
Southern California Public Power Authority Revenue,
Multi-Purpose Projects, 6.75%, 7/01/13 10,000,000 11,499,200
Multi-Purpose Projects, 6.00%, 7/01/18 29,645,000 30,014,673
Southern California Public Power Authority Revenue, (cont.)
Refunding, Hydroelectric-Hoover Uprating, 6.00%, 10/01/17 $ 7,795,000 $ 7,910,678
Refunding, Power Project, Series A, AMBAC Insured, 5.00%, 7/01/15 11,000,000 10,871,630
Refunding, Power Project, Series A, FSA Insured, 5.00%, 7/01/15 6,960,000 6,752,314
San Juan Project, Unit 3, Series A, MBIA Insured, 5.00%, 1/01/20 6,790,000 6,448,599
Sub-Crossover Refunding, Southern Transmission Project, 6.125%, 7/01/18 51,035,000 52,777,845
Sub-Crossover Refunding, Southern Transmission Project, 5.50%, 7/01/20 19,785,000 19,630,875
Sub-Crossover Refunding, Southern Transmission Project, 5.75%, 7/01/21 22,530,000 22,765,664
Sub-Crossover Refunding, Southern Transmission Project,
MBIA Insured, 5.75%, 7/01/21 16,335,000 16,689,960
Southern Kern USD, COP, Pre-Refunded, 7.10%, 9/01/17 2,250,000 2,571,255
Standard Elementary School District, COP, 7.375%, 6/01/11 1,390,000 1,483,742
Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%, 1/01/99 3,500,000 3,600,660
Stockton 1915 Act, Limited Obligation, Weber/Sperry Ranch Project No. 8,
8.30%, 9/02/07 295,000 287,876
8.30%, 9/02/08 345,000 336,772
8.40%, 9/02/09 380,000 371,047
8.40%, 9/02/10 475,000 463,942
8.40%, 9/02/11 545,000 532,481
8.40%, 9/02/12 620,000 605,901
8.40%, 9/02/13 705,000 689,116
Stockton Central Parking District, Refunding, Series 1991, 7.90%, 8/01/11 5,700,000 5,726,733
Stockton, East Water District COP, Series B,
7.45%, 4/01/05 28,575,000 49,454,753
Refunding, 6.40%, 4/01/22 20,000,000 21,552,400
Stockton Health Facilities Revenue,
Refunding, Dameron Hospital Association, Series 1988, 8.30%, 12/01/14 12,000,000 12,303,720
St. Joseph Medical Center, Series A, MBIA Insured, 5.50%, 6/01/23 5,000,000 5,028,950
Stockton Port District Revenue, Series A,
Port Facilities Improvement, Pre-Refunded, 8.10%, 1/01/14 2,250,000 2,318,153
Refunding & Improvement, FSA Insured, 5.95%, 7/01/17 5,095,000 5,376,754
Stockton Public Financing Authority, Special Tax, CFD No. 90-4, 8.50%, 9/01/16 8,000,000 8,541,680
Stockton, South Stockton Special Tax, CFD No. 90-1, Pre-Refunded,
8.10%, 9/01/09 3,000,000 3,175,050
8.125%, 9/01/15 5,400,000 5,716,278
Stockton Special Tax,
CFD No. 1, Weston Ranch, 7.80%, 9/01/99 455,000 459,987
CFD No. 1, Weston Ranch, 7.85%, 9/01/00 545,000 549,469
CFD No. 1, Weston Ranch, 7.90%, 9/01/01 635,000 640,207
CFD No. 1, Weston Ranch, 7.95%, 9/01/02 680,000 685,569
CFD No. 1, Weston Ranch, 7.95%, 9/01/03 625,000 630,119
CFD No. 1, Weston Ranch, 8.00%, 9/01/09 7,910,000 7,974,783
CFD No. 1, Weston Ranch, 8.10%, 9/01/14 11,890,000 11,987,260
CFD No. 90-2, Series 002, 7.30%, 8/01/00 725,000 786,893
CFD No. 90-2, Series 002, 7.35%, 8/01/01 780,000 861,541
CFD No. 90-2, Series 002, 7.40%, 8/01/02 835,000 923,393
CFD No. 90-2, Series 002, 7.45%, 8/01/03 895,000 990,926
CFD No. 90-2, Series 002, 7.50%, 8/01/04 965,000 1,069,712
Stockton Special Tax, (cont.)
CFD No. 90-2, Series 002, 7.70%, 8/01/09 $ 3,000,000 $ 3,341,400
CFD No. 90-2, Series 006, 7.75%, 8/01/15 3,000,000 3,150,660
CFD No. 90-2, Series 305, Brookside, 8.50%, 8/01/09 1,430,000 1,622,979
CFD No. 90-2, Series 305, Brookside, 8.65%, 8/01/15 2,710,000 3,086,473
Suisun City COP,
Civic Center Financing Project, Pre-Refunded, 9.125%, 11/01/15 2,205,000 2,258,273
Refunding, Civic Center Project, 6.45%, 11/01/15 2,105,000 2,208,271
Suisun City RDA, Tax Allocation, Suisun City Redevelopment Project,
Refunding, MBIA Insured,
6.00%, 10/01/18 3,285,000 3,465,379
5.90%, 10/01/23 3,510,000 3,643,836
Sunnyvale Financing Authority Revenue, Utilities, Waste Water Reuse
and Sludge, Series A, 6.30%, 10/01/12 4,735,000 4,925,631
Tehachapi COP, Series 1990, 8.20%, 11/01/20 2,500,000 2,724,300
Tehachapi, Cummings County Water District, COP, Capital Improvement
Project, MBIA Insured,
6.30%, 8/01/14 3,000,000 3,224,520
Tehachapi USD, COP, Tompkins Elementary School Project,
Pre-Refunded, 7.80%, 2/01/21 2,325,000 2,628,924
Temecula Valley USD,
Series D, FGIC Insured, 6.00%, 9/01/14 1,250,000 1,311,050
Series D, FGIC Insured, 6.125%, 9/01/19 3,110,000 3,284,284
Series E, FSA Insured, 6.35%, 9/01/19 5,460,000 5,972,749
Thousand Oaks RDA, Tax Allocation, Refunding, Thousand Oaks Blvd.
Redevelopment, MBIA Insured,
5.375%, 12/01/25 24,485,000 24,359,882
Thousand Oaks SFHMR, GNMA Secured,
7.45%, 9/01/10 285,000 303,251
7.55%, 9/01/15 410,000 432,648
7.625%, 3/01/23 1,140,000 1,231,097
8.00%, 9/01/23 157,000 272,395
Torrance Hospital Revenue, Refunding,
Little Co. of Mary Hospital, 6.875%, 7/01/15 3,790,000 4,107,867
Torrance Memorial Hospital Medical Center, 6.75%, 1/01/12 2,000,000 2,025,800
Torrance RDA, Refunding, Tax Allocation, Industrial Redevelopment
Project, 7.75%, 9/01/13 7,500,000 7,854,525
Trabuco Canyon Public Financing Authority, Special Tax Revenue,
Refunding, FSA Insured,
Series A, 6.00%, 10/01/10 13,775,000 15,218,758
Series A, 6.10%, 10/01/15 13,220,000 14,665,343
Series C, 6.00%, 7/01/12 3,040,000 3,350,810
Series C, 6.10%, 10/01/19 5,215,000 5,814,204
Tracy Area Public Facilities Financing Agency, Special Tax, CFD No. 8,
Refunding, Series H, MBIA Insured, 5.875%, 10/01/19 18,250,000 19,023,070
Series C, Pre-Refunded, 7.80%, 10/01/16 5,000,000 5,616,950
Travis USD, COP, Foxboro Elementary School Construction Project,
6.00%, 9/01/99 320,000 330,160
6.10%, 9/01/00 335,000 350,383
6.20%, 9/01/01 355,000 375,753
6.30%, 9/01/02 170,000 182,181
6.40%, 9/01/03 405,000 439,065
6.50%, 9/01/04 430,000 467,449
6.60%, 9/01/05 455,000 494,508
Travis USD, COP, Foxboro Elementary School Construction Project, (cont.)
6.70%, 9/01/06 $ 490,000 $ 532,419
7.00%, 9/01/12 3,670,000 3,935,451
Tri-Cities Municipal Water District, COP, Special District Lease
Program, Series T, 6.55%, 12/01/17 2,665,000 2,727,414
Tri-City Hospital District Revenue, Refunding, Series A, MBIA
Insured, 5.625%, 2/15/17 5,000,000 5,103,950
Tri-Dam Power Authority Revenue, Refunding, Hydroelectric Sand Bar
Project, 7.50%, 1/01/17 49,525,000 51,519,372
Trinity County PUD, COP, Electric District Facilities, Refunding, Series 1993,
6.60%, 4/01/11 2,565,000 2,680,348
6.75%, 4/01/23 4,000,000 4,188,720
Truckee-Donner PUD, COP, Water System Improvement Project, MBIA
Insured, Pre-Refunded,
6.75%, 11/15/21 500,000 558,760
Tulare County COP,
Capital Improvement Program, Series A, MBIA Insured, 6.00%, 2/15/16 4,250,000 4,498,540
Financing Project, Series B, 6.875%, 11/15/12 1,100,000 1,176,615
University of California COP, Refunding, UCLA Center Chiller/Cogeneration Project,
5.50%, 11/01/17 13,940,000 14,120,523
5.60%, 11/01/20 14,880,000 15,120,610
University of California Revenues,
Multi Purpose Projects, Series D, MBIA Insured, 6.30%, 9/01/15 5,975,000 6,427,367
Multi Purpose Projects, Series D, MBIA Insured, 6.375%, 9/01/19 7,540,000 8,135,283
Multi Purpose Projects, Series D, MBIA Insured, 6.375%, 9/01/24 44,995,000 48,444,767
Refunding, Multi Purpose Projects, Series C, AMBAC Insured, 5.00%, 9/01/23 17,545,000 16,547,918
Research Facilities, Series B, 6.55%, 9/01/24 26,780,000 28,611,484
U.C. Davis Medical Center, AMBAC Insured, 5.75%, 7/01/20 45,385,000 46,811,904
U.C. Davis Medical Center, AMBAC Insured, 5.75%, 7/01/24 15,500,000 15,987,320
Upland COP, Refunding,
5.50%, 1/01/07 4,935,000 5,137,680
San Antonio Community Hospital, 5.70%, 1/01/11 11,210,000 11,696,962
Upland Hospital Revenue, COP, San Antonio Community Hospital,
Pre-Refunded, 7.80%, 1/01/18 6,500,000 6,929,975
Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 7/01/20 4,440,000 4,598,597
Upland Public Financing Authority Revenue, Refunding, Loan Agency, Series B,
8.10%, 12/01/08 2,500,000 2,620,975
8.25%, 12/01/15 10,645,000 11,177,676
Vacaville COP, Pre-Refunded, 9.40%, 10/01/15 12,445,000 14,383,433
Vacaville Public Financing Authority Revenue, Local Agency, 8.65%, 9/02/18 75,775,000 78,508,962
Vacaville Special Tax, Nut Tree, CFD No. 2, Series A,
8.25%, 9/01/10 1,885,000 1,978,270
8.20%, 9/01/15 1,000,000 1,048,600
Val Verde USD, COP,
Thomas Rivera Middle School, 6.50%, 6/01/22 7,315,000 8,198,652
Vista Verde Project, 6.95%, 6/01/21 2,785,000 3,098,062
Val Verde USD, COP, Solano County Fairgrounds Drive, AD No. 65, Phase 1,
7.90%, 9/02/99 255,000 264,221
8.00%, 9/02/00 275,000 285,258
8.05%, 9/02/01 295,000 305,939
8.05%, 9/02/02 320,000 331,731
8.10%, 9/02/03 340,000 352,390
Val Verde USD, COP, Solano County Fairgrounds Drive, AD No. 65, Phase 1, (cont.)
8.10%, 9/02/04 $ 370,000 $ 383,327
8.15%, 9/02/05 400,000 414,320
8.15%, 9/02/06 430,000 445,213
8.15%, 9/02/07 465,000 481,256
8.20%, 9/02/08 505,000 522,544
8.20%, 9/02/09 545,000 563,819
8.20%, 9/02/10 590,000 610,373
8.20%, 9/02/11 640,000 661,965
Vallejo RDA, Tax Allocation, Waterfront Redevelopment Project, 7.90%, 5/01/19 2,485,000 2,526,500
Vallejo Revenue, Series A,
Golf Course Project, 7.90%, 6/01/17 6,000,000 6,085,800
Refunding, Water Improvement Project, FSA Insured, 5.875%, 5/01/26 6,500,000 6,820,775
Vallejo USD, Special Tax Revenue, CFD No. 2,
7.75%, 9/01/15 2,300,000 2,388,021
8.125%, 9/01/16 5,100,000 5,389,680
Victor Valley UHSD, COP, Pre-Refunded, 7.875%, 11/01/12 5,100,000 5,753,820
Victorville RDA, Tax Allocation, Bear Valley Road Redevelopment Project,
Pre-Refunded, 7.50%, 11/01/06 1,200,000 1,371,084
Refunding, Series A, FSA Insured, 6.125%, 9/01/19 2,405,000 2,554,038
Refunding, Series A, FSA Insured, 6.125%, 9/01/24 3,245,000 3,435,319
Vista Community Development Commission, Tax Allocation Revenue,
Vista Redevelopment Project Area,
MBIA Insured, 5.50%, 9/01/23 11,810,000 11,827,125
Vista Joint Powers Financing Authority Revenue,
Refunding, Lease, MBIA Insured, 5.625%, 5/01/16 5,000,000 5,091,350
Series A, 7.45%, 1/01/09 4,000,000 4,245,200
Series A, 7.50%, 1/01/16 9,100,000 9,663,381
Series A, 7.625%, 2/01/20 3,675,000 3,910,310
Walnut Improvement Agency, RMR, Series A, 10.25%, 5/01/17 200,000 212,268
Walnut Improvement Agency, Tax Allocation, Walnut Improvement Project, Series A,
8.00%, 9/01/18 1,665,000 1,745,403
Pre-Refunded, 8.00%, 9/01/18 9,135,000 9,668,484
Walnut Public Financing Authority Revenue, Refunding, Tax Allocation,
Improvement Project, MBIA Insured,
6.50%, 9/01/22 8,285,000 9,021,702
Washington Township Hospital District Revenue, AMBAC Insured, 5.25%, 7/01/23 5,000,000 4,923,200
Watsonville Hospital Revenue, Watsonville Community Hospital, Insured, Series A,
6.30%, 7/01/15 3,990,000 4,290,208
6.35%, 7/01/24 5,435,000 5,843,005
Watsonville RDA, Tax Allocation, Watsonville Redevelopment
Project, 6.30%, 8/01/06 1,745,000 1,750,183
West Basin Municipal Water District Revenue, COP, Refunding, 1992 Project,
Series A, AMBAC Insured,
5.50%, 8/01/22 4,000,000 4,030,800
West Covina RDA, Special Tax, CFD No. 1, Pre-Refunded, 7.80%, 9/01/22 23,000,000 25,026,760
West Hollywood COP, Capital Projects, Series A, 6.50%, 2/01/25 9,255,000 9,498,129
West Sacramento 1915 Act, Raleys Landing AD,
7.90%, 9/02/08 360,000 372,211
7.95%, 9/02/09 630,000 651,496
7.95%, 9/02/10 835,000 862,964
West Sacramento 1915 Act, Raleys Landing AD, (cont.)
7.95%, 9/02/11 $ 900,000 $ 930,141
7.95%, 9/02/12 970,000 1,002,485
7.95%, 9/02/13 1,045,000 1,079,997
West Sacramento Financing Authority Revenue, MBIA Insured, 6.25%, 9/01/24 15,550,000 16,837,229
West Sacramento RDA, Tax Allocation, West Sacramento Redevelopment
Project, MBIA Insured,
6.25%, 9/01/21 4,725,000 5,008,358
Westminster RDA Revenue, Refunding, Tax Allocation, Commercial
Redevelopment Project No. 1,
Series A, 7.30%, 8/01/21 6,455,000 7,041,889
Whittier Special Tax, CFD No. 8, 7.75%, 9/01/19 5,095,000 5,327,638
William S. Hart Joint School Financing Authority, Special Tax Revenue,
Refunding, Community Facilities,
FSA Insured, 6.50%, 9/01/14 4,000,000 4,425,320
William S. Hart Union High School District, Special Tax, CFD No. 8, Pre-Refunded,
7.75%, 9/01/14 1,210,000 1,316,698
8.10%, 9/01/18 3,225,000 3,414,695
Yucaipa-Sweetwater School Facilities Financing Authority Revenue,
Special Tax, Sweetwater Project,
Pre-Refunded, 8.00%, 9/01/15 14,775,000 15,773,938
---------------
Total Bonds (Cost $12,999,767,077) 13,766,192,343
---------------
cZero Coupon/Step-up Bonds 6.5%
Anaheim Public Financing Authority, Lease Revenue, Public Improvements
Project, Sub-Series C,
FSA Insured, (original accretion rate 6.02%), 09/01/33 15,000,000 2,021,100
Auburn Union School District, COP, Land Acquisition Program, Series A,
FSA Insured, zero coupon
to 9/01/00, (original accretion rate 7.00%), 7.00% thereafter, 9/01/28 2,965,000 2,628,532
Baldwin Park RDA, Refunding, Tax Allocation, San Gabriel, Series A, ETM,
(original accretion rate 7.50%), 2/01/99 540,000 511,801
(original accretion rate 7.60%), 2/01/00 550,000 499,620
(original accretion rate 7.70%), 2/01/01 560,000 485,755
(original accretion rate 7.75%), 2/01/02 565,000 467,600
(original accretion rate 7.80%), 2/01/03 570,000 450,386
(original accretion rate 7.85%), 2/01/04 575,000 432,003
(original accretion rate 7.90%), 2/01/05 585,000 418,597
Burton Elementary School District, COP, Loan Acquisition, Capital
Appreciation, FSA Insured,
Series A, zero coupon to 9/01/98, (original accretion rate 6.60%),
6.60% thereafter, 9/01/27 830,000 817,044
Series B, zero coupon to 9/01/00, (original accretion rate 6.60%),
6.60% thereafter, 9/01/27 300,000 259,518
California Health Facilities Financing Authority Revenue, Kaiser
Permanente, Series A,
(original accretion rate 7.15%), 10/01/11 13,970,000 6,663,690
California HFA Revenue, Home Mortgage,
Capital Appreciation, Series A, (original accretion rate 10.989%), 8/01/16 615,000 82,336
Capital Appreciation, Series A, (original accretion rate 7.90%), 8/01/23 54,765,000 7,571,261
Series C, (original accretion rate 7.80%), 8/01/21 37,580,000 6,075,559
California Public School District, Financing Authority Lease Revenue,
Los Banos School, FSA Insured,
Series A, zero coupon to 10/01/00, (original accretion rate 6.20%),
6.20% thereafter, 10/01/23 455,000 394,476
Series B, zero coupon to 10/01/00, (original accretion rate 6.20%),
6.20% thereafter, 10/01/23 10,035,000 8,700,144
California State GO,
Principal Eagles II, Series 3, (original accretion rate 7.15%), 3/01/09 7,500,000 4,226,325
Principal Eagles II, Series 4, (original accretion rate 6.50%), 6/01/06 10,000,000 6,676,000
California State GO, (cont.)
Principal Eagles II, Series 6, (original accretion rate 6.50%), 3/01/09 $ 5,000,000 $ 2,855,450
Principal M-Raes, Series 8, (original accretion rate 7.20%), 4/01/09 9,000,000 5,050,440
California Statewide CDA Revenue, COP, Refunding, Insured Hospital,
Triad Health Care,
(original accretion rate 7.00%), 8/01/09 6,450,000 3,383,348
(original accretion rate 7.00%), 8/01/10 6,745,000 3,329,467
(original accretion rate 7.00%), 8/01/11 3,115,000 1,445,516
Campbell Union School District, Series B, FGIC Insured,
(original accretion rate 6.20%), 8/01/20 5,000,000 1,448,950
(original accretion rate 6.20%), 8/01/21 6,280,000 1,723,797
Chino USD, COP, Land Acquisition, FSA Insured,
Series A, zero coupon to 9/01/99, (original accretion rate 6.60%),
6.60% thereafter, 9/01/14 2,250,000 2,101,005
Series A, zero coupon to 9/01/99, (original accretion rate 6.70%),
6.70% thereafter, 9/01/29 11,855,000 11,047,912
Series B, zero coupon to 9/01/02, (original accretion rate 6.60%),
6.60% thereafter, 9/01/14 2,810,000 2,172,889
Series B, zero coupon to 9/01/02, (original accretion rate 6.70%),
6.70% thereafter, 9/01/29 8,485,000 6,529,632
Contra Costa County COP, Merrithew Memorial Hospital, ETM,
(original accretion rate 7.05%), 11/01/15 6,810,000 2,576,223
Contra Costa County Home Mortgage Finance Authority, HMR,
MBIA Insured, Pre-Refunded,
(original accretion rate 7.05%), 9/01/17 10,770,000 2,120,612
(original accretion rate 7.05%), 9/01/17 5,890,000 1,197,377
(original accretion rate 7.10%), 9/01/17 9,635,000 2,001,863
(original accretion rate 7.10%), 9/01/17 8,615,000 1,895,557
(original accretion rate 7.10%), 9/01/17 8,095,000 1,735,648
(original accretion rate 7.10%), 9/01/17 7,700,000 1,792,482
(original accretion rate 7.10%), 9/01/17 7,135,000 1,619,644
(original accretion rate 7.10%), 9/01/17 6,275,000 1,506,752
Contra Costa School Financing Authority Revenue, Capital Appreciation,
Antioch USD Community, Series B, (original accretion rate 7.30%), 9/01/07 1,785,000 1,032,532
Vista USD, Series A, FSA Insured, Pre-Refunded,
(original accretion rate 6.50%), 9/01/03 1,000,000 773,780
Vista USD, Series A, FSA Insured, Pre-Refunded,
(original accretion rate 7.00%), 9/01/17 3,820,000 1,122,621
Desert Sands USD, COP, Capital Projects, FSA Insured,
(original accretion rate 6.381%) 3/01/20 6,820,000 5,583,124
Fairfield-Suisun USD, Special Tax, CFD No. 1, zero coupon to 12/01/97,
(original accretion rate 10.50%),
10.50% thereafter, 12/01/23 4,325,000 4,384,080
Fontana USD, Series D, FGIC Insured, (original accretion rate 5.80%), 5/01/17 5,000,000 4,453,900
Foothill/Eastern Transportation Corridor Agency, California Toll Road
Revenue, Senior Lien, Series A,
(original accretion rate 6.00%), 1/01/09 10,000,000 7,083,500
(original accretion rate 6.55%), 1/01/12 8,000,000 5,749,600
(original accretion rate 6.734%), 1/01/14 5,500,000 3,975,014
(original accretion rate 7.07%), 1/01/25 20,000,000 4,212,400
(original accretion rate 7.00%), 1/01/26 23,000,000 4,574,930
(original accretion rate 7.00%), 1/01/27 10,000,000 1,878,600
(original accretion rate 6.98%), 1/01/29 18,000,000 3,016,080
Kern County Housing Authority, RRMR, Series A, (original
accretion rate 10.875%), 3/01/17 4,705,000 607,885
Los Angeles Convention and Exhibition Center Authority, COP, Series 1985, ETM,
(original accretion rate 6.85%), 12/01/05 26,750,000 18,382,064
Los Angeles County Transportation Commission Sales Tax Revenue,
Refunding, Capital Appreciation, Series A,
MBIA Insured, (original accretion rate 7.30%), 7/01/04 4,895,000 3,526,750
(original accretion rate 7.25%), 7/01/03 4,895,000 3,273,628
Los Angeles HMR, Series A, GNMA Secured, (original accretion
rate 8.50%), 8/25/16 $ 2,625,000 $ 545,291
Los Banos USD, COP, Series B, MBIA Insured, (original accretion
rate 6.50%), 8/01/16 5,000,000 4,077,200
Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded,
(original accretion rate 8.20%), 5/01/14 38,500,000 11,091,080
Moreno Valley USD, COP, Land Acquisition, FSA Insured, Series F,
zero coupon to 9/01/98,
(original accretion rate 6.75%), 6.75% thereafter, 9/01/27 7,680,000 7,632,461
Orange County COP, Juvenile Justice Center Project, Pre-Refunded,
(original accretion rate 7.50%), 6/01/01 3,280,000 2,777,241
(original accretion rate 7.55%), 6/01/02 3,280,000 2,576,373
(original accretion rate 7.60%), 6/01/03 3,280,000 2,387,708
(original accretion rate 7.60%), 6/01/04 3,280,000 2,216,098
(original accretion rate 7.70%), 6/01/10 4,715,000 2,014,720
(original accretion rate 7.70%), 6/01/11 4,715,000 1,868,130
(original accretion rate 7.70%), 6/01/12 4,715,000 1,732,196
Paramount USD, COP, Land Acquisition, Series B, FSA Insured, zero coupon to
9/01/01,
(original accretion rate 6.85%), 6.85% thereafter, 9/01/14 1,695,000 1,371,730
(original accretion rate 7.00%), 7.00%, thereafter, 9/01/29 7,675,000 6,200,018
Pasadena Special Tax, CFD No. 1, Civic Center West,
(original accretion rate 7.70%), 12/01/17 4,090,000 1,081,191
Perris SFMR, Series A, GNMA Secured, ETM, (original
accretion rate 8.705%), 6/01/23 19,095,000 4,458,110
Placer Hills Union Elementary School District, COP, Series B, zero
coupon to 3/01/00,
(original accretion rate 7.125%), 7.125% thereafter, 3/01/19 510,000 465,201
Placer Union High School District, COP, Series A, zero coupon to 3/01/00,
(original accretion rate 7.125%),
7.125% thereafter, 3/01/19 2,095,000 1,910,974
Rancho Water District Financing Authority Revenue, AMBAC Insured,
(original accretion rate 6.80%), 8/15/08 1,250,000 738,662
(original accretion rate 6.80%), 8/15/09 1,250,000 695,650
(original accretion rate 6.90%), 8/15/16 8,605,000 3,085,924
(original accretion rate 6.90%), 8/15/17 13,605,000 4,620,801
(original accretion rate 6.90%), 8/15/18 13,605,000 4,376,320
Rialto USD, COP, Land Acquisition, Capital Appreciation, Series B, FSA
Insured, zero coupon to 9/01/00
(original accretion rate 6.60%), 6.60% thereafter, 9/01/11 1,440,000 1,211,975
(original accretion rate 6.70%), 6.70% thereafter, 9/01/27 5,095,000 4,270,068
Riverside County Asset Leasing Corp., Leasehold Revenue, Riverside
County Hospital Project, MBIA Insured
(original accretion rate 6.00%), 6/01/24 13,005,000 2,936,658
Riverside County Board of Education, COP, Financing Projects, Series A,
(original accretion rate 6.75%), 11/01/05 1,250,000 833,524
Riverside County SFMR, GNMA Secured, ETM,
Series A, (original accretion rate 8.50%), 9/01/14 20,220,000 8,011,567
Series A, (original accretion rate 8.55%), 11/01/20 25,055,000 6,772,115
Series B, (original accretion rate 8.75%), 6/01/23 26,160,000 6,107,574
Riverside USD, COP, Series B, FSA Insured, zero coupon to 9/01/98, (original
accretion rate 7.375%),
7.375% thereafter, 9/01/26 5,555,000 5,508,004
Rocklin USD, Series A, FGIC Insured,
(original accretion rate 7.10%), 9/01/08 3,660,000 2,146,700
(original accretion rate 7.10%), 9/01/09 4,100,000 2,263,568
(original accretion rate 7.10%), 9/01/10 4,595,000 2,383,242
(original accretion rate 7.10%), 9/01/11 5,145,000 2,519,042
Rocklin USD, Series A, FGIC Insured, (cont.)
(original accretion rate 7.10%), 9/01/12 $ 5,760,000 $ 2,640,383
(original accretion rate 7.10%), 9/01/16 33,960,000 12,284,011
Roseville City School District, Series A,
(original accretion rate 6.50%), 8/01/11 3,115,000 1,503,050
(original accretion rate 6.60%), 8/01/17 30,770,000 10,312,565
Roseville Joint Union High School District, Series A,
(original accretion rate 6.50%), 8/01/10 1,820,000 931,511
(original accretion rate 6.50%), 8/01/11 1,965,000 948,151
(original accretion rate 6.60%), 8/01/17 18,155,000 6,084,647
San Bernardino County COP, West Valley Detention Center Project,
Pre-Refunded,
(original accretion rate 7.30%), 11/01/00 3,270,000 2,796,143
(original accretion rate 7.35%), 11/01/01 3,270,000 2,598,931
(original accretion rate 7.40%), 11/01/02 3,170,000 2,339,491
(original accretion rate 7.45%), 11/01/03 3,250,000 2,225,080
(original accretion rate 7.50%), 11/01/04 3,135,000 1,989,157
San Francisco City and County RDA Lease Revenue, George R. Moscone
Center, Capital Appreciation,
(original accretion rate 6.90%), 7/01/05 12,820,000 8,811,826
(original accretion rate 6.90%), 7/01/06 11,320,000 7,318,832
(original accretion rate 6.95%), 7/01/07 4,570,000 2,784,363
(original accretion rate 6.95%), 7/01/08 7,785,000 4,461,038
Pre-Refunded, (original accretion rate 8.50%), 7/01/16 16,300,000 4,498,800
Pre-Refunded, (original accretion rate 8.50%), 7/01/17 16,300,000 4,139,547
Pre-Refunded, (original accretion rate 8.50%), 7/01/18 16,300,000 3,808,983
zero coupon to 7/01/02, (original accretion rate 8.50%), 8.50%
thereafter, 7/01/14 46,000,000 38,165,280
San Francisco City and County SFMR, Series 1985, (original accretion
rate 10.375%), 10/01/18 6,335,000 760,706
San Gabriel USD, COP, Facilities Development Program,
Series B, FSA Insured,
(original accretion rate 7.15%), 9/01/29 2,250,000 1,735,290
San Joaquin Hills Transportation Corridor Agency, Toll Road
Revenue, Senior Lien,
(original accretion rate 6.95%), 1/01/25 5,700,000 1,334,768
(original accretion rate 7.75%), 1/01/28 33,545,000 6,694,575
(original accretion rate 7.75%), 1/01/29 37,050,000 7,010,601
bRefunding, Series A, (original accretion rate 5.612%), 1/15/16 19,500,000 11,677,770
bRefunding, Series A, (original accretion rate 5.661%), 1/15/17 17,000,000 10,134,550
bRefunding, Series A, (original accretion rate 5.661%), 1/15/18 60,000,000 35,769,000
bRefunding, Series A, (original accretion rate 5.711%), 1/15/19 57,000,000 33,827,790
bRefunding, Series A, (original accretion rate 5.71%), 1/15/20 80,000,000 47,477,600
bRefunding, Series A, (original accretion rate 5.76%), 1/15/22 90,000,000 53,172,000
bRefunding, Series A, (original accretion rate 5.76%), 1/15/23 80,000,000 47,264,000
bRefunding, Series A, (original accretion rate 5.76%), 1/15/24 80,000,000 47,264,000
zero coupon to 1/01/02, (original accretion rate 7.50%), 7.50%
thereafter, 1/01/09 21,585,000 20,437,756
zero coupon to 1/01/02, (original accretion rate 7.55%), 7.55%
thereafter, 1/01/10 10,745,000 10,196,897
zero coupon to 1/01/02, (original accretion rate 7.60%), 7.60%
thereafter, 1/01/11 25,935,000 24,667,556
zero coupon to 1/01/02, (original accretion rate 7.65%), 7.65%
thereafter, 1/01/12 25,215,000 24,036,451
zero coupon to 1/01/02, (original accretion rate 7.65%), 7.65%
thereafter, 1/01/13 27,350,000 26,071,661
zero coupon to 1/01/02, (original accretion rate 7.70%), 7.70
% thereafter, 1/01/14 7,470,000 7,136,837
zero coupon to 1/01/02, (original accretion rate 7.70%), 7.70%
thereafter, 1/01/15 60,155,000 57,472,086
Santa Ana HMR, Series A, FGIC Insured, zero coupon to 6/01/98,
(original accretion rate 9.50%),
9.50% thereafter, 6/01/12 $ 60,000 $ 56,287
Santa Cruz County Housing Authority, MFHR, Dominican Oaks,
Series 1987, GNMA Secured,
(original accretion rate 9.00%), 6/20/29 26,310,000 1,664,107
Simi Valley SFRMR, Series A, (original accretion rate 8.00%), 9/01/25 1,910,000 219,706
Southern California Public Power Authority Revenue, Refunding,
Series A, AMBAC Insured,
(original accretion rate 7.25%), 7/01/11 12,000,000 5,847,000
(original accretion rate 7.25%), 7/01/12 16,890,000 7,798,957
(original accretion rate 7.25%), 7/01/13 16,000,000 6,957,280
Stockton East Water District, COP, Refunding, Series A,
AMBAC Insured,
(original accretion rate 7.00%), 4/01/16 103,885,000 35,314,666
--------------
Total Zero Coupon/Step-up Bonds (Cost $827,208,786) 946,075,601
--------------
Total Long Term Investments (Cost $13,826,975,863) 14,712,267,944
--------------
Short Term Investments 1.6%
dCalifornia Health Facilities Financing Authority Revenue,
Catholic Healthcare, Series C, MBIA Insured, Weekly VRDN and Put,
3.80%, 7/01/12 12,200,000 12,200,000
Catholic Healthcare, Series C, MBIA Insured, Weekly VRDN and Put,
3.80%, 7/01/20 4,650,000 4,650,000
Refunding, St. Joseph Health System, Series A, Daily VRDN and Put,
3.60%, 7/01/13 2,700,000 2,700,000
St. Joseph Health System, Series B, Daily VRDN and Put,
3.60%, 7/01/09 3,600,000 3,600,000
Sutter Health, Series B, Daily VRDN and Put, 3.60%, 3/01/20 10,900,000 10,900,000
dCalifornia PCFA, Southern California Edison, Series A, Daily VRDN and Put,
3.85%, 2/28/08 800,000 800,000
California School Cash Reserve Program Authority, Series A, 4.75%, 7/02/98 15,000,000 15,098,700
dChula Vista IDR, Refunding, San Diego Gas, Series A, Daily VRDN and Put,
3.90%, 7/01/21 15,500,000 15,500,000
dIrvine 1915 Act, Daily VRDN and Put,
AD 92, Series A, 3.65%, 9/02/21 7,900,000 7,900,000
AD 93, 3.90%, 9/02/22 9,500,000 9,500,000
AD 96, 3.90%, 9/02/22 10,000,000 10,000,000
dIrvine Ranch Water District, Daily VRDN and Put,
Consolidated District Nos. 102, 103, 105 and 106, 3.70%, 9/01/06 3,200,000 3,200,000
Consolidated District Nos. 105, 140, 240 and 250, 3.70%, 4/01/33 5,800,000 5,800,000
COP, Capital Improvement Project, 3.80%, 8/01/16 6,850,000 6,850,000
DATES, Consolidated Bonds, Series A, 3.80%, 10/01/00 2,400,000 2,400,000
DATES, Consolidated Bonds, Series C, 3.80%, 10/01/10 1,100,000 1,100,000
Refunding, Consolidated Bonds, Series A, 3.55%, 5/01/09 7,625,000 7,625,000
Kern County TRAN, 7.75%, 10/01/98 15,000,000 15,125,400
Los Angeles TRAN, Series A, 4.50%, 6/30/98 17,000,000 17,000,000
dNorthern California Public Power Agency Revenue, Refunding,
Geothermal Project No. 3, Series A,
AMBAC Insured, Weekly VRDN and Put, 3.95%, 7/01/05 3,000,000 3,000,000
dOrange County 1915 Act, Irvine Coast AD No. 8, Daily VRDN and
Put, 3.80%, 9/02/18 19,602,000
dOrange County Various Sanitation Districts COP, Daily VRDN and Put,
District Nos. 1-3, 5-7, 11, 13 and 14, Series A, Capital Improvement
Program 1990-1992,
3.80%, 8/01/15 18,900,000 18,900,000
District Nos. 1-3, 6-7, and 11, Series C, FGIC Insured, 3.80%, 8/01/17 2,900,000 2,900,000
San Diego County TRAN, 4.50%, 9/30/98 30,000,000 30,193,200
dSan Francisco City and County RDA, MFHR, Refunding, Fillmore Center,
Series A-1, Weekly VRDN and Put,
3.60%, 12/01/17 500,000 500,000
dTustin 1915 Act, Reassessment District No. 95-2, Series A, Daily VRDN and
Put, 3.80%, 9/02/13 $ 3,800,000 $ 3,800,000
dWest Basin Municipal Water District Revenue, COP, Phase II, Recycled Water
Project, Series B,
Weekly VRDN and Put, 3.85%, 8/01/27 12,200,000 12,200,000
----------------
Total Short Term Investments (Cost $243,070,222) 243,044,300
----------------
Total Investments (Cost $14,070,046,085) 102.6% 14,955,312,244
Other Assets, less Liabilities (2.6)% (380,649,448)
----------------
Net Assets 100.0% $14,574,662,796
================
</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
BIG - Bond Investors Guaranty Insurance Co. (Acquired by MBIA in
1989 and no longer does business under this name)
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 (Some of the
securities shown as FSA Insured were originally insured
by Capital Guaranty Insurance Co. (CGIC) which was
acquired by FSA in 1995 and no longer does business
under this name.)
GNMA - Government National Mortgage Association
GO - General Obligation
HFA - Housing Finance Agency/Authority
HFR - Home 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
PCFA - Pollution Control Financing Authority
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 - Single Family Mortgage
SFMR - Single Family Mortgage Revenue
SFRMR - Single Family Residential Mortgage Revenue
TRAN - Tax and Revenue Anticipation Notes
UHSD - Unified High School District
USD - Unified School District
aSee Note 6 regarding defaulted securities.
bSufficient collateral has been segregated for securities traded on a
when-issued or delayed delivery basis.
cZero coupon/step-up bonds. The current effective yield may vary. The original
accretion rate will remain constant.
dVariable rate demand notes (VRDNs) are tax-exempt obligations which contain a
floating or variable interest adjustment formula and an unconditional right of
demand to receive payment of the principal balance plus accrued interest at
specified dates.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements
Statement of Assets and Liabilities
September 30, 1997 (unaudited)
<TABLE>
<CAPTION>
Assets:
<S> <C>
Investments in securities, at value (cost $14,070,046,085) $14,955,312,244
Cash 10,030,923
Receivables:
Investment securities sold 62,427,915
Capital shares sold 11,839,451
Interest 213,144,373
------------------
Total assets 15,252,754,906
------------------
Liabilities:
Payables:
Investment securities purchased 653,925,542
Capital shares redeemed 2,839,884
Affiliates 7,539,920
Shareholders 13,621,589
Other liabilities 165,175
------------------
Total liabilities 678,092,110
------------------
Net assets, at value $14,574,662,796
==================
Net assets consist of:
Undistributed net investment income $ 15,601,655
Net unrealized appreciation 885,266,159
Accumulated net realized gain 8,881,765
Capital shares 13,664,913,217
------------------
Net assets, at value $14,574,662,796
==================
Class I:
Net asset value per share ($14,363,359,492 O 1,967,766,351 shares outstanding)* $7.30
==================
Maximum offering price per share ($7.30 O 95.75%) $7.62
==================
Class II:
Net asset value per share ($211,303,304 O 28,972,465 shares outstanding)* $7.29
==================
Maximum offering price per share ($7.29 O 99.00% ) $7.36
==================
</TABLE>
*Redemption price is equal to net asset value less any applicable contingent
deferred sales charge.
See notes to financial statements.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements (continued)
Statement of Operations
for the six months ended September 30, 1997 (unaudited)
Investment income:
Interest $455,567,435
-----------------
Expenses:
Management fees (Note 5) $31,853,956
Distribution fees (Note 5)
Class I 4,916,868
Class II . 565,572
Transfer agent fees (Note 5) 1,755,413
Custodian fees 65,519
Reports to shareholders 868,820
Registration and filing fees 80,861
Professional fees 136,324
Directors' fees and expenses 53,352
Other 235,514
---------------
Total expenses 40,532,199
-----------------
Net investment income 415,035,236
Realized and unrealized gains:
Net realized gain from investments 20,852,666
Net unrealized appreciation on investments 392,002,799
-----------------
Net realized and unrealized gain 412,855,465
-----------------
Net increase in net assets resulting from operations $827,890,701
=================
See notes to financial statements.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements (continued)
Statements of Changes in Net Assets for the six months ended September 30, 1997
(unaudited) and the year ended March 31, 1997
<TABLE>
<CAPTION>
Six months Year ended
ended 9/30/97 3/31/97
- -------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets:
Operations:
<S> <C> <C>
Net investment income $ 415,035,236 $ 824,923,508
Net realized gain (loss) from investments 20,852,666 (11,759,936)
Net unrealized appreciation (depreciation) on investments 392,002,799 (67,071,715)
---------------------------------
Net increase in net assets resulting from operations 827,890,701 746,091,857
Distributions to shareholders from:
Net investment income:
Class I (414,148,183) (821,420,713)
Class II (4,549,514) (4,813,000)
Net realized gains:
Class I -- (89,640,774)
Class II -- (426,581)
Capital share transactions (Note 2):
Class I 325,657,586 489,964,332
Class II 67,760,707 91,945,286
---------------------------------
Net increase in net assets 802,611,297 411,700,407
Net assets:
Beginning of period 13,772,051,499 13,360,351,092
---------------------------------
End of period $14,574,662,796 $13,772,051,499
=================================
Ending undistributed net investment income included in net assets $ 15,601,655 $ 19,264,116
=================================
</TABLE>
See notes to financial statements.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Notes to Financial Statements (unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Franklin California Tax-Free Income Fund, Inc. (the Fund) is registered under
the Investment Company Act of 1940 as an open-end, diversified management
investment company. The investment policy of the Fund is to provide tax-free
income.
The following summarizes the Fund's significant accounting policies.
a. Security Valuation
Tax-free bonds generally trade in the over-the-counter market and are valued
within the range of the latest quoted bid and asked prices. 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. Securities for
which market quotations are not readily available are valued at fair value as
determined by management in accordance with procedures established by the Board
of Directors.
b. Income Taxes
No provision has been made for income taxes because the Fund's policy is to
qualify as a regulated investment company under the Internal Revenue Code and
distribute all its taxable income.
c. Security Transactions, Investment Income, Expenses and Distributions
Security transactions are accounted for on the trade date. Realized gains and
losses on security transactions are determined
on a specific identification basis. Interest income and estimated expenses are
accrued daily. Bond discount and premium are amortized on an income tax basis.
Distributions to shareholders are recorded on the ex-dividend date.
Realized and unrealized gains and 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.
d. 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
The Fund offers two classes of shares: Class I and Class II. The shares have the
same rights except for their initial sales load, distribution fees, voting
rights on matters affecting a single class and the exchange privilege of each
class.
2. CAPITAL STOCK (cont.)
At September 30, 1997, there were five billion shares authorized ($0.01 par
value) for each class. Transactions in the Fund's shares were as follows:
<TABLE>
<CAPTION>
Six months ended Year ended
September 30, 1997 March 31, 1997
- ---------------------------------------------------------------------------------------------------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------------------------
Class I Shares:
<S> <C> <C> <C> <C>
Shares sold 195,203,992 $1,402,443,879 235,692,887 $1,680,292,311
Shares issued in reinvestment of distributions 23,333,790 166,933,422 51,732,327 367,601,933
Shares redeemed (172,954,400)(1,243,719,715) (218,672,841)(1,557,929,912)
- ---------------------------------------------------------------------------------------------------------------
Net increase 45,583,382 $ 325,657,586 68,752,373 $ 489,964,332
Class II Shares:
Shares sold 10,576,223 $ 76,010,348 14,504,915 $ 103,391,150
Shares issued in reinvestment of distributions 419,363 3,001,780 493,520 3,511,018
Shares redeemed (1,564,792) (11,251,421) (2,099,714) (14,956,882)
- ---------------------------------------------------------------------------------------------------------------
Net increase 9,430,794 $ 67,760,707 12,898,721 $ 91,945,286
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
3. INCOME TAXES
At March 31, 1997, the Fund had tax basis capital losses of $ 11,757,801 which
may be carried over to offset future capital gains. Such losses expire in 2005.
At September 30, 1997, the net unrealized appreciation based on the cost of
investments for income tax purposes of $14,070,287,587 was as follows:
Unrealized appreciation $892,887,403
Unrealized depreciation (7,862,746)
-------------------
Net unrealized appreciation $885,024,657
===================
Net investment income differs for financial statement and tax purposes primarily
due to differing treatment of defaulted securities.
Net realized capital gains (losses) differ for financial statement and tax
purposes primarily due to differing treatment of wash sales.
4. INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the
period ended September 30, 1997 aggregated $1,854,948,650 and $1,185,933,957,
respectively.
5. TRANSACTIONS WITH AFFILIATES
Certain officers and directors of the Fund are also officers or directors of
Franklin/Templeton Distributors, Inc. (Distributors), Franklin Advisers, Inc.
(Advisers), Franklin/Templeton Investor Services, Inc. (Investor Services), and
Franklin Templeton Services, Inc. (FT Services), the Fund's principal
underwriter, investment manager, transfer agent, and administrative manager,
respectively.
The Fund pays an investment management fee to Advisers based on the average net
assets of the Fund 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, FT Services provides administrative services
to the Fund. The fee is paid by Advisers based on average daily net assets, and
is not an additional expense of the Fund.
The Fund reimburses Distributors up to 0.10% and 0.65% per year of the average
daily net assets of Class I and Class II, respectively, for costs incurred in
marketing the Fund's shares.
The Fund paid net commissions on sales of the Fund's shares, and received
contingent deferred sales charges for the period of $788,470 and $52,207,
respectively.
The Fund paid transfer agent fees of $1,755,413, of which $1,601,014 was paid to
Investor Services.
6. CREDIT RISK AND DEFAULTED SECURITIES
The Fund has 7.8% of its portfolio invested in lower rated and comparable
quality unrated high yield securities, which tend to be more sensitive to
economic conditions than higher rated securities. The risk of loss due to
default by the issuer may be significantly greater for the holders of high
yielding securities because such securities are generally unsecured and are
often subordinated to other creditors of the issuer. At September 30, 1997, the
Fund held one defaulted security with a value of $3,993,750 representing 0.03%
of the Fund's net assets. For information as to specific securities, see the
accompanying Statement of Investments. For financial reporting purposes, the
Fund discontinues accruing income on defaulted bonds and provides an estimate
for losses on interest receivable.
The Fund has investments in excess of 10% of its total net assets in the state
of California. Such concentration may subject the Fund more significantly to
economic changes occurring within that state.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND SEMI-ANNUAL REPORT September 30, 1997
APPENDIX
DESCRIPTION OF GRAPHIC MATERIAL OMITTED FROM EDGAR FILING (PURSUANT TO ITEM
304(a) OF REGULATION S-T)
GRAPHIC MATERIAL (1)
This chart shows in pie format the credit quality breakdown of the fund's
portfolio on 9/30/97, based on total long-term investments.
AAA 48.6%
AA 9.6%
A 20.7%
BBB 20.2%
Below Investment Grade 0.9%
GRAPHIC MATERIAL (2)
This chart shows in bar format the comparison between the fund's Class I shares
distribution rate of 5.51% and the taxable equivalent rate of 10.06%.
GRAPHIC MATERIAL (3)
This chart shows in bar format the comparison between the fund's Class II shares
distribution rate of 5.20% and the taxable equivalent rate of 9.49%.
