ANNUAL
REPORT
MARCH 31, 1998
FRANKLIN CALIFORNIA
TAX-FREE INCOME FUND
THANK YOU FOR INVESTING WITH FRANKLIN TEMPLETON. WE ENCOURAGE OUR INVESTORS TO
MAINTAIN A LONG-TERM PERSPECTIVE, AND TO EXPECT THAT MIXED IN WITH THE GOOD
YEARS CAN BE SOME BAD YEARS. IT'S IMPORTANT TO REMEMBER THAT ALL SECURITIES
MARKETS MOVE BOTH UP AND DOWN, AS DO MUTUAL FUND SHARE PRICES. WE APPRECIATE
YOUR PAST SUPPORT AND LOOK FORWARD TO SERVING YOUR INVESTMENT NEEDS IN THE YEARS
AHEAD.
CONTENTS
Shareholder Letter ....................... 1
Special Feature: Q&A
with Franklin's Municipal
Bond Department .......................... 3
Manager's Discussion ..................... 8
Performance Summary ...................... 10
Glossary of
Investment Terms ......................... 14
Municipal Bond Ratings ................... 16
Financial Highlights &
Statement of Investments ................. 18
Financial Statements ..................... 54
Notes to
Financial Statements ..................... 57
Independent
Auditors' Report ......................... 59
SHAREHOLDER LETTER
Dear Shareholder:
It's a pleasure to bring you Franklin California Tax-Free Income Fund's annual
report for the period ended March 31, 1998.
The U.S. economy remained strong over the fund's reporting period, and showed no
discernible indications of ending one of the longest, sustained economic
expansions in its history. This expansion continued to feature moderate growth
with few signs of inflation. Overall, interest rates declined during the year,
and the 30-year Treasury yield ended the period at 5.94%, down from 7.10% on
March 31, 1997.1 A generally benign inflationary environment, and a balanced
budget agreement between the President and Congress, as well as expectations for
a 1998 budget surplus, contributed to declining rates.
1. Source: Standard & Poor's Micropal.
Seeking to take advantage of low rates, issuers and underwriters flooded the
market with record numbers of municipal bond offerings. The national economy's
strength also resulted in a greater supply of higher-rated bonds. The large
supply and increased quality of available bonds led to real value opportunities
in the municipal market. As of the close of the reporting period, taxable
equivalent yields on AAA- rated 30-year municipal bonds topped those of Treasury
bonds for most investors.2
2. Source: The Wall Street Journal, March 25, 1998.
The California municipal bond market benefited from a local economy that once
again outperformed the nation's in 1997. Despite an unemployment rate of 5.8%
that remained above the national average of 4.6% for February 1998,3 the state's
job growth rate was 11/2 times the national average rate of increase.4 Taking
into account California's robust economy, Standard & Poor's(R) Corporation, a
national credit rating agency, gave the state's general obligation debt an A+
rating. Looking forward, projected increases in employment and personal income
and a recovery in homebuilding bode well for California's continued economic
growth.
3. Source: Bureau of Labor Statistics.
4. Source: California Department of Finance, California Economic Indicators,
January/February 1998.
We encourage you to discuss your financial goals with an investment
representative. He or she can address concerns about volatility and help you
diversify your investments and stay focused on the long term. Mutual funds offer
a level of diversification that is almost impossible for individual investors to
achieve on their own.
Regardless of the market's direction, Franklin Templeton's disciplined
investment strategy remains the same. All of our portfolio managers are
dedicated to providing you with careful tax-free bond selection and constant
professional supervision. As always, we appreciate your support, welcome your
questions and comments, and look forward to serving your investment needs in the
years ahead.
Sincerely,
Charles B. Johnson
Chairman
Franklin California Tax-Free Income Fund
Thomas J. Kenny
Director
Franklin Municipal Bond Department
SPECIAL FEATURE:
Q&A WITH FRANKLIN'S
MUNICIPAL BOND DEPARTMENT
Thomas J. Kenny, Director of Franklin Templeton's Municipal Bond Department, and
portfolio managers Sheila Amoroso and Bernie Schroer discuss the issues that
shaped the 1997 municipal bond market.
Q: How would you describe the municipal bond market's performance in 1997?
Tom Kenny: Long-term interest rates trended lower in 1997. The Bond Buyer 40
Index (BB40), a measurement of the municipal bond market, started the year
yielding 5.78% and hit a low of 5.23% on December 26. We saw some fluctuations
over the course of the year, however, with the BB40 yield reaching a high of
6.01% on April 14, 1997. These fluctuations, specifically when interest rates
rose, created opportunities to purchase bonds on the "downswings," or when bond
prices were lower. Over the past ten years, rates have been trending downward,
creating a positive environment for the tax-exempt market. This atmosphere
should prevail if inflation remains under control and the economy continues to
grow moderately. Of course, market conditions can change rapidly, and there is
no guarantee that the economy will remain on its current path.
Q: Recently, there has been a lot of discussion about the Asian market
volatility. Do you think the problems there will have any impact on the U.S.
bond market this year?
Bernie Schroer: The decline in Asia's currency and equity markets may help the
U.S. bond market. In 1997, we experienced a strong U.S. economy, which normally
would have pressured the Federal Reserve (the Fed) to raise interest rates,
causing bond prices to fall. Instead, the Fed left interest rates alone,
probably in part due to the Asian turmoil and the dampening effect it could have
on U.S. economic growth this year.
Q: Have the recent tax law changes had any impact on the municipal bond market?
Sheila Amoroso: Changes in the tax law did not alter the tax advantages of
municipal bonds. Municipals still distribute income free from regular federal,
and in many cases, state income taxes.*
*For investors subject to regular federal or state alternative minimum tax, all
or a portion of municipal bond interest and municipal bond fund dividends may be
subject to such tax, depending on the source. Fund distributions of capital
gains and of ordinary income from accrued market discount, if any, are generally
taxable. Q: What role can municipal bonds play in a diversified portfolio?
Sheila: After three years of healthy returns due to historic stock market gains,
individuals have seen an increase in the percentage of equities in their
portfolios. As a result, many investors are beginning to re-examine asset
allocation. Municipal bonds generally enjoy low volatility while providing
tax-free income, which can offset some of the risks associated with investing in
a portfolio composed mainly of stocks. The chart on page 6 shows how adding
municipal bonds in different proportions to a stock portfolio has historically
lowered volatility in providing solid after-tax returns. In short, prudent
investors may be able to reduce their risk, and maintain their potential for
competitive return, by including municipal bonds in their portfolios.
Bernie: Municipal bonds remain a strong investment for investors looking for
tax-free income. Franklin tax-free income funds can help investors diversify a
heavily weighted stock portfolio, while providing a convenient and effective way
to participate in the municipal bond market.
Q: Looking ahead, what do you think might affect the municipal bond market and
the Franklin Tax-Free Income funds?
Tom: Municipal bonds generally share the same trends as U.S. government
securities, such as Treasury bonds. These securities are sensitive to a variety
of factors that affect interest rates in general, including the Federal
Reserve's monetary policy. During most of 1997, the Fed was biased toward
raising interest rates in order to stave off inflationary pressures as the
economy continued its solid growth. However, toward the end of the year and into
1998, the Fed appears to have adopted a more neutral stance for a couple of
reasons. First, although the economy is experiencing moderate growth, inflation
remains subdued. Also, the potential still exists for the Asian crisis to slow
the U.S. economy.
Regardless of changing market conditions, our focus will remain on providing
shareholders with high current income free from regular federal, and depending
on the fund, state income taxes.* Franklin has become the nation's largest
tax-free fund manager**, in part by adhering to a consistent, disciplined
investment philosophy, which historically has proved successful in both strong
and weak bond markets. Of course, past performance is no guarantee of future
results.
*For investors subject to regular federal or state alternative minimum tax, all
or a portion of municipal bond interest and municipal bond fund dividends may be
subject to such tax, depending on the source. Fund distributions of capital
gains and of ordinary income from accrued market discount, if any, are generally
taxable.
**Source: Strategic Insight, 11/97.
MANAGER'S DISCUSSION
Your Fund's Objective: 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
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
California's Economic Update
California's economy enjoyed the best year of this decade, with the addition of
approximately 400,000 new jobs and an increase in income levels. Personal income
rose 7.3% in second-quarter 1997, placing it above the national rate of 5.7%.2
Downsizing in defense- and aerospace-related industries has all but ended, and
the construction, exports, tourism, computer services and entertainment sectors
have become the new engines of California's steady economic growth.
The Asian crises did not affect the California municipal bond market. The state
made no specific cut-back in its growth estimates due to Asian economic
problems. During the year under review, growth in exports to Hong Kong, Taiwan,
and to NAFTA partner Mexico offset declines in exports to trading partners such
as Japan, Korea, Singapore and Malaysia.3 It is too early to estimate El Nino's
effects on California municipalities; however, rating agencies do not normally
reduce ratings because of natural disasters, and it does not appear that this
affected any of the portfolio's bonds.
As the California economy improved, more new bond issues qualified for bond
insurance. The fund bought mostly insured bonds during the year under review,
with most in the 25- to 30- year maturity range. The largest purchase was the
attractively priced San Joaquin Toll Road refunding issue, which we bought in
November 1997.
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: Fitch IBCA, February 17, 1998.
3. Source: California Department of Finance, California Economic Indicators,
January/February 1998.
You will find a complete listing of the fund's portfolio holdings, including
dollar value and number of shares or principal amount, beginning on page 19 of
this report.
The supply of bonds in California during 1997 was sufficient to fill our needs,
and it appears that the 1998 supply will be about the same as 1997's, given the
state's backlog of capital projects and the approximately $8 billion of general
obligation debt that is currently authorized, but unissued.
Interest rates moved downward during the reporting period. More bonds were
advance refunded and approximately 14% of the fund's long-term assets consisted
of prerefunded bonds on March 31, 1998. Looking ahead, we expect at least 4% of
our portfolio to be called in 1998. As we invest the proceeds from those bonds
in new issues, we will maintain our basic philosophy of investing for income by
purchasing full coupon bonds at a slight discount, and selling prerefunded bonds
when they are within five years of their call dates. We believe the fund should
continue its positive performance in the year ahead.
Please remember, this discussion reflects our views, opinions and portfolio
holdings as of March 31, 1998, the end of the reporting period. However, market
and economic conditions are changing constantly, which can be expected to affect
our strategies and the fund's portfolio composition. Although historic
performance is no guarantee of future results, these insights may help you
understand our investment and management philosophy.
GRAPHIC MATERIAL 2 OMITTED - SEE APPENDIX AT END OF DOCUMENT
PERFORMANCE SUMMARY
Class I
Franklin California Tax-Free Income Fund - Class I share price, as measured by
net asset value, increased 26 cents, from $7.09 on March 31, 1997, to $7.35 on
March 31, 1998. In addition to distributing 42.30 cents ($0.4230) per share in
dividend income, your fund also made a long-term capital gain distribution of
1.37 cents ($0.0137) per share during the 12-month reporting period.
Distributions will vary based on the earnings of the fund's portfolio, and past
distributions are not predictive of future trends.
Based on an annualization of March's monthly per-share dividend of 3.5 cents
($0.035) and the maximum offering price of $7.68 on March 31, 1998, your fund's
distribution rate was 5.47%. This double tax-free rate is generally higher than
the after-tax return on a comparable taxable investment. For example, an
investor in the maximum combined federal and California state personal income
tax bracket would need to earn 9.98% from a taxable investment to match the
fund's tax-free distribution rate.
The chart on page 11 compares your fund's Class I shares' performance with that
of the unmanaged Lehman Brothers Municipal Bond Index. The index includes over
25,000 municipal securities from across the country, while your fund consists
primarily of California municipal bonds. Of course, such a market index has
inherent performance differentials over any fund. It does not pay management
fees to cover salaries of securities analysts or portfolio managers, or pay
commissions or market spreads to buy and sell securities. Unlike an index,
mutual funds are never 100% invested because they need cash on hand to redeem
shares. In addition, the performance shown for the fund includes the maximum
initial sales charge, all fund expenses and account fees. If operating expenses
such as Franklin California Tax-Free Income Fund's had been applied to this
index, the index's performance would have been lower. Please remember that an
index is simply a measure of performance and one cannot invest in it directly.
GRAPHIC MATERIAL 3 OMITTED - SEE APPENDIX AT END OF DOCUMENT
GRAPHIC MATERIAL 4 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Your fund's Class I shares' performance also exceeded the rate of inflation, as
measured by the Consumer Price Index (CPI), keeping your purchasing power well
ahead of inflation -- a primary goal of any investment.
GRAPHIC MATERIAL 5 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Class I
Periods ended 3/31/98
Since
Inception
1-Year 5-Year 10-Year (2/1/77)
Cumulative Total Return1 10.10% 37.11% 115.01% 260.06%
Average Annual Total Return2 5.49% 5.59% 7.49% 6.03%
Distribution Rate3 5.47%
Taxable Equivalent
Distribution Rate4 9.98%
30-Day Standardized Yield5 4.37%
Taxable Equivalent Yield4 7.97%
1. Cumulative total return measures the change in value of an investment over
the periods indicated and does not include the sales charge.
2. Average annual total return represents the average annual change in value of
an investment over the periods indicated and includes the current, maximum 4.25%
initial sales charge. See Note below.
3. Distribution rate is based on an annualization of March's 3.5 cent per share
monthly dividend and the maximum offering price of $7.68 on March 31, 1998.
4. Taxable equivalent distribution rate and yield assume the 1998 maximum
combined federal and California state personal income tax bracket of 45.2%,
based on the federal income tax rate of 39.6%.
5. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended March 31, 1998.
Note: Prior to July 1, 1994, Class I 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. Since markets can go down as well as up, 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 - Class I paid distributions derived
from long-term capital gains of 1.37 cents ($0.0137) per share in December 1997.
The fund hereby designates such distributions as capital gain dividends per
Section 852 (b)(3) of the Internal Revenue Code.
Class II
Franklin California Tax-Free Income Fund - Class II share price, as measured by
net asset value, increased 26 cents, from $7.09 on March 31, 1997, to $7.35 on
March 31, 1998. In addition to distributing 38.22 cents ($0.3822) per share in
dividend income, the fund also made a long-term capital gain distribution of
1.37 cents ($0.0137) per share during the 12-month reporting period.
Distributions will vary based on the earnings of the fund's portfolio, and past
distributions are not predictive of future trends.
Based on an annualization of March's monthly per-share dividend of 3.14 cents
($0.0314) and the maximum offering price of $7.42 on March 31, 1998, your fund's
distribution rate was 5.08%. This double tax-free rate is generally higher than
the after-tax return on a comparable taxable investment. For example, an
investor in the maximum combined federal and California state personal income
tax bracket, would need to earn 9.27% from a taxable investment to match the
fund's tax-free distribution rate.
The chart on page 13 compares your fund's Class II shares' performance with that
of the unmanaged Lehman Brothers Municipal Bond Index. The index includes over
25,000 municipal securities from across the country, while your fund consists
primarily of California municipal bonds. Of course, such a market index has
inherent performance differentials over any fund. It does not pay management
fees to cover salaries of securities analysts or portfolio managers, or pay
commissions or market spreads to buy and sell securities. Unlike an index,
mutual funds are never 100% invested because they need cash on hand to redeem
shares. In addition, the performance shown for the fund includes the maximum
initial sales charge, all fund expenses and account fees. If operating expenses
such as Franklin California Tax-Free Income Fund's had been applied to this
index, the index's performance would have been lower. Please remember that an
index is simply a measure of performance and one cannot invest in it directly.
Your fund's Class II shares' performance also exceeded the rate of inflation, as
measured by the Consumer Price Index (CPI), keeping your purchasing power well
ahead of inflation -- a primary goal of any investment.
GRAPHIC MATERIAL 6 OMITTED - SEE APPENDIX AT END OF DOCUMENT
GRAPHIC MATERIAL 7 OMITTED - SEE APPENDIX AT END OF DOCUMENT
GRAPHIC MATERIAL 8 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Class II
Periods ended 3/31/98
Since
Inception
1-Year (5/1/95)
Cumulative Total Return1 9.49% 22.70%
Average Annual Total Return2 7.43% 6.90%
Distribution Rate3 5.08%
Taxable Equivalent Distribution Rate4 9.27%
30-Day Standardized Yield 53.94%
Taxable Equivalent Yield 47.19%
1. Cumulative total return measures the change in value of an investment over
the periods indicated and does not include sales charges.
2. Average annual total return represents the average annual change in value of
an investment over the periods indicated and includes the 1.0% initial sales
charge and 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 March's 3.14 cent per share
monthly dividend, and the offering price of $7.42 on March 31, 1998.
4. Taxable equivalent distribution rate and yield assume the 1998 maximum
combined federal and California state personal income tax bracket of 45.2%,
based on the federal income tax rate of 39.6%.
5. Yield, calculated as required by the SEC, is based on the earnings of the
fund's portfolio for the 30 days ended March 31, 1998.
All total return calculations assume reinvestment of dividends and capital gains
at net asset value. Since markets can go down as well as up, 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 - Class II paid distributions derived
from long-term capital gains of 1.37 cents ($0.0137) per share in December 1997.
The fund hereby designates such distributions as capital gain dividends per
Section 852 (b)(3) of the Internal Revenue Code.
GLOSSARY OF INVESTMENT TERMS
Average Annual Total Return: The average annual change in value of an investment
over the periods indicated. Unless otherwise stated, figures shown in this
report include sales charges.
Call Protection: The length of time during which a bond cannot be redeemed by
its issuer.
Coupon: A bond's interest rate that the issuer promises to pay to the holder
until the bond matures.
Cumulative Total Return: Measures the change in value of an investment over the
periods indicated. Unless otherwise stated, figures shown in this report exclude
sales charges.
Current Coupon Bond: A bond with a coupon rate that is within half a percentage
point of current market interest rates. See also Full Coupon Bond.
Discount: Amount by which a bond sells below its face (par) value. For instance,
a bond with a $1,000 face value that sells for $900 would have a $100 discount.
Full Coupon Bond: A bond with a coupon rate that is near or above current market
interest rates. See also Current Coupon Bond.
High Grade Bond/High-Quality Bond: A bond rated AAA or AA by Standard & Poor's
or Aaa or Aa by Moody's Investors Service -- two national credit-rating
agencies.
Investment Grade Bond: A bond with a rating of AAA to BBB, usually within the
top four rating categories assigned to bonds.
Par Value: The face value or amount at which a security will be redeemed at
maturity -- typically $1,000 for a bond.
Premium: Amount by which a bond sells above its face (par) value. For instance,
a bond with a $1,000 face value that sells for a $1,100 would have a $100
premium.
Prerefunded Bond: A bond that will be paid off at its first call date with
proceeds of the sale of a second bond carrying a lower interest rate. The
proceeds generally are invested in U.S. Treasuries set to mature at the original
bond's first call date. When a bond is prerefunded, its premium rises, and then
falls to par value as the refunding date approaches.
Yield Spread: The relative yield differential between lower- and higher-quality
issues. Normally, lower-quality issues provide higher yields to compensate
investors for added credit risk.
MUNICIPAL BOND RATINGS
Moody's
Aaa: Best quality. They carry the smallest degree of investment risk and
generally are referred to as "gilt-edged." Interest payments are protected by a
large or exceptionally stable margin, and principal is secure. Although the
various protective elements are likely to change, such changes as can be
visualized are most unlikely to impair the fundamentally strong position of such
issues.
Aa: High quality by all standards. Together with the Aaa group, they comprise
what generally are known as high-grade bonds. Aa bonds are rated lower than Aaa
because margins of protection may not be as large, fluctuation of protective
elements may be of greater amplitude, or there may be other elements which make
the long-term risks appear larger.
A: Possess many favorable investment attributes and are considered upper
medium-grade obligations. Factors giving security to principal and interest are
considered adequate, but elements may be present which suggest a susceptibility
to impairment sometime in the future.
Baa: Medium-grade obligations, i.e., they are neither highly protected nor
poorly secured. Interest payments and principal security appear adequate for the
present, but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time.
Ba: Contain speculative elements. Often the protection of interest and principal
payments may be very moderate and, thereby, not well safeguarded during both
good and bad times over the future. Uncertainty of position characterizes bonds
in this class.
B: Generally lack characteristics of the desirable investment. Assurance of
interest and principal payments or of maintenance of other terms of the contract
over any long period of time may be small.
Caa: Poor standing. Such issues may be in default, or elements of danger with
respect to principal or interest may be present.
Ca: Obligations that are highly speculative. Such issues are often in default or
have other marked shortcomings.
C: Lowest-rated class of bonds. Issues rated C can be regarded as having
extremely poor prospects of ever attaining any real investment standing.
S&P(R)
AAA: The highest rating assigned by S&P to a debt obligation and indicates the
ultimate degree of protection as to principal and interest.
AA: Also qualify as high-grade obligations, and, in the majority of instances,
differ from AAA issues only in a small degree.
A: Generally regarded as upper medium-grade. They have considerable investment
strength but are not entirely free from adverse effects of changes in economic
and trade conditions. Interest and principal are regarded as safe.
BBB: Regarded as having an adequate capacity to pay principal and interest.
Whereas they normally exhibit adequate protection parameters, adverse economic
conditions or changing circumstances are more likely to lead to a weakened
capacity to pay principal and interest for bonds in this category than for bonds
in the A category.
BB, B, CCC, CC: Bonds rated BB, B, CCC and CC are regarded, on balance, as
predominantly speculative with respect to the issuer's capacity to pay interest
and repay principal in accordance with the terms of the obligations. BB
indicates the lowest degree of speculation and CC the highest degree of
speculation. While such bonds likely will have some quality and protective
characteristics, these are outweighed by large uncertainties or major risk
exposures to adverse conditions.
C: Reserved for income bonds on which no interest is being paid.
D: Debt rated "D" is in default and payment of interest and/or repayment of
principal is in arrears.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Highlights
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------------------------------------------------
CLASS I 1998 1997 1996*** 1995 1994
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per share operating performance
(for a share outstanding throughout the year)
Net asset value, beginning of year ................... $7.09 $7.18 $7.11 $7.12 $7.36
--------------------------------------------------------------------
Income from investment operations:
Net investment income ............................... .42 .43 .44 .45 .46
Net realized and unrealized gains (losses) .......... .27 (.04) .07 (.02) (.23)
---------------------------------------------------------------------
Total from investment operations ..................... .69 .39 .51 .43 .23
--------------------------------------------------------------------
Less distributions from:
Net investment income ............................... (.42) (.43) (.44) (.44) (.45)
Net realized gains .................................. (.01) (.05) -- -- (.02)
---------------------------------------------------------------------
Total distributions .................................. (.43) (.48) (.44) (.44) (.47)
---------------------------------------------------------------------
Net asset value, end of year ......................... $7.35 $7.09 $7.18 $7.11 $7.12
====================================================================
Total return* ........................................ 10.10% 5.67% 7.40% 6.37% 2.88%
Ratios/supplemental data
Net assets, end of year (000's) ...................... $14,767,307 $13,633,542 $13,312,666 $12,923,031 $13,345,420
Ratio to average net assets:
Expenses ............................................ .56% .56% .55% .55% .49%
Net investment income ............................... 5.71% 6.07% 6.14% 6.36% 6.19%
Portfolio turnover rate .............................. 17.29% 11.96% 19.24% 14.07% 18.12%
CLASS II
<S> <C> <C> <C>
Per share operating performance
(for a share outstanding throughout the year)
Net asset value, beginning of year ................... $7.09 $7.18 $7.09
-----------------------------------------
Income from investment operations:
Net investment income ............................... .38 .39 .38
Net realized and unrealized gains (losses) .......... .27 (.04) .08
-----------------------------------------
Total from investment operations ..................... .65 .35 .46
-----------------------------------------
Less distributions from:
Net investment income ............................... (.38) (.39) (.37)
Net realized gains .................................. (.01) (.05) --
-----------------------------------------
Total distributions .................................. (.39) (.44) (.37)
-----------------------------------------
Net asset value, end of year ......................... $7.35 $7.09 $7.18
=========================================
Total return* ........................................ 9.49% 5.06% 6.62%
Ratios/supplemental data
Net assets, end of year (000's) ...................... $295,976 $138,509 $47,685
Ratio to average net assets:
Expenses ............................................ 1.14% 1.14% 1.14%**
Net investment income ............................... 5.13% 5.47% 5.55%**
Portfolio turnover rate .............................. 17.29% 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 for Class II.
See notes to financial statements.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Statement of Investments, March 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<S> <C> <C>
Long Term Investments 99.1%
Bonds 92.4%
ABAG Finance Authority of Nonprofit Corporations, COP,
6.75%, 8/01/20 .................................................................................. $ 3,955,000 $ 4,386,174
6.125%, 3/01/21 ................................................................................. 4,245,000 4,549,239
Butte Valley-Tulelake Rural Health, 6.65%, 10/01/22 ............................................. 5,485,000 5,878,055
Insured, Home for Jewish Parents, 5.625%, 5/15/22 ............................................... 5,000,000 5,105,350
Insured, Milestones Human Services, Inc., 5.65%, 7/1/22.......................................... 2,000,000 2,046,620
Insured, Miramonte Mental Health Services, 6.60%, 7/01/22 ....................................... 1,250,000 1,348,775
Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%, 6/01/12 .................... 2,000,000 2,157,960
Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%, 6/01/22 .................... 2,370,000 2,550,428
Peninsula Family YMCA, Series A, 6.80%, 10/01/11 ................................................ 2,325,000 2,448,481
United Way of Santa Clara County Project, 7.20%, 7/01/11 ........................................ 2,690,000 2,939,578
ABAG Finance Corp., COP, ABAG XXV, 6.80%, 8/01/12 ................................................. 4,500,000 4,714,110
ABAG Improvement Board Act 1915, Windmere Ranch, Assessment District, 6.40%, 9/02/27 .............. 11,060,000 11,059,005
ABAG Revenue,
Refunding and Improvement, Mello-Roos, Series A, FSA Insured, 5.125%, 9/01/21 ................... 4,760,000 4,680,080
Refunding and Improvement, Mello-Roos, Series A, FSA Insured, 5.20%, 9/01/27 .................... 4,140,000 4,108,950
Tax Allocation, RDA Pool, Series A, FSA Insured, 6.00%, 12/15/24 ................................ 6,000,000 6,440,460
Tax Allocation, RDA Pool, Series A4, FSA Insured, 5.875%, 12/15/25 .............................. 6,320,000 6,682,894
Tax Allocation, RDA Pool, Series A6, FSA Insured, 5.25%, 12/15/17 ............................... 1,200,000 1,210,344
Tax Allocation, RDA Pool, Series A6, FSA Insured, 5.375%, 12/15/25 .............................. 3,670,000 3,725,454
Adelanto Improvement Agency, Tax Allocation, Pre-Refunded,
Adelanto Improvement Project, Series 1990, 8.00%, 8/01/20 ....................................... 12,705,000 13,934,844
Adelanto Improvement Project, Series 1991, 8.25%, 8/01/20 ....................................... 1,870,000 2,133,446
Refunding, Series 1985, 8.125%, 6/01/15 ......................................................... 7,570,000 8,209,665
Agua Mansa Industrial Growth Association, Special Tax, CFD No. 8, 8.25%, 9/01/17 .................. 16,210,000 17,161,041
Alameda 1915 Act, Harbor Bay Park, AD No. 9, 7.50%, 9/02/12 ....................................... 24,755,000 25,625,633
Alameda-Contra Costa Transit District, Refunding, COP, 7.60%, 8/01/18 ............................. 23,675,000 24,803,351
Alameda COP, MBIA Insured, 5.75%, 12/01/21 ........................................................ 3,720,000 3,932,338
Alameda County COP, Capital Projects, Series 1992, Pre-Refunded, 6.75%, 6/01/16 ................... 10,500,000 11,709,705
Alhambra RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 6.375%, 5/01/23 ........ 2,560,000 2,664,858
Alvord USD, Series A, FGIC Insured, 5.375%, 08/01/27 .............................................. 6,100,000 6,216,205
Anaheim Public Financing Authority Revenue,
Electric Utilities, San Juan 4, Second Series, FGIC Insured, 5.75%, 10/01/22 .................... 24,940,000 25,957,801
Lease, Public Improvements Project, Senior Series A, FSA Insured 5.00%, 3/01/37 ................. 80,585,000 77,125,486
Public Investments Project, Series A, FSA Insured, 5.00%, 9/01/27 ............................... 7,300,000 7,080,854
Antioch 1915 Act, AD No. 27, Lone Tree, Series 1988,
8.20%, 9/02/09 .................................................................................. 875,000 906,981
8.25%, 9/02/10 .................................................................................. 875,000 907,156
8.25%, 9/02/11 .................................................................................. 875,000 907,375
8.25%, 9/02/12 .................................................................................. 875,000 907,375
8.25%, 9/02/13 .................................................................................. 880,000 912,560
Antioch Area Public Facilities Financing Agency, Special Tax, CFD No. 1989-1,
MBIA Insured, 5.50%, 8/01/22 ..................................................................... 4,870,000 5,014,493
Antioch Development Agency, Refunding, Tax Allocation,
Project 1, FGIC Insured, 6.40%, 9/01/17 .......................................................... 4,895,000 5,312,739
Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 6/01/20 ............................... 3,500,000 3,763,690
Arcadia Hospital Revenue, Methodist Hospital of Southern California,
6.50%, 11/15/12 ................................................................................. 2,295,000 2,457,968
6.625%, 11/15/22 ................................................................................ 3,750,000 4,019,325
Arcata CDA, Tax Allocation, Community Development Project, Pre-Refunded, 7.90%,
11/01/12......................................................................................... 1,250,000 1,304,888
11/01/13......................................................................................... 1,515,000 1,571,540
Azusa Public Financing Authority Revenue, Local Agency, Series A,
Pre-Refunded, 7.75%, 8/1/2020 ..................................................................... 10,225,000 11,266,825
Azusa Public Financing Authority Revenue, Refunding, Water Systems
Acquisition Project, Series A, FGIC Insured, 5.50%, 7/01/20 ....................................... 5,200,000 5,324,176
Bakersfield COP, Refunding, Convertion Center Expansion Project,
MBIA Insured, 5.875%, 4/01/22 .................................................................... 7,270,000 7,736,152
Bakersfield Hospital Revenue,
Bakersfield Memorial Hospital, Series A, 6.375%, 1/01/12 ........................................ 2,205,000 2,340,696
Bakersfield Memorial Hospital, Series A, 6.50%, 1/01/22 ......................................... 2,750,000 2,921,105
Refunding, Adventist Health Systems West, MBIA Insured, 5.50%, 3/01/19 .......................... 6,085,000 6,224,955
Bakersfield Public Financing Authority Revenue, Series A, 6.10%, 9/15/10 .......................... $ 11,070,000 $ 11,637,780
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
Refunding, Series A, 7.10%, 9/01/24 ............................................................. 2,000,000 2,209,320
Series A, 7.75%, 8/01/19 ........................................................................ 12,630,000 13,065,735
Series B, 7.75%, 8/01/21 ........................................................................ 5,795,000 5,995,101
Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 .............................................. 1,455,000 1,525,888
Belmont RDA, Tax Allocation, Los Costanos Community Development, Series A,
6.70%, 8/01/14 .................................................................................. 1,235,000 1,354,338
6.25%, 8/01/17 .................................................................................. 2,080,000 2,182,128
6.80%, 8/01/23 .................................................................................. 2,310,000 2,535,017
Belmont - Redwood Shores School District, Series A, 5.50%, 9/01/22 ................................ 6,500,000 6,694,090
Berkeley COP, AMBAC Insured, 7.50%, 6/01/19 ....................................................... 3,500,000 3,588,585
Berkeley Hospital Revenue, Alta Bates Hospital, Pre-Refunded, 12/01/15,
Series B, 7.65%.................................................................................. 6,480,000 7,054,582
Series C, 7.60%.................................................................................. 2,850,000 3,130,982
Beverly Hills COP, Refunding, Civic Center Improvement Project, Series 1989, 7.00%, 6/01/15 ....... 2,580,000 2,705,465
Brea and Olinda USD, COP, Refunding, High School Refinancing Program,
Series A, FSA Insured, 6.25%, 8/01/18 ........................................................... 12,645,000 13,586,673
Series B, 7.00%, 8/01/18 ........................................................................ 9,120,000 9,749,645
Brea and Olinda USD, COP, Series 1989, Pre-Refunded,
7.85%, 8/01/09 .................................................................................. 2,025,000 2,169,950
7.90%, 8/01/18 .................................................................................. 11,835,000 12,689,724
Brea Public Finance Authority Revenue, Tax Allocation, Redevelopment Project,
Series A, MBIA Insured,
7.00%, 8/01/15 .................................................................................. 1,720,000 1,892,275
6.75%, 8/01/22 .................................................................................. 4,395,000 4,787,166
7.00%, 8/01/23 .................................................................................. 6,280,000 6,888,469
Brea Public Financing Authority Water Revenue, Series B, FGIC Insured, 6.25%, 7/01/21 ............. 11,070,000 11,654,164
Brea RDA, Refunding, Tax Allocation, Redevelopment Project, MBIA Insured,
6.125%, 8/01/13 ................................................................................. 12,845,000 13,930,017
5.75%, 8/01/23 .................................................................................. 18,320,000 19,095,852
Brentwood 1915 Act, Infrastructure Financing, Reassessment, Series A,
FSA Insured, 5.80%, 9/02/17 ..................................................................... 5,340,000 5,672,575
Brentwood RDA, Tax Allocation, Brentwood Redevelopment Project, Series A,
7.70%, 11/01/08 ................................................................................... 2,000,000 2,126,160
Brisbane COP, Civic Center Financing Project, Pre-Refunded, 8.25%, 4/01/18 ........................ 3,390,000 3,457,800
Brisbane Public Finance Authority Revenue, 8.00%, 9/02/15 ......................................... 5,700,000 6,050,493
Buena Park CRDA, Refunding, Tax Allocation, Central Business District Project,
Series A, 7.10%, 9/01/14 ......................................................................... 7,000,000 7,568,890
Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 ............................... 1,490,000 1,580,771
Burbank RDA, Refunding, Tax Allocation, Series A, 12/01/23,
6.00% ........................................................................................... 6,500,000 6,807,840
City Center Redevelopment Project, FSA Insured, 5.50%............................................ 5,000,000 5,125,150
Calexico COP, CRDA, Water and Waste Improvement Project,
Pre-Refunded, 7.80%, 11/01/13 ..................................................................... 5,455,000 5,691,474
Calexico RDA, Tax Allocation, Refunding, Merged Central Business and
Residential, FSA Insured, 5.80%, 8/01/24 ......................................................... 5,840,000 6,123,240
Calexico USD, COP, Financing Project, Series 1992, Pre-Refunded,
7.25%, 9/01/08 .................................................................................. 745,000 794,617
7.375%, 9/01/17 ................................................................................. 3,185,000 3,402,536
California Counties Lease Financing Authority, COP,
CSAC Financing Corp., 7.70%, 10/01/09,
Amador County Project, ETM....................................................................... 2,565,000 3,121,605
Trinity County Project .......................................................................... 1,295,000 1,316,523
California Educational Facilities Authority Revenue,
Chapman College, 7.30%, 1/01/02 ................................................................. 1,010,000 1,086,952
Chapman College, Pre-Refunded, 7.30%, 1/01/02 ................................................... 385,000 423,523
Chapman College Pre-Refunded, 7.50%, 1/01/18 .................................................... 3,000,000 3,319,740
Loyola Marymount University, Series B, Pre-Refunded, 6.60%, 10/01/22 ............................ 1,100,000 1,227,754
Refunding, Chapman University, Connie Lee Insured, 5.125%, 10/01/26 ............................. 10,000,000 9,772,800
Refunding, Occidental College, MBIA Insured, 5.625%, 10/01/17 ................................... 5,815,000 6,129,766
Refunding, Occidental College, MBIA Insured, 5.70%, 10/01/27 .................................... 16,565,000 17,495,125
California Educational Facilities Authority Revenue, (cont.)
Refunding, Santa Clara University, MBIA Insured, 5.75%, 9/01/21 ................................. $ 14,550,000 $ 15,426,492
Refunding, Santa Clara University, MBIA Insured, 5.75%, 9/01/26 ................................. 26,815,000 28,430,336
aRefunding, Stanford University, Series O, 5.125%, 1/01/31 ...................................... 22,000,000 21,237,040
St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 ......................... 2,100,000 2,310,882
Stanford University, Series N, 5.35%, 6/01/27 ................................................... 21,250,000 21,472,063
Stanford University, Series N, 5.20%, 12/01/27 .................................................. 2,000,000 1,987,860
Student Loan Program, Series A, MBIA Insured, 6.00%, 3/01/16 .................................... 6,000,000 6,318,840
California Health Facilities Financing Authority Revenue,
Adventist Health System, Series B, MBIA Insured, 6.25%, 3/01/21 ................................. 2,930,000 3,103,251
Catholic Healthcare West, Series A, MBIA Insured, 5.00%, 7/01/17 ................................ 5,000,000 4,908,700
Catholic Healthcare West, Series A, MBIA Insured, 5.125%, 7/01/24 ............................... 10,000,000 9,822,100
Cedars-Sinai Center, Series A, MBIA Insured, 5.125%, 8/01/17 .................................... 6,105,000 6,085,952
Cedars-Sinai Medical Center, Series B, MIBA Insured, 5.125%, 8/01/17 ............................ 8,355,000 8,278,552
Cedars-Sinai Center, Series A, MBIA Insured, 5.25%, 8/01/27 ..................................... 15,600,000 15,308,592
Cedars-Sinai Medical Center, Series B, MIBA Insured, 5.25%, 8/01/27 ............................. 52,500,000 52,495,800
CHFCLP Insured, AIDS Hospice Foundation, Pre-Refunded, 7.15%, 1/01/15 ........................... 860,000 921,937
CHFCLP Insured, American Baptist Homes, Series A, Pre-Refunded, 7.65%, 4/01/14 .................. 6,550,000 6,681,000
CHFCLP Insured, Association for Retarded Citizens of San Diego, 7.00%, 5/01/21 .................. 3,650,000 3,952,111
CHFCLP Insured, California Autism Foundation, Inc., Series A, 6.25%, 11/01/20 ................... 3,560,000 3,814,006
CHFCLP Insured, Cedarknoll Health Facilities, Series B, 7.50%, 8/01/20 .......................... 4,600,000 4,779,124
CHFCLP Insured, Clinicas Del Camino, Series A, 6.55%, 5/01/25 ................................... 4,500,000 4,935,105
CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.75%, 7/01/06 .................... 2,700,000 2,776,707
CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.80%, 7/01/15 .................... 9,860,000 10,146,827
CHFCLP Insured, Episcopal Homes Foundation Project, Series A, 7.70%, 7/01/18 .................... 3,425,000 3,522,921
CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.80%, 7/01/06 .................... 7,750,000 7,856,020
CHFCLP Insured, Episcopal Homes Foundation Project, Series B, 7.85%, 7/01/15 .................... 18,900,000 19,171,215
CHFCLP Insured, El Proyecto, Series A, 5.50%, 12/01/22 .......................................... 3,350,000 3,376,599
CHFCLP Insured, Feedback Foundation, Inc., Series A, 6.50%, 12/01/22 ............................ 4,240,000 4,579,582
CHFCLP Insured, Lodi Memorial Hospital Association, Series A, 7.70%, 9/01/10 .................... 4,000,000 4,364,840
CHFCLP Insured, Marshall Hospital, Series A, 6.625%, 11/01/22 ................................... 3,900,000 4,228,458
CHFCLP Insured, On Lok Senior Health Services, Series A, 6.40%, 12/01/12 ........................ 2,000,000 2,162,380
CHFCLP Insured, On Lok Senior Health Services, Series A, 6.50%, 12/01/22 ........................ 7,525,000 8,127,677
CHFCLP Insured, Small Facilities Loan, Health Facilities, Series A, 6.75%, 3/01/20 .............. 5,500,000 5,940,660
CHFCLP Insured, Southern California, Series A, 5.50%, 12/01/22 .................................. 3,070,000 3,101,805
CHFCLP Insured, South Coast Medical Center, Pre-Refunded, 7.25%, 7/01/15 ........................ 3,000,000 3,261,930
CHFCLP Insured, St. Paul's Episcopal Home, 6.50%, 9/01/14 ....................................... 2,595,000 2,823,023
Community Provider, Pooled Loan Program, Series A, Pre-Refunded, 7.35%, 6/01/20 ................. 730,000 793,495
County Program, Series B, 7.20%, 1/01/12 ........................................................ 2,475,000 2,515,491
Kaiser Permanente, Series A, 7.00%, 10/01/18 .................................................... 5,000,000 5,295,450
Kaiser Permanente, Series A, 6.75%, 10/01/19 .................................................... 8,870,000 9,355,633
Kaiser Permanente, Series A, 6.50%, 12/01/20 .................................................... 11,000,000 11,746,240
Mills-Peninsula Health, Series B, Connie Lee Insured, 5.75%, 1/15/15 ............................ 5,665,000 5,898,115
Pacific Presbyterian Medical Center, Series C, 7.60%, 6/01/15 ................................... 16,950,000 17,872,419
Pomona Valley Hospital Medical Center, Pre-Refunded, 7.375%, 1/01/14 ............................ 4,000,000 4,303,120
Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%, 7/01/17 ................... 7,300,000 7,909,477
Refunding, Catholic Health Facilities, Series A, MBIA Insured, 6.00%, 7/01/25 ................... 1,000,000 1,079,310
Refunding, Catholic Healthcare West, Series A, AMBAC Insured, 5.75%, 7/01/15 .................... 13,000,000 13,829,660
Refunding, Hospital of the Good Samaritan, 6.90%, 9/01/07 ....................................... 13,920,000 15,106,958
Refunding, Hospital of the Good Samaritan, 7.00%, 9/01/21 ....................................... 71,050,000 76,326,884
Refunding, Insured, AIDS Health Care Foundation, Series C, 6.25%, 9/01/17 ....................... 1,750,000 1,860,810
Refunding, Insured, Small Facilities Loan, Health Facilities, Series B, 7.50%, 4/01/22 .......... 5,000,000 5,885,450
Refunding, Mills-Peninsula Hospital, Series A, Connie Lee Insured, 5.75%, 1/15/15 ............... 11,500,000 11,973,225
Refunding, Pomona Valley Hospital, Series A, MBIA Insured, 5.75%, 7/01/15 ....................... 4,200,000 4,446,456
Refunding, Pomona Valley Hospital, Series A, MBIA Insured, 5.625%, 7/01/19 ...................... 8,500,000 8,914,630
Refunding, San Diego Hospital Association, Series A, MBIA Insured, 6.20%, 8/01/20 ............... 8,250,000 8,830,223
Refunding, St. Francis Medical Center, Series H, AMBAC Insured, 6.35%, 10/01/23 ................. 7,000,000 7,750,890
California Health Facilities Financing Authority Revenue, (cont.)
Refunding, Sutter/CHS Facility, Series A, MBIA Insured, 5.875%, 8/15/16 ......................... $ 5,750,000 $ 6,152,730
Refunding, Valleycare Hospital Corp., 5.50%, 5/01/20 ............................................ 8,795,000 8,925,782
San Diego Hospital Association, Series A, 6.95%, 10/01/21 ....................................... 21,145,000 22,992,650
S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 .................................. 4,485,000 4,631,794
Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 ............................. 9,725,000 10,535,871
Sutter Health, Series A, 6.70%, 1/01/13 ......................................................... 7,500,000 7,662,450
Sutter Health, Series A, FSA Insured, 5.125%, 8/15/17 ........................................... 1,000,000 990,840
Sutter Health, Series A, FSA Insured, 5.25%, 8/15/27 ............................................ 5,300,000 5,299,629
aSutter Health, Series A, FSA Insured, 5.00%, 8/15/37 ........................................... 35,500,000 34,026,750
aUCSF-Stanford Health Care, Series A, FSA Insured, 5.00%, 11/15/28 .............................. 24,005,000 23,094,250
Unihealth America, Series A, AMBAC Insured, 7.625%, 10/01/15 .................................... 1,275,000 1,322,073
Walden House, State Guaranteed, 6.85%, 3/01/22 .................................................. 3,225,000 3,494,739
California HFA Revenue,
Home Mortgage, Series A, 7.75%, 8/01/17 ......................................................... 1,960,000 2,048,102
Home Mortgage, Series A, 8.125%, 8/01/19 ........................................................ 405,000 415,255
Home Mortgage, Series A, 6.55%, 8/01/26 ......................................................... 6,975,000 7,514,586
Home Mortgage, Series A, 7.70%, 8/01/30 ......................................................... 11,675,000 12,133,477
Home Mortgage, Series B, 7.90%, 8/01/09 ......................................................... 1,390,000 1,405,179
Home Mortgage, Series B, 6.90%, 8/01/16 ......................................................... 5,945,000 5,988,696
Home Mortgage, Series B, 8.60%, 8/01/19 ......................................................... 12,160,000 12,478,714
Home Mortgage, Series B, 8.00%, 8/01/29 ......................................................... 31,785,000 33,040,508
Home Mortgage, Series B, AMBAC Insured, 5.25%, 2/01/28 .......................................... 5,530,000 5,444,340
Home Mortgage, Series C, 8.30%, 8/01/19 ......................................................... 1,860,000 1,906,370
Home Mortgage, Series C, 7.60%, 8/01/30 ......................................................... 46,435,000 48,231,570
Home Mortgage, Series D, 7.75%, 8/01/10 ......................................................... 2,505,000 2,601,944
Home Mortgage, Series D, 7.25%, 8/01/17 ......................................................... 1,725,000 1,832,882
Home Mortgage, Series D, 7.50%, 8/01/20 ......................................................... 1,575,000 1,705,111
Home Mortgage, Series D, 7.50%, 8/01/29 ......................................................... 20,360,000 21,152,615
Home Mortgage, Series D, MBIA Insured, 6.15%, 8/01/28 ........................................... 5,250,000 5,566,208
Home Mortgage, Series E, 8.35%, 8/01/19 ......................................................... 15,660,000 16,042,730
Home Mortgage, Series E, 7.65%, 8/01/23 ......................................................... 12,900,000 13,408,002
Home Mortgage, Series E, 6.70%, 8/01/25 ......................................................... 8,540,000 9,198,349
Home Mortgage, Series E, 6.375%, 8/01/27 ........................................................ 14,090,000 15,176,903
Home Mortgage, Series E, 7.65%, 8/01/29 ......................................................... 6,840,000 7,109,359
Home Mortgage, Series E, AMBAC Insured, 6.10%, 8/01/29 .......................................... 22,275,000 23,503,912
Home Mortgage, Series E, MBIA Insured, 6.15%, 8/01/25 ........................................... 17,500,000 18,502,750
Home Mortgage, Series F, 6.75%, 8/01/11 ......................................................... 865,000 924,097
Home Mortgage, Series F, 7.875%, 8/01/19 ........................................................ 1,740,000 1,782,821
Home Mortgage, Series F-1, 6.875%, 8/01/15 ...................................................... 3,350,000 3,649,155
Home Mortgage, Series F-1, 7.00%, 8/01/26 ....................................................... 20,760,000 22,292,711
Home Mortgage, Series G, 8.15%, 8/01/19 ......................................................... 9,780,000 10,017,263
Home Mortgage, Series G, 7.55%, 8/01/23 ......................................................... 6,030,000 6,266,798
Home Mortgage, Series G, 7.05%, 8/01/27 ......................................................... 4,065,000 4,241,665
Home Mortgage, Series H, 6.25%, 8/01/27 ......................................................... 20,325,000 21,743,482
Home Mortgage, Series I, MBIA Insured, 5.75%, 2/01/29 ........................................... 8,100,000 8,392,815
Home Mortgage, Series M, MBIA Insured, 5.60%, 8/01/29 ........................................... 21,150,000 21,385,188
Home Mortgage, Series N, 6.375%, 2/01/27 ........................................................ 7,785,000 8,353,616
Home Mortgage, Series Q, MBIA Insured, 5.85%, 8/01/16 ........................................... 5,000,000 5,262,000
Home Mortgage, Series R, MBIA Insured, 6.15%, 8/01/27 ........................................... 9,000,000 9,542,070
Home Mortgage, SF, Series A, 10.25%, 2/01/14 .................................................... 465,000 469,715
Home Mortgage, SF, Series B, 10.625%, 2/01/14 ................................................... 170,000 171,522
Housing Revenue, Series A, MBIA Insured, 7.65%, 8/01/24 ......................................... 8,780,000 9,110,918
Housing Revenue, Series B, MBIA Insured, 8.625%, 8/01/15 ........................................ 2,340,000 2,440,386
Housing Revenue, Series E, MBIA Insured, 6.625%, 8/01/14 ........................................ 4,365,000 4,758,636
Housing Revenue, Series E, MBIA Insured, 6.75%, 8/01/26 ......................................... 11,855,000 12,901,085
Housing Revenue, Series F, MBIA Insured, 6.90%, 8/01/26 ......................................... 11,345,000 12,428,448
California HFA Revenue, (cont.)
MFHR, Series A, AMBAC Insured, 6.25%, 2/01/37 ................................................... $ 5,000,000 $ 5,328,200
Multi-Unit Rental Housing, Series A, 6.875%, 2/01/22 ............................................ 2,465,000 2,486,889
Series B-1, Class 1, 5.65%, 8/01/28 ............................................................. 13,190,000 13,398,402
California HFA, SFM,
Purchase Series A-1, Class 1, 6.05%, 8/01/26 .................................................... 13,935,000 14,633,980
Refunding, Purchase Series A-2, 6.45%, 8/01/25 .................................................. 11,250,000 12,005,100
Series C-2, Class 1, 5.65%, 2/01/25 ............................................................. 14,585,000 14,840,238
aSeries C-4, Class 1, 5.65%, 8/01/16 ............................................................ 5,000,000 5,155,800
California Mobilehome Park Financing Authority Revenue, Series A, FSA Insured,
4.20%, 10/01/98 ................................................................................. 105,000 105,331
4.50%, 10/01/99 ................................................................................. 110,000 111,267
4.65%, 10/01/00 ................................................................................. 115,000 117,031
4.80%, 10/01/01 ................................................................................. 120,000 123,101
4.95%, 10/01/02 ................................................................................. 120,000 123,899
5.05%, 10/01/03 ................................................................................. 120,000 124,660
5.15%, 10/01/04 ................................................................................. 125,000 130,964
5.25%, 10/01/05 ................................................................................. 135,000 142,258
6.25%, 10/01/25 ................................................................................. 5,305,000 5,677,146
California PCFA Revenue,
PG&E Corp., Series A, 6.625%, 6/01/09 ........................................................... 1,750,000 1,911,630
Southern California Edison Co., 6.90%, 12/01/17 ................................................. 2,510,000 2,736,753
Southern California Edison Co., Series B, 6.40%, 12/01/24 ....................................... 29,000,000 31,494,000
Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 ......................... 12,120,000 13,274,551
California PCFA Revenue, Solid Waste Disposal, Keller
Canyon Landfill Co. Project, 6.875%, 11/01/27 ..................................................... 17,205,000 18,985,029
California Public Capital Improvements, Financing Authority Revenue, Pooled Projects,
Joint Powers Agency, Series E, 8.375%, 3/01/03 .................................................. 20,425,000 21,135,177
Series A, 8.40%, 3/01/08 ........................................................................ 56,180,000 58,117,086
Series A, 8.50%, 3/01/18 ........................................................................ 121,300,000 125,530,944
California Resources Efficiency Financing Authority, COP, Refunding,
Capital Improvement Program, AMBAC Insured,
5.625%, 4/01/22 ................................................................................. 10,365,000 10,863,038
5.75%, 4/01/27 .................................................................................. 7,885,000 8,346,273
California Rural Home Mortgage Finance Authority, SFMR,
MBS Program, Series A-3, 6.25%, 9/01/29 .......................................................... 5,000,000 5,722,650
California Special Districts Association Finance Corp., COP,
Series F, 8.10%, 9/01/10 ........................................................................ 150,000 153,384
Series H, 7.75%, 2/01/15 ........................................................................ 1,335,000 1,370,805
Series H, 7.80%, 2/01/21 ........................................................................ 1,500,000 1,540,065
Series N, 8.30%, 3/01/12 ........................................................................ 1,255,000 1,301,397
Series O, 7.40%, 3/01/17 ........................................................................ 1,000,000 1,035,980
California Special Districts Finance Authority, COP, Series A,
8.40%, 7/01/05 .................................................................................. 17,545,000 18,025,382
8.50%, 7/01/18 .................................................................................. 70,000,000 72,013,200
California Special Districts Lease Financing Program, COP,
Series C, 7.90%, 4/01/14 ........................................................................ 135,000 138,097
Series E, 7.70%, 12/01/09 ....................................................................... 205,000 209,537
Series E, 7.75%, 12/01/19 ....................................................................... 305,000 311,707
California State Department of Transportation, COP, East Bay State
Building, Series A, Pre-Refunded, 6.50%, 3/01/16 ................................................. 2,000,000 2,165,900
California State Department of Veteran Affairs, Home Purchase Revenue, Refunding,
Series A, 5.40%, 12/01/28 ....................................................................... 9,580,000 9,603,088
Series B, 5.50%, 12/01/18 ....................................................................... 2,500,000 2,505,975
California State Department of Water Resources, Central Valley Project, Water System Revenue,
Series J-1, 6.00%, 12/01/20 ..................................................................... 9,580,000 10,059,766
Series J-2, 6.00%, 12/01/20 ..................................................................... 22,865,000 24,010,079
Series J-3, 6.00%, 12/01/20 ..................................................................... 18,945,000 19,893,766
Series L, 5.75%, 12/01/19 ....................................................................... 22,240,000 23,221,006
Series L, 5.50%, 12/01/23 ....................................................................... 52,395,000 53,459,142
Series L, 5.875%, 12/01/25 ...................................................................... 40,070,000 42,101,148
California State Department of Water Resources, Central Valley Project,
Water System Revenue, (cont.)
Series O, 5.00%, 12/01/22 ....................................................................... $ 5,500,000 $ 5,318,005
Series Q, MBIA Insured, 5.375%, 12/01/27 ........................................................ 18,000,000 18,253,800
Series S, 5.00%, 12/01/29 ....................................................................... 9,130,000 8,819,763
California State GO,
5.50%, 3/01/20 .................................................................................. 5,500,000 5,641,460
5.25%, 10/01/20 ................................................................................. 11,170,000 11,244,616
5.75%, 3/01/23 .................................................................................. 7,930,000 8,282,647
5.125%, 10/01/27 ................................................................................ 34,835,000 34,287,742
FGIC Insured, 5.625%, 10/01/21 .................................................................. 10,000,000 10,422,500
FGIC Insured, 5.625%, 10/01/26 .................................................................. 52,500,000 54,718,125
MBIA Insured, 6.00%, 8/01/24 .................................................................... 26,490,000 28,446,816
Refunding, 5.625%, 9/01/24 ...................................................................... 10,650,000 11,088,035
Refunding, FGIC Insured, 5.00%, 2/01/21 ......................................................... 90,000,000 87,369,300
Refunding, FGIC Insured, 5.00%, 2/01/23 ......................................................... 134,050,000 130,324,751
Refunding, FGIC Insured, 5.00%, 2/01/25 ......................................................... 75,985,000 73,156,078
Refunding, FGIC Insured, 5.375%, 6/01/26 ........................................................ 7,500,000 7,631,625
Series 1992, FGIC Insured, 5.75%, 11/01/17 ...................................................... 5,000,000 5,236,300
Series 1992, FGIC Insured, 6.00%, 8/01/19 ....................................................... 5,000,000 5,383,550
Series 1994, 6.00%, 3/01/24 ..................................................................... 7,000,000 7,419,510
Series 1994, 6.00%, 5/01/24 ..................................................................... 30,290,000 32,136,478
Various Purposes, 5.50%, 4/01/15 ................................................................ 21,920,000 22,664,622
Various Purposes, 5.75%, 3/01/19 ................................................................ 22,550,000 23,579,408
Various Purposes, 5.90%, 4/01/23 ................................................................ 45,250,000 47,574,040
Various Purposes, AMBAC Insured, 5.90%, 3/01/25 ................................................. 15,760,000 16,691,416
Various Purposes, FSA Insured, 5.50%, 4/01/19 ................................................... 6,500,000 6,651,320
Various Purposes, MBIA Insured, 6.00%, 10/01/21 ................................................. 5,430,000 5,755,691
California State GO, Veterans Bonds,
Series BD, BE, and BF, 6.40%, 2/01/22 ........................................................... 29,000,000 29,629,300
Series BD, BE, and BF, 6.55%, 2/01/25 ........................................................... 27,665,000 28,268,097
Series BD, BE, and BF, AMBAC Insured, 6.20%, 2/01/16 ............................................ 11,500,000 11,748,400
Series BD, BE, and BF, AMBAC Insured, 6.375%, 2/01/27 ........................................... 45,000,000 45,976,500
Series BH, 5.50%, 12/01/18 ...................................................................... 44,250,000 44,842,065
Series BH, 5.60%, 12/01/32 ...................................................................... 44,235,000 44,835,711
Series BH, FSA Insured, 5.40%, 12/01/16 ......................................................... 8,250,000 8,313,278
Series BH, FSA Insured, 5.50%, 12/01/24 ......................................................... 22,265,000 22,318,213
California State HFA, Mortgage Revenue, Series L, MBIA Insured, 6.40%, 8/01/27 .................... 16,495,000 17,745,486
California State Local Government Finance Authority Revenue,
Marin Valley, Series A, FSA Insured, 5.85%, 10/01/27 .............................................. 6,735,000 7,200,456
California State Public Works Board, Lease Revenue,
California Science Center, Series A, 5.25%, 10/01/22 ............................................ 8,645,000 8,527,687
California State University, Various Projects, Series A, 6.30%, 10/01/04 ........................ 5,250,000 5,802,615
California State University, Various Projects, Series A, 6.375%, 10/01/05 ....................... 6,815,000 7,523,487
California State University, Various Projects, Series A, 6.50%, 10/01/06 ........................ 10,695,000 11,791,558
California State University, Various Projects, Series A, 6.375%, 10/01/14 ....................... 11,480,000 12,694,814
California State University, Various Projects, Series A, 6.375%, 10/01/19 ....................... 2,150,000 2,372,418
Department of Corrections, California State Prison at Coalinga, Series B,
MBIA Insured, 5.375%, 12/01/19 ................................................................... 15,250,000 15,463,805
Department of Corrections, Corcoran II Facility, Series A,
AMBAC Insured, 5.25%, 1/01/21 ..................................................................... 17,405,000 17,403,434
Department of Corrections, Series A, AMBAC Insured, 5.75%, 9/01/21 .............................. 5,100,000 5,210,313
Department of Justice Building, Series A, FSA Insured, 5.80%, 5/01/15 ........................... 5,500,000 5,831,815
Department of Justice Building, Series A, FSA Insured, 5.625%, 5/01/20 .......................... 5,000,000 5,219,350
Franchise Tax Board, Phase II, Series A, 6.25%, 9/01/11 ......................................... 7,725,000 8,237,322
aRefunding, Department of Corrections,
Series B, MBIA Insured, 5.00%, 9/01/21 ........................................................... 46,610,000 45,353,861
Refunding, University of California, Various Projects, Series A, 5.50%, 6/01/21 ................. 14,000,000 14,213,920
Refunding, Various California Community Colleges, Series A, 5.90%, 4/01/17 ...................... 8,320,000 8,896,493
Refunding, Various University of California Projects, Series A, 5.00%, 6/01/23 .................. 23,175,000 22,275,347
Southern California Veterans Home, Series A, Pre-Refunded, 6.375%, 10/01/08 ..................... 3,000,000 3,404,130
Southern California Veterans Home, Series A, Pre-Refunded, 6.50%, 10/01/14 ...................... 3,750,000 4,281,525
California State Public Works Board, Lease Revenue, (cont.)
University of California, Various Projects, Series A, 6.375%, 11/01/14 .......................... $ 23,130,000 $ 25,653,946
University of California, Various Projects, Series B, 6.625%, 12/01/14 .......................... 7,415,000 8,345,063
University of California, Various Projects, Series B, 5.50%, 6/01/19 ............................ 13,000,000 13,276,380
Various Community College Projects, Series A, 5.625%, 12/01/18 .................................. 7,535,000 7,710,716
California State University Foundation Revenue, Hayward Auxiliary Organization,
MBIA Insured, Pre-Refunded, 6.25%, 8/01/20 ....................................................... 2,185,000 2,465,073
California State University Headquarters, Building Authority, Lease Revenue,
Series B, MBIA Insured, 5.25%, 9/01/22 ............................................................ 6,850,000 6,849,658
California State Veterans Bonds,
aSeries BN, 5.375%, 12/01/21 .................................................................... 24,870,000 24,720,780
aSeries BM, 5.45%, 12/01/25 ..................................................................... 36,635,000 36,704,973
California Statewide CDA
Lease Revenue, Refunding, Oakland Convention Center Project,
MBAC Insured, 5.50%, 10/01/14 ................................................................... 10,000,000 10,259,600
Lease Revenue, Special Facilities, United Airlines, Series A, 5.70%, 10/01/33 ................... 7,850,000 7,935,722
Lease Revenue, Special Facilities, United Airlines, Los Angeles, 5.625%, 10/01/34 ............... 19,670,000 19,760,679
MFHR, Borregas Court Project, Series J, 6.30%, 3/20/39 .......................................... 7,476,000 7,907,066
MFHR, Series E, 6.40%, 6/01/28 .................................................................. 8,000,000 8,490,160
Water Revenue, Refunding, Series A, 6.10%, 7/01/21 .............................................. 4,615,000 4,871,179
California Statewide CDA Revenue, COP,
6.10%, 12/01/15 ................................................................................. 2,255,000 2,435,851
California Lutheran Homes, 5.75%, 11/15/15 ...................................................... 5,000,000 5,217,700
Catholic Health Care West, MBIA Insured, 5.50%, 7/01/23 ......................................... 11,240,000 11,440,297
Cedars-Sinai Medical Center, 6.75%, 8/01/22 ..................................................... 23,530,000 24,668,381
CHFCLP Insured, 5.90%, 8/01/21 .................................................................. 4,000,000 4,233,560
CHFCLP Insured, 7.25%, 12/01/22 ................................................................. 5,120,000 5,921,229
CHFCLP Insured Health Facilities, AIDS Project, Series A, 6.25%, 8/01/22 ........................ 2,590,000 2,746,825
CHFCLP Insured Health Facilities, Children's Campus, 6.375%, 9/01/12 ............................ 2,765,000 2,972,956
CHFCLP Insured Health Facilities, Children's Campus, 6.50%, 9/01/22 ............................. 3,000,000 3,231,660
CHFCLP Insured Health Facilities, Eskaton Properties, 6.75%, 5/01/21 ............................ 9,600,000 10,391,520
CHFCLP Insured Health Facilities, Unihealth, Series A, AMBAC Insured, 5.75%, 10/01/25 ........... 36,000,000 37,555,920
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/15 ....................................... 5,365,000 5,732,288
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/20 ....................................... 3,775,000 4,010,220
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/25 ....................................... 4,755,000 5,051,284
Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.25%, 8/01/06 ........................... 2,000,000 2,151,480
Refunding, CHFCLP Insured Hospital, Triad Health Care, 6.50%, 8/01/22 ........................... 80,230,000 86,671,667
Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.625%, 4/15/12 ....................... 7,000,000 7,573,510
Refunding, CHFCLP Insured, Retirement Housing Foundation, 6.75%, 4/15/22 ........................ 16,000,000 17,309,760
Refunding, Health Facilities, Barton Memorial Hospital, Series B, 6.40%, 12/01/05 ............... 250,000 270,058
Refunding, St. Joseph Health System, 5.125%, 7/01/17 ............................................ 5,000,000 4,930,400
Refunding, St. Joseph Heath System, 5.25%, 7/01/21 .............................................. 7,750,000 7,708,073
Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.00%, 8/15/09 ......................... 6,465,000 6,911,667
Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.125%, 8/15/22 ........................ 9,330,000 10,020,233
Refunding, Sutter Health Obligated Group, MBIA Insured, 5.50%, 8/15/23 .......................... 14,000,000 14,253,260
Salk Institute, Connie Lee Insured, 6.20%, 7/01/24 .............................................. 7,065,000 7,574,669
Sisters Charity Leavenworth, 5.00%, 12/01/23 .................................................... 11,375,000 10,944,798
St. Joseph Health System Group, Pre-Refunded, 6.50%, 7/01/15 .................................... 8,395,000 9,549,816
St. Joseph Health System Group, Pre-Refunded, 6.625%, 7/01/21 ................................... 12,500,000 14,304,375
Sutter Health Obligation Group, MBIA Insured, 5.50%, 8/15/22 .................................... 25,520,000 26,270,798
California Statewide Community Development Corp., COP,
CHFCLP Insured, Villaview Community Hospital, 7.00%, 9/01/09 .................................... 4,485,000 4,911,210
Pacific Homes, Series A, 6.00%, 4/01/17 ......................................................... 6,270,000 6,621,057
California Urban Waterfront Area Restoration, 7.40%, 10/01/20 ..................................... 2,575,000 2,692,884
a California Valley HFA Revenue Home Mortgage, MBIA Insured, 5.65%, 2/01/27 ....................... 20,000,000 20,204,600
Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 4/01/08 ........................... 4,820,000 5,093,535
Cambria Community Services, Sewer and Water District Revenue,
Refunding, BIG Insured, Pre-Refunded, 7.40%, 5/01/15 ........................................... 940,000 994,962
Cambria Community Services, Sewer District Revenue, Refunding, BIG Insured,
Pre-Refunded, 7.40%, 5/01/15 ................................................................... 1,570,000 1,661,798
Campbell COP, Refunding, Civic Center Project,
MBIA Insured, 5.25%, 10/01/28 ................................................................... 6,260,000 6,259,937
Series 1991, Pre-Refunded, 6.75%, 10/01/17 ...................................................... 1,410,000 1,554,962
Campbell Housing Facility Revenue, San Tomas Gardens Project, Series A, 6.625%, 10/20/34 .......... 5,615,000 5,991,037
Campbell USD, Series A, MBIA Insured, 6.25%, 8/01/19 .............................................. $ 3,250,000 $ 3,580,558
Camrosa Water District, COP, Water System Improvement Projects, MBIA Insured, 6.00%, 1/15/20 ...... 5,120,000 5,498,726
Capistrano Bay Park and Recreation District, COP, Special Lease Finance, Series Q, 6.35%, 8/01/12 . 2,800,000 2,875,488
Capistrano Unified Public Financing Authority, Special Tax Revenue, Refunding,
First Lien, Series A, AMBAC Insured, 5.70%, 9/01/20 ............................................ 10,640,000 11,150,188
Carlsbad COP, Carlsbad Public Improvement Corp., Pre-Refunded, 8.00%, 8/01/08 ..................... 3,000,000 3,101,580
Carson RDA, Refunding, Project Area No. 1, Series 1992, 6.375%,
10/1/12.......................................................................................... 3,965,000 4,247,189
10/1/16.......................................................................................... 1,565,000 1,669,839
Castaic Lake Water Agency, COP, Water System Improvement Project,
Refunding, Series A, MBIA Insured,
6.125%, 8/01/15 ................................................................................. 11,540,000 12,569,022
6.00%, 8/01/18 .................................................................................. 5,345,000 5,755,015
Cathedral City Public Financing Authority Revenue, Refunding,
Tax Allocation, Redevelopment Projects, Series A, MBIA Insured,
5.70%, 8/01/24 ................................................................................... 11,210,000 11,745,838
Central San Joaquin Water Conservation District, COP, Series 1990, 7.65%, 12/01/18 ................ 5,800,000 6,132,920
Cerritos Public Financing Authority Revenue, Los Coyotes Redevelopment Project,
Loan, Series A, AMBAC Insured, 5.75%, 11/01/22 .................................................. 5,500,000 5,774,945
Chaffey Community College District, COP, 7.40%, 11/01/14 .......................................... 5,000,000 5,617,600
Chico Public Financing Authority Revenue, Southeast Chico Redevelopment Project,
Series A, FGIC Insured, 6.625%, 4/01/21 ........................................................ 1,955,000 2,074,959
Chico RDA Revenue, COP, Insured Health Facilities, Sierra Sunrise Lodge,
6.80%, 2/01/11 .................................................................................. 4,110,000 4,400,988
6.75%, 2/01/21 .................................................................................. 2,800,000 2,992,248
Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%, 9/01/22 ..................... 9,980,000 10,801,055
Chino USD, COP,
Land Acquisition, Series C, BIG Insured, Pre-Refunded, 7.45%, 9/01/24 ........................... 2,620,000 2,803,505
Land Acquisition, Series D, BIG Insured, 7.45%, 9/01/24 ......................................... 7,800,000 8,081,892
Land Acquisition, Series E, BIG Insured, 7.50%, 9/01/24 ......................................... 515,000 533,602
Land Acquisition, Series G, BIG Insured, Pre-Refunded, 7.35%, 9/01/24 ........................... 2,510,000 2,682,362
Refunding, Capital Construction Project, Series A, Pre-Refunded, 8.00%, 9/01/04 ................. 8,320,000 8,631,334
Clayton 1915 Act, Limited Obligation, Contra Costa County, Oakhurst Country Club,
8.10%, 9/02/01 .................................................................................. 150,000 155,663
8.20%, 9/02/02 .................................................................................. 215,000 223,112
8.25%, 9/02/03 .................................................................................. 220,000 228,252
8.30%, 9/02/04 .................................................................................. 285,000 295,628
8.30%, 9/02/05 .................................................................................. 330,000 342,167
8.35%, 9/02/06 .................................................................................. 315,000 326,545
8.35%, 9/02/07 .................................................................................. 390,000 404,161
8.375%, 9/02/08 ................................................................................. 410,000 424,653
8.375%, 9/02/09 ................................................................................. 440,000 455,633
8.40%, 9/02/10 .................................................................................. 50,000 51,771
8.40%, 9/02/11 .................................................................................. 445,000 460,873
8.40%, 9/02/12 .................................................................................. 525,000 543,617
8.40%, 9/02/13 .................................................................................. 600,000 621,276
Clayton Special Tax, CFD No. 90-1, Pre-Refunded, 8.60%, 9/02/22 ................................... 6,295,000 7,068,467
Clovis CDA, Tax Allocation, Pre-Refunded, 7.625%, 8/01/15 ......................................... 3,000,000 3,097,950
Clovis COP, 7.20%, 8/01/11 ........................................................................ 2,670,000 2,892,197
Coachella RDA, Refunding, Tax Allocation, Project Area No. 4, Pre-Refunded, 8.45%, 9/01/20 ........ 1,750,000 1,959,003
Coachella Valley COP, ID No. 71, Storm Water District, Flood Central Project,
Pre-Refunded, 6.75%, 10/01/12 ................................................................... 3,000,000 3,366,690
Coachella Valley USD, COP, 8.25%, 9/01/12 ......................................................... 6,375,000 6,829,091
Coalinga Public Financing Authority Revenue, Series B, 6.625%, 9/15/21 ............................ 8,120,000 8,317,154
Coastside County Water District, 1915 Act, Refunding, Crystal Springs Project, 4.40%, 9/02/99 ..... 800,000 798,992
Colma 1915 Act, Refunding, Local ID No. 1,
4.40%, 9/02/98 .................................................................................. 330,000 330,528
4.70%, 9/02/99 .................................................................................. 425,000 427,176
4.90%, 9/02/00 .................................................................................. 440,000 444,466
Colton Public Financing Authority Revenue, Tax Allocation, 7.60%, 5/15/19,
Series A ........................................................................................ 20,830,000 21,078,710
Series B ........................................................................................ 5,855,000 5,924,909
Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 7/01/22 ................................ 4,100,000 4,270,519
Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 2/01/18 ................................... $ 1,555,000 $ 1,652,778
Commerce Energy Authority Revenue, Refunding, Collateralized, 8.75%, 7/01/10 ...................... 31,825,000 37,939,219
Commerce Joint Powers Financing Authority, Lease Revenue, Community Center,
Series A, 6.25%, 10/01/22 ....................................................................... 4,000,000 4,269,640
Commerce RDA, Tax Allocation, Project Area No. 1, Series A,
ETM, 7.60%, 8/01/98 ............................................................................. 1,000,000 1,012,800
Pre-Refunded, 7.70%, 8/01/99 .................................................................... 1,655,000 1,709,433
Pre-Refunded, 7.75%, 8/01/00 .................................................................... 1,420,000 1,466,931
Pre-Refunded, 8.00%, 8/01/10 .................................................................... 16,000,000 16,541,760
Compton COP, Refunding, Civic Center & Capital Improvement, Series A, 5.50%, 9/01/15 .............. 5,000,000 5,046,150
Compton CRDA, Tax Allocation,
Series 1, FSA Insured, 6.75%, 8/01/13 ........................................................... 7,375,000 7,862,561
Walnut Industrial Park, Series 1985, AMBAC Insured, Pre-Refunded, 10.20%, 8/01/09 ............... 13,000,000 14,445,990
Compton Sewer Revenue, Series 1993,
6.60%, 7/01/12 .................................................................................. 1,405,000 1,511,569
6.75%, 7/01/23 .................................................................................. 4,535,000 4,898,934
Concord RDA, Refunding, Tax Allocation, Central Concord Redevelopment Project,
Sub-Series A, 6.00%, 7/01/19 ................................................................... 8,395,000 8,616,964
Contra Costa County, COP,
Refunding, Capital Projects Program, AMBAC Insured, 5.25%, 2/01/21 .............................. 6,570,000 6,596,411
Refunding, Merrithew Memorial Hospital Project, MBIA Insured, 5.50%, 11/01/22 ................... 11,000,000 11,332,090
Series 1994, 6.50%, 8/01/24 ..................................................................... 4,500,000 4,833,675
Contra Costa County MFHR, Refunding, Byron Park Project, Series C,
GNMA Secured, 6.40%, 1/20/31 .................................................................... 5,930,000 6,364,017
Contra Costa Transportation Authority Revenue, Sales Tax, Series A,
6.875%, 3/01/07 ................................................................................. 13,900,000 15,722,707
FGIC Insured, 6.50%, 3/01/09 .................................................................... 1,000,000 1,105,390
Contra Costa Water District Revenue, Refunding, Series F, FGIC Insured, 5.00%, 10/01/20 ........... 5,000,000 4,836,100
Corcoran Hospital District Revenue, Series A, 6.55%, 7/01/12 ...................................... 1,360,000 1,459,470
Corona 1915 Act,
AD No. 79-2, Northeast Area, Series B, 7.625%, 9/02/98 .......................................... 740,000 747,074
AD No. 79-2, Northeast Area, Series B, 7.75%, 9/02/99 ........................................... 760,000 784,358
AD No. 79-2, Northeast Area, Series B, 7.80%, 9/02/00 ........................................... 810,000 841,550
AD No. 79-2, Northeast Area, Series B, 7.80%, 9/02/01 ........................................... 875,000 908,530
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/02 ........................................... 940,000 975,805
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/03 ........................................... 1,000,000 1,037,670
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/04 ........................................... 1,075,000 1,115,044
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/99 ................................................... 1,390,000 1,441,083
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/00 ................................................... 1,500,000 1,560,240
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/01 ................................................... 1,595,000 1,658,034
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/02 ................................................... 1,690,000 1,756,079
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/03 ................................................... 1,800,000 1,869,624
Refunding, AD No. 79-2 & 80-1, 8.10%, 9/02/04 ................................................... 1,885,000 1,957,120
Corona COP,
Corona Community Hospital Project, Pre-Refunded, 9.425%, 9/01/20 ................................ 15,000,000 21,275,700
Refunding, Vista Hospital System, Series C, 9.50%, 7/01/20 ...................................... 22,325,000 26,724,811
Corona RDA, Tax Allocation, Refunding, Redevelopment Project Area A,
Series A, GIC Insured, 6.25%, 9/01/16 ........................................................... 3,000,000 3,281,730
Corona-Norco USD, Lease Revenue, Land Acquisition, Series A, FSA Insured, 6.00%, 4/15/29 .......... 18,435,000 19,641,939
Corona-Norco USD, Special Tax, CFD No. 88-1, Pre-Refunded, 7.55%, 10/01/14 ........................ 5,195,000 5,618,756
CSAC Finance Corp., COP, Sutter County, Health Facilities Program, 7.80%, 1/01/21 ................. 2,100,000 2,116,443
Cucamonga School District, COP, Pre-Refunded, 7.60%, 12/01/15 ..................................... 1,750,000 1,887,323
Culver City Redevelopment Finance Authority Revenue, Subordinated Lien,
Project Loans, Series B, Pre-Refunded
7.50%, 12/01/08 ................................................................................. 1,630,000 1,749,821
7.60%, 12/01/15 ................................................................................. 7,955,000 8,552,421
AMBAC Insured, 7.50%, 12/01/08 .................................................................. 3,370,000 3,631,950
AMBAC Insured, 7.60%, 12/01/15 .................................................................. 16,445,000 17,749,417
Culver City USD, MBIA Insured, 5.75%, 8/01/36 ..................................................... 5,000,000 5,258,000
Cupertino COP,
Memorial Park Expansion Project, Bank Qualified, Pre-Refunded, 7.25%, 7/01/10 ................... $ 4,110,000 $ 4,468,844
Refunding, Series A, 5.75%, 1/01/16 ............................................................. 5,000,000 5,080,400
Refunding, Series B, 6.25%, 7/01/10 ............................................................. 3,535,000 3,747,913
Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%, 8/01/17 ........................ 3,440,000 3,626,001
Desert Hot Springs RDA, Tax Allocation, Redevelopment Project No. 2, Series A, 6.625%, 9/01/20 .... 1,230,000 1,323,652
Downey Community Development Commission, Tax Allocation, Refunding,
Downey Redevelopment Project, MBIA Insured, 5.125%,
8/01/20.......................................................................................... 2,770,000 2,742,522
8/01/28.......................................................................................... 4,120,000 4,041,967
Duarte COP, City Civic Center, Refunding, 7.00%, 6/15/22 .......................................... 5,370,000 5,793,210
Duarte RDA, Refunding, Tax Allocation, Las Lomas Redevelopment Project, 8.00%, 8/01/07 ............ 1,820,000 1,853,943
East Bay MUD, Water System Revenue, Refunding, 6.00%, 6/01/20 ..................................... 15,100,000 16,135,105
East Bay Regional Park District, Pre-Refunded,
Series 1989, 6.25%, 9/01/13 ..................................................................... 1,220,000 1,251,025
Series C, FGIC Insured, 6.00%, 9/01/20 .......................................................... 3,390,000 3,745,306
East Side Union High School District, Santa Clara County, Series D, FGIC Insured, 5.80%, 9/01/21 .. 9,100,000 9,574,474
Eastern Municipal Water District Revenue, Water and Sewer, COP,
Refunding, Series A, FGIC Insured, 6.30%, 7/01/20 ............................................... 7,975,000 8,484,603
Series 1991, 6.00%, 7/01/23 ..................................................................... 3,500,000 3,699,675
Series 1991, MBIA Insured, 6.00%, 7/01/23 ....................................................... 3,750,000 3,970,950
Eden Township Hospital District Revenue, COP, Insured Health Facility,
Eden Hospital Health Services Corp., Pre-Refunded,
7.80%, 7/01/18 ................................................................................... 10,975,000 11,303,701
El Cajon RDA, Tax Allocation, Refunding, Redevelopment Project,
AMBAC Insured, 5.35%, 10/01/22 .................................................................. 11,285,000 11,304,072
El Camino Hospital District Revenue, Refunding, Series A, ETM, 7.25%, 8/15/09 ..................... 8,945,000 10,618,431
El Dorado County Board Authority Lease Revenue, Capital Facilities Project,
Pre-Refunded, 7.40%, 11/01/09 ................................................................... 5,500,000 6,045,655
El Dorado Union High School District, COP, Capital Projects, 6.30%, 8/01/12 ....................... 3,390,000 3,579,230
El Monte Public Financing Authority Revenue, Tax Allocation, Downtown
El Monte Redevelopment Project, Series A,
6.35%, 12/01/23 .................................................................................. 2,510,000 2,640,470
Emeryville Public Financing Authority Revenue, Incremental Lien, 6.20%, 9/01/25 ................... 6,085,000 6,456,672
Empire Union School District, COP, Garst School Supplies Financing Project, 6.75%, 12/01/17 ....... 1,165,000 1,237,673
Empire Union School District, Refunding, Special Tax, CFD No. 1987-1,
Series A, MBIA Insured, 6.50%, 10/01/17 ......................................................... 2,700,000 2,950,155
Escondido COP, Escondido Mobile Home Park,
7.25%, 3/01/07 .................................................................................. 1,000,000 1,059,330
7.40%, 3/01/21 .................................................................................. 4,910,000 5,203,127
Escondido COP, Refunding, Wastewater Project, AMBAC Insured, 9/01/26,
5.70% ........................................................................................... 13,465,000 14,166,123
5.80% ........................................................................................... 400,000 424,036
Fairfield 1915 Act, Green Valley Road/Mangels Boulevard, 8.00%, 9/02/11 ........................... 950,000 982,766
Fairfield 1915 Act, North Cordelia ID, 8.00%, 9/02/11 ............................................. 310,000 320,692
Fairfield Public Financing Authority Revenue, Fairfield Redevelopment Projects,
Series A, 7.80%, 8/01/19 ....................................................................... 2,145,000 2,189,959
Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 ........................................... 1,960,000 2,110,940
Fallbrook Union High School District, San Diego County, Series A, MBIA Insured, 6.25%, 9/01/19 .... 6,000,000 6,615,960
Fillmore COP, Water System Improvement Project, AMBAC Insured, 7.70%, 5/01/19 ..................... 2,590,000 3,073,449
Folsom Public Financing Authority Revenue, Local Agency,
7.25%, 10/01/10 ................................................................................. 3,000,000 3,168,870
8.00%, 10/01/18 ................................................................................. 7,590,000 7,753,944
Folsom Special Tax, Pre-Refunded,
CFD No. 2, 7.60%, 12/01/09 ...................................................................... 3,910,000 4,216,818
CFD No. 2, 7.70%, 12/01/19 ...................................................................... 3,950,000 4,266,277
Fontana Public Financing Authority Revenue, Tax Allocation, North Fontana Redevelopment,
Series B, 6.30%, 1/15/24 ........................................................................ 1,905,000 1,948,205
Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 ...................................... 2,000,000 2,273,400
Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 ...................................... 11,005,000 12,546,470
Fontana RDA, Tax Allocation, Refunding, Jurupa Hills Redevelopment Project, Series A,
5.50%, 10/01/27 ................................................................................. 12,500,000 12,542,125
Pre-Refunded, 7.10%, 10/01/23 ................................................................... 10,000,000 11,364,500
Fontana Special Tax, CFD No. 2, Series B, 8.50%, 9/01/17 .......................................... $ 31,750,000 $ 32,825,373
Foothill-De Anza Community College District, COP, Parking Structure Project, Pre-Refunded,
8.20%, 7/01/08 .................................................................................. 1,690,000 1,759,003
8.25%, 7/01/18 .................................................................................. 3,110,000 3,237,355
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Senior Lien, Series A,
6.50%, 1/01/32 .................................................................................. 108,175,000 117,029,124
6.00%, 1/01/34 .................................................................................. 132,495,000 137,870,322
5.00%, 1/01/35 .................................................................................. 8,750,000 8,087,888
Fort Bragg COP, Capital Improvement Authority, Pre-Refunded, 7.85%, 8/01/14 ....................... 2,120,000 2,190,744
Fort Bragg RDA Revenue, Tax Allocation, Fort Bragg Redevelopment Project,
Series A, 6.875%,5/01/18 ........................................................................ 2,015,000 2,144,605
Fortuna and Susanville Cities, COP, Series B, 7.375%, 9/01/17 ..................................... 2,000,000 2,145,800
Fremont COP, Park Facilities Corp., 6.75%, 8/01/11 ................................................ 6,035,000 6,182,797
Fremont COP, Series A, MBIA Insured, 5.90%, 8/01/25 ............................................... 8,320,000 8,623,846
Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%, 8/01/06 ...................... 1,980,000 2,019,382
Fresno County COP, American Avenue Landfill Project,
ETM, 7.60%, 11/01/98 ............................................................................ 275,000 281,221
ETM, 7.75%, 11/01/99 ............................................................................ 295,000 312,435
ETM, 7.90%, 11/01/00 ............................................................................ 320,000 349,853
ETM, 8.00%, 11/01/01 ............................................................................ 345,000 389,333
Pre-Refunded, 8.25%, 11/01/13 ................................................................... 7,185,000 8,353,928
Fresno County HFR, Mortgage Loans, Series A, 12.50%, 9/15/12 ...................................... 25,000 25,793
Fresno County Office of Education, COP, Capital Outlay Financing Program,
Series C, 7.50%, 12/01/10 ...................................................................... 2,470,000 2,642,530
Fresno Health Facilities Revenue, Holy Cross Health Systems Corp., MBIA Insured,
5.625%, 12/01/15 ................................................................................ 5,000,000 5,212,650
Fresno IDR, Refunding, Civic Center Square Project, 8.60%, 4/01/08 ................................ 3,000,000 3,041,640
Fresno RDA Revenue, Tax Allocation, Mariposa Redevelopment Project,
Series A, 6.625%, 2/01/23 ....................................................................... 1,505,000 1,585,954
Fresno USD, COP, Project Phase VI, Series A, Pre-Refunded, 7.20%, 5/01/11 ......................... 7,065,000 7,816,575
Galt 1915 Act, AD No. 9, 7.75%, 9/02/24 ........................................................... 5,775,000 5,972,736
Galt COP, Waste Water Improvement, 7.80%, 9/01/10 ................................................. 3,340,000 3,579,812
Galt Middle School, Joint Powers Authority, Special Tax, CFD No. 1, 8.00%, 9/01/15 ................ 3,980,000 4,020,039
Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 3/01/19 ........................................ 7,250,000 7,742,928
Grand Terrace Public Financing Authority, Series A, Pre-Refunded, 7.85%, 6/01/21 .................. 2,945,000 3,320,870
Grass Valley Hospital Revenue, Insured, Sierra Nevada Memorial Hospital, 7.25%, 4/01/19 ........... 3,000,000 3,137,040
Hawaiian Gardens Public Finance Authority, Tax Allocation, Pre-Refunded, Series 1988,
Pre-Refunded, 7.90%, 12/01/13 .................................................................. 9,375,000 9,818,438
Hawaiian Gardens RDA, Refunding, Tax Allocation, Project No. 1,
6.35%, 12/01/33 ................................................................................. 13,000,000 13,675,740
ETM, 8.00%, 12/01/10 ............................................................................ 7,240,000 8,727,965
Hawthorne CRDA, Tax Allocation, Hawthorne Redevelopment Project No. 2,
Pre-Refunded, 7.875%, 7/01/15 ................................................................... 2,250,000 2,317,793
Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 ........................................ 4,000,000 4,593,920
Hemet Valley Hospital District Revenue, COP, Hemacinto Community Corp. Project,
Series A, 7.75%, 5/01/19 ....................................................................... 2,620,000 2,721,158
Hemet Valley Hospital District Revenue, Moreno Valley Regional Medical Center,
Series A, Pre-Refunded,
8.25%, 7/01/05 .................................................................................. 3,115,000 3,211,658
8.50%, 7/01/18 .................................................................................. 22,490,000 23,201,359
Hesperia Public Financing Authority Revenue, Highway and Street Improvement,
Series A, 6.10%, 10/01/10 ....................................................................... 1,600,000 1,693,296
Hesperia Water District, COP, Refunding, Water Facilities Improvement Project,
FGIC Insured, 7.15%, 6/01/26 ................................................................... 5,000,000 5,539,800
Highland Special Tax, CFD No. 90-1, Series A, Pre-Refunded,
8.50%, 9/01/10 .................................................................................. 2,000,000 2,078,880
8.60%, 9/01/15 .................................................................................. 3,000,000 3,119,550
Hollister RDA, Tax Allocation, Community Development Project,
Series 1989, Pre-Refunded, 7.55%, 10/01/13 ...................................................... 2,000,000 2,144,240
Series B, FSA Insured, 6.625%, 10/01/07 ......................................................... 1,905,000 2,076,869
Series B, FSA Insured, 6.75%, 10/01/13 .......................................................... 1,495,000 1,634,349
Huntington Beach COP, Refunding, Emerald Cove Senior Citizens
Housing Project, 7.00%, 9/01/21 ................................................................ 3,655,000 3,781,280
Huntington Beach Public Financing Authority Revenue,
Huntington Beach Redevelopment Projects,
Refunding, Series 1992, 7.00%, 8/01/24 .......................................................... 2,630,000 2,738,435
Series A, Pre-Refunded, 8.375%, 5/01/18 ......................................................... 14,855,000 15,205,429
Huntington Park Public Financing Authority, Series A,
Lease Revenue, Pre-Refunded, 7.875%, 9/01/19 .................................................... $ 4,775,000 $ 5,133,603
Local Agency Revenue, Refunding, MBIA Insured, 6.45%, 9/01/22 ................................... 10,000,000 11,077,600
Huntington Park RDA, Sales and Use Tax Revenue, Junior Lien, Tax Allocation,
Merged Project, Pre-Refunded, 8.00%, 1/01/22 ................................................... 11,665,000 12,670,640
Imperial COP, Water System Refining Program, Refunding,
Series A, 5.85%, 10/15/16 ....................................................................... 2,625,000 2,746,774
Series A, 5.875%, 10/15/20 ...................................................................... 4,535,000 4,741,479
Series B, 5.85%, 10/15/16 ....................................................................... 1,820,000 1,904,430
Series B, 5.875%, 10/15/20 ...................................................................... 3,175,000 3,319,558
Imperial Irrigation District, COP, Electric System Project, Series 1994, 6.00%, 11/01/18 .......... 21,010,000 22,384,474
Indio Public Financing Authority Revenue, Refunding, Tax Allocation, Series 1992,
6.85%, 8/15/01 .................................................................................. 255,000 276,305
6.95%, 8/15/02 .................................................................................. 275,000 298,592
7.10%, 8/15/03 .................................................................................. 300,000 326,742
7.30%, 8/15/22 .................................................................................. 12,120,000 13,254,674
Industry COP, Refunding, 6.625%, 6/01/06 .......................................................... 11,380,000 12,759,597
Industry Urban Development Agency, Refunding, Tax Allocation,
Transportation District No. 3 Project, 6.90%, 11/01/07 ......................................... 5,860,000 6,341,926
Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc., Pre-Refunded, 6.75%, 5/01/13 ........... 12,000,000 13,122,000
Inglewood Public Financing Authority Revenue, La Cinega Redevelopment Project,
Series A, AMBAC Insured, 6.00%, 5/01/16 ........................................................ 7,410,000 7,843,411
Inglewood USD, COP, 7.375%, 10/01/05 .............................................................. 2,990,000 3,153,673
Inland Empire Solid Waste Financing Authority Revenue,
Landfill Improvement Financing Project, Series B, FSA Insured,
6.25%, 8/01/11 .................................................................................. 5,000,000 5,578,100
6.00%, 8/01/16 .................................................................................. 5,000,000 5,378,200
Intercommunity Hospital Financing Authority, Solano County COP, 7.75%, 11/01/19 ................... 37,245,000 38,380,600
Intermodal Container Transfer Facility, Joint Powers Authority Revenue, Refunding, Series A,
7.65%, 11/01/04 ................................................................................. 9,640,000 10,095,394
7.70%, 11/01/14 ................................................................................. 27,465,000 28,783,595
Inyo County COP, Series 1990, 7.30%, 12/01/10 ..................................................... 1,470,000 1,517,657
Irvine Ranch Water District Revenue, Joint Powers Agency, Local Pool,
Issue II, 8.20%, 8/15/08 ........................................................................ 15,000,000 15,220,200
Issue II, 8.25%, 8/15/23 ........................................................................ 255,995,000 259,799,086
Irvine USD, Special Tax, Refunding, CFD No. 86-1, AMBAC Insured, 5.80%, 11/01/20 .................. 8,165,000 8,696,460
Irwindale CRDA, Tax Allocation,
Individual Development Project, Pre-Refunded, 6.60%, 8/01/18 .................................... 1,630,000 1,882,780
Individual Development Project, Pre-Refunded, 6.625%, 8/01/26 ................................... 9,100,000 10,591,945
Refunding, Senior Lien, FSA Insured, 5.75%, 8/01/26 ............................................. 10,220,000 10,905,353
Irwindale Public Finance Authority, Special Tax, CFD No. 1, Pre-Refunded, 8.50%, 11/01/20 ......... 10,000,000 11,303,800
John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 6/01/23 ........................ 1,760,000 1,948,390
Jurupa Community Service District, COP, Waste Water Facility Project,
Series 1990, Pre-Refunded, 7.55%,
10/1/05 ......................................................................................... 800,000 831,264
10/1/06 ......................................................................................... 510,000 529,931
10/1/07 ......................................................................................... 980,000 1,018,298
Keppel Union School District, Special Tax, CFD No. 1-91, Series A, 7.40%, 9/01/16 ................. 2,000,000 2,201,540
Kern County Housing Authority, RRMR, Series A, 9.875%, 9/01/08 .................................... 4,970,000 5,005,287
Kern County Housing Authority, SFMR, Series A, GNMA Secured,
7.45%, 12/01/02 ................................................................................. 195,000 202,718
7.55%, 12/01/07 ................................................................................. 430,000 462,280
7.65%, 12/01/12 ................................................................................. 630,000 674,264
7.70%, 12/01/23 ................................................................................. 2,865,000 3,063,086
7.50%, 10/01/24 ................................................................................. 835,000 903,078
Kings River Conservation District, Pine Flat Power Revenue, Refunding, Series D,
6.00%, 1/01/17 .................................................................................. 6,455,000 6,724,044
5.50%, 1/01/20 .................................................................................. 6,450,000 6,493,409
La Habra COP, Park La Habra and Viewpark Projects, FSA Insured, 6.625%, 11/01/22 .................. 3,000,000 3,290,250
La Mesa Parking Authority Lease Revenue, Refunding, Municipal Forwards,
AMBAC Insured, 6.00%, 10/01/07 ................................................................. 3,810,000 4,145,128
La Mirada RDA, Special Tax, Civic Theater Project, CFD No. 89-1,
7.90%, 10/01/01 ................................................................................. $ 295,000 $ 313,479
8.00%, 10/01/02 ................................................................................. 315,000 334,905
8.00%, 10/01/03 ................................................................................. 340,000 360,672
8.25%, 10/01/20 ................................................................................. 12,725,000 13,510,260
La Mirada RDA, Tax Allocation, Housing, Refunding, Series A, FSA Insured, 5.875%, 8/15/25 ......... 7,100,000 7,532,319
La Mirada SFMR, 7.65%, 4/01/24 .................................................................... 2,010,000 2,185,332
La Palma Community Development Commission, Tax Allocation,
La Palma Community Development Project No. 1,
7.10%, 6/01/21 .................................................................................. 4,945,000 5,250,057
6.10%, 6/01/22 .................................................................................. 2,355,000 2,420,210
La Quinta RDA, Tax Allocation,
Housing & Redevelopment Project, Areas No. 1 & 2, MBIA Insured, 6.00%, 9/01/25 .................. 7,500,000 8,086,350
La Quinta Redevelopment Project, Pre-Refunded, 8.00%, 9/01/12 ................................... 1,500,000 1,556,130
Lake Arrowhead Community Services District, COP, Refunding, FGIC Insured, 6.50%, 6/01/15 .......... 10,000,000 10,876,800
Lake Elsinore Public Financing Authority, Tax Allocation Revenue,
Lake Elsinore Redevelopment Projects, Series A, FSA Insured, 5.80%, 9/01/25 ................... 6,750,000 7,038,225
Lake Elsinore USD, COP, Refunding, 6.90%, 2/01/20 ................................................. 5,150,000 5,546,705
Lake Elsinore USD, Special Tax, CFD No. 8,
7.50%, 9/01/14 .................................................................................. 4,825,000 4,877,014
8.25%, 9/01/16 .................................................................................. 4,200,000 4,484,802
Lakewood RDA, Refunding, Tax Allocation, Redevelopment Project No. 1,
Series A, FSA Insured, 6.50%, 9/01/17 .......................................................... 6,705,000 7,317,703
Lancaster COP, Refunding, School District Project, FSA Insured,
6.95%, 3/01/12 .................................................................................. 2,640,000 2,992,730
7.00%, 3/01/22 .................................................................................. 3,555,000 4,019,639
Lancaster RDA, RMR, Los Angeles County, Series A, 10.125%, 9/01/16 ................................ 5,000 5,047
Lancaster RDA, Tax Allocation, MBIA Insured,
Combined Redevelopment Project Areas, Housing Program, 5.80%, 8/01/23 ........................... 9,125,000 9,510,714
Combined Redevelopment Project Areas, Sheriff's Program, 5.70%, 8/01/23 ......................... 13,140,000 13,615,931
Refunding, Amargosa Redevelopment Project, 6.85%, 2/01/19 ....................................... 6,055,000 6,535,101
Lassen County COP, Public Facility Project,
Series A, 7.50%, 11/01/04 ....................................................................... 1,260,000 1,332,626
Series A, 7.60%, 11/01/09 ....................................................................... 1,840,000 1,933,582
Series B, 7.50%, 11/01/04 ....................................................................... 945,000 999,470
Series B, 7.60%, 11/01/09 ....................................................................... 1,050,000 1,103,403
Lemon Grove CDA Revenue, Tax Allocation, Lemon Redevelopment Project, 6.90%, 8/01/20 .............. 1,000,000 1,065,790
Lemoore Financing Authority Lease Revenue, Water and Waste Water
System Improvement Project, AMBAC Insured, 6.20%, 12/01/20 .................................... 4,400,000 4,798,244
Lemoore RDA, Tax Allocation, Refunding, 6.85%, 8/01/25 ............................................ 6,105,000 6,628,076
Liberty Union High School District, Series A, FSA Insured, 6.20%, 8/01/19 ......................... 2,745,000 2,993,011
Little Lake City School District, COP, Refunding, Series A,
6.15%, 6/01/06 .................................................................................. 280,000 292,174
6.20%, 6/01/07 .................................................................................. 300,000 312,402
6.25%, 6/01/08 .................................................................................. 315,000 327,487
6.25%, 6/01/09 .................................................................................. 335,000 347,727
6.25%, 6/01/10 .................................................................................. 355,000 368,486
Local Government Finance, Joint Powers Authority Revenue,
Anaheim RDA, Series A, Pre-Refunded, 8.20%, 9/01/15 ............................................ 15,000,000 15,573,450
Local Medical Facilities Financing Authority, COP, 7.55%, 3/01/20 ................................. 9,355,000 10,027,063
Local Medical Facilities Financing Authority II, COP, California Health Clinic Project,
7.55%, 11/01/20 ................................................................................. 4,135,000 4,502,726
Series B, 6.85%, 10/01/21 ....................................................................... 2,635,000 2,852,414
Local Medical Facilities Financing Authority III, COP,
Insured Health Clinic Projects, 6.90%, 7/01/22 .................................................... 3,590,000 3,877,128
Loma Linda Hospital Revenue, Refunding, Loma Linda University Medical Center,
Series A, AMBAC Insured, 6.55%, 12/01/18 ........................................................ 11,525,000 12,592,791
Series B, MBIA Insured, 5.00%, 12/01/22 ......................................................... 8,000,000 7,724,560
Long Beach COP, Fleet Services Project, Series A,
6.60%, 5/01/14 .................................................................................. 7,715,000 8,063,332
6.00%, 5/01/17 .................................................................................. 3,680,000 3,777,226
Long Beach Harbor Revenue, MBIA Insured, 5.25%, 5/15/25 ........................................... $ 15,500,000 $ 15,388,090
Long Beach HMR, Series A, 9.60%, 11/01/14 ......................................................... 2,040,000 2,068,662
Long Beach RDA, Downtown Redevelopment Project, Series B, Pre-Refunded,
8.20%, 11/01/05 ................................................................................. 3,080,000 3,152,226
8.30%, 11/01/10 ................................................................................. 3,410,000 3,490,237
Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%, 12/01/12 ........................ 3,735,000 3,964,777
Long Beach Water Revenue, Refunding, Pre-Refunded, 6.25%, 5/01/24 ................................. 7,935,000 8,899,737
Los Angeles Community College District, COP, Series A,
Capital Improvement Project, Pre-Refunded, 7.50%, 8/15/09 ....................................... 7,175,000 7,671,080
Refunding, FSA Insured, 6.00%, 8/15/20 .......................................................... 4,330,000 4,602,574
Los Angeles Community Redevelopment Agency, Tax Allocation, Series G, 6.75%, 7/01/10 .............. 8,060,000 8,193,474
Los Angeles COP,
Ararat Mission Hills Project, Series A, 7.25%, 6/01/21 .......................................... 3,305,000 3,607,672
Bay Harbor Hospital, Inc., 7.30%, 4/01/20 ....................................................... 5,335,000 5,704,982
Los Angeles County, Capital Asset Leasing Corp., Leasehold Revenue,
Refunding, AMBAC Insured, 6.00%, 12/01/16 ........................................................ 6,000,000 6,353,280
Los Angeles County COP,
CHFCLP Insured Health Clinic Program, Series A, 7.30%, 1/01/21 .................................. 15,545,000 16,972,808
CHFCLP Insured Health Clinic Program, Series B, 7.05%, 8/01/21 .................................. 7,175,000 7,696,049
CHFCLP Insured Health Clinic Program, Series C, 6.90%, 1/01/22 .................................. 1,240,000 1,328,189
Civic Center Heating and Refrigeration Plant, Pre-Refunded, 8.00%, 6/01/10 ...................... 3,250,000 3,337,295
Disney Parking Project, 5.50%, 9/01/21 .......................................................... 11,560,000 11,365,098
Disney Parking Project, 6.50%, 3/01/23 .......................................................... 13,060,000 13,989,741
Marina del Rey, Series A, 6.50%, 7/01/08 ........................................................ 21,615,000 23,264,873
Multiple Capital Facilities Project III, Pre-Refunded, 6.25%, 11/01/07 .......................... 6,000,000 6,528,720
Refunding, CHFCLP Insured Health Clinic Program,
Behavioral Health Service, Series F, 5.875%, 1/01/21 ........................................... 7,520,000 7,926,757
Refunding, Retirement Housing Foundation, 6.625%, 4/15/12 ....................................... 3,400,000 3,678,562
Refunding, Retirement Housing Foundation, 6.75%, 4/15/22 ........................................ 7,665,000 8,292,457
Series 1992, 6.625%, 7/01/22 .................................................................... 1,000,000 1,079,970
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Proposition C, Second Series A, AMBAC Insured, 5.00%, 7/01/25 ................................... 32,425,000 31,483,054
Refunding, Proposition A, First Tier, Senior Series A, MBIA Insured, 5.25%, 7/01/27 ............. 17,300,000 17,366,432
Refunding, Proposition A, Second Tier, MBIA Insured, 6.00%, 7/01/26 ............................. 12,200,000 13,138,912
aRefunding, Proposition A, Series A, FGIC Insured, 5.00%, 7/01/21 ............................... 94,300,000 91,147,551
Refunding, Proposition A, Series A, MBIA Insured, 5.625%, 7/01/18 ............................... 10,060,000 10,437,250
Refunding, Proposition C, Second Senior Series A, AMBAC Insured, 5.00%, 7/01/23 ................. 66,060,000 64,208,999
Los Angeles County Public Works, Financing Authority Revenue,
Multiple Capital Facilities Project, Series B. AMBAC Insured, 5.125%, 12/01/29 .................. 10,000,000 9,807,300
Refunding, Master Project, Series A, FSA Insured, 5.25%, 3/01/15 ................................ 5,000,000 5,041,050
Regional Park and Open Space District, Series A, Pre-Refunded, 6.00%, 10/01/15 .................. 35,355,000 39,372,035
Los Angeles County Sanitation Districts Financing Authority Revenue,
Capital Projects, Series A, MBIA Insured,
5.25%, 10/01/19 ................................................................................. 30,000,000 29,999,700
5.00%, 10/01/23 ................................................................................. 5,000,000 4,818,600
Los Angeles County Sanitation Districts Financing Authority Revenue,
Capital Projects, Series A, 5.00%, 10/01/23 .................................................... 14,300,000 13,800,644
Los Angeles County SFMR, GNMA Secured, Issue A,
7.875%, 8/01/16 ................................................................................. 2,285,000 2,424,842
8.00%, 3/01/17 .................................................................................. 3,235,000 3,572,443
Los Angeles County Special Tax, CFD No. 1, Palmdale/Lancaster Waterworks, Series A,
8.00%, 9/01/06 .................................................................................. 230,000 235,856
8.125%, 9/01/18 ................................................................................. 4,350,000 4,463,274
Los Angeles County Special Tax, CFD No. 3, Series A, Pre-Refunded, 7.60%, 9/01/14 ................. 5,785,000 6,197,818
Los Angeles County Transportation Commission, Lease Revenue, FSA Insured, 7.375%, 12/15/06 ........ 14,541,000 16,025,491
Los Angeles County Transportation Commission, Sales Tax Revenue,
Refunding, Series A, 7.40%, 7/01/09 ............................................................. 26,410,000 28,073,302
Refunding, Series A, 7.40%, 7/01/15 ............................................................. 1,830,000 1,945,253
Refunding, Series A, Pre-Refunded, 8.00%, 7/01/18 ............................................... 8,240,000 8,491,814
Refunding, Series B, 6.50%, 7/01/13 ............................................................. 4,300,000 4,622,844
Los Angeles County Transportation Commission, Sales Tax Revenue, (cont.)
Refunding, Series B, FGIC Insured, 6.50%, 7/01/13 ............................................... $ 5,000,000 $ 5,411,700
Refunding, Series B, FGIC Insured, 5.75%, 7/01/18 ............................................... 28,095,000 28,800,746
Refunding, Series B, MBIA Insured, 5.75%, 7/01/18 ............................................... 13,480,000 13,843,016
Series A, Proposition C, Second Senior, MBIA Insured, Pre-Refunded, 6.625%, 7/01/09 ............. 29,590,000 32,969,178
Series A, Proposition C, Second Senior, MBIA Insured, Pre-Refunded, 6.25%, 7/01/13 .............. 15,000,000 16,495,950
Series A, Proposition C, Second Senior, MBIA Insured, Pre-Refunded, 6.00%, 7/01/23 .............. 55,780,000 60,805,220
Los Angeles CRDA, Financing Authority Revenue, Pooled Financing, 9/01/14,
Beacon Normandie, Series B, 6.625%............................................................... 7,500,000 8,004,975
Bunker Harbor, Series A, 6.375%.................................................................. 5,000,000 5,178,800
Los Angeles CRDA, MFHR, Refunding, Angelus Plaza Project, Series A, 6.40%, 7/01/23 ................ 6,470,000 6,817,310
Los Angeles CRDA, Tax Allocation, Refunding, Bunker Hill, Series H, FSA Insured,
5.625%, 12/01/18 ................................................................................ 20,000,000 20,657,400
5.625%, 12/01/23 ................................................................................ 50,090,000 51,576,170
5.60%, 12/01/28 ................................................................................. 36,900,000 37,937,259
Los Angeles Department of Airports Revenue, Ontario International Airport,
Series A, FGIC Insured, 6.00%, 5/15/26 ......................................................... 10,000,000 10,686,600
Los Angeles Department of Water and Power Electric Plant Revenue,
Crossover Refunding, 5.875%, 9/01/30 ............................................................ 33,125,000 34,670,281
Crossover Refunding, FGIC Insured, 5.875%, 9/01/30 .............................................. 19,400,000 20,317,232
Crossover Refunding, MBIA Insured, 5.875%, 9/01/30 .............................................. 15,000,000 15,756,300
Crossover Refunding, Second Issue, 5.40%, 11/15/31 .............................................. 14,500,000 14,534,945
Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 9/01/20 .................................. 25,380,000 27,085,536
Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 9/01/23 ................................. 62,955,000 63,621,693
Refunding, Series 1992, 6.375%, 2/01/20 ......................................................... 8,245,000 8,768,310
Refunding, Series 1992, 6.00%, 2/01/28 .......................................................... 8,290,000 8,694,303
Refunding, Series 1992, MBIA Insured, 6.00%, 2/01/28 ............................................ 11,060,000 11,682,678
Second Issue, 6.00%, 8/15/32 .................................................................... 37,600,000 39,500,304
Series 1988, 7.90%, 5/01/28 ..................................................................... 22,800,000 23,325,996
Series 1993, 6.125%, 1/15/33 .................................................................... 101,095,000 107,201,138
Series 1993, FGIC Insured, 6.125%, 1/15/33 ...................................................... 5,000,000 5,326,200
Los Angeles Department of Water and Power Waterworks Revenue,
Crossover Refunding, Series 1993, 5.80%, 4/15/24 ................................................ 10,520,000 10,912,606
FGIC Insured, 6.125%, 5/15/25 ................................................................... 11,100,000 12,030,291
Refunding, Series 1992, 6.40%, 5/15/28 .......................................................... 21,590,000 22,943,477
Second Issue, 6.50%, 11/01/14 ................................................................... 1,000,000 1,076,900
Second Issue, 6.40%, 11/01/31 ................................................................... 14,815,000 15,829,976
Second Issue, 6.00%, 7/15/32 .................................................................... 15,590,000 16,366,382
Second Issue, FGIC Insured, 6.40%, 11/01/31 ..................................................... 5,500,000 5,925,865
Second Issue, FGIC Insured, 6.00%, 7/15/32 ...................................................... 4,330,000 4,590,666
Second Issue, MBIA Insured, 6.00%, 7/15/32 ...................................................... 3,200,000 3,392,640
Series 1989, 7.20%, 2/15/19 ..................................................................... 3,850,000 4,039,921
Series 1992, 6.50%, 4/15/32 ..................................................................... 3,500,000 3,745,560
Series 1994, MBIA Insured, 6.375%, 7/01/34 ...................................................... 3,000,000 3,288,150
Los Angeles GO, Series A,
FGIC Insured, 6.10%, 9/01/12 .................................................................... 6,465,000 7,007,414
FGIC Insured, 6.125%, 9/01/13 ................................................................... 8,130,000 8,801,375
FGIC Insured, Series A, 6.30%, 9/01/15 .......................................................... 11,470,000 12,483,719
MBIA Insured, 6.00%, 9/01/12 .................................................................... 5,000,000 5,473,950
Los Angeles Harbor Department Revenue,
Refunding, Series C, MBIA Insured, 5.375%, 11/01/25 ............................................. 9,000,000 9,126,450
Series B, 6.125%, 8/01/18 ....................................................................... 24,810,000 26,487,404
Series B, 6.20%, 8/01/22 ........................................................................ 59,835,000 64,013,278
Series B, 5.375%, 11/01/23 ...................................................................... 7,460,000 7,480,515
Series B, 6.20%, 8/01/25 ........................................................................ 35,690,000 38,684,748
Los Angeles HMR, Series 1985, 9.00%, 6/15/18 ...................................................... 325,000 325,588
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 6,461,760
Los Angeles MFHR, Refunding, Senior Series G, FSA Insured, 5.75%, 1/01/24 ......................... $ 7,415,000 $ 7,642,937
Los Angeles Municipal Improvement Corp., Lease Revenue, Refunding,
Central Library Project, Series A, 6.30%, 6/01/18 .............................................. 3,000,000 3,177,180
Los Angeles USD, COP, Refunding, Dr. Francisco Bravo Medical Facility,
6.50%, 6/01/04 .................................................................................. 3,040,000 3,323,510
6.60%, 6/01/05 .................................................................................. 1,145,000 1,251,508
6.60%, 6/01/06 .................................................................................. 3,610,000 3,931,434
6.625%, 6/01/08 ................................................................................. 8,505,000 9,239,917
Los Angeles USD, Series A, FGIC Insured,
5.375%, 7/01/16 ................................................................................. 5,000,000 5,100,800
5.00%, 7/01/21 .................................................................................. 47,250,000 45,979,920
5.40%, 7/01/22 .................................................................................. 23,525,000 23,945,157
Los Angeles Waste Water System Revenue,
Refunding, Series A, FGIC Insured, 6.00%, 12/01/12 .............................................. 15,000,000 15,963,450
Refunding, Series A, MBIA Insured, 5.70%, 6/01/20 ............................................... 65,445,000 68,569,999
Refunding, Series A, MBIA Insured, 5.80%, 6/01/21 ............................................... 35,505,000 37,412,684
Refunding, Series C, 7.10%, 6/01/18 ............................................................. 15,495,000 16,309,417
Refunding, Series C, MBIA Insured, 5.60%, 6/01/20 ............................................... 31,540,000 32,857,426
Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 .............................................. 8,000,000 8,607,760
Series A, FGIC Insured, 6.00%, 12/01/18 ......................................................... 25,665,000 27,161,783
Series A, MBIA Insured, 5.875%, 6/01/24 ......................................................... 45,400,000 48,188,014
Series B, AMBAC Insured, 6.00%, 6/01/22 ......................................................... 10,650,000 11,300,822
Series B, MBIA Insured, 5.70%, 6/01/23 .......................................................... 75,720,000 79,335,630
Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 7/01/13 ............................... 6,965,000 7,291,101
Madera-Chowchilla Power Authority, Hydroelectric Revenue, Refunding, 8.00%, 1/01/14 ............... 2,290,000 2,590,494
Madera County COP, Valley Children's Hospital, MBIA Insured,
6.125%, 3/15/23 ................................................................................. 18,000,000 19,442,340
5.75%, 3/15/28 .................................................................................. 27,500,000 28,770,775
Madera USD, COP, 6.50%, 12/01/07 .................................................................. 1,250,000 1,345,763
Marin County COP, Capital Improvement Project, 6.625%, 8/01/06 .................................... 2,330,000 2,543,405
Martinez USD, Refunding, Series 1992, 6.00%,
8/1/06........................................................................................... 1,260,000 1,320,228
8/1/10........................................................................................... 1,265,000 1,323,747
Marysville COP, Capital Improvement Financing Project, 7.125%, 2/01/13 ............................ 1,110,000 1,189,021
Mayer's Memorial Hospital District, Health Facility Revenue,
Fall River Mills, IDBI Insured, Pre-Refunded, 7.70%, 2/01/19 ..................................... 6,915,000 7,247,542
Mendocino County COP, Refunding, BIG Insured, 7.40%, 8/15/06 ...................................... 6,310,000 6,516,905
Menlo Park CDA, MFHR, Gateway Project, Series A, FHA Insured, 8.25%, 12/01/28 ..................... 3,470,000 3,562,510
Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 ........................ 3,580,000 3,891,961
Metropolitan Water District Revenue, Southern California Waterworks,
5.50%, 7/01/19 .................................................................................. 81,315,000 83,860,973
5.00%, 7/01/20 .................................................................................. 7,765,000 7,551,074
Series C, 5.00%, 7/01/27 ........................................................................ 49,795,000 48,229,445
Series C, 5.00%, 7/01/37 ........................................................................ 17,125,000 16,442,226
Mid-Peninsula Regional Open Space District, COP, 9/01/20
Series 1990, Pre-Refunded, 7.60%................................................................. 5,000,000 5,356,800
Special Districts Association Finance Corp., 5.75%............................................... 5,200,000 5,347,992
Mid-Peninsula Regional Open Space District, Series 1990, 7.50%,
9/1/07........................................................................................... 1,215,000 1,292,225
9/1/08........................................................................................... 1,305,000 1,386,458
9/1/09........................................................................................... 1,400,000 1,487,388
9/1/10........................................................................................... 1,500,000 1,593,630
Mill Valley Revenue, COP, Pre-Refunded, 7.10%, 12/01/20 ........................................... 2,750,000 3,008,803
Milpitas RDA, Tax Allocation, Redevelopment Project Area No. 1, MBIA Insured,
5.40%, 1/15/17 .................................................................................. 12,155,000 12,453,527
5.50%, 1/15/24 .................................................................................. 15,790,000 16,307,596
Modesto Health Facility Revenue, Memorial Hospital Association,
Refunding, Series B, MBIA Insured, 5.125%, 6/01/17 .............................................. $ 1,000,000 $ 990,890
Refunding, Series B, MBIA Insured, 5.25%, 6/01/21 ............................................... 2,360,000 2,359,811
Series A, Pre-Refunded, 7.875%, 8/01/18 ......................................................... 6,800,000 7,027,460
Modesto Irrigation District, COP, Refunding and Capital Improvement Project,
Series A, MBIA Insured, 6.00%, 10/01/21 ........................................................ 10,000,000 10,381,800
Modesto Public Financing Authority Lease Revenue,
Capital Improvements and Refinancing Projects, AMBAC Insured, 5.125%, 9/01/33 ................... 5,000,000 4,899,700
Mojave Water Agency COP, Supplemental Water Entitlement, MBIA Insured,
5.45%, 9/01/15 .................................................................................. 6,150,000 6,388,128
5.55%, 9/01/22 .................................................................................. 10,005,000 10,390,293
Montclair RDA, Tax Allocation, 6.90%, 10/01/22,
Redevelopment Project No. IV .................................................................... 1,645,000 1,775,037
Redevelopment Project No. V ..................................................................... 4,245,000 4,580,567
Monterey County COP, Natividad Medical Center Improvement Project,
Series A, Pre-Refunded, ETM, 6.10%, 8/01/23 ..................................................... 1,095,000 1,165,518
Series B, MBIA Insured, Pre-Refunded, 6.10%, 8/01/27 ............................................ 5,170,000 5,586,961
Series C, MBIA Insured, Pre-Refunded, 6.50%, 8/01/15 ............................................ 3,500,000 4,042,570
Series C, MBIA Insured, Pre-Refunded, 6.60%, 8/01/23 ............................................ 13,250,000 15,386,695
Series C, MBIA Insured, Pre-Refunded, 6.25%, 8/01/28 ............................................ 13,385,000 15,251,137
Monterey Hospital Revenue, 7.375%, 7/01/14,
Monterey Peninsula Hospital Project, Series A.................................................... 1,650,000 1,672,490
Refunding, Monterey Peninsula Hospital, Series B................................................. 1,105,000 1,120,061
Monterey Park RDA, Tax Allocation, Refunding, Atlantic-Garvey
Redevelopment Project No. 1, 6.85%, 9/01/14 .................................................... 13,680,000 14,597,928
Moreno Valley Special Tax, Refunding, Towngate Community Facilities 8,
Series A, FSA Insured, 5.875%, 12/01/15 ........................................................ 5,830,000 6,149,251
Moreno Valley USD, COP, Land Acquisition, FSA Insured, Series E, Pre-Refunded,
6.70%, 9/01/11 .................................................................................. 240,000 268,946
6.75%, 9/01/27 .................................................................................. 2,895,000 3,249,956
Moreno Valley USD, COP,
Palm Middle School, ETM, 7.00%, 9/01/01 ......................................................... 10,000 10,914
Palm Middle School, Pre-Refunded, 7.10%, 9/01/02 ................................................ 10,000 11,120
Palm Middle School, Pre-Refunded, 7.20%, 9/01/03 ................................................ 10,000 11,151
Palm Middle School, Pre-Refunded, 7.30%, 9/01/05 ................................................ 5,000 5,591
Refunding, 5.60%, 3/01/17 ....................................................................... 5,000,000 5,195,100
Refunding, FSA Insured, 5.70%, 3/01/27 .......................................................... 15,000,000 15,582,750
Mount Diablo USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 8/01/22 ........................... 5,000,000 5,391,350
Mount Shasta Hospital Revenue, COP, Mercy Medical Center, Series A, Pre-Refunded, 7.25%, 7/01/19 .. 4,145,000 4,342,385
Mountain View Capital Improvements, Financing Authority Revenue, City Hall, MBIA Insured,
6.25%, 8/01/12 .................................................................................. 3,110,000 3,326,860
6.50%, 8/01/16 .................................................................................. 2,000,000 2,153,440
Mountain View-Los Altos UHSD,
COP, Financing Project, Pre-Refunded, 7.40%, 8/01/16 ............................................ 2,175,000 2,433,977
Series B, 5.70%, 5/01/22 ........................................................................ 6,500,000 6,765,200
Mountain View School District, COP, Santa Clara County Financing Project,
6.75%, 4/01/07 .................................................................................. 1,010,000 1,082,720
6.90%, 4/01/12 .................................................................................. 1,430,000 1,534,733
Mountain View, Shoreline Regional Park, Community Tax Allocation,
Series A, MBIA Insured, 5.75%, 8/01/18 ......................................................... 9,605,000 9,990,833
M-S-R Public Power Agency Revenue, San Juan Project,
Series C, AMBAC Insured, 5.50%, 7/01/21 ......................................................... 8,630,000 8,637,853
Series E, MBIA Insured, 6.00%, 7/01/22 .......................................................... 8,490,000 8,791,989
Series F, AMBAC Insured, 6.00%, 7/01/20 ......................................................... 10,750,000 11,482,613
Murrieta COP, Road Improvement Project, 6.00%, 4/01/27 ............................................ 8,600,000 8,996,976
Murrieta County Water District, Special Tax, CFD No. 8, 8.10%, 10/01/18 ........................... 1,510,000 1,563,967
Napa Housing Facility Revenue, Napa Park Apartments, Series A, 6.35%, 6/20/35 ..................... 6,125,000 6,492,194
Napa Mortgage Revenue, Refunding, Creekside II Apartments Project,
Series A, MBIA Insured, 6.625%, 7/01/25 ........................................................ 2,000,000 2,133,760
National City Community Development Commission,
MFHR, Park Villas Apartments, Series A, 5.95%, 1/20/40 ......................................... 10,455,000 10,854,799
Needles Public Financing Authority Revenue, Tax Allocation,
Redevelopment Project, Series A, 7.50%, 8/15/22 ................................................ 1,580,000 1,664,593
Nevada County COP, Jail and Government Center Project,
Refunding, FSA Insured, 5.875%, 10/01/19 ....................................................... 6,275,000 6,512,007
Nevada Power Authority Revenue, Refunding,
Bowman Hydroelectric Project, 7.50%, 5/01/13 ................................................... $ 7,565,000 $ 8,294,871
North City West School Facilities Financing Authority,
Special Tax. CFD No. 1, Series C, AMBAC Insured, 5.30%,
9/1/22........................................................................................... 10,000,000 10,042,000
9/1/27........................................................................................... 9,900,000 9,941,580
Northern California Public Power Agency Revenue, Hydroelectric Project No. 1, 7/01/24,
Refunding, Series A, MBIA Insured, 5.50%......................................................... 10,000,000 10,238,800
Refunding, Series B-1, Pre-Refunded, 8.00%....................................................... 83,715,000 84,602,379
Refunding, Series B-2, Pre-Refunded, 8.00%....................................................... 60,945,000 61,598,940
Series E, 7.15%.................................................................................. 113,110,000 116,177,543
Series F, 7.15%.................................................................................. 38,190,000 39,225,713
Series G, 7.15%.................................................................................. 38,190,000 39,225,713
Northern California Transmission Revenue, Ore Transmission Project,
Series A, MBIA Insured, 6.00%, 5/01/24 ......................................................... 7,625,000 7,959,814
Norwalk Community Facilities Financing Authority Revenue, Tax Allocation,
Projects No. 1 & 2, Pre-Refunded, 8.00%, 12/01/19 .............................................. 14,720,000 15,968,992
Novato Special Tax, CFD No. 1, Pre-Refunded,
7.60%, 10/01/01 ................................................................................. 450,000 467,582
8.65%, 10/01/11 ................................................................................. 4,565,000 4,766,636
8.75%, 10/01/21 ................................................................................. 16,350,000 17,080,191
Oakland State Building Authority Lease Revenue, Elihu M. Harris,
Series A, AMBA Insured, 5.00%, 4/01/23 ......................................................... 12,550,000 12,200,985
Oakland COP, Refunding, Oakland Museum, Series A, AMBAC Insured, 6.00%, 4/01/12 ................... 8,000,000 8,441,120
Oakland GO, Measure I, FGIC Insured, 5.85%, 12/15/22 .............................................. 12,085,000 12,927,204
Oakland HFR,
Issue D-1, 6.80%, 1/01/99 ....................................................................... 225,000 228,427
Issue D-1, 6.80%, 7/01/99 ....................................................................... 245,000 249,153
Issue D-1, 6.875%, 1/01/00 ...................................................................... 260,000 266,126
Issue D-1, 6.875%, 7/01/00 ...................................................................... 260,000 264,295
Issue D-1, 6.95%, 1/01/01 ....................................................................... 265,000 269,775
Issue D-1, 6.95%, 7/01/01 ....................................................................... 230,000 234,832
Issue D-1, 7.10%, 1/01/10 ....................................................................... 3,450,000 3,635,196
Issue D-2, 6.95%, 7/01/01 ....................................................................... 275,000 280,778
Issue D-2, 7.10%, 1/01/10 ....................................................................... 1,150,000 1,210,536
Issue D-2, 7.15%, 1/01/24 ....................................................................... 5,800,000 6,087,738
Oakland Joint Powers Financing Authority Lease Revenue, Oakland
Administration Buildings, AMBAC Insured, 5.75%,
8/1/21........................................................................................... 12,500,000 13,300,000
8/1/26........................................................................................... 19,500,000 20,666,880
Oakland Revenue, Refunding,
Series A, FGIC Insured, 7.60%, 8/01/21 .......................................................... 6,000,000 6,191,160
YMCA Project, Series 1990, Pre-Refunded, 7.40%, 6/01/10 ......................................... 5,405,000 5,880,640
Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 .................................. 4,695,000 5,365,681
Oceanside COP, Refunding, Oceanside Civic Center Project, MBIA Insured, 5.75%, 8/01/15 ............ 5,000,000 5,295,550
Oceanside COP, Refunding, Series A,
6.375%, 4/01/12 ................................................................................. 4,435,000 4,762,702
6.625%, 4/01/23 ................................................................................. 9,000,000 9,051,660
Oceanside COP, Refunding, Water System Project, AMBAC Insured, 5.80%, 8/01/21 ..................... 4,750,000 4,965,555
Oceanside COP, Wastewater Systems Plan, Refunding, AMBAC Insured, 5.80%, 5/01/21 .................. 4,500,000 4,698,540
Oceanside COP, Water Use Association Finance Program, Series A,
AMBAC Insured, Pre-Refunded, 6.40%, 10/01/12 ................................................... 2,000,000 2,220,380
Olivenhain Municipal Water District, 1915 Act, AD No. 9, MBIA Insured,
5.375%, 9/02/17 ................................................................................. 2,845,000 2,911,914
5.45%, 9/02/27 .................................................................................. 11,120,000 11,356,411
Ontario Montclair School District, COP,
Capital Projects, FSA Insured, 5.625%, 9/01/17 .................................................. 7,500,000 7,903,500
Series A, Pre-Refunded, 7.50%, 10/01/12 ......................................................... 1,795,000 1,981,357
Orange County Airport Revenue, GO, Refunding, MBIA Insured, 5.625%, 7/01/12 ....................... 5,000,000 5,310,100
Orange County COP,
Civic Center Expansion Project, AMBAC Insured, Pre-Refunded, 6.00%, 8/01/21 ..................... 4,500,000 4,799,745
Juvenile Justice Center Project, Pre-Refunded, 7.50%, 6/01/09 ................................... 5,000,000 5,306,500
Juvenile Justice Center Project, Pre-Refunded, 7.625%, 6/01/19 .................................. 16,500,000 17,534,550
Orange County COP, (cont.)
Public Facilities Corp., Pre-Refunded, 7.875%, 12/01/13 ......................................... $ 3,250,000 $ 3,403,205
Refunding, Juvenile Justice Center Facilities, AMBAC Insured, 6.375%, 6/01/11 ................... 5,000,000 5,365,700
Orange County Development Agency, Tax Allocation,
Refunding, Santa Ana Heights Area Project, 6.125%, 9/01/23 ....................................... 6,500,000 6,792,370
Orange County Financing Authority Revenue, Refunding,
Tax Allocation, Series A, MBIA Insured, 6.50%,
9/01/21 ......................................................................................... 5,430,000 5,871,839
9/01/22 ......................................................................................... 8,000,000 8,650,960
Orange County Purchaser Certificates, Master Lease, Series 1990, 7.00%,
9/01/98 ......................................................................................... 2,000,000 2,005,120
9/01/99 ......................................................................................... 1,000,000 1,006,950
9/01/00 ......................................................................................... 1,975,000 2,001,366
Orange County Recovery, Refunding, Series A, MBIA Insured,
5.75%, 6/01/15 .................................................................................. 79,010,000 83,316,045
COP, 5.80%, 7/01/16 ............................................................................. 10,380,000 11,124,454
COP, 5.875%, 7/01/19 ............................................................................ 17,100,000 18,357,534
Orange County Special Tax, Pre-Refunded,
CFD No. 8, Aliso Viejo, Series A, 8.00%, 8/15/05 ................................................ 9,900,000 10,251,648
CFD No. 8, Aliso Viejo, Series A, 8.10%, 8/15/13 ................................................ 43,265,000 44,817,348
CFD No. 8, Dimensions Business Park, 8.25%, 8/15/13 ............................................. 4,700,000 4,871,174
CFD No. 87-4, Foothill Ranch, 8.00%, 8/15/10 .................................................... 5,000,000 5,538,000
Orange County Transportation District COP, Business Acquisition Project, 6.75%, 12/01/05 .......... 2,865,000 3,042,773
Orange County Water District, COP, Refunding, Series A,
5.50%, 8/15/14 .................................................................................. 9,430,000 9,740,341
5.00%, 8/15/18 .................................................................................. 5,000,000 4,862,700
Orange RDA Revenue, Refunding, Tax Allocation,
Northwest Redevelopment Project, Series B, 5.70%, 10/01/23 ....................................... 8,530,000 8,685,928
Oroville Public Financing Authority Revenue, Series A, AMBAC Insured, 6.30%, 9/15/20 .............. 12,150,000 13,192,835
Oroville Wyandotte Irrigation District Revenue, Refunding, Hydroelectric, 6.20%, 1/01/09 .......... 9,510,000 10,119,591
Oxnard Public Facilities Corp., COP, Pre-Refunded,
AMBAC Insured, 7.50%, 9/01/06 ................................................................... 17,520,000 18,426,310
Civic Library Project, 8.00%, 10/01/08 .......................................................... 3,750,000 3,903,788
Palm Desert Financing Authority Lease Revenue, Blythe County Administrative Project,
6.625%, 8/01/26 .................................................................................. 5,020,000 5,372,103
Palm Desert Financing Authority Revenue, Tax Allocation, Project Area No.1, MBIA Insured,
Refunding, 5.625%, 4/01/23 ...................................................................... 13,000,000 13,513,370
Series A, 6.625%, 4/01/23 ....................................................................... 5,515,000 5,999,658
Series, A, 5.95%, 4/01/24 ....................................................................... 15,075,000 16,102,211
Palm Desert Improvement Board Act 1915, Limited Obligation Assessment,
District No. 92-1, 7.60%, 9/02/12 ................................................................ 1,290,000 1,348,218
Palm Springs COP, Multiple Capital Facilities Project, Refunding,
AMBAC Insured, 5.75%, 4/01/27 .................................................................. 11,570,000 12,246,845
Palm Springs Financing Authority, Tax Allocation, Series B, 6.875%, 8/01/21 ....................... 2,230,000 2,369,598
Palmdale Civic Authority Revenue, Refunding, Merged Redevelopment
Project Areas, Series A, MBIA Insured, 6.15%, 9/01/24 .......................................... 11,580,000 12,604,135
Palmdale CRDA, Tax Allocation Bonds, Series A, MBIA Insured, 5.75%, 9/01/27 ....................... 10,435,000 11,062,144
Palmdale School District, COP, Series 1990, 7.40%, 8/01/20 ........................................ 495,000 501,806
Palomar Community College District, COP, Building Acquisition Project,
Connie Lee Insured, 6.75%, 10/01/19 .............................................................. 4,210,000 4,740,376
Panoche Water District, COP, 7.50%, 12/01/08 ...................................................... 2,840,000 3,006,055
Paramount RDA, Tax Allocation, Custodial Receipts, MBIA Insured, 6.25%, 8/01/23 ................... 22,070,000 23,845,532
Pasadena COP, Art Center, College of Design, Connie Lee Insured, 6.50%, 12/01/19 .................. 8,250,000 9,166,163
Pasadena Water Revenue, 6.00%, 7/01/13 ............................................................ 4,000,000 4,280,320
Perris Public Financing Authority Revenue, Refunding, Tax Allocation,
Series B, MBIA Insured, 6.35%, 8/15/17 .......................................................... 5,280,000 5,717,026
Series C, 7.10%, 11/15/17 ....................................................................... 3,330,000 3,587,709
Perris Public Financing Authority Revenue, Special Tax, Series A,
7.45%, 9/01/01 .................................................................................. 205,000 207,579
7.50%, 9/01/02 .................................................................................. 235,000 237,907
7.55%, 9/01/03 .................................................................................. 270,000 273,283
7.60%, 9/01/04 .................................................................................. 305,000 308,645
Perris Public Financing Authority Revenue, Special Tax, Series A, (cont.)
7.60%, 9/01/05 .................................................................................. $ 325,000 $ 328,751
7.80%, 9/01/19 .................................................................................. 3,555,000 3,594,069
Perris RDA, Tax Allocation,
Central and North Perris Redevelopment Project, Series B, Pre-Refunded, 7.875%, 10/01/14 ........ 4,535,000 5,189,401
Refunding, Central and North Perris Redevelopment Project, Series A,
Pre-Refunded, 7.875%, 10/01/10 .................................................................... 2,935,000 3,391,275
Series 1991, 7.15%, 8/01/11 ..................................................................... 865,000 920,853
Series 1991, 7.20%, 8/01/21 ..................................................................... 2,040,000 2,173,498
Perris Special Tax,
CFD No. 8, Series A, ETM, 8.00%, 9/01/99 ........................................................ 50,000 52,892
CFD No. 8, Series A, ETM, 8.05%, 9/01/00 ........................................................ 65,000 70,990
CFD No. 8, Series A, ETM, 8.10%, 9/01/01 ........................................................ 85,000 95,716
CFD No. 8, Series A, ETM, 8.15%, 9/01/02 ........................................................ 100,000 115,967
CFD No. 8, Series A, Pre-Refunded, 8.30%, 9/01/18 ............................................... 6,040,000 7,399,846
CFD No. 91-1, 8.75%, 9/01/21 .................................................................... 5,395,000 5,766,284
Petaluma Community Development Commission, MFR, Park Lane Apartments,
Series A, 6.875%, 11/20/34 ....................................................................... 4,800,000 5,189,664
Pismo Beach Public Financing Authority Revenue, 6.90%, 9/15/22 .................................... 1,200,000 1,207,968
Pittsburg Public Financing Authority, Water Revenue, MBIA Insured, 5.50%, 6/01/27 ................. 2,980,000 3,067,463
Placentia COP, Refunding, RDA, Series A, 6.90%, 1/01/14 ........................................... 1,770,000 1,914,538
Pleasant Valley School District, Ventura County COP, Woodcreek Road,
Elementary School Project, Pre-Refunded, 6.375%, 8/01/18 .......................................... 3,230,000 3,322,443
Pleasanton COP,
Capital Improvements, 6.70%, 10/01/11 ........................................................... 2,180,000 2,317,536
Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 9/01/14 ............................... 4,585,000 4,929,334
Pomona Public Financing Authority Revenue,
Refunding, Series P, 5.75%, 10/01/15 ............................................................ 6,490,000 6,794,381
Series H, AMBAC Insured, 7.40%, 5/01/18 ......................................................... 10,205,000 10,751,376
Pomona RDA, Tax Allocation,
Southwest Pomona Redevelopment Project, 11.45%, 1/01/07 ......................................... 13,435,000 17,607,911
West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 2/01/15 ............................. 4,675,000 4,924,972
Port Hueneme RDA, Refunding, Tax Allocation, R-76 Project, 6.50%, 5/01/23 ......................... 3,150,000 3,341,898
Port of Oakland Revenue, Series E, MBIA Insured,
6.25%, 11/01/05 ................................................................................. 1,525,000 1,665,742
6.30%, 11/01/06 ................................................................................. 1,050,000 1,149,057
6.40%, 11/01/07 ................................................................................. 500,000 545,950
6.40%, 11/01/22 ................................................................................. 11,495,000 12,501,617
Port of Oakland Special Facilities Revenue, Mitsui O.S.K. Lines Ltd., Series A,
6.70%, 1/01/07 .................................................................................. 6,100,000 6,612,461
6.75%, 1/01/12 .................................................................................. 4,890,000 5,232,202
6.80%, 1/01/19 .................................................................................. 8,075,000 8,610,776
Porterville COP, Refunding, Public Building Project, AMBAC Insured, 6.30%, 10/01/18 ............... 1,950,000 2,110,856
Porterville Union High School District COP, Capital Appreciation, Land Acquisition,
Series A, FSA Insured, 6.60%, 9/01/27 ............................................................. 1,340,000 1,388,655
Poway COP, RDA, Poinsettia Mobile Home Park, Pre-Refunded, 8.375%, 6/01/18 ........................ 8,100,000 8,322,345
Poway COP, Royal Mobile Home Park Project, FSA Insured,
Capital Improvement, Pre-Refunded, 7.00%, 7/01/20 ............................................... 5,500,000 6,015,460
Refunding, 6.00%, 8/01/20 ....................................................................... 5,400,000 5,798,196
Refunding, 6.00%, 8/01/28 ....................................................................... 15,000,000 16,106,100
Refunding, FSA Insured, 5.875%, 8/01/15 ......................................................... 6,250,000 6,677,250
Poway RDA, Tax Allocation, Refunding, Sub-Parguay Redevelopment Project, FGIC Insured,
5.50%, 12/15/23 ................................................................................. 23,000,000 23,577,760
5.75%, 12/15/26 ................................................................................. 11,710,000 12,226,528
Puerto Rico Commonwealth Highway & Transportation Authority Revenue,
Series Y, 5.00%, 7/01/36 .......................................................................... 63,000,000 60,810,750
Ramona Municipal Water District, COP, 8.50%, 7/15/11 .............................................. 610,000 636,157
Rancho Cucamonga, Palmdale, Potterville, Colton HFA, SFMR,
Series 1986, GNMA Secured, 7.55%, 8/01/18 ......................................................... 6,205,000 6,785,105
Rancho Cucamonga RDA, Tax Allocation, Rancho Redevelopment Project,
Set-Aside Housing, MBIA Insured, 5.25%, 9/01/21 ................................................... 8,330,000 8,362,737
Rancho Cucamonga, Refunding, Special Tax, CFD No. 7,
FSA Insured, 6.40%, 8/01/04 ....................................................................... 1,100,000 1,154,604
Rancho Murieta Community Services District, 1915 Act, ID No. 1,
8.25%, 9/02/01 .................................................................................. $ 755,000 $ 785,457
8.25%, 9/02/02 .................................................................................. 725,000 754,094
8.30%, 9/02/03 .................................................................................. 755,000 785,291
8.40%, 9/02/04 .................................................................................. 760,000 790,636
8.40%, 9/02/05 .................................................................................. 745,000 774,875
8.40%, 9/02/06 .................................................................................. 760,000 790,309
Redlands RDA, Refunding, Tax Allocation, Redlands Redevelopment Project,
AMBAC Insured, 6.625%, 7/01/15 .................................................................... 165,000 167,592
Redlands USD, COP, Series A, FSA Insured,
6.15%, 9/01/11 .................................................................................. 710,000 728,616
6.25%, 9/01/27 .................................................................................. 4,310,000 4,410,078
Redwood City MFHR, Refunding, Redwood Plaza Project, Series A,
GNMA Secured, 8.25%, 9/01/26 ...................................................................... 3,795,000 3,816,214
Redwood City Public Financing Authority Revenue, Local Agency,
Series B, Pre-Refunded, 7.25%, 7/15/11 ............................................................ 3,750,000 4,174,725
Rialto COP,
5.75%, 2/01/22 .................................................................................. 2,715,000 2,871,791
Series 1989, Pre-Refunded, 7.50%, 11/01/01 ...................................................... 145,000 155,750
Series 1989, Pre-Refunded, 7.50%, 11/01/15 ...................................................... 3,165,000 3,399,653
Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, 6.75%, 3/01/24 ...................... 3,500,000 3,830,120
Richmond Joint Power Finance Authority, Series B, Pre-Refunded, 7.00%, 5/15/07 .................... 2,000,000 2,159,400
Richmond Revenue, West Contra Costa YMCA Project, Pre-Refunded, 7.75%, 6/01/17 .................... 3,715,000 4,068,557
Ridgecrest COP, RDA, 7.60%, 3/01/13 ............................................................... 4,420,000 4,544,732
Ridgecrest RDA, Tax Allocation, Ridgecrest Redevelopment Project,
8.00%, 2/01/09 .................................................................................. 200,000 205,322
8.00%, 2/01/10 .................................................................................. 220,000 225,817
8.00%, 2/01/11 .................................................................................. 240,000 246,353
8.00%, 2/01/12 .................................................................................. 255,000 261,709
8.00%, 2/01/13 .................................................................................. 275,000 282,189
8.00%, 2/01/14 .................................................................................. 300,000 307,842
7.80%, 2/01/15 .................................................................................. 325,000 332,963
7.40%, 2/01/16 .................................................................................. 355,000 363,247
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project,
Series A, 6.375%, 6/01/09 ....................................................................... 23,000,000 24,842,990
Series A, 6.50%, 6/01/12 ........................................................................ 20,125,000 22,918,149
Series B, MBIA Insured, 5.00%, 6/01/19 .......................................................... 18,865,000 18,382,811
Riverside County Board of Education, COP, Financing Project, Series A, 6.65%, 11/01/17 ............ 7,945,000 8,448,475
Riverside County CFD,
No. 8, Golden Triangle Project, Series A, Pre-Refunded, 7.50%, 9/01/06 .......................... 5,130,000 5,130,000
No. 8, Golden Triangle Project, Series B, Pre-Refunded, 7.50%, 9/01/06 .......................... 2,425,000 2,523,310
No. 8, Menifee Village Project, 7.875%, 9/01/11 ................................................. 23,125,000 23,209,638
No. 84-2, Refunding, Lakehills Project, 7.60%, 9/01/00 .......................................... 660,000 660,000
No. 84-2, Refunding, Lakehills Project, Pre-Refunded, 7.50%, 9/01/06 ............................ 575,000 598,311
No. 85-2, California Oaks Project, ETM, Pre-Refunded, 7.80%, 9/01/98 ............................ 260,000 264,451
No. 85-2, California Oaks Project, Pre-Refunded, 7.90%, 9/01/99 ................................. 295,000 307,437
No. 85-2, California Oaks Project, Pre-Refunded, 8.00%, 9/01/00 ................................. 485,000 505,642
No. 85-2, California Oaks Project, Pre-Refunded, 8.05%, 9/01/01 ................................. 585,000 610,020
No. 85-2, California Oaks Project, Pre-Refunded, 8.25%, 9/01/13 ................................. 11,970,000 12,491,533
Riverside County CFD No. 8, Mello-Roos, Series 1987, 8.75%, 9/01/16 ............................... 14,460,000 14,815,716
Riverside County COP,
Capital Projects, Series A, Pre-Refunded, 6.875%, 11/01/09 ...................................... 4,975,000 5,515,882
Desert Justice Facility Project, MBIA Insured, 6.00%, 12/01/17 .................................. 4,775,000 5,104,666
Desert Justice Facility Project, MBIA Insured, 6.25%, 12/01/21 .................................. 4,625,000 5,009,338
Family Law Court Project, MBIA Insured, 5.75%, 11/01/27 ......................................... 5,295,000 5,640,605
Historic Courthouse, MBIA Insured, 5.875%, 11/01/27 ............................................. 8,640,000 9,298,022
Refunding, Juvenile Facility, Pre-Refunded, 8.00%, 10/01/18 ..................................... 3,945,000 4,106,784
Riverside County Flood Control and Water Conservation District,
Elsinore Valley AD, Zone 3, Series 1993, 7.875%,
9/01/03 ......................................................................................... 165,000 192,938
9/01/04 ......................................................................................... 180,000 214,268
Riverside County Flood Control and Water Conservation District,
Elsinore Valley AD, Zone 3, Series 1993, 7.875%, (cont.)
9/01/05 ......................................................................................... $ 190,000 $ 229,621
9/01/06 ......................................................................................... 205,000 251,701
9/01/07 ......................................................................................... 225,000 279,203
9/01/08 ......................................................................................... 240,000 300,350
9/01/09 ......................................................................................... 260,000 326,721
9/01/10 ......................................................................................... 280,000 354,953
9/01/11 ......................................................................................... 305,000 389,570
9/01/12 ......................................................................................... 325,000 417,784
9/01/13 ......................................................................................... 350,000 452,333
9/01/14 ......................................................................................... 380,000 493,255
9/01/15 ......................................................................................... 410,000 534,037
9/01/16 ......................................................................................... 440,000 574,609
9/01/17 ......................................................................................... 475,000 621,447
Riverside County Housing Authority Revenue,
Riverside Apartment Project, 7.875%, 11/01/19 ................................................... 6,750,000 6,792,998
Series A, 7.90%, 10/01/18 ....................................................................... 15,000 15,000
Riverside County SFMR, GNMA Secured,
Series A, 7.20%, 10/01/24 ....................................................................... 1,280,000 1,348,493
Series B, 7.60%, 11/01/19 ....................................................................... 530,000 576,879
Riverside Hospital Revenue, Parkview Community Hospital Medical Center Project,
8.25%, 8/01/14 .................................................................................. 5,000,000 5,137,700
Refunding, 9.25%, 12/01/05 ...................................................................... 6,040,000 6,130,600
Riverside MFHR, Palm Shadows Apartments, Series A, 6.50%, 1/01/18 ................................. 6,210,000 6,471,831
Riverside County Public Financing Authority Revenue, Airport and
Central Industrial Redevelopment Project, Series A,
7.80%, 2/01/08 .................................................................................. 240,000 244,378
7.90%, 2/01/18 .................................................................................. 3,300,000 3,361,248
Riverside Public Financing Authority Tax Allocation Revenue,
Redevelopment Projects, Series A, 5.625%, 10/01/33 ................................................ 9,225,000 9,360,054
Riverside RDA, Refunding, Tax Allocation, Merged Redevelopment Project,
Series A, MBIA Insured, 5.625%, 8/01/23 .......................................................... 6,000,000 6,168,060
Riverside Water Revenue, 6.00%, 10/01/15 .......................................................... 3,000,000 3,109,650
Rocklin 1915 Act, Refunding,
7.55%, 9/02/03 .................................................................................. 460,000 477,232
7.60%, 9/02/04 .................................................................................. 495,000 513,543
7.65%, 9/02/05 .................................................................................. 535,000 555,041
7.65%, 9/02/06 .................................................................................. 580,000 601,727
7.65%, 9/02/07 .................................................................................. 625,000 648,463
7.65%, 9/02/08 .................................................................................. 675,000 700,171
Rocklin USD, CFD No. 1, Pre-Refunded, 7.70%, 9/01/12 .............................................. 6,085,000 6,707,861
Rohnert Park CDA, Tax Allocation, Rohnert Park Redevelopment Project,
Pre-Refunded, 8.20%, 6/01/18 ..................................................................... 7,500,000 7,703,775
Rohnert Park HFA Revenue, Rancho Feliz Mobile Home Park,
FSA Insured, 5.375%, 12/01/26 .................................................................... 8,380,000 8,438,995
Roseville 1915 Act, Limited Obligation, Refunding,
North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 9/02/99 ................................ 115,000 118,540
North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 9/02/00 ................................ 120,000 124,650
North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 9/02/01 ................................ 130,000 135,010
North Roseville, Rocklin Sewer District No. 88-3, 8.10%, 9/02/02 ................................ 135,000 140,203
North Roseville, Rocklin Sewer District No. 88-3, 8.15%, 9/02/03 ................................ 155,000 160,974
North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 9/02/04 ................................ 160,000 166,166
North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 9/02/05 ................................ 175,000 181,745
North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 9/02/06 ................................ 190,000 197,323
North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 9/02/07 ................................ 210,000 218,110
North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 9/02/08 ................................ 225,000 233,631
North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 9/02/09 ................................ 190,000 197,288
Rocky Ridge-Harding, District No. 88-4, 8.00%, 9/02/99 .......................................... 220,000 226,772
Rocky Ridge-Harding, District No. 88-4, 8.00%, 9/02/00 .......................................... 245,000 254,494
Rocky Ridge-Harding, District No. 88-4, 8.00%, 9/02/01 .......................................... 260,000 270,020
Rocky Ridge-Harding, District No. 88-4, 8.10%, 9/02/02 .......................................... 285,000 295,984
Rocky Ridge-Harding, District No. 88-4, 8.15%, 9/02/03 .......................................... 305,000 316,755
Roseville 1915 Act, Limited Obligation, Refunding, (cont.)
Rocky Ridge-Harding, District No. 88-4, 8.20%, 9/02/04 .......................................... $ 330,000 $ 342,718
Rocky Ridge-Harding, District No. 88-4, 8.20%, 9/02/05 .......................................... 350,000 363,489
Roseville Special Tax,
CFD No. 1, 7.50%, 9/01/02 ....................................................................... 715,000 733,468
CFD No. 1, 7.60%, 9/01/04 ....................................................................... 825,000 845,955
CFD No. 1, 7.70%, 9/01/20 ....................................................................... 15,660,000 16,059,487
CFD No. 2, 8.00%, 9/01/06 ....................................................................... 355,000 377,752
CFD No. 2, 8.25%, 9/01/21 ....................................................................... 7,165,000 7,605,648
Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 ............................................... 1,725,000 1,836,401
Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 ............................................... 1,860,000 1,986,145
Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 ............................................... 10,000,000 10,627,600
Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 ............................................... 12,000,000 12,792,720
Northeast Roseville CFD No. 1, 7.95%, 12/01/00 .................................................. 1,000,000 1,033,610
Northeast Roseville CFD No. 1, 8.00%, 12/01/01 .................................................. 1,000,000 1,032,930
Northeast Roseville CFD No. 1, 8.00%, 12/01/02 .................................................. 1,000,000 1,032,600
Northeast Roseville CFD No. 1, 8.30%, 12/01/08 .................................................. 6,000,000 6,199,560
Rubidoux Community Services District, COP, Water System Improvement Project,
AMBAC Insured, 6.25%, 12/01/24 ................................................................... 5,450,000 5,887,254
Sacramento 1915 Act, North Natomas AD No. 88-3,
8.20%, 9/02/10 .................................................................................. 790,000 798,113
8.20%, 9/02/11 .................................................................................. 1,755,000 1,774,568
8.25%, 9/02/12 .................................................................................. 2,265,000 2,291,976
8.25%, 9/02/13 .................................................................................. 2,455,000 2,485,933
8.25%, 9/02/14 .................................................................................. 2,650,000 2,685,431
Sacramento Area Council of Governments, COP, Sacog Administrative
Building Project, 7.125%, 7/01/16 ................................................................. 1,500,000 1,581,750
Sacramento City Financing Authority Revenue, Series 1991,
6.60%, 11/01/05 ................................................................................. 1,300,000 1,416,363
6.70%, 11/01/11 ................................................................................. 920,000 987,280
Sacramento County 1915 Act, Cordova Industrial Park, Unit 3, Series C-1, 8.25%,
9/02/05 ......................................................................................... 230,000 238,443
9/02/06 ......................................................................................... 245,000 253,891
9/02/07 ......................................................................................... 265,000 274,527
9/02/08 ......................................................................................... 290,000 300,231
9/02/09 ......................................................................................... 310,000 320,872
9/02/10 ......................................................................................... 340,000 351,852
9/02/11 ......................................................................................... 365,000 377,739
Sacramento County Airport System Revenue, MBIA Insured,
Series A, 5.90%, 7/01/24 ........................................................................ 6,875,000 7,309,019
Series B, 5.75%, 7/01/26 ........................................................................ 6,195,000 6,537,955
Sub-Series D, 5.75%, 7/01/26 .................................................................... 10,000,000 10,553,600
Sacramento County CFD, Special Tax, Pre-Refunded,
Improvement Area 1, Series 1990, 8.20%, 12/01/10 ................................................ 2,250,000 2,523,555
Improvement Area 1, Series 1990, 8.25%, 12/01/20 ................................................ 7,610,000 8,544,736
Sacramento County COP,
Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 ............................... 2,735,000 2,882,635
Cherry Island Golf Course Project, Series B, 6.80%, 7/01/18 ..................................... 3,500,000 3,665,445
Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/19 ............. 11,000,000 12,166,220
Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/24 ............. 29,500,000 32,540,270
Refunding, Cherry Island Golf Course Project, Series B, 6.80%, 7/01/12 .......................... 2,325,000 2,435,693
Refunding, Parking Facility Project, Series A, 6.80%, 7/01/12 ................................... 1,495,000 1,566,177
Sacramento MUD, Electric Revenue,
Refunding, Series D, MBIA Insured, 5.25%, 11/15/20 .............................................. 10,000,000 9,999,300
Refunding, Series Z, FGIC Insured, 6.25%, 7/01/04 ............................................... 5,740,000 6,211,541
Refunding, Series Z, FGIC Insured, 6.35%, 7/01/05 ............................................... 3,000,000 3,245,910
Refunding, Subordinated Lien, 8.00%, 11/15/10 ................................................... 16,110,000 16,187,167
Series I, MBIA Insured, 6.00%, 1/01/24 .......................................................... 4,500,000 4,800,465
Series J, AMBAC Insured, 5.60%, 8/15/24 ......................................................... 14,715,000 15,360,841
Sacramento MUD, Electric Revenue, (cont.)
Series V, 7.60%, 8/15/00 ........................................................................ $ 1,000,000 $ 1,032,950
Series W, 7.60%, 8/15/00 ........................................................................ 2,225,000 2,298,314
Series W, Pre-Refunded, 7.875%, 8/15/16 ......................................................... 5,405,000 5,595,580
Sacramento Public Television Facility Revenue, KVIE, Inc., Series A, 7.50%, 7/01/20 ............... 2,680,000 2,737,540
Sacramento RDA, Tax Allocation, Merged Downtown Project, Series A,
MBIA Insured, 6.50%, 11/01/13 ..................................................................... 2,500,000 2,678,800
Sacramento Regional Transit District, COP, Series A,
6.20%, 3/01/00 .................................................................................. 1,605,000 1,663,278
6.25%, 3/01/01 .................................................................................. 1,100,000 1,158,047
6.375%, 3/01/02 ................................................................................. 1,000,000 1,070,200
6.40%, 3/01/03 .................................................................................. 1,200,000 1,299,396
6.375%, 3/01/04 ................................................................................. 1,000,000 1,079,560
6.375%, 3/01/05 ................................................................................. 1,100,000 1,179,321
Sacramento-Yolo Port District Revenue, Refunding, Series A, Port Facilities, 7.25%, 7/01/13 ....... 11,645,000 12,606,877
Salida Area Public Facility Financing Agency, Special Tax, CFD No. 8, Pre-Refunded,
7.70%, 9/01/99 .................................................................................. 215,000 222,785
7.75%, 9/01/00 .................................................................................. 250,000 259,105
7.80%, 9/01/01 .................................................................................. 290,000 300,681
7.85%, 9/01/02 .................................................................................. 260,000 269,573
7.90%, 9/01/03 .................................................................................. 385,000 399,253
7.95%, 9/01/04 .................................................................................. 435,000 451,191
7.95%, 9/01/05 .................................................................................. 495,000 513,424
8.00%, 9/01/06 .................................................................................. 460,000 477,213
8.00%, 9/01/07 .................................................................................. 630,000 653,575
8.00%, 9/01/08 .................................................................................. 700,000 726,194
8.05%, 9/01/14 .................................................................................. 6,075,000 6,303,602
Salinas Union High School District, COP, Refunding, Facility Financing Projects,
Pre-Refunded, 7.375%, 1/01/14 ..................................................................... 2,495,000 2,610,993
San Bernardino 1915 Act, AD No. 961, Refunding,
7.60%, 9/02/02 .................................................................................. 855,000 883,865
7.65%, 9/02/03 .................................................................................. 920,000 951,059
7.70%, 9/02/04 .................................................................................. 990,000 1,023,413
7.75%, 9/02/05 .................................................................................. 1,065,000 1,100,933
San Bernardino County COP,
Medical Center Financing Project, Series A, MBIA Insured, 5.50%, 8/01/15 ........................ 5,000,000 5,184,150
Medical Center Financing Project, Series A, MBIA Insured, 5.50%, 8/01/22 ........................ 85,130,000 87,307,625
Medical Center Financing Project, Series A, MBIA Insured, 5.875%, 8/01/26 ....................... 34,000,000 36,063,120
Refunding, Medical Center Financing Project, 5.00%, 8/01/26 ..................................... 15,045,000 14,322,238
Refunding, Medical Center Financing Project, MBIA Insured, 5.00%, 8/01/28 ....................... 55,065,000 52,982,992
West Valley Detention Center Project, MBIA Insured, 6.25%, 11/01/04 ............................. 3,705,000 4,112,217
West Valley Detention Center Project, MBIA Insured, 6.35%, 11/01/05 ............................. 3,935,000 4,357,580
West Valley Detention Center Project, MBIA Insured, 6.40%, 11/01/06 ............................. 4,185,000 4,633,841
West Valley Detention Center Project, MBIA Insured, 6.50%, 11/01/12 ............................. 20,000,000 21,963,600
West Valley Detention Center Project, MBIA Insured, 6.20%, 11/01/25 ............................. 9,275,000 10,107,895
San Bernardino County Mortgage Revenue, Refunding, Don Miguel Apartments Projects,
MBIA Insured, 6.00%, 9/01/03 ...................................................................... 330,000 350,269
San Bernardino County SFMR, Series A,
GNMA Secured, 7.50%, 12/01/07 ................................................................... 605,000 662,832
GNMA Secured, 7.65%, 6/01/23 .................................................................... 2,950,000 3,284,324
MBS Program, 6.20%, 5/01/21 ..................................................................... 7,655,000 8,164,746
San Bernardino Joint Powers Financing Authority, Lease Revenue,
Refunding, City Hall Project, MBIA Insured,
5.60%, 1/01/15 .................................................................................. 3,215,000 3,400,988
5.70%, 1/01/23 .................................................................................. 6,315,000 6,651,590
San Bernardino Joint Powers Financing Authority Revenue, COP,
Police Station Financing Authority Project, 6.60%, 4/01/20 ....................................... 4,715,000 5,158,682
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation,
Central City Merged Project, Series B, 7.50%, 11/01/20 .......................................... 3,000,000 3,152,670
Refunding, Central City Merged Project, Series A, 6.75%, 11/01/00 ............................... 450,000 479,435
Refunding, Central City Merged Project, Series A, 6.90%, 11/01/01 ............................... 480,000 522,614
Refunding, Central City Merged Project, Series A, 7.00%, 11/01/02 ............................... 510,000 562,158
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation, (cont.)
Refunding, Central City Merged Project, Series A, 7.00%, 11/01/03 ............................... $ 550,000 $ 605,286
Refunding, Central City Merged Project, Series A, 7.00%, 11/01/04 ............................... 585,000 641,763
Refunding, Central City Merged Project, Series A, 7.05%, 11/01/05 ............................... 625,000 684,488
Refunding, Central City Merged Project, Series A, 7.05%, 11/01/06 ............................... 670,000 730,287
Refunding, Central City Merged Project, Series A, 7.05%, 11/01/07 ............................... 720,000 782,309
Refunding, Central City Merged Project, Series A, 7.10%, 11/01/20 ............................... 15,585,000 16,767,122
Refunding, Series A, FSA Insured, 5.75%, 10/01/15 ............................................... 9,000,000 9,540,090
Refunding, Series A, FSA Insured, 5.75%, 10/01/25 ............................................... 19,915,000 20,956,156
Tri-City Redevelopment Project, Series B, Pre-Refunded, 7.60%, 1/01/08 .......................... 1,695,000 1,831,312
San Bernardino Municipal Water Department, COP, FGIC Insured, 6.25%, 2/01/12 ...................... 905,000 962,504
San Carlos Mortgage Revenue, Elms Project, FHA Mortgage Insured, 6.875%, 8/01/37 .................. 8,465,000 9,203,910
San Diego County COP, Central Jail, Refunding, AMBAC Insured, 5.00%, 10/01/25 ..................... 8,575,000 8,325,553
San Diego County Regional Transportation Commission, Sales Tax Revenue,
Series A, ETM, 6.00%, 4/01/08 ..................................................................... 1,250,000 1,382,613
San Diego IDR, San Diego Gas & Electric Co. Project, Series A, 6.40%, 9/01/18 ..................... 19,800,000 21,218,670
San Diego Public Facilities Financing Authority, Sewer Revenue, FGIC Insured,
a5.00%, 5/15/25 ................................................................................. 22,400,000 21,656,544
Series B, 5.25%, 5/15/27 ........................................................................ 6,175,000 6,184,880
a San Diego Public Financing Authority Sewer Revenue, FGIC Insured, 5.00%, 5/15/20 ................ 9,500,000 9,227,160
San Diego RDA, Refunding, Tax Allocation, Series A, Horton Project,
FSA Insured, 6.00%, 11/01/15 ..................................................................... 5,000,000 5,428,050
San Diego SFMR, Issue A, 9.20%, 7/15/16 ........................................................... 75,000 80,943
San Diego Special Tax, CFD No.1, Series A, 8.50%, 9/01/16 ......................................... 28,845,000 31,452,588
San Elijo Joint Powers Authority Revenue, Refunding, Water Pollution Control Facilities
FGIC Insured, 5.00%, 3/01/20 ...................................................................... 5,000,000 4,869,900
San Francisco BART District Revenue, Sales Tax, FGIC Insured,
Pre-Refunded, 6.60%, 7/01/12 ...................................................................... 1,440,000 1,575,763
San Francisco Bay Area Rapid Transit District Sales Tax Revenue,
Refunding, AMBAC Insured, 5.00%, 7/01/28 ......................................................... 16,850,000 16,337,760
San Francisco City and County Airports Commission, International Airport Revenue,
Issue 6, AMBAC Insured, 6.50%, 5/01/18 .......................................................... 2,500,000 2,780,125
Issue 6, AMBAC Insured, 6.60%, 5/01/24 .......................................................... 13,250,000 14,655,295
Issue 9A, FGIC Insured, 5.90%, 5/01/25 .......................................................... 46,415,000 48,845,754
Issue 9B, Second Series, FGIC Insured, 6.00%, 5/01/25 ........................................... 10,060,000 10,786,030
Issue 12, Second Series A, 5.90%, 5/01/26 ....................................................... 45,000,000 47,121,300
Second Series - Issue 15A, FSA Insured, 5.00%, 5/01/28 .......................................... 37,200,000 35,528,976
San Francisco City and County COP, San Francisco Courthouse Project,
FSA Insured, 5.875%, 4/01/21 ..................................................................... 2,810,000 2,996,837
San Francisco City and County Public Utilities Commission, Water Revenue,
Crossover, Refunding, Series A, 6.50%, 11/01/09 .................................................. 4,000,000 4,417,240
San Francisco City and County RDA, Hotel Tax Revenue, Refunding,
FSA Insured, 6.75%, 7/01/25 ....................................................................... 9,415,000 10,671,243
San Francisco City and County RDA Lease Revenue, George R. Moscone Center,
Crossover, Refunding, Series 1992, 5.50%, 7/01/18 ................................................. 22,170,000 22,326,077
San Francisco City and County RDA Mortgage Revenue, Refunding,
Series A, MBIA Insured, 6.65%, 7/01/24 ............................................................ 8,350,000 8,366,533
San Francisco City and County Revenue, Irwin Memorial Blood Center,
Series A, 6.80%, 12/01/21 ......................................................................... 3,000,000 3,250,470
San Gabriel Valley Mosquito Abatement District, COP, Lease Finance,
Series R, 6.60%, 8/01/12 .......................................................................... 1,000,000 1,033,450
San Gabriel Valley Schools Financing Authority Revenue,
Pomona USD Financing, 5.80%, 2/01/26 ............................................................ 5,150,000 5,316,088
Refunding, Oxnard Union High School, Pre-Refunded, 6.50%, 3/01/18 ............................... 3,620,000 4,044,879
Refunding, Oxnard Union High School, Pre-Refunded, 6.60%, 3/01/24 ............................... 4,145,000 4,649,695
Series A, 7.70%, 11/01/19 ....................................................................... 1,765,000 1,861,793
San Gorgonio Memorial Health Care District, Health Facilities Revenue,
CHFCLP Insured, 6.375%, 6/01/08 .................................................................. 1,815,000 1,964,756
San Joaquin Area Flood Control Agency, 1915 Act, Flood Protection & Restoration Assessment,
FSA Insured, 6.00%, 9/02/14 ....................................................................... 10,125,000 10,481,805
San Joaquin COP, General Hospital Project,
6.25%, 9/01/13 .................................................................................. 32,880,000 35,308,846
6.625%, 9/01/20 ................................................................................. 36,500,000 39,838,290
San Joaquin County Special Tax, CFD No. 8,
7.625%, 9/01/10 ................................................................................. 1,420,000 1,450,899
7.75%, 9/01/20 .................................................................................. 2,990,000 3,065,617
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue,
Refunding, Series A, 5.50%, 1/15/28 ............................................................. 217,465,000 217,443,254
Refunding, Series A, MBIA Insured, 5.375%, 1/15/29 .............................................. 47,970,000 48,572,983
Refunding, Series A, MBIA Insured, 5.25%, 1/15/30 ............................................... 28,000,000 28,066,080
Senior Lien, 5.00%, 1/01/33 ..................................................................... 71,430,000 66,963,482
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue, (cont.)
Senior Lien, Pre-Refunded, 7.00%, 1/01/30 ....................................................... $ 85,535,000 $ 97,335,409
Senior Lien, Pre-Refunded, 6.75%, 1/01/32 ....................................................... 64,320,000 72,507,936
San Jose 1915 Act, Refunding, ID 87-198SJ,
7.90%, 9/02/99 .................................................................................. 125,000 128,385
8.00%, 9/02/00 .................................................................................. 130,000 134,888
San Jose Airport Revenue, Refunding, MBIA Insured, 5.75%, 3/01/16 ................................. 13,600,000 14,128,496
San Jose Financing Authority Revenue, Convention Center Project, Series C, 6.40%,
9/01/22 ......................................................................................... 55,550,000 58,843,004
Refunding, 9/01/17 .............................................................................. 16,100,000 17,111,724
San Jose RDA, MFHR, Miraido Village, Series A, 5.75%, 7/20/38 ..................................... 7,155,000 7,321,497
San Jose RDA, Tax Allocation,
Housing, Set-Aside Merged Area, Series E, MBIA Insured, 5.85%, 8/01/27 .......................... 7,325,000 7,792,628
aMerged Area Redevelopment Project, MBIA Insured, 5.00%, 8/01/21 ................................ 33,735,000 32,782,324
Merged Area Redevelopment Project, MBIA Insured, 5.625%, 8/01/28 ................................ 24,135,000 25,107,641
Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/07 ................................ 1,160,000 1,201,946
Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/08 ................................ 1,240,000 1,284,838
Park Center Redevelopment Project, Pre-Refunded, 7.00%, 10/01/09 ................................ 1,325,000 1,372,912
aRefunding, Merged Area Redevelopment Project, MBIA Insured, 5.00%, 8/01/20 ..................... 31,500,000 30,630,600
San Leandro RDA, RMR, Pre-Refunded, 11.25%, 4/01/13 ............................................... 65,000 85,976
San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 8/01/12 .................................. 3,500,000 3,651,865
San Luis Obispo County COP, Jail Expansion Project,
6.75%, 10/01/16 ................................................................................. 1,830,000 1,901,754
6.80%, 10/01/21 ................................................................................. 1,475,000 1,533,661
San Marcos Public Facilities Authority Revenue,
Capital Improvement, 8.25%, 1/01/19 ............................................................. 17,400,000 18,434,256
Rancheros Mobil Home Park Project, 7.00%, 10/01/24 .............................................. 5,350,000 5,706,310
Refunding & Improvement, Civic Center, Mission Blvd. Project, Series A, 6.15%, 8/01/13 .......... 11,670,000 11,908,068
Refunding & Improvement, Civic Center, Mission Blvd. Project, Series A, 6.20%, 8/01/22 .......... 7,895,000 8,165,877
Refunding, Tax Allocation, Series A, FSA Insured, 5.50%, 8/01/23 ................................ 18,000,000 18,379,080
San Marcos Public Financing Authority Revenue, Series A, 6.25%, 9/02/22 ........................... 25,000,000 26,941,500
San Marcos Special Tax, CFD No. 8,
7.75%, 9/01/18 .................................................................................. 11,500,000 11,842,240
7.625%, 9/01/19 ................................................................................. 10,575,000 11,080,062
San Marcos USD, School Facilities ID No. 1, AMBAC Insured, 5.80%, 11/01/14 ........................ 5,000,000 5,432,350
San Mateo County Board of Education, COP, Administrative Building Project, 7.10%, 5/01/21 ......... 1,185,000 1,243,053
San Mateo County COP, Capital Projects Program, Series A, 9.125%, 7/01/98 ......................... 1,355,000 1,372,480
San Mateo County COP, San Mateo County Health Care Center, Series A, FSA Insured, 5.75%, 7/15/22 .. 28,445,000 29,776,795
San Mateo County Joint Powers Financing Authority, Lease Revenue,
Capital Projects, Series A, FSA Insured, 5.75%, 7/15/27 .......................................... 9,000,000 9,461,520
San Mateo Flood Control District, COP, Colma Creek Zone, MBIA Insured, 5.125%, 8/01/32 ............ 10,145,000 9,943,419
San Mateo Redevelopment Agency Tax Allocation, Merged Area, Series A, 5.70%, 8/01/27 .............. 6,330,000 6,451,156
San Pablo RDA, Tax Allocation, Merged Project Area, FGIC Insured, 6.25%, 12/01/19 ................. 3,500,000 3,837,155
San Rafael RDA, Refunding, Tax Allocation, Central San Rafael Redevelopment,
FGIC Insured, 6.45%, 12/01/17 ..................................................................... 6,740,000 7,396,072
San Rafael Sanitation District, COP, Waste Water Facilities Financing, 6.80%, 8/01/11 ............. 2,200,000 2,329,294
San Ramon COP, San Ramon Capital Improvement Projects, Series 1993, 6.00%, 3/01/18 ................ 1,730,000 1,808,369
San Ramon Public Finance Authority,
Local Agency Revenue, 8.80%, 9/02/18 ............................................................ 49,235,000 49,827,789
Tax Allocation, Refunding, 6.90%, 2/01/24 ....................................................... 13,050,000 14,162,513
Tax Allocation, Series A, ETM, 7.30%, 2/01/99 ................................................... 145,000 149,266
Tax Allocation, Series A, Pre-Refunded, 7.625%, 2/01/20 ......................................... 7,280,000 7,654,556
San Ramon Valley Fire Protection District, COP, Refunding, Financing Corp., 6.00%, 7/01/19 ........ 6,275,000 6,539,617
San Ramon Valley USD, COP,
Measure A, Capital Project, Series A, 5.95%, 10/01/01 ........................................... 9,000,000 9,533,880
Refunding, 7.40%, 2/01/99 ....................................................................... 1,040,000 1,059,552
Refunding, 7.55%, 2/01/04 ....................................................................... 6,505,000 6,623,911
Refunding, Pre-Refunded, 7.70%, 2/01/10 ......................................................... 6,000,000 6,835,320
San Ramon Valley USD, COP, (cont.)
Refunding, Series 1992, 7.00%, 2/01/22 .......................................................... $ 20,565,000 $ 21,780,392
Series A, 6.35%, 10/01/01 ....................................................................... 14,805,000 15,177,790
Santa Ana COP, Parking Facilities Project, Refunding, Series A,
AMBAC Insured, 6.125%, 6/01/16 .................................................................... 2,070,000 2,226,306
Santa Ana CRDA, Tax Allocation, Refunding,
Mainplace Project, 7.40%, 9/01/19 ............................................................... 2,000,000 2,058,360
Series A, 7.25%, 9/01/19 ........................................................................ 2,500,000 2,627,450
Series B, 7.375%, 9/01/09 ....................................................................... 10,105,000 10,624,397
Series B, 6.75%, 9/01/19 ........................................................................ 14,980,000 15,642,715
Series C, 7.25%, 9/01/17 ........................................................................ 6,000,000 6,307,560
Series C, 6.75%, 9/01/19 ........................................................................ 2,260,000 2,359,982
Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%, 9/01/24 ........................ 5,000,000 5,377,100
Santa Ana Mountains, County Water District, CFD No. 7, Special Tax,
Pre-Refunded, 8.40%, 10/01/13 ..................................................................... 10,625,000 11,081,450
Santa Barbara COP, California Health Facilities, Loan Program, 7.65%, 5/01/15 ..................... 1,780,000 1,919,071
Santa Barbara COP, Refunding, Harbor Project, 6.75%, 10/01/27 ..................................... 8,090,000 8,725,389
Santa Barbara Housing Authority Revenue, Refunding and Acquisition, 7.93%, 11/15/20 ............... 6,055,000 6,246,762
Santa Barbara SFMR, GNMA Secured,
7.625%, 10/01/10 ................................................................................ 470,000 505,161
7.65%, 10/01/23 ................................................................................. 1,365,000 1,499,289
Santa Clara County COP, Terraces of Los Gatos Project, Pre-Refunded, 6.90%, 3/01/18 ............... 4,000,000 4,375,280
Santa Clara County Financing Authority Lease Revenue,
Refunding, Series A, AMBAC Insured, 5.00%, 11/15/22 ............................................. 5,000,000 4,861,750
Valley Medical Center Facilities, Replacement Project, Series A, AMBAC Insured,
Pre-Refunded, 6.75%, 11/15/20 .................................................................... 13,000,000 15,094,430
Santa Clara County MFR, Refunding, Meadows Housing, Series A, 5.875%, 5/20/26 ..................... 16,130,000 16,722,778
Santa Clara Electric Revenue,
Crossover Refunding, Series B, 7.80%, 7/01/10 ................................................... 33,500,000 34,140,855
Series A, MBIA Insured, Pre-Refunded, 5.75%, 7/01/24 ............................................ 10,000,000 10,511,200
Santa Clara Housing Authority, MFHR, Series A,
Arastradero Park Apartments Project, 6.65%, 5/20/35 ............................................. 6,465,000 7,070,189
Elana Gardens Apartments Project, 6.40%, 6/20/35 ................................................ 5,625,000 6,035,513
Sierra Vista I Apartments Project, 6.65%, 6/20/35 ............................................... 3,860,000 4,223,998
Santa Clara Valley Water District, COP, Refunding & Improvement,
Series A, FGIC Insured, 6.00%, 2/01/24 ............................................................ 17,000,000 18,237,940
Santa Clarita COP, Refunding, MBIA Insured, 5.00%, 10/01/21 ....................................... 5,105,000 4,967,369
Santa Cruz City School District, COP, Education Center Financing Project,
7.00%, 5/01/24 .................................................................................... 3,150,000 3,410,883
Santa Cruz County Housing Authority, MFHR, Series B, 7.75%, 7/01/23 ............................... 9,230,000 9,772,816
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 7,329,210
Santa Margarita Water District, Pre-Refunded, 8.00%,
ID No. 2A, Series C, 6/01/13 .................................................................... 2,000,000 2,053,880
ID No. 3A, Series A, 6/01/08 .................................................................... 2,400,000 2,464,464
ID No. 3A, Series A, 6/01/13 .................................................................... 2,585,000 2,654,433
ID No. 4, Series D, 6/01/08 ..................................................................... 5,000,000 5,134,700
ID No. 4, Series D, 6/01/13 ..................................................................... 11,000,000 11,296,340
ID No. 4A, Series B, 6/01/08 .................................................................... 5,000,000 5,134,700
ID No. 4A, Series B, 6/01/13 .................................................................... 5,000,000 5,134,700
Santa Maria Bonita School District, COP, Refunding, MBIA Insured, 7.00%, 3/01/16 .................. 2,750,000 2,991,670
Santa Maria COP, Revenue, Marian Medical Center, Pre-Refunded, 6.75%, 9/01/22 ..................... 3,600,000 4,033,656
Santa Monica RDA, Refunding, Tax Allocation, Ocean Park Redevelopment Project,
Pre-Refunded, 8.25%, 7/01/18,
Series A ........................................................................................ 3,805,000 3,923,069
Series B ........................................................................................ 1,260,000 1,299,098
Santa Rosa Central Parking Service Facilities District Project No. 89-1, 7.60%, 7/02/15 ........... 3,150,000 3,286,773
Seal Beach RDA, Refunding, Subordinated Lien, Tax Allocation,
Riverfront, Series A, 6.70%, 9/01/13 ............................................................. 2,880,000 2,948,515
Sequoia Hospital District Revenue, Refunding, Pre-Refunded, 7.50%, 9/01/08 ........................ 5,455,000 5,648,162
Shafter Joint Powers Financing Authority, Lease Revenue,
Community Correctional Facility Project, Series A,
5.95%, 1/01/11 .................................................................................. 1,880,000 1,983,099
6.05%, 1/01/17 .................................................................................. 5,135,000 5,407,925
Shasta Joint Powers Financing Authority, Lease Revenue, Courthouse
County Improvement Project, Series A, Pre-Refunded,
6.60%, 6/01/12 .................................................................................. $ 1,000,000 $ 1,109,530
6.70%, 6/01/23 .................................................................................. 2,500,000 2,783,300
Sierra Madre Financing Authority Revenue, Local Agency, Series A,
7.50%, 11/01/98 ................................................................................. 240,000 244,502
7.60%, 11/01/99 ................................................................................. 260,000 271,326
7.70%, 11/01/00 ................................................................................. 280,000 292,438
7.80%, 11/01/18 ................................................................................. 5,500,000 5,707,020
Sierra View Local Hospital District Revenue, Insured Health Facilities, 6.40%, 3/01/22 ............ 15,000,000 15,989,550
Simi Valley CDA, Commercial Mortgage Revenue, Sycamore Plaza II, 8.20%, 9/01/12 ................... 3,000,000 3,010,830
Simi Valley SFRMR, Series A, 7.70%, 3/01/25 ....................................................... 1,330,000 1,454,714
Snowline Joint USD, COP, Pre-Refunded, 7.25%, 4/01/18 ............................................. 1,000,000 1,130,000
Soledad RDA, Refunding, Tax Allocation, Soledad Redevelopment Project, 7.40%, 11/01/12 ............ 3,955,000 4,398,514
Sonoma County Office of Education, COP, Series 1990, Pre-Refunded, 7.375%, 7/01/20 ................ 1,745,000 1,901,998
South Coast Air Quality Management District Revenue, Building Corp.,
Installment Sale Headquarters, Series 1992, 6.00%, 8/01/09 ....................................... 5,280,000 5,664,173
South Gate Public Finance Authority Revenue, Tax Allocation, Series A-1, Pre-Refunded,
7.60%, 9/01/09 .................................................................................... 3,225,000 3,412,824
South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 9/01/24 ............................ 8,505,000 8,960,698
South Napa Waste Management Authority Revenue, Solid Waste Transfer Facilities Project,
6.50%, 2/15/14 .................................................................................. 4,500,000 4,792,725
South Orange County Public Financing Authority, Special Tax Revenue,
Foothill Area, Series C, FGIC Insured, 5.75%, 8/15/18 ........................................... 5,000,000 5,253,500
Refunding, Senior Lien, Series A, MBIA Insured, 6.00%, 9/01/18 .................................. 18,850,000 20,114,270
South San Francisco 1915 Act, Gateway AD No. ST-82-2, 8.00%,
9/02/98 ......................................................................................... 1,260,000 1,272,550
9/02/99 ......................................................................................... 1,335,000 1,377,320
9/02/00 ......................................................................................... 1,455,000 1,511,178
9/02/01 ......................................................................................... 1,570,000 1,629,629
9/02/02 ......................................................................................... 1,675,000 1,737,913
Southern California HFA, SFMR, GNMA Secured,
7.625%, 10/01/22 ................................................................................ 3,815,000 3,990,337
7.75%, 3/01/24 .................................................................................. 5,950,000 6,278,381
Series A, 6.75%, 9/01/22 ........................................................................ 795,000 844,664
Series B, 6.90%, 10/01/24 ....................................................................... 1,220,000 1,295,006
Southern California Public Power Authority Revenue,
Multi-Purpose Projects, 6.75%, 7/01/13 .......................................................... 10,000,000 11,791,400
Multi-Purpose Projects, 6.00%, 7/01/18 .......................................................... 29,645,000 30,081,967
Refunding, Hydroelectric-Hoover Uprating, 6.00%, 10/01/17 ....................................... 7,795,000 8,095,108
Refunding, Power Project, Series A, AMBAC Insured, 5.00%, 7/01/15 ............................... 11,000,000 10,863,930
Refunding, Power Project, Series A, FSA Insured, 5.00%, 7/01/15 ................................. 6,960,000 6,999,463
San Juan Project, Unit 3, Series A, MBIA Insured, 5.00%, 1/01/20 ................................ 6,790,000 6,613,800
Sub-Crossover Refunding, Southern Transmission Project, 6.125%, 7/01/18 ......................... 51,035,000 54,251,226
Sub-Crossover Refunding, Southern Transmission Project, 5.50%, 7/01/20 .......................... 19,785,000 19,894,411
Sub-Crossover Refunding, Southern Transmission Project, 5.75%, 7/01/21 .......................... 22,530,000 23,000,877
Sub-Crossover Refunding, Southern Transmission Project, MBIA Insured, 5.75%, 7/01/21 ............ 16,335,000 16,983,663
Southern Kern USD, COP, Pre-Refunded, 7.10%, 9/01/17 .............................................. 2,250,000 2,552,468
Standard Elementary School District, COP, Pre-Refunded, 7.375%, 6/01/11 ........................... 1,390,000 1,523,565
Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%, 1/01/99 ....................... 3,500,000 3,568,250
Stockton 1915 Act, Limited Obligation, Weber/Sperry Ranch Project No. 8,
8.30%, 9/02/07 .................................................................................. 255,000 263,614
8.30%, 9/02/08 .................................................................................. 300,000 310,134
8.40%, 9/02/09 .................................................................................. 380,000 392,992
8.40%, 9/02/10 .................................................................................. 475,000 491,240
8.40%, 9/02/11 .................................................................................. 545,000 563,634
8.40%, 9/02/12 .................................................................................. 620,000 641,198
8.40%, 9/02/13 .................................................................................. 705,000 729,104
Stockton Central Parking District, Refunding, Series 1991, 7.90%, 8/01/11 ......................... 5,700,000 5,729,355
Stockton, East Water District, COP,
1990 Project, Series A, AMBAC Insured, Pre-Refunded, 6.40%, 4/01/22 ............................. $ 7,075,000 $ 7,789,221
1990 Project, Series A, AMBAC Insured, 6.40%, 4/01/22 ........................................... 12,925,000 14,029,958
Series B, 7.45%, 4/01/05 ........................................................................ 28,575,000 51,292,125
Stockton Health Facilities Revenue, St. Joseph Medical Center, Series A,
MBIA Insured, 5.50%, 6/0123 ...................................................................... 5,000,000 5,125,150
Stockton Port District Revenue, Series A, Refunding & Improvement, FSA Insured, 5.95%, 7/01/17 .... 5,095,000 5,506,982
Stockton Public Financing Authority, Special Tax, CFD No. 90-4, 8.50%, 9/01/16 .................... 8,000,000 8,519,680
Stockton, South Stockton Special Tax, CFD No. 90-1, Pre-Refunded,
8.10%, 9/01/09 .................................................................................. 3,000,000 3,113,490
8.125%, 9/01/15 ................................................................................. 5,400,000 5,604,822
Stockton Special Tax,
CFD No. 1, Weston Ranch, 7.80%, 9/01/99 ......................................................... 455,000 460,738
CFD No. 1, Weston Ranch, 7.85%, 9/01/00 ......................................................... 545,000 552,505
CFD No. 1, Weston Ranch, 7.90%, 9/01/01 ......................................................... 635,000 642,576
CFD No. 1, Weston Ranch, 7.95%, 9/01/02 ......................................................... 680,000 688,106
CFD No. 1, Weston Ranch, 7.95%, 9/01/03 ......................................................... 625,000 632,031
CFD No. 1, Weston Ranch, 8.00%, 9/01/09 ......................................................... 7,910,000 7,998,988
CFD No. 1, Weston Ranch, 8.10%, 9/01/14 ......................................................... 11,890,000 12,031,491
CFD No. 90-2, Series 002, 7.30%, 8/01/00 ........................................................ 725,000 777,613
CFD No. 90-2, Series 002, Pre-Refunded, 7.35%, 8/01/01 .......................................... 780,000 851,690
CFD No. 90-2, Series 002, Pre-Refunded, 7.40%, 8/01/02 .......................................... 835,000 912,663
CFD No. 90-2, Series 002, Pre-Refunded, 7.45%, 8/01/03 .......................................... 895,000 979,228
CFD No. 90-2, Series 002, Pre-Refunded, 7.50%, 8/01/04 .......................................... 965,000 1,056,878
CFD No. 90-2, Series 002, Pre-Refunded, 7.70%, 8/01/09 .......................................... 3,000,000 3,298,830
CFD No. 90-2, Series 006, 7.75%, 8/01/15 ........................................................ 3,000,000 3,145,020
CFD No. 90-2, Series 305, Brookside, Pre-Refunded, 8.50%, 8/01/09 ............................... 1,430,000 1,597,625
CFD No. 90-2, Series 305, Brookside, Pre-Refunded, 8.65%, 8/01/15 ............................... 2,710,000 3,036,609
Suisun City COP, Civic Centet Project, Refunding, 6.45%, 11/01/15 ................................. 2,105,000 2,228,837
Suisun City RDA, Tax Allocation, Suisun City Redevelopment Project,
Refunding, MBIA Insured,
6.00%, 10/01/18 ................................................................................. 3,285,000 3,507,559
5.90%, 10/01/23 ................................................................................. 3,510,000 3,713,615
Sunnyvale Financing Authority Revenue, Utilities, Waste Water Reuse and Sludge,
Series A, 6.30%, 10/01/12 ........................................................................ 4,735,000 4,943,198
Tehachapi COP, Series 1990, 8.20%, 11/01/20 ....................................................... 2,500,000 2,704,075
Tehachapi, Cummings County Water District, COP, Capital Improvement Project,
MBIA Insured, 6.30%, 8/01/14 ...................................................................... 3,000,000 3,247,110
Tehachapi USD, COP, Tompkins Elementary School Project, Pre-Refunded,
7.80%, 2/01/21 .................................................................................... 2,325,000 2,593,724
Temecula Valley USD,
Series D, FGIC Insured, 6.00%, 9/01/14 .......................................................... 1,250,000 1,331,775
Series D, FGIC Insured, 6.125%, 9/01/19 ......................................................... 3,110,000 3,322,351
Series E, FSA Insured, 6.35%, 9/01/19 ........................................................... 5,460,000 6,077,198
Thousand Oaks RDA, Tax Allocation, Refunding,
MF Revenue, The Shadows Apartments, Series A, FNMA Insured, 5.75%, 11/01/27 ..................... 7,530,000 7,715,163
Thousand Oaks Blvd. Redevelopment, MBIA Insured, 5.375%, 12/01/25 ............................... 24,485,000 24,805,264
Thousand Oaks SFHMR, GNMA Secured,
7.45%, 9/01/10 .................................................................................. 265,000 282,933
7.55%, 9/01/15 .................................................................................. 380,000 403,062
7.625%, 3/01/23 ................................................................................. 1,055,000 1,127,310
8.00%, 9/01/23 .................................................................................. 152,000 274,269
Torrance Hospital Revenue, Refunding,
Little Co. of Mary Hospital, 6.875%, 7/01/15 .................................................... 3,790,000 4,124,354
Torrance Memorial Hospital Medical Center, 6.75%, 1/01/12 ....................................... 2,000,000 2,027,080
Torrance RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 7.75%, 9/01/13 ......... 7,500,000 7,817,625
Trabuco Canyon Public Financing Authority, Special Tax Revenue, Refunding, FSA Insured,
Series A, 6.00%, 10/01/10 ....................................................................... 13,775,000 15,494,396
Series A, 6.10%, 10/01/15 ....................................................................... 13,220,000 14,902,377
Series C, 6.00%, 7/01/12 ........................................................................ 3,040,000 3,413,008
Series C, 6.10%, 10/01/19 ....................................................................... 5,215,000 5,922,936
Tracy Area Public Facilities Financing Agency, Special Tax, CFD No. 8,
Refunding, Series H, MBIA Insured, 5.875%, 10/01/19 ............................................. $ 18,250,000 $ 19,541,553
Series C, Pre-Refunded, 7.80%, 10/01/16 ......................................................... 5,000,000 5,531,050
a Tracy COP, I-205 Corridor Improvement and Refinancing Project, 5.125%, 10/01/27 ................. 6,695,000 6,570,138
Travis USD, COP, Foxboro Elementary School Construction Project,
ETM, 6.00%, 9/01/99 ............................................................................. 320,000 329,792
ETM, 6.10%, 9/01/00 ............................................................................. 335,000 351,003
ETM, 6.20%, 9/01/01 ............................................................................. 355,000 378,490
ETM, 6.30%, 9/01/02 ............................................................................. 170,000 184,586
Pre-Refunded, 6.40%, 9/01/03 .................................................................... 405,000 448,124
Pre-Refunded, 6.50%, 9/01/04 .................................................................... 430,000 477,502
Pre-Refunded, 6.60%, 9/01/05 .................................................................... 455,000 507,084
Pre-Refunded, 6.70%, 9/01/06 .................................................................... 490,000 548,045
Pre-Refunded, 7.00%, 9/01/12 .................................................................... 3,670,000 4,148,715
Tri-Cities Municipal Water District, COP, Special District Lease Program,
Series T, Pre-Refunded, 6.55%, 12/01/17 ........................................................... 2,665,000 2,977,338
Tri-City Hospital District Revenue, Refunding, Series A, MBIA Insured,
5.625%, 2/15/17 ................................................................................... 5,000,000 5,240,700
Tri-Dam Power Authority Revenue, Refunding, Hydroelectric Sand Bar Project, 7.50%, 1/01/17 ........ 48,380,000 50,949,946
Trinity County PUD, COP, Electric District Facilities, Refunding, Series 1993,
6.60%, 4/01/11 .................................................................................. 2,565,000 2,710,230
6.75%, 4/01/23 .................................................................................. 4,000,000 4,232,400
Truckee-Donner PUD, COP, Water System Improvement Project,
MBIA Insured, Pre-Refunded, 6.75%, 11/15/21 ...................................................... 500,000 553,615
Tulare County COP,
Capital Improvement Program, Series A, MBIA Insured, 6.00%, 2/15/16 ............................. 4,250,000 4,594,718
Financing Project, Series B, 6.875%, 11/15/12 ................................................... 1,100,000 1,183,094
University of California COP, Refunding, UCLA Center Chiller/Cogeneration Project,
5.50%, 11/01/17 ................................................................................. 13,940,000 14,481,290
5.60%, 11/01/20 ................................................................................. 14,880,000 15,484,277
University of California Revenues,
Multi-Purpose Projects, Series D, MBIA Insured, Pre-Refunded, 6.375%, 9/01/24 ................... 44,995,000 49,837,362
Refunding, Multi-Purpose Projects, Series C, AMBAC Insured, 5.00%, 9/01/23 ...................... 17,545,000 17,004,263
Refunding, Research Facilities, Series C, FSA Insured, 5.00%, 9/01/21 ........................... 9,945,000 9,676,982
Research Facilities, Series B, Pre-Refunded, 6.55%, 9/01/24 ..................................... 26,780,000 30,224,176
U.C. Davis Medical Center, AMBAC Insured, 5.75%, 7/01/20 ........................................ 45,385,000 47,959,691
U.C. Davis Medical Center, AMBAC Insured, 5.75%, 7/01/24 ........................................ 15,500,000 16,379,315
Upland COP, Refunding,
5.50%, 1/01/07 .................................................................................. 4,935,000 5,215,012
San Antonio Community Hospital, 5.70%, 1/01/11 .................................................. 11,210,000 11,931,139
Upland Hospital Revenue, COP, San Antonio Community Hospital,
Pre-Refunded, 7.80%, 1/01/18 ..................................................................... 6,500,000 6,822,270
Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 7/01/20 ............................ 4,440,000 4,582,790
Upland Public Financing Authority Revenue, Refunding, Loan Agency, Series B,
8.10%, 12/01/08 ................................................................................. 2,500,000 2,597,450
8.25%, 12/01/15 ................................................................................. 10,645,000 11,074,419
Vacaville COP, Pre-Refunded, 9.40%, 10/01/15 ...................................................... 12,445,000 14,176,597
Vacaville Public Financing Authority Revenue, Local Agency, 8.65%, 9/02/18 ........................ 75,775,000 78,553,669
Vacaville Special Tax, Nut Tree, CFD No. 2, Series A,
8.25%, 9/01/10 .................................................................................. 1,885,000 2,010,164
8.20%, 9/01/15 .................................................................................. 1,000,000 1,066,580
Val Verde USD, COP,
Thomas Rivera Middle School, Pre-Refunded, 6.50%, 6/01/22 ....................................... 7,315,000 8,157,030
Vista Verde Project, Pre-Refunded, 6.95%, 6/01/21 ............................................... 2,785,000 3,066,870
Vallejo RDA, Tax Allocation, Waterfront Redevelopment Project, 7.90%, 5/01/19 ..................... 2,485,000 2,514,572
Vallejo Revenue, Series A,
Golf Course Project, 7.90%, 6/01/17 ............................................................. 6,000,000 6,424,860
Refunding, Water Improvement Project, FSA Insured, 5.875%, 5/01/26 .............................. 6,500,000 6,972,225
Vallejo USD, Special Tax Revenue, CFD No. 2,
7.75%, 9/01/15 .................................................................................. 2,300,000 2,381,880
8.125%, 9/01/16 ................................................................................. 5,100,000 5,376,165
Victor Valley UHSD, COP, Pre-Refunded, 7.875%, 11/01/12 ........................................... $ 5,100,000 $ 5,664,672
Victorville RDA, Tax Allocation, Bear Valley Road Redevelopment Project,
Pre-Refunded, 7.50%, 11/01/06 ................................................................... 1,200,000 1,355,184
Refunding, Series A, FSA Insured, 6.125%, 9/01/19 ............................................... 2,405,000 2,580,421
Refunding, Series A, FSA Insured, 6.125%, 9/01/24 ............................................... 3,245,000 3,473,708
Vista Community Development Commission, Tax Allocation Revenue,
Vista Redevelopment Project Area, MBIA Insured,
5.50%, 9/01/23 ................................................................................... 11,810,000 12,114,580
Vista Joint Powers Financing Authority Revenue,
Refunding, Lease, MBIA Insured, 5.625%, 5/01/16 ................................................. 5,000,000 5,241,400
Series A, 7.625%, 2/01/20 ....................................................................... 3,675,000 3,892,340
Series A, Pre-Refunded, 7.45%, 1/01/09 .......................................................... 4,000,000 4,188,160
Series A, Pre-Refunded, 7.50%, 1/01/16 .......................................................... 9,100,000 9,531,340
Walnut Improvement Agency, RMR, Series A, 10.25%, 5/01/17 ......................................... 90,000 95,964
Walnut Improvement Agency, Tax Allocation, Walnut Improvement Project, Series A,
8.00%, 9/01/18 .................................................................................. 1,665,000 1,721,210
Pre-Refunded, 8.00%, 9/01/18 .................................................................... 9,135,000 9,478,841
Walnut Public Financing Authority Revenue, Refunding, Tax Allocation,
Improvement Project, MBIA Insured, 6.50%, 9/01/22 ................................................ 8,285,000 9,042,083
Washington Township Hospital District Revenue, AMBAC Insured, 5.25%, 7/01/23 ...................... 5,000,000 4,999,550
Watsonville Hospital Revenue, Watsonville Community Hospital, Insured, Series A,
6.30%, 7/01/15 .................................................................................. 3,990,000 4,359,953
6.35%, 7/01/24 .................................................................................. 5,435,000 5,937,901
Watsonville RDA, Tax Allocation, Watsonville Redevelopment Project, 6.30%, 8/01/06 ................ 1,745,000 1,751,090
West Basin Municipal Water District Revenue, COP, Refunding, 1992 Project,
Series A, AMBAC Insured, 5.50%, 8/01/22 ........................................................... 4,000,000 4,136,040
West Covina RDA, Special Tax, CFD No. 1, Pre-Refunded, 7.80%, 9/01/22 ............................. 23,000,000 24,703,840
West Hollywood COP, Capital Projects, Series A, Pre-Refunded, 6.50%, 2/01/25 ...................... 9,255,000 9,513,307
West Sacramento 1915 Act, Raleys Landing AD,
7.90%, 9/02/08 .................................................................................. 360,000 372,330
7.95%, 9/02/09 .................................................................................. 630,000 651,704
7.95%, 9/02/10 .................................................................................. 835,000 863,248
7.95%, 9/02/11 .................................................................................. 900,000 930,672
7.95%, 9/02/12 .................................................................................. 970,000 1,003,058
7.95%, 9/02/13 .................................................................................. 1,045,000 1,080,614
West Sacramento Financing Authority Revenue, MBIA Insured, 6.25%, 9/01/24 ......................... 15,550,000 17,010,301
West Sacramento RDA, Tax Allocation, West Sacramento Redevelopment Project,
MBIA Insured, 6.25%, 9/01/21 ..................................................................... 4,725,000 5,026,030
Westminster RDA Revenue, Refunding, Tax Allocation, Commercial
Redevelopment Project No. 1, Series A, Pre-Refunded,
7.30%, 8/01/21 ................................................................................... 6,455,000 7,214,431
Whittier Special Tax, CFD No. 8, 7.75%, 9/01/19 ................................................... 5,095,000 5,385,058
William S. Hart Joint School Financing Authority, Special Tax Revenue, Refunding,
Community Facilities, FSA Insured, 6.50%, 9/01/14 ................................................ 4,000,000 4,475,920
William S. Hart Union High School District, Special Tax, CFD No. 8, Pre-Refunded,
7.75%, 9/01/14 .................................................................................. 1,210,000 1,298,814
8.10%, 9/01/18 .................................................................................. 3,225,000 3,347,002
Yucaipa-Sweetwater School Facilities Financing Authority Revenue, Special Tax,
Sweetwater Project, Pre-Refunded, 8.00%, 9/01/15 ................................................. 14,775,000 15,473,562
West Hollywood COP, Refunding, MBIA Insured, 5.00%, 2/01/25 ....................................... 6,250,000 6,069,750
----------------
Total Bonds (Cost $13,070,022,027) ................................................................ 13,918,803,664
----------------
Zero Coupon/Step-up Bonds 6.7%
Anaheim Public Financing Authority, Lease Revenue, Public Improvements Project,
Sub-Series C, FSA Insured, 09/01/33 .............................................................. 15,000,000 2,336,700
Auburn Union School District, COP, Land Acquisition Program, Series A,
FSA Insured, zero coupon to 9/01/00,
7.00% thereafter, 9/01/28 ........................................................................ 2,965,000 2,708,824
Baldwin Park RDA, Refunding, Tax Allocation, San Gabriel, Series A, ETM,
2/01/99 ......................................................................................... 540,000 523,433
2/01/00 ......................................................................................... 550,000 510,675
2/01/01 ......................................................................................... 560,000 497,207
2/01/02 ......................................................................................... 565,000 480,086
2/01/03 ......................................................................................... 570,000 463,068
2/01/04 ......................................................................................... 575,000 446,177
2/01/05 ......................................................................................... 585,000 433,157
Burton Elementary School District, COP, Loan Acquisition, Capital Appreciation,
FSA Insured, 6.60% thereafter, 9/01/27
Series A, zero coupon to 9/01/98 ................................................................ $ 830,000 $ 848,094
Series B, zero coupon to 9/01/00 ................................................................ 300,000 266,553
California Health Facilities Financing Authority Revenue, Kaiser Permanente, Series A, 10/01/11 ... 13,970,000 7,155,294
California HFA Revenue, Home Mortgage,
Capital Appreciation, Series A, 8/01/16 ......................................................... 615,000 86,856
Capital Appreciation, Series A, 8/01/23 ......................................................... 54,765,000 7,865,897
Series C, 8/01/21 ............................................................................... 33,280,000 5,649,613
California Public School District, Financing Authority Lease Revenue, Los Banos School,
FSA Insured, zero coupon to 10/01/00, 6.20% thereafter, 10/01/23
Series A ........................................................................................ 455,000 409,969
Series B, Pre-Refunded........................................................................... 4,535,000 4,302,717
California State GO,
Principal Eagles II, Series 3, 3/01/09 .......................................................... 7,500,000 4,484,100
Principal Eagles II, Series 4, 6/01/06 .......................................................... 10,000,000 6,877,300
Principal Eagles II, Series 6, 3/01/09 .......................................................... 5,000,000 3,008,600
Principal M-Raes, Series 8, 4/01/09 ............................................................. 9,000,000 5,359,860
California Statewide CDA Revenue, COP, Refunding, Insured Hospital, Triad Health Care,
8/01/09 ......................................................................................... 6,450,000 3,625,803
8/01/10 ......................................................................................... 6,745,000 3,505,444
8/01/11 ......................................................................................... 3,115,000 1,525,260
Campbell Union School District, Series B, FGIC Insured,
8/01/20 ......................................................................................... 5,000,000 1,572,000
8/01/21 ......................................................................................... 6,280,000 1,874,706
Chino USD, COP, Land Acquisition, FSA Insured,
Series A, zero coupon to 9/01/99, 6.60% thereafter, 9/01/14 ..................................... 2,250,000 2,188,215
Series A, zero coupon to 9/01/99, 6.70% thereafter, 9/01/29 ..................................... 11,855,000 11,503,618
Series B, zero coupon to 9/01/02, 6.60% thereafter, 9/01/14 ..................................... 2,810,000 2,296,388
Series B, zero coupon to 9/01/02, 6.70% thereafter, 9/01/29 ..................................... 8,485,000 6,807,940
Contra Costa County COP, Merrithew Memorial Hospital, ETM, 11/01/15 ............................... 6,810,000 2,757,437
Contra Costa County Home Mortgage Finance Authority, HMR, MBIA Insured, Pre-Refunded, 9/01/17 ..... 3,820,000 1,153,105
Contra Costa School Financing Authority Revenue, Capital Appreciation,
Antioch USD Community, Series B, 9/01/07 ........................................................ 1,785,000 1,080,086
Vista USD, Series A, FSA Insured, Pre-Refunded, 9/01/03 ......................................... 1,000,000 794,790
Vista USD, Series A, FSA Insured, Pre-Refunded, 9/01/17 ......................................... 64,115,000 14,572,127
Desert Sands USD, COP, Capital Projects, FSA Insured, 3/01/20 ..................................... 6,820,000 5,829,395
Fontana USD, Series D, FGIC Insured, 5/01/17 ...................................................... 5,000,000 4,655,950
Foothill/Eastern Transportation Corridor Agency, California Toll Road Revenue, Senior Lien, Series A,
1/01/09 ......................................................................................... 10,000,000 7,435,200
1/01/12 ......................................................................................... 8,000,000 6,065,680
1/01/14 ......................................................................................... 5,500,000 4,205,960
1/01/25 ......................................................................................... 20,660,000 4,753,453
1/01/26 ......................................................................................... 23,475,000 5,112,385
1/01/27 ......................................................................................... 10,000,000 2,061,400
1/01/29 ......................................................................................... 18,000,000 3,324,420
Kern County Housing Authority, RRMR, Series A, 3/01/17 ............................................ 1,770,000 239,268
Los Angeles Convention and Exhibition Center Authority, COP, Series 1985, ETM, 12/01/05 ........... 26,750,000 19,079,170
Los Angeles County Transportation Commission Sales Tax Revenue,
Refunding, Capital Appreciation, Series A,
MBIA Insured, 7/01/04 ........................................................................... 4,895,000 3,359,535
7/01/03 ......................................................................................... 4,895,000 3,616,230
Los Angeles HMR, Series A, GNMA Secured, 8/25/16 .................................................. 2,180,000 472,034
Los Banos USD, COP, Series B, MBIA Insured, 8/01/16 ............................................... 5,000,000 4,264,200
Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded, 5/01/14 ........................... 38,500,000 11,339,020
Moreno Valley USD, COP, Land Acquisition, FSA Insured, Series F,
Pre-Refunded, zero coupon to 9/01/98, 6.75% thereafter, 9/01/27 ................................... 7,680,000 8,251,621
Orange County COP, Juvenile Justice Center Project, Pre-Refunded,
6/01/01 ......................................................................................... 3,280,000 2,842,021
6/01/02 ......................................................................................... 3,280,000 2,636,496
6/01/03 ......................................................................................... 3,280,000 2,443,435
Orange County COP, Juvenile Justice Center Project, Pre-Refunded, (cont.)
6/01/04 ......................................................................................... $ 3,280,000 $ 2,267,791
6/01/10 ......................................................................................... 4,715,000 2,061,727
6/01/11 ......................................................................................... 4,715,000 1,911,743
6/01/12 ......................................................................................... 4,715,000 1,772,603
Paramount USD, COP, Land Acquisition, Series B, FSA Insured, zero coupon to 9/01/01,
6.85% thereafter, 9/01/14 ....................................................................... 1,695,000 1,439,986
7.00%, thereafter, 9/01/29 ...................................................................... 7,675,000 6,560,512
Pasadena Special Tax, CFD No. 1, Civic Center West, Pre-Refunded, 12/01/17 ........................ 4,090,000 1,268,881
Perris SFMR, Series A, GNMA Secured, ETM, 6/01/23 ................................................. 19,095,000 4,911,424
Placer Hills Union Elementary School District, COP, Series B,
zero coupon to 3/01/00, 7.125% thereafter, 3/01/19 ................................................ 510,000 484,810
Placer Union High School District, COP, Series A, zero coupon to 3/01/00, 7.125% thereafter, 3/01/19 2,095,000 1,991,527
Rancho Water District Financing Authority Revenue, AMBAC Insured,
8/15/16 ......................................................................................... 8,605,000 3,339,686
8/15/17 ......................................................................................... 13,605,000 5,015,074
8/15/18 ......................................................................................... 13,605,000 4,716,172
Rialto USD, COP, Land Acquisition, Capital Appreciation, Series B,
FSA Insured, zero coupon to 9/01/00
6.60% thereafter, 9/01/11 ....................................................................... 1,440,000 1,253,375
6.70% thereafter, 9/01/27 ....................................................................... 5,095,000 4,418,128
Riverside County Asset Leasing Corp., Leasehold Revenue, Riverside
County Hospital Project, MBIA Insured, 6/01/24 .................................................... 13,005,000 3,292,735
Riverside County Board of Education, COP, Financing Projects, Series A, 11/01/05 .................. 1,250,000 870,000
Riverside County SFMR, GNMA Secured, ETM,
Series A, 9/01/14 ............................................................................... 20,220,000 8,514,843
Series A, 11/01/20 .............................................................................. 25,055,000 7,408,512
Series B, 6/01/23 ............................................................................... 26,160,000 6,761,836
Riverside USD, COP, Series B, FSA Insured, zero coupon to 9/01/98, 7.375% thereafter, 9/01/26 ..... 5,555,000 5,720,871
Rocklin USD, Series A, FGIC Insured,
9/01/08 ......................................................................................... 3,660,000 2,267,955
9/01/09 ......................................................................................... 4,100,000 2,399,565
9/01/10 ......................................................................................... 4,595,000 2,550,454
9/01/11 ......................................................................................... 5,145,000 2,670,460
9/01/12 ......................................................................................... 5,760,000 2,846,994
9/01/16 ......................................................................................... 33,960,000 13,197,534
Roseville City School District, Series A,
8/01/11 ......................................................................................... 3,115,000 1,614,971
8/01/17 ......................................................................................... 30,770,000 10,797,807
Roseville Joint Union High School District, Series A,
8/01/10 ......................................................................................... 1,820,000 999,634
8/01/11 ......................................................................................... 1,965,000 1,018,753
8/01/17 ......................................................................................... 18,155,000 6,370,952
San Bernardino County COP, West Valley Detention Center Project, Pre-Refunded,
11/01/00 ........................................................................................ 3,270,000 2,856,933
11/01/01 ........................................................................................ 3,270,000 2,655,435
11/01/02 ........................................................................................ 3,170,000 2,390,338
11/01/03 ........................................................................................ 3,250,000 2,273,440
11/01/04 ........................................................................................ 3,135,000 2,032,420
San Francisco City and County RDA Lease Revenue, George R. Moscone Center, Capital Appreciation,
7/01/05 ......................................................................................... 12,820,000 9,221,425
7/01/06 ......................................................................................... 11,320,000 7,686,958
7/01/07 ......................................................................................... 4,570,000 2,929,095
7/01/08 ......................................................................................... 7,785,000 4,693,887
Pre-Refunded, 7/01/16 ........................................................................... 16,300,000 4,627,732
Pre-Refunded, 7/01/17 ........................................................................... 16,300,000 4,258,211
Pre-Refunded, 7/01/18 ........................................................................... 16,300,000 3,918,030
Zero coupon to 7/01/02, 8.50% thereafter, 7/01/14 ............................................... 46,000,000 39,331,380
San Francisco City and County SFMR, Series 1985, 10/01/18 ......................................... 6,335,000 800,110
San Gabriel USD, COP, Facilities Development Program, Series B, FSA Insured, 9/01/29 .............. 2,250,000 1,811,902
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue, Senior Lien,
ETM, 1/01/25..................................................................................... $ 5,700,000 $ 1,432,865
ETM, 1/01/28 .................................................................................... 33,545,000 7,222,573
ETM, 1/01/29 .................................................................................... 37,050,000 7,575,983
Pre-Refunded, zero coupon to 1/01/02, 7.50% thereafter, 1/01/09 ................................. 21,585,000 21,253,453
Pre-Refunded, zero coupon to 1/01/02, 7.55% thereafter, 1/01/10 ................................. 10,745,000 10,603,702
Pre-Refunded, zero coupon to 1/01/02, 7.60% thereafter, 1/01/11 ................................. 25,935,000 25,651,530
Pre-Refunded, zero coupon to 1/01/02, 7.65% thereafter, 1/01/12 ................................. 25,215,000 24,995,124
Pre-Refunded, zero coupon to 1/01/02, 7.65% thereafter, 1/01/13 ................................. 27,350,000 27,111,507
Pre-Refunded, zero coupon to 1/01/02, 7.70% thereafter, 1/01/14 ................................. 7,470,000 7,421,444
Pre-Refunded, zero coupon to 1/01/02, 7.70% thereafter, 1/01/15 ................................. 60,155,000 59,763,992
Refunding, Series A, 1/15/16 .................................................................... 19,500,000 12,500,084
Refunding, Series A, 1/15/17 .................................................................... 17,000,000 10,867,080
Refunding, Series A, 1/15/18 .................................................................... 60,000,000 38,410,200
Refunding, Series A, 1/15/19 .................................................................... 57,000,000 36,380,820
Refunding, Series A, 1/15/20 .................................................................... 80,000,000 51,126,400
Refunding, Series A, 1/15/22 .................................................................... 90,000,000 57,402,900
Refunding, Series A, 1/15/23 .................................................................... 80,000,000 51,079,200
Refunding, Series A, 1/15/24 .................................................................... 80,000,000 50,624,000
Santa Ana HMR, Series A, FGIC Insured, zero coupon to 6/01/98, 9.50% thereafter, 6/01/12 .......... 55,000 54,211
Santa Maria Water & Wastewater Revenue, COP, Series A, AMBAC Insured, 8/01/27 ..................... 20,000,000 14,618,400
Simi Valley SFRMR, Series A, 9/01/25 .............................................................. 1,910,000 228,378
Southern California Public Power Authority Revenue, Refunding, Series A, AMBAC Insured,
7/01/11 ......................................................................................... 12,000,000 6,303,840
7/01/12 ......................................................................................... 16,890,000 8,335,045
7/01/13 ......................................................................................... 16,000,000 7,458,240
Stockton East Water District, COP, Refunding, Series A, AMBAC Insured, 4/01/16 .................... 103,885,000 37,587,670
----------------
Total Zero Coupon/Step-up Bonds (Cost $854,810,363) ............................................... 1,002,171,224
----------------
Total Long Term Investments (Cost $13,924,832,390) ................................................ 14,920,974,888
----------------
bShort Term Investments .5%
California HFA Revenue,
Series E, 3.55%, 3/12/99 ........................................................................ 25,000,000 24,988,000
Various, Refunding, MF, Series C, FNMA Insured, Weekly VRDN and Put, 3.25%, 7/15/13 ............. 1,650,000 1,650,000
California Health Facilities Financing Authority Revenue, Various,
Catholic Healthcare, Series B, Weekly VRDN and Put, 3.30%, 7/01/06 .............................. 5,600,000 5,600,000
Refunding, Catholic West, Series D, MBIA Insured, Weekly VRDN and Put, 3.30%, 7/01/18 ........... 500,000 500,000
Sutter/CHS, Series B, AMBAC Insured, Daily VRDN and Put, 3.70%, 7/01/12 ......................... 4,300,000 4,300,000
California School Cash Reserve Program Authority Pool, Series A, 4.75%, 7/02/98 ................... 15,000,000 15,035,250
Kern County Tax and Revenue Anticipation Notes, 4.75%, 10/01/98 ................................... 10,000,000 10,051,500
Metropolitan Water District, Souther California Waterworks Revenue, Adjusted,
Refunding, Series A, AMBAC Insured, Weekly VRDN
and Put, 3.30%, 6/01/23 .......................................................................... 5,500,000 5,500,000
Newport Beach Revenue, Various, Hoag Memorial Presbyterian Hospital,
Daily VRDN and Put, 3.70%, 10/01/22 ............................................................... 5,100,000 5,100,000
Southern California Public Power Authority Project Revenue, Refunding,
Subordinated, Palo Verde Project, Series C, AMBAC Insured,
Weekly VRDN and Put, 3.25%, 7/01/17 .............................................................. 2,700,000 2,700,000
----------------
Total Short Term Investments (Cost $75,421,434) ................................................... 75,424,750
----------------
Total Investments (Cost $14,000,253,824) 99.6% .................................................... 14,996,399,638
Other Assets, less Liabilities .4% ................................................................ 66,883,913
----------------
Net Assets 100.0% ................................................................................. $15,063,283,551
================
</TABLE>
See glossary of terms on page 53.
aSufficient collateral has been segregated for securities traded on a
when-issued or delayed delivery basis.
bVariable rate demand notes (VRDNs) are tax-exempt obligations which contain a
floating or variable interest rate adjustment formula and an unconditional right
of demand to receive payment of the principal balance plus accrued interest at
specified dates.
Glossary of Terms
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 Authority/Agency
CFD - Community Facilities District
CHFCLP - California Health Facilities Construction Loan Program
COP - Certificate of Participation
CRDA - Community Redevelopment Authority/Agency
CSAC - County Supervisors Association of California
ETM - Escrow to Maturity
FGIC - Financial Guaranty Insurance Co.
FHA - Federal Housing Authority/Agency
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 Authority/Agency
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
UHSD - Unified High School District
USD - Unified School District
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements
Statement of Assets and Liabilities
March 31, 1998
<TABLE>
<CAPTION>
<S> <C>
Assets:
Investments in securities, at value (cost $14,000,253,824) .......................................... $14,996,399,638
Cash ................................................................................................ 4,821,363
Receivables:
Investment securities sold ......................................................................... 70,289,904
Capital shares sold ................................................................................ 21,149,222
Interest ........................................................................................... 212,428,343
-----------------
Total assets ................................................................................... 15,305,088,470
-----------------
Liabilities:
Payables:
Investment securities purchased .................................................................... 217,424,111
Capital shares redeemed ............................................................................ 6,901,132
Affiliates ......................................................................................... 7,782,334
Shareholders ....................................................................................... 9,260,116
Other liabilities ................................................................................... 437,226
-----------------
Total liabilities .............................................................................. 241,804,919
-----------------
Net assets, at value .......................................................................... $15,063,283,551
=================
Net assets consist of:
Undistributed net investment income ................................................................. $ 3,268,754
Net unrealized appreciation ......................................................................... 996,145,814
Accumulated net realized gain ....................................................................... 15,334,548
Capital shares ...................................................................................... 14,048,534,435
=================
Net assets, at value ........................................................................... $15,063,283,551
=================
Class I:
Net asset value per share ($14,767,307,403 / 2,008,858,232 shares outstanding)* ..................... $7.35
=================
Maximum offering price per share ($7.35 / 95.75% ) .................................................. $7.68
=================
Class II:
Net asset value per share ($295,976,148 / 40,296,061 shares outstanding)* ........................... $7.35
=================
Maximum offering price per share ($7.35 / 99.00%) ................................................... $7.42
=================
</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)
<TABLE>
<CAPTION>
Statement of Operations
for the year ended March 31, 1998
<S> <C> <C>
Investment income:
Interest ................................................................................... $ 910,189,568
-------------
Expenses:
Management fees (Note 3) ................................................................... $65,098,679
Distribution fees (Note 3)
Class I ................................................................................... 10,168,098
Class II .................................................................................. 1,379,355
Transfer agent fees (Note 3) ............................................................... 3,456,551
Custodian fees ............................................................................. 150,797
Reports to shareholders .................................................................... 1,312,687
Registration and filing fees ............................................................... 452,826
Professional fees .......................................................................... 252,415
Directors' fees and expenses ............................................................... 98,527
Other ...................................................................................... 508,661
-------------
Total expenses ........................................................................ 82,878,596
-------------
Net investment income ................................................................ 827,310,972
-------------
Realized and unrealized gains:
Net realized gain from investments ......................................................... 54,982,842
Net unrealized appreciation on investments ................................................. 502,882,454
-------------
Net realized and unrealized gain ............................................................ 557,865,296
-------------
Net increase in net assets resulting from operations ........................................ $1,385,176,268
=============
</TABLE>
See notes to financial statements.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Financial Statements (continued)
Statements of Changes in Net Assets
for the years ended March 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income ............................................................ $ 827,310,972 $ 824,923,508
Net realized gain (loss) from investments ........................................ 54,982,842 (11,759,936)
Net unrealized appreciation (depreciation) on investments ........................ 502,882,454 (67,071,715)
-----------------------------------
Net increase in net assets resulting from operations ......................... 1,385,176,268 746,091,857
Distributions to shareholders from:
Net investment income:
Class I ......................................................................... (832,455,264) (821,420,713)
Class II ........................................................................ (10,853,571) (4,813,000)
Net realized gains:
Class I ......................................................................... (27,207,459) (89,640,774)
Class II ........................................................................ (441,532) (426,581)
-----------------------------------
Total distributions to shareholders ............................................... (870,957,826) (916,301,068)
Capital share transactions: (Note 2)
Class I .......................................................................... 626,244,984 489,964,332
Class II ......................................................................... 150,768,626 91,945,286
----------------------------------
Total capital share transactions .................................................. 777,013,610 581,909,618
Net increase in net assets ................................................... 1,291,232,052 411,700,407
Net assets:
Beginning of year ................................................................. 13,772,051,499 13,360,351,092
----------------------------------
End of year ....................................................................... $15,063,283,551 $13,772,051,499
==================================
Undistributed net investment income included in net assets
End of year ....................................................................... $ 3,268,754 $ 19,264,116
==================================
</TABLE>
See notes to financial statements.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Notes to Financial Statements
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 a diversified, open-end investment
company. The Fund seeks 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 of its taxable income.
c. Security Transactions, Investment Income, Expenses and Distributions
Security transactions are accounted for on 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.
At March 31, 1998, there were five billion shares authorized ($0.01 par value)
for each class. Transactions in the Fund's shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
-------------------------------------------------------------------
1998 1997
-------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class I Shares:
Shares sold ........................................ 435,975,245 $3,167,627,218 235,692,887 $1,680,292,311
Shares issued in reinvestment of distributions ..... 48,924,195 354,022,741 51,732,327 367,601,933
Shares redeemed .................................... (398,224,177)(2,895,404,975) (218,672,841) (1,557,929,912)
-------------------------------------------------------------------
Net increase ....................................... 86,675,263 $ 626,244,984 68,752,373 $ 489,964,332
==================================================================
Class II Shares:
Shares sold ........................................ 23,451,084 $ 170,412,078 14,504,915 $ 103,391,150
Shares issued in reinvestment of distributions ..... 1,033,021 7,489,380 493,520 3,511,018
Shares redeemed .................................... (3,729,715) (27,132,832) (2,099,714) (14,956,882)
-------------------------------------------------------------------
Net increase ....................................... 20,754,390 $ 150,768,626 12,898,721 $ 91,945,286
==================================================================
</TABLE>
3. 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
0.40% Over $15 billion, up to and including $17.5 billion
Fees are further reduced on net assets over $17.5 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 .10% and .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.
Distributors paid net commissions on sales of the Fund shares, and received
contingent deferred sales charges for the year of $2,541,735 and $66,364,
respectively.
The Fund paid transfer agent fees of $3,456,551, of which $3,200,475 was paid to
Investor Services.
4. INCOME TAXES
At March 31, 1998, the net unrealized appreciation based on the cost of
investments for income tax purposes of $14,000,702,726 was as follows:
Unrealized appreciation $1,002,791,198
Unrealized depreciation (7,094,286)
---------------
Net unrealized appreciation $ 995,696,912
==============
Net realized capital gains (losses) differ for financial statement and tax
purposes primarily due to differing treatment of wash sales.
5. INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the year
ended March 31, 1998 aggregated $3,167,845,204 and $2,463,451,719, respectively.
6. CREDIT RISK
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, INC.
Independent Auditors' Report
To the Shareholders and Board of Directors
Of the Franklin California Tax-Free Income Fund, Inc.
We have audited the accompanying statement of assets and liabilities of the
Franklin California Tax-Free Income Fund, Inc., including the Fund's statement
of investments as of March 31, 1998, and the related statement of operations for
the year then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for each of the
periods presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1998, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Fund as of March 31, 1998, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and its financial highlights for each of the periods presented, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
May 4, 1998
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Tax Information
Under Section 852(b)(3)(C) of the Internal Revenue Code, the Funds hereby
designate the following amounts as capital gain dividends for the fiscal year
ended March 31, 1998:
28% Rate Gain ............................ $ --
20% Rate Gain ............................ 43,432,441
------------
Total .................................... $43,432,441
============
Under Section 852(b)(5)(A) of the Internal Revenue Code, the Fund hereby
designates 100% of the distributions paid from net investment income as
exempt-interest dividends for the fiscal year ended March 31, 1998.
Franklin California Tax-Free Income Fund Annual Report March 31, 1998.
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 quality breakdown of the Franklin California
Tax-Free Income Fund based on total long-term investments as of 3/31/98.
AAA 51.4%
AA 11.3%
A 17.3%
BBB 19.1%
Below Investment Grade 0.9%
GRAPHIC MATERIAL (2)
This chart shows the portfolio breakdown by sector as a percentage of total
long-term investments as of 3/31/98.
Sector % of Total Long-Term Investments
Utilities 16.0%
Prerefunded 14.1%
Certificates of Participation 13.2%
Transportation 11.6%
Tax-Allocation Bonds 8.2%
Hospitals 7.8%
General Obligation 7.3%
Housing 5.4%
Marks-Roos Bonds 4.6%
Mello-Roos Bonds 2.9%
Education 1.9%
Sales Tax Revenue 1.8%
Other Revenue 1.7%
Health Care 1.7%
Special Assessment Bonds 1.3%
Industrial 0.5%
GRAPHIC MATERIAL (3)
This chart shows in bar format the comparison between the Franklin California
Tax-Free Income Fund's Class I distribution rate of 5.47% and the taxable
equivalent rate of 9.98%.
GRAPHIC MATERIAL (4)
This chart shows the dividend distributions for Franklin California Tax-Free
Income Fund's Class I from 4/1/97 to 3/31/98.
April 3.6 cents
May 3.6 cents
June 3.6 cents
July 3.5 cents
August 3.5 cents
September 3.5 cents
October 3.5 cents
November 3.5 cents
December 3.5 cents
January 3.5 cents
February 3.5 cents
March 3.5 cents
Total 42.30 cents
GRAPHIC MATERIAL (5)
The following line graph compares the performance of the Franklin California
Tax-Free Income Fund's Class I shares to that of the Lehman Brothers Municipal
Bond Index, and to the Consumer Price Index based on a $10,000 investment from
4/1/88 to 3/31/98.
Date Franklin California Lehman Brothers CPI
Tax-Free Income Municipal Bond
Fund-Class I Index
4/1/88 9,573 10,000 10,000
4/30/88 9,635 0.76% 10,076 0.52% 10,052
5/31/88 9,653 -0.29% 10,047 0.34% 10,086
6/30/88 9,774 1.46% 10,193 0.43% 10,130
7/31/88 9,851 0.65% 10,260 0.42% 10,172
8/31/88 9,958 0.09% 10,269 0.42% 10,215
9/30/88 10,109 1.81% 10,455 0.67% 10,283
10/31/88 10,307 1.76% 10,639 0.33% 10,317
11/30/88 10,252 -0.92% 10,541 0.08% 10,325
12/31/88 10,392 1.02% 10,648 0.17% 10,343
1/31/89 10,533 2.07% 10,869 0.50% 10,395
2/28/89 10,461 -1.14% 10,745 0.41% 10,437
3/31/89 10,435 -0.24% 10,719 0.58% 10,498
4/30/89 10,640 2.37% 10,973 0.65% 10,566
5/31/89 10,846 2.08% 11,201 0.57% 10,626
6/30/89 11,007 1.36% 11,354 0.24% 10,652
7/31/89 11,074 1.36% 11,508 0.24% 10,677
8/31/89 11,032 -0.98% 11,395 0.16% 10,694
9/30/89 10,973 -0.30% 11,361 0.32% 10,729
10/31/89 11,073 1.22% 11,500 0.48% 10,780
11/30/89 11,207 1.75% 11,701 0.24% 10,806
12/31/89 11,293 0.82% 11,797 0.16% 10,823
1/31/90 11,232 -0.47% 11,742 1.03% 10,935
2/28/90 11,402 0.89% 11,846 0.47% 10,986
3/31/90 11,390 0.03% 11,850 0.55% 11,047
4/30/90 11,378 -0.72% 11,764 0.16% 11,064
5/31/90 11,651 2.18% 12,021 0.23% 11,090
6/30/90 11,721 0.88% 12,127 0.54% 11,150
7/31/90 11,894 1.48% 12,306 0.38% 11,192
8/31/90 11,676 -1.45% 12,128 0.92% 11,295
9/30/90 11,679 0.06% 12,135 0.84% 11,390
10/31/90 11,769 1.81% 12,355 0.60% 11,458
11/30/90 11,998 2.01% 12,603 0.22% 11,483
12/31/90 12,036 0.44% 12,658 0.00% 11,483
1/31/91 12,197 1.34% 12,828 0.60% 11,552
2/28/91 12,254 0.87% 12,940 0.15% 11,570
3/31/91 12,310 0.04% 12,945 0.15% 11,587
4/30/91 12,457 1.34% 13,118 0.15% 11,604
5/31/91 12,568 0.89% 13,235 0.30% 11,639
6/30/91 12,570 -0.10% 13,222 0.29% 11,673
7/31/91 12,754 1.22% 13,383 0.15% 11,690
8/31/91 12,848 1.32% 13,560 0.29% 11,724
9/30/91 13,034 1.30% 13,736 0.44% 11,776
10/31/91 13,109 0.90% 13,860 0.15% 11,794
11/30/91 13,167 0.28% 13,898 0.29% 11,828
12/31/91 13,357 2.15% 14,197 0.07% 11,836
1/31/92 13,377 0.23% 14,230 0.15% 11,854
2/29/92 13,379 0.03% 14,234 0.36% 11,897
3/31/92 13,495 0.04% 14,240 0.51% 11,957
4/30/92 13,574 0.89% 14,367 0.14% 11,974
5/31/92 13,788 1.18% 14,536 0.14% 11,991
6/30/92 13,945 1.68% 14,780 0.36% 12,034
7/31/92 14,337 3.00% 15,224 0.21% 12,059
8/31/92 14,143 -0.98% 15,075 0.28% 12,093
9/30/92 14,180 0.65% 15,172 0.28% 12,127
10/31/92 13,959 -0.98% 15,024 0.35% 12,169
11/30/92 14,376 1.79% 15,293 0.14% 12,186
12/31/92 14,595 1.02% 15,449 -0.07% 12,178
1/31/93 14,754 1.16% 15,628 0.49% 12,237
2/28/93 15,117 3.62% 16,194 0.35% 12,280
3/31/93 15,013 -1.06% 16,022 0.35% 12,323
4/30/93 15,113 1.01% 16,184 0.28% 12,358
5/31/93 15,173 0.56% 16,274 0.14% 12,375
6/30/93 15,424 1.67% 16,546 0.14% 12,392
7/31/93 15,401 0.13% 16,568 0.00% 12,392
8/31/93 15,755 2.08% 16,912 0.28% 12,427
9/30/93 15,900 1.14% 17,105 0.21% 12,453
10/31/93 15,936 0.19% 17,138 0.41% 12,504
11/30/93 15,824 -0.88% 16,987 0.07% 12,513
12/31/93 15,980 2.11% 17,345 0.00% 12,513
1/31/94 16,146 1.14% 17,543 0.27% 12,547
2/28/94 15,902 -2.59% 17,089 0.34% 12,589
3/31/94 15,483 -4.07% 16,393 0.34% 12,632
4/30/94 15,542 0.85% 16,532 0.14% 12,650
5/31/94 15,668 0.87% 16,676 0.07% 12,659
6/30/94 15,616 -0.61% 16,575 0.34% 12,702
7/31/94 15,831 1.83% 16,878 0.27% 12,736
8/31/94 15,914 0.35% 16,937 0.40% 12,787
9/30/94 15,795 -1.47% 16,688 0.27% 12,822
10/31/94 15,608 -1.78% 16,391 0.07% 12,831
11/30/94 15,398 -1.81% 16,094 0.13% 12,847
12/31/94 15,528 2.20% 16,448 0.00% 12,847
1/31/95 15,910 2.86% 16,919 0.40% 12,899
2/28/95 16,318 2.91% 17,411 0.40% 12,950
3/31/95 16,473 1.15% 17,611 0.33% 12,993
4/30/95 16,513 0.12% 17,632 0.33% 13,036
5/31/95 16,904 3.19% 18,195 0.20% 13,062
6/30/95 16,802 -0.87% 18,037 0.20% 13,088
7/31/95 16,913 0.95% 18,208 0.00% 13,088
8/31/95 17,073 1.27% 18,439 0.26% 13,122
9/30/95 17,185 0.63% 18,555 0.20% 13,148
10/31/95 17,418 1.45% 18,824 0.33% 13,192
11/30/95 17,676 1.66% 19,137 -0.07% 13,182
12/31/95 17,863 0.96% 19,321 -0.07% 13,173
1/31/96 17,953 0.76% 19,467 0.59% 13,251
2/29/96 17,872 -0.68% 19,335 0.32% 13,293
3/31/96 17,692 -1.28% 19,088 0.52% 13,362
4/30/96 17,660 -0.28% 19,034 0.39% 13,415
5/31/96 17,702 -0.04% 19,027 0.19% 13,440
6/30/96 17,891 1.09% 19,234 0.06% 13,448
7/31/96 18,008 0.91% 19,409 0.19% 13,474
8/31/96 18,048 -0.02% 19,405 0.19% 13,499
9/30/96 18,294 1.40% 19,677 0.32% 13,542
10/31/96 18,463 1.13% 19,899 0.32% 13,586
11/30/96 18,737 1.83% 20,263 0.19% 13,612
12/31/96 18,701 -0.42% 20,178 0.00% 13,612
1/31/97 18,717 0.19% 20,216 0.32% 13,655
2/28/97 18,890 0.92% 20,402 0.31% 13,697
3/31/97 18,695 -1.33% 20,131 0.25% 13,732
4/30/97 18,843 0.84% 20,300 0.12% 13,748
5/31/97 19,099 1.51% 20,607 -0.06% 13,740
6/30/97 19,249 1.07% 20,827 0.12% 13,756
7/31/97 19,693 2.77% 21,404 0.12% 13,773
8/31/97 19,598 -0.94% 21,203 0.19% 13,799
9/30/97 19,829 1.19% 21,455 0.25% 13,834
10/31/97 19,952 0.64% 21,593 0.25% 13,868
11/30/97 20,103 0.59% 21,720 -0.06% 13,860
12/31/97 20,348 1.46% 22,037 -0.12% 13,843
1/31/98 20,527 1.03% 22,264 0.19% 13,870
2/28/98 20,569 0.03% 22,271 0.19% 13,896
3/31/98 20,583 0.09% 22,291 0.19% 13,922
Total Return105.83% 122.91% 39.22%
GRAPHIC MATERIAL (6)
This chart shows in bar format the comparison between the Franklin California
Tax-Free Income Fund's Class II distribution rate of 5.08% and the taxable
equivalent rate of 9.27%.
GRAPHIC MATERIAL (7)
This chart shows the dividend distributions for Franklin California Tax-Free
Income Fund's Class I from 4/1/97 to 3/31/98.
April 3.26 cents
May 3.26 cents
June 3.26 cents
July 3.19 cents
August 3.19 cents
September 3.19 cents
October 3.15 cents
November 3.15 cents
December 3.15 cents
January 3.14 cents
February 3.14 cents
March 3.14 cents
Total 38.22 cents
GRAPHIC MATERIAL (8)
The following line graph compares the performance of the Franklin California
Tax-Free Income Fund's Class II shares to that of the Lehman Brothers Municipal
Bond Index, and to the Consumer Price Index based on a $10,000 investment from
5/1/95 to 3/31/98.
Franklin California Lehman
Date Tax-Free Brothers CPI
Income Fund-Class II Municipal Bond
Index
5/1/95 9,902 10,000 10,000
5/31/95 10,140 3.19% 10,319 0.20% 10,020
6/30/95 10,060 -0.87% 10,229 0.20% 10,040
7/31/95 10,121 0.95% 10,326 0.00% 10,040
8/31/95 10,211 1.27% 10,458 0.26% 10,066
9/30/95 10,286 0.63% 10,523 0.20% 10,086
10/31/95 10,406 1.45% 10,676 0.33% 10,120
11/30/95 10,569 1.66% 10,853 -0.07% 10,112
12/31/95 10,675 0.96% 10,957 -0.07% 10,105
1/31/96 10,723 0.76% 11,041 0.59% 10,165
2/29/96 10,668 -0.68% 10,966 0.32% 10,198
3/31/96 10,562 -1.28% 10,825 0.52% 10,251
4/30/96 10,537 -0.28% 10,795 0.39% 10,291
5/31/96 10,542 -0.04% 10,791 0.19% 10,310
6/30/96 10,649 1.09% 10,908 0.06% 10,316
7/31/96 10,728 0.91% 11,008 0.19% 10,336
8/31/96 10,747 -0.02% 11,005 0.19% 10,356
9/30/96 10,873 1.40% 11,159 0.32% 10,389
10/31/96 10,984 1.13% 11,286 0.32% 10,422
11/30/96 11,127 1.83% 11,492 0.19% 10,442
12/31/96 11,100 -0.42% 11,444 0.00% 10,442
1/31/97 11,104 0.19% 11,466 0.32% 10,475
2/28/97 11,202 0.92% 11,571 0.31% 10,508
3/31/97 11,096 -1.33% 11,417 0.25% 10,534
4/30/97 11,179 0.84% 11,513 0.12% 10,547
5/31/97 11,309 1.51% 11,687 -0.06% 10,540
6/30/97 11,393 1.07% 11,812 0.12% 10,553
7/31/97 11,667 2.77% 12,139 0.12% 10,565
8/31/97 11,590 -0.94% 12,025 0.19% 10,586
9/30/97 11,722 1.19% 12,168 0.25% 10,612
10/31/97 11,788 0.64% 12,246 0.25% 10,639
11/30/97 11,872 0.59% 12,318 -0.06% 10,632
12/31/97 12,027 1.46% 12,498 -0.12% 10,619
1/31/98 12,128 1.03% 12,627 0.19% 10,640
2/28/98 12,130 0.03% 12,631 0.19% 10,660
3/31/98 12,149 0.09% 12,642 0.19% 10,680
Total Return 21.49% 26.42% 6.80%
