SEMI
ANNUAL
REPORT
SEPTEMBER 30, 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 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.
(Photo)
Charles B. Johnson (right),
chairman of Franklin California
Tax-Free Income Fund and
Thomas J. Kenny (left),
director of Franklin's
Municipal Bond Department
CONTENTS
Shareholder Letter ............................ 1
Special Feature
Franklin's Municipal
Bond Department ............................... 5
Manager's Discussion ........................... 8
Performance Summary............................. 11
Financial Highlights &
Statement of Investments ....................... 15
Financial Statements............................ 59
Notes to
Financial Statements............................ 62
SHAREHOLDER LETTER
Dear Shareholder:
It's a pleasure to bring you Franklin California Tax-Free Income Fund's
semiannual report for the period ended September 30, 1998.
At the beginning of the period under review, the U.S. economy began to feel
the effects of the worldwide financial crisis. U.S. economic growth as
measured by gross domestic product (GDP) gain slowed, from an extremely
strong 5.5% annualized rate in the first three months of the year, to a more
moderate 1.8% annualized rate in the April-June period, reflecting weak Asian
demand for goods and a business inventory buildup. A higher U.S. trade
deficit resulted, as Asian countries tried exporting their way out of their
economic turmoil, capitalizing on weakened currencies to boost their exports
abroad. For the first six months of this year, America's trade deficit was
running at an annualized rate of $158 billion, far surpassing last year's
imbalance of $110 billion. The largest annual deficit on record, $152
billion, was set in 1987. Clearly, the American consumer continues to drive
our economy through relatively strong purchases of retail goods, durable
goods, and new and existing homes. Looking forward, the consumer may well
dictate the U.S. economy's direction.
Responding to the global financial problems stemming from the Asian crisis,
the Federal Reserve Board (the Fed) slightly eased monetary policy in its
late-September meeting. The Fed's monetary policy panel, the Federal Open
Market Committee, cut the federal funds target rate on overnight interbank
loans, a benchmark for other short-term rates, by 0.25% to 5.25%. It was the
first time the Fed cut interest rates since January 1996, reflecting its
concern that global difficulties may negatively impact the United States'
economic growth.
Competing considerations kept long-term interest rates in a relatively narrow
trading range. Although labor shortages and gradually accelerating wages
normally might call for an interest-rate increase to curb excessive domestic
growth, inflation actually remained subdued. Domestic manufacturers, faced with
a potential flood of cheaper Asian imports, were reluctant to raise prices. For
the 12-month period ended in August, inflation ran at a 1.6% annualized rate,
according to the U.S. Labor Department.
During the reporting period, the yield on the benchmark 30-year U.S. Treasury
bond continued its downward trend and hit record lows. The 30-year Treasury
began the reporting period yielding 5.94% on March 31, 1998, and ended the
period yielding 4.98% on September 30, 1998. Falling yields reflected the
30-year Treasury bond's popularity, or "flight to quality," among investors
fleeing deteriorating foreign stock markets. Bond price and yield move in an
inverse relationship, so the rising price of the 30-year Treasury led to a
corresponding yield decline.
Issuers of municipal bonds took advantage of lower interest rates during the
six-month period by refinancing outstanding higher interest-rate debt.
Additionally, many municipalities were in excellent fiscal shape due to the
strong economy. In fact, credit rating upgrades exceeded downgrades by a
four-to-one ratio. As a consequence, borrowing for new projects increased,
such that the supply of new municipal bond issues in 1998 could approach
record levels. Demand did not keep pace with the increased supply, causing
new-issue municipal bond prices to decline compared with their taxable
counterparts. As of the end of the reporting period, the yields on 30-year,
AAA-rated, insured municipal bonds stood at 98% of the yield on a 30-year
Treasury bond, which in our opinion, creates a very attractive investment
opportunity in the municipal bond market. For those investors in the 39.6%
tax bracket, the taxable equivalent yield on an average municipal bond was
8.10% versus 4.98% for the Treasury bond.*
*Source: Bloomberg, September 30, 1998.
"The outlook for the
municipal bond market
should remain positive. ..."
Our investment philosophy remains disciplined and focused, as we strive to
offer our shareholders high, current tax-free income and preservation of
principal. The outlook for the municipal bond market should remain positive,
given the slowing U.S. economy, positive inflation environment, budget
surplus, strong dollar, and the economic and market uncertainty facing many
of the world's regions.
Municipal bond funds continue to be an attractive investment for those
investors seeking tax-free income as well as providing an opportunity to
diversify risk in their portfolio. 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. 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
FRANKLIN'S MUNICIPAL
BOND DEPARTMENT
The Municipal Bond Department Today
Franklin is currently the nation's largest tax-free fund manager. With a team
of 11 portfolio managers and 22 research analysts, we manage more than $50
billion of municipal assets in 43 funds for over 886,000 tax-free fund
shareholder accounts.
Our Investment Philosophy
The investment objective of Franklin's tax-free funds is to provide a high
level of current, tax-free income while preserving shareholders' capital.
Following a disciplined investment approach, we conduct a stringent credit
analysis to search for what we believe to be undervalued situations, and
generally purchase current coupon bonds at prices we consider favorable. We
also acknowledge that our investors in general are risk-averse; therefore, we
do not invest in exotic derivatives, nor leverage or hedge our portfolios,
which would increase the funds' volatility.
Furthermore, Franklin positions its funds with a long-term investment
horizon. We purchase a major portion of our municipal bonds in the new-issue
market and incorporate a buy-and-hold strategy, attempting to reduce
portfolio turnover and thus, avoid capital gain distributions. We expect our
funds to distribute a relatively high level of tax-free income, and attempt
to maximize risk-adjusted total return performance.
Research and Analysis
Franklin has one of the industry's largest research departments. Along with
the portfolio managers, the research department's main mission is to identify
the best municipal buying opportunities.
Our analysts specialize in their individual fields and focus on investment
sectors, not geographic regions. With the use of proprietary databases, our
analysts can provide fast and reliable analysis to portfolio managers about
any bond issue being considered. Each year analysts visit a number of sites
to get a perspective of our financed projects. They meet with management
teams and municipal officials to discuss newly found potential opportunities
and problems.
Our municipal bond team often takes on the role similar to that played by
investment bankers. Many of our competitors routinely turn away from issues
that may be unattractive on the surface; at Franklin, we pride ourselves in
proposing changes to these issues, and work to make them acceptable to our
criteria. These situations often provide us with excellent investment return.
The ability and willingness to work with issuers and our reputation for
talented analysts also make us a preferred client to receive the "first call"
on issues many brokerage houses underwrite. Lastly, our research analysts
have made significant efforts to improve municipal markets. With their
involvement and leadership, they have been working with attorney and issuer
groups and industry regulators to strengthen the municipal bond industry.
Franklin Municipal Bond Team
MANAGER'S DISCUSSION
Your Fund's Goal: Franklin California Tax-Free Income Fund seeks to provide
high, current income exempt from regular federal and California state
personal income taxes through a portfolio consisting primarily of California
municipal bonds.1
California Economic Update
During the six-month reporting period, the California economy outperformed
the national economy, buoyed by low unemployment, rising real estate values
and strong retail sales. August's 5.8% unemployment rate was only slightly
higher than July's rate, which was the lowest since 1990. Real estate values
reached record levels in July, with the median price for a single-family
detached home climbing to $211,780 -- an 11.1% increase over the July 1997
price2. Furthermore, growing retail sales continued to fuel the California
economy. For the first six months of 1998, estimated taxable retail sales
were 6.1% above the same period in 1997, totaling $172 billion.3
Reflecting California's healthy economy, the state's $73.5 billion 1998-99
budget reported a surplus of more than $1 billion. The budget also includes
$1.4 billion in permanent tax cuts and up to $2.2 billion in vehicle license
fee reductions, dependent upon future state revenue collections.4
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: California Association of REALTORS(R), News Release, August 25, 1998.
3. Source: California State Board of Equalization, News Release, September
10, 1998.
4. Source: California Department of Finance, Finance Bulletin, September 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 17
of this report.
Portfolio Notes
The national and California economic environments favorably affected the
fund's performance. Many of the portfolio's holdings increased in value, as
interest rates continued to go down. Lower interest rates also resulted in
higher new-issue volume compared with last year, mostly due to advance
refundings. In the first six months of 1998, more than 60% of California's
new long-term issues were insured and had an AAA rating, as many
municipalities improved their fiscal conditions.
As in the previous reporting period, many issuers took advantage of declining
interest rates to refinance outstanding debt. This increased the number of
prerefunded bonds in the fund's portfolio. When a bond is prerefunded, a new
issue is brought to market with a lower interest rate to pay off the older
issue at its first call date. In most cases, the proceeds from the sale of
the new bonds are invested in U.S. Treasury securities that mature on the
first call date of the original bonds. Because of the U.S. Treasury backing,
prerefunded bonds usually offer a substantial price increase -- depending on
their call date. Generally, we look to sell prerefunded bonds as they
approach five years to their call date. At this point, the premium on
prerefunded bonds often begins to decline rapidly to the stated call price.
During the period under review, we attempted to diminish the impact of
prerefunded bonds by reducing the amount of these bonds to approximately 10%
of the portfolio's long-term investments. However, due to the large number of
bonds prerefunded during the period, the portfolio's percentage of
prerefunded bonds rose to approximately 14%. We anticipate only a small
number of bonds will be called in the near future. Roughly 0.6% of the
portfolio will be called during the remainder of 1998, 2.8% is expected to be
called during 1999 and 1.3% during 2000. Despite the increase in prerefunded
bonds, we are committed to reaching our goal of having no more than 10% of
the portfolio consisting of prerefunded bonds.
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
GRAPHIC MATERIAL 2 OMITTED - SEE APPENDIX AT END OF DOCUMENT
The fund invested new money and the proceeds of called bonds in 5% to 5.25%
coupon bonds in the 25- to 30-year maturity range. Significant purchases
included California State general obligation bonds, with an attractive yield
of 5.31%, and Northern California Public Power Agency bonds yielding 5.18%.
More than 85% of the bonds purchased during the six-month period were insured
and had AAA ratings. Currently, the fund is approximately 60% invested in
AAA-rated bonds, up from 51.4% at the beginning of the period.
We will continue to follow our strategy of investing for income and price
stability. The fund should perform well during the remainder of the year,
aided by relatively stable interest rates and a plentiful supply of new-issue
bonds.
Please remember, this discussion reflects our views, opinions and portfolio
holdings as of September 30, 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
historical performance is no guarantee of future results, these insights may
help you understand our investment and management philosophy.
Class I
Franklin California Tax-Free Income Fund - Class I share price, as measured
by net asset value, increased 13 cents, from $7.35 on March 31, 1998, to
$7.48 on September 30, 1998. During the six-month reporting period,
shareholders received per-share distributions consisting of dividend income
totaling 19.8 cents ($0.198) and 0.76 cents ($0.0076) in long-term capital
gains. Distributions will vary based on the fund's income and any profits
realized from the sale of securities in the fund's portfolio. Past
distributions are not predictive of future trends.
Based on an annualization of September's monthly per-share dividend of 3.3
cents ($0.033) and the maximum offering price of $7.81 on September 30, 1998,
your fund's distribution rate was 5.07%. 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 9.25% from a
taxable investment to match the fund's tax-free distribution rate.
GRAPHIC MATERIAL 3 OMITTED - SEE APPENDIX AT END OF DOCUMENT
GRAPHIC MATERIAL 4 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Class I
Periods ended 9/30/98
Since
Inception
1-Year 5-Year 10-Year (2/1/77)
Cumulative Total Return1 8.64% 35.49% 113.09% 276.83%
Average Annual Total Return2 4.08% 5.33% 7.40% 6.11%
Distribution Rate3 5.07%
Taxable Equivalent
Distribution Rate4 9.25%
30-Day Standardized Yield5 4.24%
Taxable Equivalent Yield4 7.74%
1. Cumulative total return represents 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. Prior to July 1, 1994, fund shares were offered
at a lower initial sales charge, with dividends reinvested at the offering
price. Thus actual total returns would differ.
3. Distribution rate is based on an annualization of September's 3.3 cent per
share monthly dividend and the maximum offering price of $7.81 on September
30, 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 September 30, 1998.
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.
Class II
Franklin California Tax-Free Income Fund - Class II share price,
as measured by net asset value, increased 13 cents, from $7.35 on March 31,
1998, to $7.48 on September 30, 1998. During the six-month reporting period,
shareholders received per-share distributions consisting of dividend income
totaling 17.73 cents ($0.1773) and 0.76 cents ($0.0076) in long-term capital
gains. Distributions will vary based on the fund's income and any profits
realized from the sale of securities in the fund's portfolio. Past
distributions are not predictive of future trends.
Based on an annualization of September's monthly per-share dividend of 2.97
cents ($0.0297) and the maximum offering price of $7.56 on September 30,
1998, your fund's distribution rate was 4.71%. 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 8.60% from a
taxable investment to match the fund's tax-free distribution rate.
GRAPHIC MATERIAL 5 OMITTED - SEE APPENDIX AT END OF DOCUMENT
GRAPHIC MATERIAL 6 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Class II
Periods ended 9/30/98
Since
Inception
1-Year 3-Year (5/1/95)
Cumulative Total Return1 8.17% 23.26% 28.05%
Average Annual Total Return2 6.15% 6.87% 7.19%
Distribution Rate3 4.71%
Taxable Equivalent
Distribution Rate4 8.60%
30-Day Standardized Yield5 3.81%
Taxable Equivalent Yield4 6.95%
1. Cumulative total return represents 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, as applicable.
3. Distribution rate is based on an annualization of September's 2.97 cent
per share monthly dividend and the maximum offering price of $7.56 on
September 30, 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 September 30, 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.
<TABLE>
<CAPTION>
Franklin California Tax-Free Income Fund, Inc.
Financial Highlights
Class I
-------------------------------------------------------------
Six Months Ended
September 30, 1998 Year Ended March 31,
-------------------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
(for a share outstanding throughout the period)
Net asset value, beginning of period .... $7.35 $7.09 $7.18 $7.11 $7.12 $7.36
-------------------------------------------------------------
Income from investment operations:
Net investment income................... .20 .42 .43 .44 .45 .46
Net realized and unrealized gains (losses) .14 .27 (.04) .07 (.02) (.23)
-------------------------------------------------------------
Total from investment operations......... .34 .69 .39 .51 .43 .23
-------------------------------------------------------------
Less distributions from:
Net investment income................... (.20) (.42) (.43) (.44) (.44) (.45)
Net realized gains...................... (.01) (.01) (.05) -- -- (.02)
-------------------------------------------------------------
Total distributions...................... (.21) (.43) (.48) (.44) (.44) (.47)
-------------------------------------------------------------
Net asset value, end of period........... $7.48 $7.35 $7.09 $7.18 $7.11 $7.12
=============================================================
Total Return*............................ 4.66% 10.10% 5.67% 7.40% 6.37% 2.88%
Ratios/Supplemental Data
Net assets, end of period (000's)........ $15,557,686$14,767,307$13,633,542$13,312,666$12,923,031$13,345,420
Ratios to average net assets:
Expenses................................ .56%** .56% .56% .55% .55% .49%
Net investment income................... 5.36%** 5.71% 6.07% 6.14% 6.36% 6.19%
Portfolio turnover rate.................. 13.93% 17.29% 11.96% 19.24% 14.07% 18.12%
*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.
Class II
-----------------------------------------------
Six Months Ended
September 30, 1998 Year Ended March 31,
(unaudited) 1998 1997 1996***
-----------------------------------------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
(for a share outstanding throughout the period)
Net asset value, beginning of period...................... $7.35 $7.09 $7.18 $7.09
-----------------------------------------------
Income from investment operations:
Net investment income.................................... .18 .38 .39 .38
Net realized and unrealized gains (losses)............... .14 .27 (.04) .08
-----------------------------------------------
Total from investment operations.......................... .32 .65 .35 .46
-----------------------------------------------
Less distributions from:
Net investment income.................................... (.18) (.38) (.39) (.37)
Net realized gains....................................... (.01) (.01) (.05) --
-----------------------------------------------
Total distributions....................................... (.19) (.39) (.44) (.37)
-----------------------------------------------
Net asset value, end of period............................ $7.48 $7.35 $7.09 $7.18
===============================================
Total Return*............................................. 4.37% 9.49% 5.06% 6.62%
Ratios/Supplemental Data
Net assets, end of period (000's)......................... $386,548 $295,976 $138,509 $47,685
Ratios to average net assets:
Expenses................................................. 1.14%** 1.14% 1.14% 1.14%**
Net investment income.................................... 4.78%** 5.13% 5.47% 5.55%**
Portfolio turnover rate................................... 13.93% 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.
<TABLE>
<CAPTION>
Franklin California Tax-Free Income Fund, Inc.
Statement of Investments, September 30, 1998 (unaudited)
PRINCIPAL
AMOUNT VALUE
<S> <C> <C>
d Long Term Investments 96.2%
Bonds 89.7%
ABAG Finance Authority for Nonprofit Corporations, COP
6.75%, 8/01/20 ................................................................................... $ 3,955,000 $ 4,433,911
6.125%, 3/01/21 .................................................................................. 4,245,000 4,676,801
Butte Valley-Tulelake Rural Health, 6.65%, 10/01/22 .............................................. 5,395,000 5,810,037
Episcopal Home Foundation, Refunding, 5.125%, 7/01/13 ............................................ 6,000,000 6,092,160
Episcopal Home Foundation, Refunding, 5.125%, 7/01/18 ............................................ 13,975,000 14,102,871
Insured, Home for Jewish Parents, 5.625%, 5/15/22 ................................................ 5,000,000 5,271,500
Insured, Milestones Human Services, Inc., 5.65%, 7/01/22 ......................................... 2,000,000 2,113,660
Insured, Miramonte Mental Health Services, 6.60%, 7/01/22 ........................................ 1,250,000 1,364,538
Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%, 6/01/12 ..................... 2,000,000 2,191,460
Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%, 6/01/22 ..................... 2,370,000 2,579,745
Insured, Rhoda Haas Goldman Plaza, 5.125%, 5/15/2 ................................................ 5,000,000 5,028,000
Peninsula Family YMCA, Series A, 6.80%, 10/01/11 ................................................. 2,325,000 2,509,605
United Way of Santa Clara County Project, 7.20%, 7/01/11 ......................................... 2,575,000 2,809,505
ABAG Finance Corp., COP, ABAG XXV, 6.80%, 8/01/12 ................................................ 4,500,000 4,734,945
ABAG Improvement Board Act 1915, Windmere Ranch, Assessment District, 6.40%, 9/02/27 ............. 11,060,000 11,071,392
ABAG Revenue,
Mello-Roos, Refunding and Improvement, Series A, FSA Insured, 5.125%, 9/01/21 .................... 4,760,000 4,826,164
Mello-Roos, Refunding and Improvement, Series A, FSA Insured, 5.20%, 9/01/27 ..................... 4,140,000 4,217,666
Tax Allocation, RDA Pool, Series A, FSA Insured, 6.00%, 12/15/24 ................................. 6,000,000 6,637,800
Tax Allocation, RDA Pool, Series A4, FSA Insured, 5.875%, 12/15/25 ............................... 6,320,000 6,877,108
Tax Allocation, RDA Pool, Series A6, FSA Insured, 5.25%, 12/15/17 ................................ 1,200,000 1,251,540
Tax Allocation, RDA Pool, Series A6, FSA Insured, 5.375%, 12/15/25 ............................... 3,670,000 3,831,443
ABAG Water & Wastewater Revenue, Pooled Financing Program,
Series A, FSA Insured, 5.30%, 10/01/21 .......................................................... 5,450,000 5,665,929
Adelanto Improvement Agency, Tax Allocation,
Adelanto Improvement Project, Series 1990, Pre-Refunded, 8.00%, 8/01/20 .......................... 12,680,000 13,743,725
Adelanto Improvement Project, Series 1991, Pre-Refunded, 8.25%, 8/01/20 .......................... 1,860,000 2,113,592
Refunding, Series 1985, Pre-Refunded, 8.125%, 6/01/15 ............................................ 7,370,000 7,909,410
Agua Mansa Industrial Growth Association, Special Tax, CFD No. 8, 8.25%, 9/01/17 ................. 16,090,000 17,164,651
Alameda 1915 Act, Harbor Bay Park, AD No. 9, 7.50%, 9/02/12 ...................................... 24,755,000 25,652,616
Alameda COP, MBIA Insured, 5.75%, 12/01/21 ....................................................... 3,720,000 4,056,623
Alameda County COP,
Alameda County Medical Center Project, MBIA Insured, 5.375%, 6/01/16 ............................. 4,175,000 4,401,452
Alameda County Medical Center Project, MBIA Insured, 5.375%, 6/01/17 ............................. 4,400,000 4,621,188
Alameda County Medical Center Project, MBIA Insured, 5.00%, 6/01/23 .............................. 19,195,000 19,166,783
Alameda County Medical Center Project, MBIA Insured, 5.30%, 6/01/26 .............................. 8,000,000 8,174,800
Alameda County Medical Center Project, MBIA Insured, 5.00%, 6/01/28 .............................. 8,925,000 8,910,720
Capital Projects, Series 1992, Pre-Refunded, 6.75%, 6/01/16 ...................................... 10,500,000 11,776,275
Alameda-Contra Costa Transit District, COP, Refunding, 7.60%, 8/01/18 ............................ 23,675,000 24,638,573
Alhambra RDA, Tax Allocation, Industrial Redevelopment Project, Refunding, 6.375%, 5/01/23 ....... 2,560,000 2,699,418
Alvord USD,
Series A, FGIC Insured, 5.375%, 8/01/27 .......................................................... 6,100,000 6,361,507
Series B, FGIC Insured, 5.50%, 8/01/27 ........................................................... 5,000,000 5,331,200
Anaheim Public Financing Authority Revenue,
Electric Systems Distribution Facilities, MBIA Insured, 5.00%, 10/01/28 .......................... 10,765,000 10,803,539
Electric Utilities, San Juan 4, Second Series, FGIC Insured, 5.75%, 10/01/22 ..................... 24,940,000 26,487,527
Anaheim Public Financing Authority Revenue, (cont.)
Lease, Public Improvements Project, Senior Series A, FSA Insured, 5.00%, 3/01/37 ................. $140,760,000 $ 140,988,031
Public Investments Project, Series A, FSA Insured, 5.00%, 9/01/27 ................................ 8,900,000 8,929,281
Antioch 1915 Act, AD No. 27, Lone Tree, Series 1988,
8.20%, 9/02/09 ................................................................................... 875,000 907,918
8.25%, 9/02/10 ................................................................................... 875,000 908,093
8.25%, 9/02/11 ................................................................................... 875,000 908,311
8.25%, 9/02/12 ................................................................................... 875,000 908,311
8.25%, 9/02/13 ................................................................................... 880,000 913,502
Antioch Area Public Facilities Financing Agency, Special Tax,
CFD No. 1989-1, MBIA Insured, 5.50%, 8/01/22 .................................................... 4,870,000 5,171,697
Antioch Development Agency, Tax Allocation, Project 1,
Refunding, FGIC Insured, 6.40%, 9/01/17 ......................................................... 4,895,000 5,380,829
Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 6/01/20 .............................. 3,500,000 3,747,940
Arcadia Hospital Revenue, Methodist Hospital of Southern California,
6.50%, 11/15/12 .................................................................................. 2,295,000 2,512,704
6.625%, 11/15/22 ................................................................................. 3,750,000 4,115,700
Arcata CDA, Tax Allocation, Community Development Project, Pre-Refunded, 7.90%,
11/01/12 ......................................................................................... 1,250,000 1,279,188
11/01/13 ......................................................................................... 1,515,000 1,548,694
Azusa Public Financing Authority Revenue,
Local Agency, Series A, Pre-Refunded, 7.75%, 8/01/20 ............................................. 10,225,000 11,180,731
Water Systems Acquisition Project, Refunding, Series A, FGIC Insured, 5.50%, 7/01/20 ............. 5,200,000 5,434,468
Bakersfield COP, Convertion Center Expansion Project,
Refunding, MBIA Insured, 5.875%, 4/01/22 ........................................................ 7,270,000 7,986,240
Bakersfield Hospital Revenue,
Adventist Health Systems West, Refunding, MBIA Insured, 5.50%, 3/01/19 ........................... 6,085,000 6,347,872
Bakersfield Memorial Hospital, Series A, 6.375%, 1/01/12 ......................................... 2,205,000 2,349,075
Bakersfield Memorial Hospital, Series A, 6.50%, 1/01/22 .......................................... 2,750,000 2,930,483
Bakersfield Public Financing Authority Revenue, Series A, 6.10%, 9/15/10 ......................... 11,070,000 11,845,564
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
Refunding, Series A, 7.10%, 9/01/24 .............................................................. 2,000,000 2,242,240
Series A, 7.75%, 8/01/19 ......................................................................... 5,265,000 5,396,625
Series B, 7.75%, 8/01/21 ......................................................................... 5,795,000 5,997,419
Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 ............................................. 1,455,000 1,489,862
Belmont - Redwood Shores School District, Series A, 5.50%, 9/01/22 ............................... 6,500,000 6,962,410
Belmont RDA, Tax Allocation, Los Costanos Community Development, Series A,
6.70%, 8/01/14 ................................................................................... 1,235,000 1,402,676
6.25%, 8/01/17 ................................................................................... 2,080,000 2,206,298
6.80%, 8/01/23 ................................................................................... 2,310,000 2,626,424
Berkeley Hospital Revenue, Alta Bates Hospital,
Series B, Pre-Refunded, 7.65%, 12/01/15 .......................................................... 6,480,000 6,981,876
Series C, Pre-Refunded, 7.60%, 12/01/15 .......................................................... 2,850,000 3,108,894
Beverly Hills COP, Civic Center Improvement Project, Refunding, Series 1989, 7.00%, 6/01/15 ...... 2,580,000 2,684,851
Beverly Hills Public Financing Authority Lease Revenue,
Capital Improvements Project, Series A, 5.00%, 6/01/23 .......................................... 8,245,000 8,273,363
Brea and Olinda USD, COP,
High School Refinancing Program, Refunding, Series A, FSA Insured, 6.25%, 8/01/18 ................ 12,645,000 13,699,972
High School Refinancing Program, Refunding, Series B, 7.00%, 8/01/18 ............................. 9,120,000 9,821,693
Series 1989, Pre-Refunded, 7.85%, 8/01/09 ........................................................ 2,025,000 2,141,336
Series 1989, Pre-Refunded, 7.90%, 8/01/18 ........................................................ 11,835,000 12,519,655
Brea Public Finance Authority Revenue, Tax Allocation,
Redevelopment Project, Series A, MBIA Insured,
7.00%, 8/01/15 ................................................................................... $ 1,720,000 $ 1,899,241
6.75%, 8/01/22 ................................................................................... 4,395,000 4,803,955
7.00%, 8/01/23 ................................................................................... 6,210,000 6,828,951
Brea Public Financing Authority Water Revenue, Series B, FGIC Insured, 6.25%, 7/01/21 ............ 11,070,000 11,688,260
Brea RDA, Tax Allocation, Redevelopment Project, Refunding, MBIA Insured,
6.125%, 8/01/13 .................................................................................. 12,845,000 14,248,702
5.75%, 8/01/23 ................................................................................... 18,320,000 19,547,623
Brentwood 1915 Act, Infrastructure Financing, Reassessment,
Series A, FSA Insured, 5.80%, 9/02/17 ........................................................... 5,340,000 5,874,961
Brentwood RDA, Tax Allocation, Brentwood Redevelopment Project, Series A, 7.70%, 11/01/08 ........ 2,000,000 2,127,300
Brisbane Public Finance Authority Revenue, 8.00%, 9/02/15 ........................................ 5,700,000 6,049,182
Buena Park CRDA, Tax Allocation, Central Business District Project, Refunding,
Series A, 7.10%, 9/01/14 ......................................................................... 7,000,000 7,680,470
Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 .............................. 1,375,000 1,444,726
Burbank RDA, Tax Allocation,
City Center Redevelopment Project, Refunding, Series A, FSA Insured, 5.50%, 12/01/23 ............. 5,000,000 5,237,250
Refunding, Series A, 6.00%, 12/01/23 ............................................................. 6,500,000 6,938,425
Burton Elementary School District, COP, Loan Acquisition,
Capital Appreciation, Series A, FSA Insured, 6.60%, 9/01/27..................................... 830,000 879,285
Calexico COP, CRDA, Water and Waste Improvement Project,
Pre-Refunded, 7.80%, 11/01/13 ................................................................... 5,455,000 5,581,992
Calexico RDA, Tax Allocation, Merged Central Business and Residential,
Refunding, FSA Insured, 5.80%, 8/01/24 ......................................................... 5,840,000 6,257,034
Calexico USD, COP, Financing Project, Series 1992, Pre-Refunded,
7.25%, 9/01/08 ................................................................................... 745,000 786,653
7.375%, 9/01/17 .................................................................................. 3,185,000 3,366,577
California Counties Lease Financing Authority, COP, CSAC Financing Corp.,
Amador County Project, ETM, 7.70%, 10/01/09 .................................................... 2,565,000 3,154,386
California Educational Facilities Authority Revenue,
Chapman College, 7.30%, 1/01/02 .................................................................. 1,010,000 1,095,456
Chapman College, Pre-Refunded, 7.30%, 1/01/02 .................................................... 385,000 422,634
Chapman College, Pre-Refunded, 7.50%, 1/01/18 .................................................... 3,000,000 3,309,480
Chapman University, Refunding, Connie Lee Insured, 5.125%, 10/01/26 .............................. 10,000,000 10,128,700
Loyola Marymount University, Series B, Pre-Refunded, 6.60%, 10/01/22 ............................. 1,100,000 1,239,359
Occidental College, Refunding, MBIA Insured, 5.625%, 10/01/17 .................................... 5,815,000 6,324,627
Occidental College, Refunding, MBIA Insured, 5.70%, 10/01/27 ..................................... 16,565,000 18,033,322
Santa Clara University, MBIA Insured, 5.75%, 9/01/21 ............................................. 14,550,000 15,891,510
Santa Clara University, MBIA Insured, 5.75%, 9/01/26 ............................................. 26,815,000 29,287,343
St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 .......................... 2,100,000 2,300,067
aStanford University, Refunding, Series O, 5.125%, 1/01/31 ....................................... 22,000,000 22,375,320
Stanford University, Series N, 5.35%, 6/01/27 .................................................... 21,250,000 22,162,050
Student Loan Program, Series A, MBIA Insured, 6.00%, 3/01/16 ..................................... 6,000,000 6,401,520
California Health Facilities Financing Authority Revenue,
Adventist Health System, Series B, MBIA Insured, 6.25%, 3/01/21 .................................. 2,930,000 3,121,739
AIDS Hospice Foundation, CHFCLP Insured, Pre-Refunded, 7.15%, 1/01/15 ............................ 860,000 914,361
Association for Retarded Citizens of San Diego, CHFCLP Insured, 7.00%, 5/01/21 ................... 3,650,000 3,970,580
California Autism Foundation, Inc., Series A, CHFCLP Insured, Inc., 6.25%, 11/01/20 .............. 3,560,000 3,870,183
Catholic Health Facilities, Refunding, Series A, MBIA Insured, 6.00%, 7/01/17 .................... 7,300,000 8,188,410
Catholic Health Facilities, Refunding, Series A, MBIA Insured, 6.00%, 7/01/25 .................... 1,000,000 1,117,490
Catholic Healthcare West, Refunding, Series A, AMBAC Insured, 5.75%, 7/01/15 ..................... 13,000,000 14,338,610
California Health Facilities Financing Authority Revenue, (cont.)
Catholic Healthcare West, Series A, MBIA Insured, 5.00%, 7/01/17 ................................. $ 5,000,000 $ 5,061,850
Catholic Healthcare West, Series A, MBIA Insured, 5.125%, 7/01/24 ................................ 11,500,000 11,655,595
Cedarknoll Health Facilities, Series B, CHFCLP Insured, 7.50%, 8/01/20 ........................... 4,600,000 4,754,422
Cedars-Sinai Medical Center, Series A, MBIA Insured, 5.125%, 8/01/17 ............................. 8,355,000 8,546,079
Cedars-Sinai Medical Center, Series A, MBIA Insured, 5.125%, 8/01/27 ............................. 15,600,000 15,812,472
Cedars-Sinai Medical Center, Series B, MBIA Insured, 5.125%, 8/01/17 ............................. 6,105,000 6,244,621
Cedars-Sinai Medical Center, Series B, MBIA Insured, 5.25%, 8/01/27 .............................. 52,500,000 53,981,025
Clinicas Del Camino, Series A, CHFCLP Insured, 6.55%, 5/01/25 .................................... 4,500,000 5,070,330
Community Provider, Pooled Loan Program, Series A, Pre-Refunded, 7.35%, 6/01/20 .................. 730,000 788,188
County Program, Series B, 7.20%, 1/01/12 ......................................................... 2,460,000 2,507,404
El Proyecto, Series A, CHFCLP Insured, 5.50%, 12/01/22 ........................................... 3,350,000 3,492,710
Enloe Health System, Series A, FSA Insured, 5.00%, 11/15/18 ...................................... 7,300,000 7,332,558
Enloe Health System, Series A, FSA, Insured, 5.00%, 11/15/28 .................................... 25,390,000 25,349,376
Feedback Foundation, Inc., Series A, CHFCLP Insured, 6.50%, 12/01/22 ............................. 4,240,000 4,635,083
Hospital of the Good Samaritan, Refunding , 6.90%, 9/01/07 ....................................... 13,920,000 15,080,232
Hospital of the Good Samaritan, Refunding, 7.00%, 9/01/21 ........................................ 71,050,000 76,355,304
Insured, AIDS Health Care Foundation, Refunding, Series C, 6.25%, 9/01/17 ........................ 1,750,000 1,891,173
Insured, Health Facility-The help Group, 5.40%, 8/01/22 .......................................... 7,420,000 7,658,924
Insured, Marshall Hospital, Series A, 5.30%, 11/01/28 ............................................ 5,500,000 5,606,810
Insured, Small Facilities Loan, Health Facilities, Refunding, Series B, 7.50%, 4/01/22 ........... 5,000,000 5,986,050
Kaiser Permanente, Series A, 7.00%, 10/01/18 ..................................................... 5,000,000 5,246,650
Kaiser Permanente, Series A, 6.75%, 10/01/19 ..................................................... 8,870,000 9,278,286
Kaiser Permanente, Series A, 6.50%, 12/01/20 ..................................................... 11,000,000 11,716,540
Kaiser Permanente, Series A, 5.40%, 5/01/28 ...................................................... 31,000,000 31,783,680
Kaiser Permanente, Series A, FSA Insured, 5.00%, 6/01/20 ......................................... 32,295,000 32,406,095
Kaiser Permanente, Series A, FSA Insured, 5.00%, 6/01/24 ........................................ 134,275,000 134,383,763
Kaiser Permanente, Series B, 5.40%, 5/01/28 ...................................................... 80,000,000 82,022,400
Lodi Memorial Hospital Association, Series A, CHFCLP Insured, 7.70%, 9/01/10 ..................... 4,000,000 4,359,200
Marshall Hospital, Series A, CHFCLP Insured, 6.625%, 11/01/22 .................................... 3,900,000 4,397,796
Mills-Peninsula Health, Series B, Connie Lee Insured, 5.75%, 1/15/15 ............................. 5,665,000 6,133,779
Mills-Peninsula Health, Refunding, Series A, Connie Lee Insured, 5.75%, 1/15/15 .................. 11,500,000 12,451,625
Northern California Presbyterian, 5.40%, 7/01/28 ................................................. 6,340,000 6,454,817
On Lok Senior Health Services, Series A, CHFCLP Insured, 6.40%, 12/01/12 ......................... 2,000,000 2,202,920
On Lok Senior Health Services, Series A, CHFCLP Insured, 6.50%, 12/01/22 ......................... 7,525,000 8,226,180
Pacific Presbyterian Medical Center, Series C, 7.60%, 6/01/15 .................................... 16,335,000 16,990,687
Pomona Valley Hospital Medical Center, Pre-Refunded, 7.375%, 1/01/14 ............................. 4,000,000 4,263,680
Pomona Valley Hospital, Refunding, Series A, MBIA Insured, 5.75%, 7/01/15 ........................ 4,200,000 4,577,034
Pomona Valley Hospital, Refunding, Series A, MBIA Insured, 5.625%, 7/01/19 ....................... 8,500,000 9,148,975
S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 ................................... 4,485,000 4,589,994
San Diego Hospital Association, Refunding, Series A, MBIA Insured, 6.20%, 8/01/20 ................ 8,250,000 8,964,203
San Diego Hospital Association, Series A, 6.95%, 10/01/21 ........................................ 21,145,000 23,496,113
Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 .............................. 9,725,000 10,674,257
Small Facilities Loan, Health Facilities, Series A, CHFCLP Insured, 6.75%, 3/01/20 ............... 5,500,000 5,988,235
South Coast Medical Center, CHFCLP Insured, Pre-Refunded, 7.25%, 7/01/15 ......................... 3,000,000 3,242,850
Southern California, Series A, CHFCLP Insured, 5.50%, 12/01/22 ................................... 3,070,000 3,200,782
St. Francis Medical Center, Refunding, Series H, AMBAC Insured, 6.35%, 10/01/23 .................. 7,000,000 7,934,990
California Health Facilities Financing Authority Revenue, (cont.)
St. Paul's Episcopal Home, CHFCLP Insured, 6.50%, 9/01/14 ........................................ $ 2,595,000 $ 2,851,568
Sutter Health, Series A, 6.70%, 1/01/13 .......................................................... 7,500,000 7,607,625
Sutter Health, Series A, FSA Insured, 5.125%, 8/15/17 ............................................ 1,000,000 1,022,950
Sutter Health, Series A, FSA Insured, 5.25%, 8/15/27 ............................................. 5,300,000 5,449,937
Sutter Health, Series A, FSA Insured, 5.00%, 8/15/37 ............................................. 55,500,000 55,496,670
Sutter/CHS Facility, Refunding, Series A, MBIA Insured, 5.875%, 8/15/16 .......................... 5,750,000 6,369,505
UCSF-Stanford Health Care, Refunding, Series A, 5.00%, 11/15/31 .................................. 2,150,000 2,146,431
UCSF-Stanford Health Care, Refunding, Series B, 5.00%, 11/15/28 .................................. 30,000,000 29,952,000
UCSF-Stanford Health Care, Refunding, Series B, 5.00%, 11/15/31 .................................. 26,920,000 26,875,313
UCSF-Stanford Health Care, Series A, FSA Insured, 5.00%, 11/15/28 ................................ 34,005,000 33,950,592
Valleycare Hospital Corp., Refunding, 5.50%, 5/01/20 ............................................. 8,795,000 9,181,716
Walden House, State Guaranteed, 6.85%, 3/01/22 ................................................... 3,225,000 3,521,378
California HFA Revenue,
Home Mortgage, Series A, 7.75%, 8/01/17 .......................................................... 1,775,000 1,841,296
Home Mortgage, Series A, 6.55%, 8/01/26 .......................................................... 6,975,000 7,556,645
Home Mortgage, Series A, 7.70%, 8/01/30 .......................................................... 10,575,000 10,964,477
Home Mortgage, Series B, 7.90%, 8/01/09 .......................................................... 1,390,000 1,410,461
Home Mortgage, Series B, 8.00%, 8/01/29 .......................................................... 27,580,000 28,515,789
Home Mortgage, Series B, AMBAC Insured, 5.25%, 2/01/28 ........................................... 5,530,000 5,607,862
Home Mortgage, Series C, 8.30%, 8/01/19 .......................................................... 1,860,000 1,900,399
Home Mortgage, Series C, 7.60%, 8/01/30 .......................................................... 38,645,000 40,151,769
Home Mortgage, Series D, 7.75%, 8/01/10 .......................................................... 1,235,000 1,288,525
Home Mortgage, Series D, 7.25%, 8/01/17 .......................................................... 1,725,000 1,834,193
Home Mortgage, Series D, 7.50%, 8/01/29 .......................................................... 17,820,000 18,418,039
Home Mortgage, Series D, MBIA Insured, 6.15%, 8/01/28 ............................................ 5,250,000 5,640,338
Home Mortgage, Series D, Pre-Refunded, 7.50%, 8/01/20 ............................................ 1,575,000 1,713,852
Home Mortgage, Series E, 7.65%, 8/01/23 .......................................................... 12,900,000 13,336,665
Home Mortgage, Series E, 6.70%, 8/01/25 .......................................................... 8,495,000 9,205,097
Home Mortgage, Series E, 6.375%, 8/01/27 ......................................................... 14,090,000 15,320,762
Home Mortgage, Series E, 7.65%, 8/01/29 .......................................................... 4,960,000 5,127,896
Home Mortgage, Series E, AMBAC Insured, 6.10%, 8/01/29 ........................................... 22,275,000 23,840,042
Home Mortgage, Series E, MBIA Insured, 6.15%, 8/01/25 ............................................ 17,500,000 18,727,625
Home Mortgage, Series F, 6.75%, 8/01/11 .......................................................... 865,000 924,080
Home Mortgage, Series F, 7.875%, 8/01/19 ......................................................... 1,740,000 1,777,828
Home Mortgage, Series F-1, 6.875%, 8/01/15 ....................................................... 3,350,000 3,672,438
Home Mortgage, Series F-1, 7.00%, 8/01/26 ........................................................ 20,760,000 22,430,142
Home Mortgage, Series G, 8.15%, 8/01/19 .......................................................... 9,780,000 9,993,986
Home Mortgage, Series G, 7.55%, 8/01/23 .......................................................... 5,540,000 5,744,038
Home Mortgage, Series G, 7.05%, 8/01/27 .......................................................... 3,935,000 4,160,594
Home Mortgage, Series H, 6.25%, 8/01/27 .......................................................... 20,235,000 21,882,534
Home Mortgage, Series I, MBIA Insured, 5.75%, 2/01/29 ............................................ 8,100,000 8,512,452
Home Mortgage, Series J, MBIA Insured, 5.40%, 8/01/28 ............................................ 6,345,000 6,466,761
Home Mortgage, Series J, MBIA Insured, 5.55%, 8/01/28 ............................................ 10,000,000 10,234,400
Home Mortgage, Series M, MBIA Insured, 5.60%, 8/01/29 ............................................ 21,150,000 21,847,104
Home Mortgage, Series N, 6.375%, 2/01/27 ......................................................... 7,735,000 8,384,585
aHome Mortgage, Series N, FSA Insured, 5.15%, 8/01/18 ............................................ 6,000,000 6,026,760
Home Mortgage, Series Q, MBIA Insured, 5.85%, 8/01/16 ............................................ 5,000,000 5,351,500
California HFA Revenue, (cont.)
Home Mortgage, Series R, MBIA Insured, 6.15%, 8/01/27 ............................................ $ 9,000,000 $ 9,669,150
Home Mortgage, SF, Series A, 10.25%, 2/01/14 ..................................................... 465,000 465,735
Home Mortgage, SF, Series B, 10.625%, 2/01/14 .................................................... 170,000 170,262
Housing Revenue, Series A, MBIA Insured, 7.65%, 8/01/24 .......................................... 8,725,000 9,011,093
Housing Revenue, Series B, MBIA Insured, 8.625%, 8/01/15 ......................................... 2,340,000 2,428,312
Housing Revenue, Series E, MBIA Insured, 6.625%, 8/01/14 ......................................... 4,365,000 4,788,972
Housing Revenue, Series E, MBIA Insured, 6.75%, 8/01/26 .......................................... 11,855,000 12,970,911
Housing Revenue, Series F, MBIA Insured, 6.90%, 8/01/26 .......................................... 11,345,000 12,490,618
MFHR II, Series A, AMBAC Insured, 6.25%, 2/01/37 ................................................. 5,000,000 5,413,200
MFHR III, Series B, MBIA Insured, 5.50%, 8/01/39 ................................................. 15,000,000 15,352,500
Multi-Unit Rental Housing, Series A, 6.875%, 2/01/22 ............................................. 2,465,000 2,469,930
Series B-1, Class 1, 5.65%, 8/01/28 .............................................................. 13,190,000 13,675,392
California HFA, SFM,
Purchase Series A-1, Class 1, 6.05%, 8/01/26 ..................................................... 13,935,000 14,870,735
Refunding, Purchase Series A-2, 6.45%, 8/01/25 ................................................... 11,250,000 12,106,125
Series C-2, Class 1, 5.65%, 2/01/25 .............................................................. 14,585,000 15,146,231
Series C-4, Class 1, 5.65%, 8/01/16 .............................................................. 5,000,000 5,264,450
California Mobilehome Park Financing Authority Revenue, Series A, FSA Insured,
4.20%, 10/01/98 .................................................................................. 105,000 105,000
4.50%, 10/01/99 .................................................................................. 85,000 85,927
4.65%, 10/01/00 .................................................................................. 90,000 91,868
4.80%, 10/01/01 .................................................................................. 95,000 98,012
4.95%, 10/01/02 .................................................................................. 100,000 104,483
5.05%, 10/01/03 .................................................................................. 100,000 105,154
5.15%, 10/01/04 .................................................................................. 110,000 115,708
5.25%, 10/01/05 .................................................................................. 115,000 121,010
6.25%, 10/01/25 .................................................................................. 4,405,000 4,637,452
California PCFA Revenue,
PG&E Corp., Series A, 6.625%, 6/01/09 ............................................................ 1,750,000 1,916,740
Solid Waste Disposal, Keller Canyon Landfill Co. Project, 6.875%, 11/01/27 ....................... 17,205,000 18,881,455
Southern California Edison Co., 6.90%, 12/01/17 .................................................. 2,510,000 2,745,915
Southern California Edison Co., Series B, 6.40%, 12/01/24 ........................................ 29,000,000 31,431,940
Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 .......................... 12,120,000 13,398,781
California Public Capital Improvements, Financing Authority Revenue, Pooled Projects,
Joint Powers Agency, Series E, 8.375%, 3/01/03 ................................................... 20,425,000 20,818,998
Series A, 8.40%, 3/01/08 ......................................................................... 56,180,000 57,909,220
Series A, 8.50%, 3/01/18 ......................................................................... 121,300,000 125,077,282
California Resources Efficiency Financing Authority, COP, Capital Improvement Program, Refunding,
AMBAC Insured,
5.625%, 4/01/22 .................................................................................. 10,365,000 11,142,790
5.75%, 4/01/27 ................................................................................... 7,885,000 8,646,849
California Rural Home Mortgage Finance Authority, SFMR, 7.00%, 9/01/29 ........................... 4,715,000 5,481,188
California Special Districts Association Finance Corp., COP,
Series F, 8.10%, 9/01/10 ......................................................................... 150,000 153,852
Series N, 8.30%, 3/01/12 ......................................................................... 1,255,000 1,293,127
Series O, 7.40%, 3/01/17 ......................................................................... 1,000,000 1,029,000
California Special Districts Lease Financing Program, COP,
Series C, 7.90%, 4/01/14 ......................................................................... $ 135,000 $ 138,441
Series E, 7.70%, 12/01/09 ........................................................................ 205,000 209,032
Series E, 7.75%, 12/01/19 ........................................................................ 305,000 310,896
California State Department of Transportation, COP, East Bay State Building, Series A, Pre-Refunded,
6.50%, 3/01/16 .................................................................................. 2,000,000 2,170,100
California State Department of Veteran Affairs, Home Purchase Revenue, Refunding,
Series A, 5.40%, 12/01/28 ........................................................................ 9,580,000 9,812,507
Series B, 5.50%, 12/01/18 ........................................................................ 2,500,000 2,566,950
California State Department of Water Resources, Central Valley Project, Water System Revenue,
Series J-1, 6.00%, 12/01/20 ...................................................................... 9,580,000 10,171,948
Series J-2, 6.00%, 12/01/20 ...................................................................... 22,865,000 24,277,828
Series J-3, 6.00%, 12/01/20 ...................................................................... 18,945,000 20,115,612
Series L, 5.75%, 12/01/19 ........................................................................ 22,240,000 23,658,690
Series L, 5.50%, 12/01/23 ........................................................................ 52,395,000 54,689,901
Series L, 5.875%, 12/01/25 ....................................................................... 40,070,000 42,977,479
Series O, 5.00%, 12/01/22 ........................................................................ 5,500,000 5,514,245
Series Q, MBIA Insured, 5.375%, 12/01/27 ......................................................... 18,000,000 18,734,940
Series S, 5.00%, 12/01/22 ........................................................................ 11,855,000 11,891,751
Series S, 5.00%, 12/01/29 ........................................................................ 10,980,000 11,014,038
California State GO,
5.75%, 3/01/19 ................................................................................... 700,000 755,076
5.50%, 3/01/20 ................................................................................... 5,500,000 5,814,490
5.25%, 10/01/20 .................................................................................. 11,170,000 11,525,206
5.75%, 3/01/23 ................................................................................... 645,000 697,948
5.90%, 4/01/23 ................................................................................... 3,300,000 3,580,665
5.00%, 10/01/23 .................................................................................. 26,050,000 26,137,268
6.00%, 3/01/24 ................................................................................... 570,000 626,487
6.00%, 5/01/24 ................................................................................... 2,565,000 2,824,783
5.00%, 10/01/27 .................................................................................. 78,000,000 78,261,300
5.125%, 10/01/27 ................................................................................. 39,835,000 40,441,687
AMBAC Insured, 5.90%, 3/01/25 .................................................................... 210,000 229,242
FGIC Insured, 5.75%, 11/01/17 .................................................................... 2,100,000 2,258,529
FGIC Insured, 6.00%, 8/01/19 ..................................................................... 905,000 1,001,030
FGIC Insured, 5.625%, 10/01/21 ................................................................... 10,000,000 10,727,500
FGIC Insured, 5.625%, 10/01/26 ................................................................... 52,500,000 56,319,375
FGIC Insured, Pre-Refunded, 6.00%, 8/01/19 ....................................................... 4,095,000 4,643,239
MBIA Insured, 6.00%, 10/01/21 .................................................................... 160,000 173,310
MBIA Insured, 5.00%, 10/01/23 .................................................................... 15,000,000 15,081,900
MBIA Insured, 6.00%, 8/01/24 ..................................................................... 990,000 1,095,049
MBIA Insured, Pre-Refunded, 6.00%, 8/01/24 ....................................................... 25,500,000 28,913,940
Pre-Refunded, 6.00%, 3/01/24 ..................................................................... 6,430,000 7,226,806
Pre-Refunded, 6.00%, 5/01/24 ..................................................................... 27,725,000 31,240,807
Pre-Refunded, AMBAC Insured, 5.90%, 3/01/25 ...................................................... 15,000,000 16,911,600
Refunding, 5.625%, 9/01/24 ....................................................................... 10,650,000 11,433,201
Refunding, FGIC Insured, 5.00%, 2/01/25 .......................................................... 28,105,000 28,192,969
Refunding, FGIC Insured, 5.375%, 6/01/26 ......................................................... 7,500,000 7,810,575
California State GO, (cont.)
Various Purposes, 5.50%, 4/01/15 ................................................................. $ 21,920,000 $ 23,345,458
Various Purposes, FSA Insured, 5.50%, 4/01/19 .................................................... 6,500,000 6,832,410
Veterans Bonds, Series BD, BE, and BF, 6.40%, 2/01/22 ............................................ 29,000,000 29,530,990
Veterans Bonds, Series BD, BE, and BF, 6.55%, 2/01/25 ............................................ 21,710,000 22,114,240
Veterans Bonds, Series BD, BE, and BF, AMBAC Insured, 6.20%, 2/01/16 ............................. 11,500,000 11,704,125
Veterans Bonds, Series BD, BE, and BF, AMBAC Insured, 6.375%, 2/01/27 ............................ 45,000,000 45,810,000
Veterans Bonds, Series BH, 5.50%, 12/01/18 ....................................................... 44,250,000 45,526,613
Veterans Bonds, Series BH, 5.60%, 12/01/32 ....................................................... 44,235,000 45,490,389
Veterans Bonds, Series BH, FSA Insured, 5.40%, 12/01/16 .......................................... 8,250,000 8,514,743
Veterans Bonds, Series BH, FSA Insured, 5.50%, 12/01/24 .......................................... 22,265,000 22,684,918
Veterans Bonds, Series BN, 5.45%, 12/01/28 ....................................................... 21,575,000 21,831,743
California State HFA, Mortgage Revenue, Series L, MBIA Insured, 6.40%, 8/01/27 ................... 16,495,000 17,917,529
California State Local Government Finance Authority Revenue,
Marin Valley, Series A, FSA Insured, 5.85%, 10/01/27 ........................................... 6,735,000 7,459,619
California State Public Works Board, Lease Revenue,
California Science Center, Series A, 5.25%, 10/01/22 ............................................. 8,645,000 8,892,247
California State University, Various Projects, Series A, 6.30%, 10/01/04 ......................... 5,250,000 5,850,915
California State University, Various Projects, Series A, 6.375%, 10/01/05 ........................ 6,815,000 7,600,361
California State University, Various Projects, Series A, 6.50%, 10/01/06 ......................... 10,695,000 11,976,582
Department of Corrections, California State Prison at Coalinga,
Series B, MBIA Insured, 5.375%, 12/01/19 ........................................................ 15,250,000 15,765,450
Department of Corrections, Corcoran II Facility, Series A, AMBAC Insured, 5.25%, 1/01/21 ......... 17,405,000 17,867,103
Department of Corrections, Refunding, Series B, MBIA Insured, 5.00%, 9/01/21 ..................... 53,980,000 54,170,010
Department of Justice Building, Series A, FSA Insured, 5.80%, 5/01/15 ............................ 5,500,000 5,992,855
Department of Justice Building, Series A, FSA Insured, 5.625%, 5/01/20 ........................... 5,000,000 5,292,650
Southern California Veterans Home, Series A, Pre-Refunded, 6.375%, 10/01/08 ...................... 3,000,000 3,461,670
Southern California Veterans Home, Series A, Pre-Refunded, 6.50%, 10/01/14 ....................... 3,750,000 4,352,025
Trustees California State University, Refunding, Series A, 5.00%, 10/01/19 ....................... 8,500,000 8,488,950
University of California, Various Projects, Refunding, Series A, 5.50%, 6/01/21 .................. 14,000,000 14,624,680
University of California, Various Projects, Series A, Pre-Refunded, 6.375%, 11/01/14 ............. 23,130,000 26,727,178
University of California, Various Projects, Series B, 5.50%, 6/01/19 ............................. 13,000,000 13,580,060
University of California, Various Projects, Series B, Pre-Refunded, 6.625%, 12/01/14 ............. 7,415,000 8,681,185
University of California, Various Projects, Series C, 5.125%, 9/01/22 ............................ 20,000,000 20,358,800
Various California Community Colleges, Refunding, Series A, 5.90%, 4/01/17 ....................... 8,320,000 9,155,162
Various Community College Projects, Series A, 5.625%, 12/01/18 ................................... 7,535,000 7,907,229
Various University of California Projects, Refunding, Series A, 5.00%, 6/01/23 ................... 23,175,000 23,211,617
Various University of California Projects, Series A, Pre-Refunded, 6.375%, 10/01/14 .............. 11,480,000 13,246,657
Various University of California Projects, Series A, Pre-Refunded, 6.375%, 10/01/19 .............. 2,150,000 2,480,864
California State University Headquarters, Building Authority,
Lease Revenue, Series B, MBIA Insured, 5.25%, 9/01/22 .......................................... 6,850,000 7,073,790
California State Veterans Bonds,
Series BM, 5.45%, 12/01/25 ....................................................................... 36,635,000 37,198,080
Series BN, 5.375%, 12/01/21 ...................................................................... 24,870,000 25,158,989
California Statewide CDA Revenue, COP,
6.10%, 12/01/15 .................................................................................. 2,255,000 2,498,968
California Lutheran Homes, 5.75%, 11/15/15 ....................................................... 5,000,000 5,418,400
Catholic Health Care West, MBIA Insured, 5.50%, 7/01/23 .......................................... 11,240,000 11,680,945
California Statewide CDA Revenue, COP, (cont.)
Cedars-Sinai Medical Center, 6.75%, 8/01/22 ...................................................... $ 23,530,000 $ 24,472,612
CHFCLP Insured Health Facilities, AIDS Project, Series A, 6.25%, 8/01/22 ......................... 2,590,000 2,790,078
CHFCLP Insured Health Facilities, Children's Campus, 6.375%, 9/01/12 ............................. 2,765,000 3,025,380
CHFCLP Insured Health Facilities, Children's Campus, 6.50%, 9/01/22 .............................. 3,000,000 3,267,480
CHFCLP Insured Health Facilities, Eskaton Properties, 6.75%, 5/01/21 ............................. 9,600,000 10,482,144
CHFCLP Insured Health Facilities, Unihealth, Series A, AMBAC Insured, 5.75%, 10/01/25 ............ 36,000,000 38,550,600
CHFCLP Insured Hospital, Triad Health Care, ETM, Refunding, 6.25%, 8/01/06 ....................... 2,000,000 2,250,660
CHFCLP Insured Hospital, Triad Health Care, Refunding, Pre-Refunded, 6.50%, 8/01/22 .............. 80,230,000 89,619,317
CHFCLP Insured, 5.90%, 8/01/21 ................................................................... 4,000,000 4,362,760
CHFCLP Insured, 7.25%, 12/01/22 .................................................................. 5,120,000 6,004,634
CHFCLP Insured, Retirement Housing Foundation, Refunding, 6.625%, 4/15/12 ........................ 7,000,000 7,681,730
CHFCLP Insured, Retirement Housing Foundation, Refunding, 6.75%, 4/15/22 ......................... 16,000,000 17,457,440
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/15 ........................................ 5,365,000 5,874,353
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/20 ........................................ 3,775,000 4,108,635
Gemological Institute, Connie Lee Insured, 6.00%, 5/01/25 ........................................ 4,755,000 5,175,247
Health Facilities, Barton Memorial Hospital, Refunding, Series B, 6.40%, 12/01/05 ................ 250,000 271,443
Salk Institute, Connie Lee Insured, 6.20%, 7/01/24 ............................................... 7,065,000 7,733,985
Sisters Charity Leavenworth, 5.00%, 12/01/23 ..................................................... 11,375,000 11,381,029
St. Joseph Health System Group, Pre-Refunded, 6.50%, 7/01/15 ..................................... 8,395,000 9,721,578
St. Joseph Health System Group, Pre-Refunded, 6.625%, 7/01/21 .................................... 12,500,000 14,555,375
Sutter Health Obligation Group, MBIA Insured, 5.50%, 8/15/22 ..................................... 25,520,000 26,870,774
Sutter Health Obligated Group, Refunding, AMBAC Insured, 6.00%, 8/15/09 .......................... 6,465,000 7,072,969
Sutter Health Obligated Group, Refunding, AMBAC Insured, 6.125%, 8/15/22 ......................... 9,330,000 10,136,392
Sutter Health Obligated Group, Refunding, MBIA Insured, 5.50%, 8/15/23 ........................... 14,000,000 14,557,900
California Statewide CDA,
COP, Kaiser, 5.30%, 12/01/15 ..................................................................... 32,200,000 32,903,892
COP, MBIA Insured, 5.00%, 4/01/18 ................................................................ 7,000,000 7,030,310
COP, MBIA Insured, 5.125%, 4/01/23 ............................................................... 6,000,000 6,085,860
Lease Revenue, Oakland Convention Center Project,
Refunding, AMBAC Insured, 5.50%, 10/01/14 ....................................................... 10,000,000 10,402,100
Lease Revenue, Special Facilities, United Airlines, Los Angeles, 5.625%, 10/01/34 ................ 58,920,000 60,995,752
Lease Revenue, Special Facilities, United Airlines, Series A, 5.70%, 10/01/33 .................... 14,125,000 14,710,481
MFHR, Borregas Court Project, Series J, 6.30%, 3/20/39 ........................................... 7,476,000 8,105,105
MFHR, Series E, 6.40%, 6/01/28 ................................................................... 8,000,000 8,627,760
St. Joseph Health System, Refunding, 5.125%, 7/01/17 ............................................. 5,000,000 5,063,500
St. Joseph Health System, Refunding, 5.25%, 7/01/21 .............................................. 7,750,000 7,902,443
Water Revenue, Refunding, Series A, 6.10%, 7/01/21 ............................................... 4,615,000 5,026,243
California Statewide Community Development Corp., COP,
Pacific Homes, Series A, 6.00%, 4/01/17 .......................................................... 6,270,000 6,737,805
Villaview Community Hospital, CHFCLP Insured, 7.00%, 9/01/09 ..................................... 4,250,000 4,691,830
California Urban Waterfront Area Restoration, 7.40%, 10/01/20 .................................... 2,575,000 2,679,365
California Valley HFA Revenue Home Mortgage, MBIA Insured, 5.65%, 2/01/27 ........................ 20,000,000 20,640,200
Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 4/01/08 .......................... 4,495,000 4,680,778
Cambria Community Services,
Sewer District Revenue, Refunding, BIG Insured, Pre-Refunded, 7.40%, 5/01/15 ..................... 1,570,000 1,639,441
Water District Revenue, Refunding, BIG Insured, Pre-Refunded, 7.40%, 5/01/15 ..................... 940,000 981,576
Campbell COP, Civic Center Project, Refunding,
MBIA Insured, 5.25%, 10/01/28 .................................................................... $ 6,260,000 $ 6,465,954
Series 1991, Pre-Refunded, 6.75%, 10/01/17 ....................................................... 1,410,000 1,558,868
Campbell Housing Facility Revenue, San Tomas Gardens Project,
Series A, 6.625%, 10/20/34 ...................................................................... 5,615,000 6,026,860
Campbell USD, Series A, MBIA Insured, Pre-Refunded, 6.25%, 8/01/19 ............................... 3,250,000 3,727,295
Camrosa Water District, COP, Water System Improvement Projects,
MBIA Insured, 6.00%, 1/15/20 .................................................................... 5,120,000 5,654,528
Capistrano Bay Park and Recreation District, COP, Special Lease Finance,
Series Q, 6.35%, 8/01/12 ........................................................................ 2,800,000 2,905,784
Capistrano Unified Public Financing Authority, Special Tax Revenue,
First Lien, Refunding, Series A,
AMBAC Insured, 5.70%, 9/01/20 ................................................................... 10,640,000 11,465,664
Capistrano USD, Community Facilities District Special Tax, No 92-1 Las Flores,
MBIA Insured, 5.00%, 9/01/23 .................................................................... 9,595,000 9,628,774
Carson RDA, Project Area No. 1, Refunding, Series 1992, 6.375%,
10/01/12 ......................................................................................... 3,965,000 4,303,096
10/01/16 ......................................................................................... 1,565,000 1,686,522
Castaic Lake Water Agency COP, Water System Improvement Project,
Refunding, Series A, MBIA Insured,
6.125%, 8/01/15 .................................................................................. 11,540,000 12,857,176
6.00%, 8/01/18 ................................................................................... 5,345,000 5,891,687
Cathedral City Public Financing Authority Revenue, Tax Allocation,
Redevelopment Projects, Refunding,
Series A, MBIA Insured, 5.70%, 8/01/24 .......................................................... 11,210,000 12,002,771
Central Coast Water Authority Revenue, South Water Project Facility, Refunding, Series A,
AMBAC Insured, 5.00%, 10/01/22 .................................................................. 5,000,000 5,015,550
Central San Joaquin Water Conservation District, COP, Series 1990, 7.65%, 12/01/18 ............... 5,800,000 6,120,276
Cerritos Public Financing Authority Revenue, Los Coyotes
Redevelopment Project, Loan, Series A,
AMBAC Insured, 5.75%, 11/01/22 .................................................................. 5,500,000 5,893,635
Chaffey Community College District, COP, 7.40%, 11/01/14 ......................................... 5,000,000 5,721,150
Chico Public Financing Authority Revenue, Southeast Chico Redevelopment Project, Series A,
FGIC Insured, 6.625%, 4/01/21 ................................................................... 1,955,000 2,070,873
Chico RDA Revenue, COP, Insured Health Facilities, Sierra Sunrise Lodge,
6.80%, 2/01/11 ................................................................................... 4,110,000 4,443,198
6.75%, 2/01/21 ................................................................................... 2,800,000 2,999,948
Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%, 9/01/22 .................... 9,980,000 10,949,058
Chino USD, COP, Land Acquisition,
Series C, BIG Insured, Pre-Refunded, 7.45%, 9/01/24 .............................................. 2,585,000 2,735,292
Series D, BIG Insured, 7.45%, 9/01/24 ............................................................ 7,715,000 7,977,850
Series E, BIG Insured, 7.50%, 9/01/24 ............................................................ 505,000 522,428
Series G, BIG Insured, Pre-Refunded, 7.35%, 9/01/24 .............................................. 2,480,000 2,622,005
Clayton 1915 Act, Limited Obligation, Contra Costa County, Oakhurst Country Club,
8.10%, 9/02/01 ................................................................................... 120,000 124,682
8.20%, 9/02/02 ................................................................................... 180,000 187,020
8.25%, 9/02/03 ................................................................................... 180,000 186,980
8.30%, 9/02/04 ................................................................................... 230,000 238,869
8.30%, 9/02/05 ................................................................................... 265,000 275,107
8.35%, 9/02/06 ................................................................................... 250,000 259,480
8.35%, 9/02/07 ................................................................................... 315,000 326,841
8.375%, 9/02/08 .................................................................................. 330,000 342,151
8.375%, 9/02/09 .................................................................................. 355,000 367,997
8.40%, 9/02/10 ................................................................................... 40,000 41,460
8.40%, 9/02/11 ................................................................................... 360,000 373,230
Clayton 1915 Act, Limited Obligation, Contra Costa County, Oakhurst Country Club, (cont.)
8.40%, 9/02/12 ................................................................................... $ 420,000 $ 435,347
8.40%, 9/02/13 ................................................................................... 485,000 502,722
Clayton Special Tax, CFD No. 90-1, Pre-Refunded, 8.60%, 9/02/22 .................................. 6,215,000 6,883,299
Clovis COP, 7.20%, 8/01/11 ....................................................................... 2,670,000 2,971,550
Clovis Sewer Revenue, Refunding, MBIA Insured, 5.20%, 8/01/28 .................................... 6,000,000 6,127,200
Coachella RDA, Tax Allocation, Project Area No. 4, Refunding,
Pre-Refunded, 8.45%, 9/01/20 .................................................................... 1,750,000 1,939,980
Coachella Valley COP, ID No. 71, Storm Water District,
Flood Central Project, Pre-Refunded, 6.75%, 10/01/12 ............................................ 3,000,000 3,390,660
Coachella Valley USD, COP, 8.25%, 9/01/12 ........................................................ 6,375,000 6,834,000
Coalinga Public Financing Authority Revenue, Series B, 6.625%, 9/15/21 ........................... 8,120,000 8,278,665
Coastside County Water District, 1915 Act, Crystal Springs Project, Refunding, 4.40%, 9/02/99 .... 795,000 796,940
Colma 1915 Act, Local ID No. 1, Refunding,
4.70%, 9/02/99 ................................................................................... 425,000 427,652
4.90%, 9/02/00 ................................................................................... 440,000 446,222
Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 7/01/22 ............................... 4,100,000 4,259,777
Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 2/01/18 .................................. 1,555,000 1,655,624
Commerce Joint Powers Financing Authority, Lease Revenue,
Community Center, Series A, 6.25%, 10/01/22 ..................................................... 4,000,000 4,366,040
Commerce Refuse to Energy Authority Revenue, Refunding, Series 1994, 8.75%, 7/01/10 .............. 31,825,000 37,881,616
Compton COP, Civic Center & Capital Improvement, Refunding, Series A, 5.50%, 9/01/15 ............. 5,000,000 5,216,500
Compton CRDA, Tax Allocation,
Series 1, FSA Insured, 6.75%, 8/01/13 ............................................................ 7,375,000 8,190,749
Walnut Industrial Park, Series 1985, AMBAC Insured, Pre-Refunded, 10.20%, 8/01/09 ................ 13,000,000 14,119,300
Compton Sewer Revenue,
6.75%, 7/01/23 ................................................................................... 4,535,000 5,200,647
Series 1993, 6.60%, 7.01/12....................................................................... 1,405,000 1,602,150
Concord RDA, Tax Allocation, Central Concord Redevelopment Project,
Refunding, Sub-Series A,
6.00%, 7/01/19 .................................................................................. 8,395,000 8,796,197
Contra Costa County COP,
Capital Projects Program, Refunding, AMBAC Insured, 5.25%, 2/01/21 ............................... 6,570,000 6,802,578
Merrithew Memorial Hospital Project, Refunding, MBIA Insured, 5.50%, 11/01/22 .................... 11,000,000 11,693,880
Series 1994, Pre-Refunded, 6.50%, 8/01/24 ........................................................ 4,500,000 5,206,365
Contra Costa County MFHR, Byron Park Project, Refunding,
Series C, GNMA Secured, 6.40%, 1/20/31 .......................................................... 5,930,000 6,462,336
Contra Costa Transportation Authority Revenue, Sales Tax, ETM, Series A,
6.875%, 3/01/07 .................................................................................. 13,900,000 15,150,583
FGIC Insured, 6.50%, 3/01/09 ..................................................................... 1,000,000 1,081,520
Contra Costa Water District Revenue, Refunding, Series F,
FGIC Insured, 5.00%, 10/01/20 ................................................................... 5,000,000 5,010,200
Corcoran Hospital District Revenue, Series A, 6.55%, 7/01/12 ..................................... 1,305,000 1,406,385
Corona 1915 Act,
AD No. 79-2 & 80-1, Refunding, 8.10%, 9/02/99 .................................................... 1,390,000 1,427,322
AD No. 79-2 & 80-1, Refunding, 8.10%, 9/02/00 .................................................... 1,500,000 1,562,100
AD No. 79-2 & 80-1, Refunding, 8.10%, 9/02/01 .................................................... 1,595,000 1,660,044
AD No. 79-2 & 80-1, Refunding, 8.10%, 9/02/02 .................................................... 1,690,000 1,758,208
AD No. 79-2 & 80-1, Refunding, 8.10%, 9/02/03 .................................................... 1,800,000 1,871,892
AD No. 79-2 & 80-1, Refunding, 8.10%, 9/02/04 .................................................... 1,885,000 1,959,495
AD No. 79-2, Northeast Area, Series B, 7.75%, 9/02/99 ............................................ 760,000 778,080
AD No. 79-2, Northeast Area, Series B, 7.80%, 9/02/00 ............................................ 810,000 842,570
AD No. 79-2, Northeast Area, Series B, 7.80%, 9/02/01 ............................................ 875,000 909,633
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/02 ............................................ 940,000 976,998
Corona 1915 Act, (cont.)
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/03 ............................................ $ 1,000,000 $ 1,038,940
AD No. 79-2, Northeast Area, Series B, 7.85%, 9/02/04 ............................................ 1,075,000 1,116,420
Corona COP,
Corona Community Hospital Project, Pre-Refunded, 9.425%, 9/01/20 ................................. 15,000,000 21,374,250
Vista Hospital System, Refunding, Series C, 9.50%, 7/01/20 ....................................... 22,325,000 26,905,420
Corona RDA, Tax Allocation, Redevelopment Project Area A,
Refunding, Series A, FGIC Insured, 6.25%, 9/01/16 ............................................... 3,000,000 3,365,520
Corona-Norco USD,
Lease Revenue, Land Acquisition, Series A, FSA Insured, 6.00%, 4/15/29 ........................... 18,435,000 20,233,150
Special Tax, CFD No. 88-1, Pre-Refunded, 7.55%, 10/01/14 ......................................... 5,195,000 5,568,001
CSAC Finance Corp., COP, Sutter County, Health Facilities Program, 7.80%, 1/01/21 ................ 2,100,000 2,117,514
Cucamonga School District, COP, Pre-Refunded, 7.60%, 12/01/15 .................................... 1,750,000 1,870,715
Culver City Redevelopment Finance Authority Revenue, Subordinated Lien,
Project Loans, Series B, Pre-Refunded,
7.50%, 12/01/08 .................................................................................. 1,630,000 1,732,690
7.60%, 12/01/15 .................................................................................. 7,955,000 8,451,869
AMBAC Insured, 7.50%, 12/01/08 ................................................................... 3,370,000 3,598,688
AMBAC Insured, 7.60%, 12/01/15 ................................................................... 16,445,000 17,579,376
Culver City USD, MBIA Insured, 5.75%, 8/01/36 .................................................... 5,000,000 5,461,450
Cupertino COP,
Memorial Park Expansion Project, Bank Qualified, Pre-Refunded, 7.25%, 7/01/10 .................... 4,110,000 4,442,705
Refunding, Series A, 5.75%, 1/01/16 .............................................................. 5,000,000 5,266,850
Refunding, Series B, 6.25%, 7/01/10 .............................................................. 3,535,000 3,853,892
Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%, 8/01/17 ....................... 3,440,000 3,741,447
Desert Hot Springs RDA, Tax Allocation, Redevelopment Project No. 2,
Series A, 6.625%, 9/01/20 ....................................................................... 1,230,000 1,338,043
Downey Community Development Commission, Tax Allocation, Downey Redevelopment Project,
Refunding, MBIA Insured, 5.125%,
8/01/20 .......................................................................................... 2,770,000 2,812,021
8/01/28 .......................................................................................... 4,120,000 4,167,792
Duarte COP, City Civic Center, Refunding, 7.00%, 6/15/22 ......................................... 5,370,000 5,845,675
Duarte RDA, Tax Allocation, Las Lomas Redevelopment Project, Refunding, 8.00%, 8/01/07 ........... 1,695,000 1,728,205
East Bay MUD,
Wastewater System Revenue, Subordinated, MBIA Insured, 5.00%, 6/01/38 ............................ 23,115,000 23,194,516
Water System Revenue, Subordinated, MBIA Insured, 5.00%, 6/01/38 ................................. 64,095,000 64,315,487
Water System Revenue, Subordinated, Refunding, 6.00%, 6/01/20 .................................... 15,100,000 16,291,994
Water System Revenue, Subordinated, Refunding, 5.00%, 6/01/26 .................................... 7,280,000 7,301,622
East Bay Regional Park District, Series D, 5.00%, 9/01/23 ........................................ 8,985,000 9,019,413
East Side Union High School District, Santa Clara County,
Series D, FGIC Insured, 5.80%, 9/01/21 .......................................................... 9,100,000 9,845,927
Eastern Municipal Water District Revenue, Water and Sewer,
COP, Refunding, Series A, FGIC Insured,
6.30%, 7/01/20 .................................................................................. 7,975,000 8,525,913
El Cajon RDA, Tax Allocation, Redevelopment Project,
Refunding, AMBAC Insured, 5.35%, 10/01/22 ....................................................... 11,285,000 11,702,771
El Camino Hospital District Revenue, ETM, Refunding, Series A, 7.25%, 8/15/09 .................... 8,945,000 10,812,805
El Dorado County Board Authority Lease Revenue, Capital Facilities Project,
Pre-Refunded, 7.40%, 11/01/09 ................................................................... 5,500,000 6,023,820
El Dorado Union High School District, COP, Capital Projects, 6.30%, 8/01/12 ...................... 3,390,000 3,606,011
El Monte Public Financing Authority Revenue, Tax Allocation,
Downtown El Monte Redevelopment Project,
Series A, 6.35%, 12/01/23 ....................................................................... 2,510,000 2,683,265
Emeryville Public Financing Authority Revenue,
Housing Increment, Series A, Pre-Refunded, 6.20%, 9/01/25 ........................................ $ 2,970,000 $ 3,439,141
Housing Increment, Unrefunded Balance, 6.20%, 9/01/25 ............................................ 3,115,000 3,367,004
Shellmound Park Redevelopment & Housing Project, Series B, MBIA Insured, 5.00%, 9/01/28 .......... 20,000,000 20,065,800
Empire Union School District,
COP, Garst School Supplies Financing Project, 6.75%, 12/01/17 .................................... 1,165,000 1,259,318
Special Tax, CFD No. 1987-1, Refunding, Series A, MBIA Insured, 6.50%, 10/01/17 .................. 2,700,000 2,987,415
Escondido COP,
Escondido Mobile Home Park, 7.25%, 3/01/07 ....................................................... 1,000,000 1,072,580
Escondido Mobile Home Park, 7.40%, 3/01/21 ....................................................... 4,910,000 5,243,536
Wastewater Project, Refunding, AMBAC Insured, 5.70%, 9/01/26 ..................................... 13,465,000 14,565,360
Wastewater Project, Refunding, AMBAC Insured, 5.80%, 9/01/26 ..................................... 400,000 438,196
Fairfield 1915 Act,
Green Valley Road/Mangels Boulevard, 8.00%, 9/02/11 .............................................. 1,000,000 1,035,580
North Cordelia ID, 8.00%, 9/02/11 ................................................................ 345,000 357,275
Fairfield Public Financing Authority Revenue,
Fairfield Redevelopment Projects, Series A, 7.80%, 8/01/19 ....................................... 2,145,000 2,191,718
Municipal Park Improvement District No 1, Series A, FSA Insured, 5.00%, 7/01/23 .................. 5,000,000 5,017,250
Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 .......................................... 1,960,000 2,108,352
Fallbrook Union High School District, San Diego County, Series A,
MBIA Insured, Pre-Refunded, 6.25%, 9/01/19 ...................................................... 6,000,000 6,891,000
Fillmore COP, Water System Improvement Project, AMBAC Insured, 7.70%, 5/01/19 .................... 2,590,000 3,111,626
Folsom Public Financing Authority Revenue, Local Agency,
7.25%, 10/01/10 .................................................................................. 3,000,000 3,190,050
8.00%, 10/01/18 .................................................................................. 7,590,000 7,731,857
Folsom Special Tax, CFD No. 2, Pre-Refunded,
7.60%, 12/01/09 .................................................................................. 3,910,000 4,179,712
7.70%, 12/01/19 .................................................................................. 3,950,000 4,226,935
Fontana Public Financing Authority Revenue, Tax Allocation, North Fontana Redevelopment,
Series B, 6.30%, 1/15/24 ......................................................................... 1,905,000 2,002,955
Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 ....................................... 2,000,000 2,273,240
Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 ....................................... 11,005,000 12,541,078
Fontana RDA, Tax Allocation,
Jurupa Hills Redevelopment Project, Refunding, Series A, 5.50%, 10/01/27 ......................... 12,500,000 12,895,375
Jurupa Hills Redevelopment Project, Refunding, Series A, Pre-Refunded, 7.10%, 10/01/23 ........... 10,000,000 11,430,900
Southwest Industrial Park Project, Refunding, MBIA Insured, 5.00%, 9/01/22 ....................... 7,500,000 7,489,275
Southwest Industrial Park Project, Refunding, MBIA Insured, 5.20%, 9/01/30 ....................... 7,195,000 7,338,756
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Senior Lien, Series A,
6.50%, 1/01/32 ................................................................................... 108,175,000 119,959,585
6.00%, 1/01/34 ................................................................................... 132,495,000 143,013,778
5.00%, 1/01/35 ................................................................................... 8,955,000 8,749,125
Fort Bragg RDA Revenue, Tax Allocation, Fort Bragg Redevelopment Project,
Series A, 6.875%, 5/01/18 ....................................................................... 2,015,000 2,174,850
Fortuna and Susanville Cities, COP, Series B, 7.375%, 9/01/17 .................................... 2,000,000 2,138,600
Fremont COP, Series A, MBIA Insured, 5.90%, 8/01/25 .............................................. 8,320,000 8,695,315
Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%, 8/01/06 ..................... 1,980,000 2,024,055
Fresno USD, GO, Series D, FSA Insured, 5.125%, 8/01/22 ........................................... 6,070,000 6,194,010
Fresno County COP, American Avenue Landfill Project,
ETM, 7.60%, 11/01/98 ............................................................................. 275,000 275,877
Fresno County COP, American Avenue Landfill Project, (cont.)
ETM, 7.75%, 11/01/99 ............................................................................. $ 295,000 $ 309,089
ETM, 7.90%, 11/01/00 ............................................................................. 320,000 347,696
ETM, 8.00%, 11/01/01 ............................................................................. 345,000 388,442
Pre-Refunded, 8.25%, 11/01/13 .................................................................... 7,185,000 8,334,456
Fresno County HFR, Mortgage Loans, Series A, 12.50%, 9/15/12 ..................................... 10,000 10,013
Fresno County Office of Education, COP, Capital Outlay Financing Program,
Series C, 7.50%, 12/01/10 ....................................................................... 2,470,000 2,645,494
Fresno Health Facilities Revenue, Holy Cross Health Systems Corp.,
MBIA Insured, 5.625%, 12/01/15 .................................................................. 5,000,000 5,323,500
Fresno RDA Revenue, Tax Allocation, Mariposa Redevelopment Project,
Series A, 6.625%, 2/01/23 ....................................................................... 1,505,000 1,594,909
Fresno Sewer Revenue, Series A, MBIA Insured, 5.00%, 9/01/23 ..................................... 13,390,000 13,430,840
Fresno USD, COP, Project Phase VI, Series A, Pre-Refunded, 7.20%, 5/01/11 ........................ 7,065,000 7,816,857
Galt 1915 Act, AD No. 9, 7.75%, 9/02/24 .......................................................... 5,705,000 5,906,615
Galt COP, Waste Water Improvement, 7.80%, 9/01/10 ................................................ 3,340,000 3,562,878
Galt Middle School, Joint Powers Authority, Special Tax, CFD No. 1, 8.00%, 9/01/15 ............... 3,980,000 4,023,979
Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 3/01/19 ....................................... 7,250,000 7,931,645
Grand Terrace Public Financing Authority, Series A, Pre-Refunded, 7.85%, 6/01/21 ................. 2,945,000 3,314,244
Grass Valley Hospital Revenue, Insured, Sierra Nevada Memorial Hospital, 7.25%, 4/01/19 .......... 3,000,000 3,109,890
Hawaiian Gardens Public Finance Authority, Tax Allocation,
Series 1988, Pre-Refunded, 7.90%, 12/01/13 ...................................................... 9,375,000 9,630,375
Hawaiian Gardens RDA, Tax Allocation, Project No. 1,
ETM, Refunding, 8.00%, 12/01/10 .................................................................. 7,240,000 8,837,072
Refunding, 6.35%, 12/01/33 ....................................................................... 13,000,000 13,866,970
Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 ....................................... 4,000,000 4,587,880
Hemet Valley Hospital District Revenue, COP, Hemacinto Community Corp. Project,
Series A, 7.75%, 5/01/19 ........................................................................ 2,570,000 2,652,985
Hesperia Public Financing Authority Revenue, Highway and Street Improvement,
Series A, 6.10%, 10/01/10 ....................................................................... 1,600,000 1,748,560
Hesperia Water District, COP, Water Facilities Improvement Project,
Refunding, FGIC Insured, 7.15%, 6/01/26 ......................................................... 5,000,000 5,546,600
Hollister RDA, Tax Allocation, Community Development Project,
Series 1989, Pre-Refunded, 7.55%, 10/01/13 ....................................................... 2,000,000 2,124,200
Series B, FSA Insured, 6.625%, 10/01/07 .......................................................... 1,905,000 2,103,444
Series B, FSA Insured, 6.75%, 10/01/13 ........................................................... 1,495,000 1,645,651
Huntington Beach COP, Emerald Cove Senior Citizens Housing Project,
Refunding, 7.00%, 9/01/21 ....................................................................... 3,655,000 3,828,613
Huntington Beach Public Financing Authority Revenue,
Huntington Beach Redevelopment Projects,
Refunding, Series 1992, 7.00%, 8/01/24 .......................................................... 2,630,000 2,783,434
Huntington Park Public Financing Authority, Series A,
Lease Revenue, Pre-Refunded, 7.875%, 9/01/19 ..................................................... 4,690,000 4,978,154
Local Agency Revenue, Refunding, MBIA Insured, 6.45%, 9/01/22 .................................... 10,000,000 11,288,300
Huntington Park RDA, Sales and Use Tax Revenue,
Junior Lien, Tax Allocation, Merged Project,
Pre-Refunded, 8.00%, 1/01/22 .................................................................... 11,665,000 12,521,444
Imperial COP, Water System Refining Program, Refunding,
Series A, 5.85%, 10/15/16 ........................................................................ 2,625,000 2,766,934
Series A, 5.875%, 10/15/20 ....................................................................... 4,535,000 4,775,446
Series B, 5.85%, 10/15/16 ........................................................................ 1,820,000 1,918,407
Series B, 5.875%, 10/15/20 ....................................................................... 3,175,000 3,343,339
Imperial Irrigation District, COP, Electric System Project,
Series 1994, 6.00%, 11/01/18 .................................................................... 21,010,000 22,988,092
Indio Public Financing Authority Revenue, Tax Allocation, Refunding, Series 1992,
6.85%, 8/15/01 ................................................................................... 255,000 273,778
6.95%, 8/15/02 ................................................................................... 275,000 295,741
7.10%, 8/15/03 ................................................................................... 300,000 323,427
Indio Public Financing Authority Revenue, Tax Allocation, Refunding, Series 1992, (cont.)
7.30%, 8/15/22 ................................................................................... $ 12,120,000 $ 13,109,598
Industry COP, Refunding, 6.625%, 6/01/06 ......................................................... 11,380,000 13,161,880
Industry Urban Development Agency, Tax Allocation,
Transportation District No. 3 Project, Refunding,
6.90%, 11/01/07 ................................................................................. 5,860,000 6,474,948
Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc.,
Pre-Refunded, 6.75%, 5/01/13 .................................................................... 12,000,000 13,145,520
Inglewood Public Financing Authority Revenue,
La Cinega Redevelopment Project, Series A,
AMBAC Insured, 6.00%, 5/01/16 ................................................................... 7,410,000 7,988,499
Inglewood USD, COP, 7.375%, 10/01/05 ............................................................. 2,990,000 3,139,590
Inland Empire Solid Waste Financing Authority Revenue,
Landfill Improvement Financing Project,
Series B, FSA Insured,
6.25%, 8/01/11 ................................................................................... 5,000,000 5,789,300
6.00%, 8/01/16 ................................................................................... 5,000,000 5,542,650
Intercommunity Hospital Financing Authority, Solano County COP, 7.75%, 11/01/19 .................. 37,245,000 38,039,063
Intermodal Container Transfer Facility, Joint Powers Authority Revenue, Refunding, Series A,
7.65%, 11/01/04 .................................................................................. 9,640,000 9,987,136
7.70%, 11/01/14 .................................................................................. 27,465,000 28,468,846
Inyo County COP, Series 1990, 7.30%, 12/01/10 .................................................... 1,470,000 1,515,041
Irvine USD, Special Tax, CFD No. 86-1, Refunding, AMBAC Insured, 5.80%, 11/01/20 ................. 8,165,000 9,018,569
Irwindale CRDA, Tax Allocation,
Individual Development Project, Pre-Refunded, 6.60%, 8/01/18 ..................................... 1,630,000 1,919,162
Individual Development Project, Pre-Refunded, 6.625%, 8/01/26 .................................... 9,100,000 10,798,151
Senior Lien, Refunding, FSA Insured, 5.75%, 8/01/26 .............................................. 10,220,000 11,191,513
Irwindale Public Finance Authority, Special Tax, CFD No. 1, Pre-Refunded, 8.50%, 11/01/20 ........ 10,000,000 11,216,800
John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 6/01/23 ....................... 1,760,000 1,982,094
Keppel Union School District, Special Tax, CFD No. 1-91, Series A, 7.40%, 9/01/16 ................ 2,000,000 2,217,820
Kern Community College District, COP, Refunding, MBIA Insured, 5.00%, 1/01/25 .................... 17,000,000 17,039,270
Kern County Board of Education, COP, Refunding, Series A, MBIA Insured, 5.20%, 5/01/28 ........... 13,685,000 13,971,017
Kern County Housing Authority,
RRMR, Series A, 9.875%, 9/01/08 .................................................................. 4,330,000 4,362,345
SFMR, Series A, GNMA Secured, 7.45%, 12/01/02 .................................................... 170,000 177,407
SFMR, Series A, GNMA Secured, 7.55%, 12/01/07 .................................................... 370,000 400,692
SFMR, Series A, GNMA Secured, 7.65%, 12/01/12 .................................................... 540,000 584,825
SFMR, Series A, GNMA Secured, 7.70%, 12/01/23 .................................................... 2,460,000 2,674,414
SFMR, Series A, GNMA Secured, 7.50%, 10/01/24 .................................................... 835,000 901,742
Kings River Conservation District, Pine Flat Power Revenue, Refunding, Series D,
6.00%, 1/01/17 ................................................................................... 6,455,000 6,817,965
5.50%, 1/01/20 ................................................................................... 6,450,000 6,577,194
La Habra COP, Park La Habra and Viewpark Projects, FSA Insured,
Pre-Refunded, 6.625%, 11/01/22 .................................................................. 3,000,000 3,389,010
La Mesa Parking Authority Lease Revenue, Municipal Forwards,
Refunding, AMBAC Insured, 6.00%, 10/01/07 ....................................................... 3,520,000 3,925,539
La Mirada RDA,
Special Tax, Civic Theater Project, CFD No. 89-1, Pre-Refunded, 7.90%, 10/01/01 .................. 295,000 325,052
Special Tax, Civic Theater Project, CFD No. 89-1, Pre-Refunded, 8.00%, 10/01/02 .................. 315,000 347,691
Special Tax, Civic Theater Project, CFD No. 89-1, Pre-Refunded, 8.00%, 10/01/03 .................. 340,000 375,285
Special Tax, Civic Theater Project, CFD No. 89-1, Pre-Refunded, 8.25%, 10/01/20 .................. 12,725,000 14,106,172
Tax Allocation, Housing, Refunding, Series A, FSA Insured, 5.875%, 8/15/25 ....................... 7,100,000 7,770,595
La Mirada SFMR, 7.65%, 4/01/24 ................................................................... $ 1,745,000 $ 1,930,232
La Palma Community Development Commission, Tax Allocation,
La Palma Community Development Project No. 1,
7.10%, 6/01/21 ................................................................................... 4,945,000 5,267,414
6.10%, 6/01/22 ................................................................................... 2,355,000 2,463,589
La Quinta RDA, Tax Allocation,
Redevelopment Project Area No. 1, Refunding, AMBAC Insured, 5.20%, 9/01/28 ....................... 8,600,000 8,771,828
Redevelopment Project Area No. 1, Refunding, AMBAC Insured, 5.25%, 9/01/33 ....................... 4,300,000 4,422,120
Redevelopment Project Areas No. 1 & 2, MBIA Insured, 6.00%, 9/01/25 .............................. 7,500,000 8,337,675
Lake Arrowhead Community Services District, COP, Refunding, FGIC Insured, 6.50%, 6/01/15 ......... 10,000,000 10,996,800
Lake Elsinore Public Financing Authority, Tax Allocation Revenue,
Lake Elsinore Redevelopment Projects,
Series A, FSA Insured, 5.80%, 9/01/25 ........................................................... 6,750,000 7,206,705
Lake Elsinore USD,
COP, Refunding, 6.90%, 2/01/20 ................................................................... 5,150,000 5,606,754
Special Tax, CFD No. 8, 7.50%, 9/01/14 ........................................................... 4,825,000 4,871,079
Special Tax, CFD No. 8, 8.25%, 9/01/16 ........................................................... 4,200,000 4,489,926
Lakewood RDA, Tax Allocation, Redevelopment Project No. 1,
Refunding, Series A, FSA Insured, 6.50%, 9/01/17 ................................................ 6,705,000 7,407,282
Lancaster COP, School District Project, Refunding, FSA Insured,
6.95%, 3/01/12 ................................................................................... 2,640,000 3,027,631
7.00%, 3/01/22 ................................................................................... 3,555,000 4,045,306
Lancaster RDA,
RMR, Los Angeles County, Series A, 10.125%, 9/01/16 .............................................. 5,000 5,025
Tax Allocation, Amargosa Redevelopment Project, Refunding,
MBIA Insured, 6.85%, 2/01/19 .................................................................... 6,055,000 6,542,670
Tax Allocation, Combined Redevelopment Project Areas,
Housing Program, MBIA Insured, 5.80%, 8/01/23 ................................................... 9,125,000 9,756,085
Tax Allocation, Combined Redevelopment Project Areas,
Sheriff's Program, MBIA Insured, 5.70%, 8/01/23 ................................................. 13,140,000 13,962,958
Lassen County COP, Public Facility Project,
Series A, 7.50%, 11/01/04 ........................................................................ 1,260,000 1,327,738
Series A, 7.60%, 11/01/09 ........................................................................ 1,840,000 1,930,270
Series B, 7.50%, 11/01/04 ........................................................................ 945,000 995,803
Series B, 7.60%, 11/01/09 ........................................................................ 1,050,000 1,101,513
Lemon Grove CDA, Tax Allocation,
1998 Refunding, 5.75%, 8/01/28 ................................................................... 8,115,000 8,396,022
Lemon Redevelopment Project, Pre-Refunded, 6.90%, 8/01/20 ........................................ 1,000,000 1,131,170
Lemoore Financing Authority Lease Revenue,
Water and Waste Water System Improvement Project,
AMBAC Insured, 6.20%, 12/01/20 .................................................................. 4,400,000 4,912,820
Lemoore RDA, Tax Allocation, Refunding, 6.85%, 8/01/25 ........................................... 6,105,000 6,706,892
Liberty Union High School District, Series A, FSA Insured, 6.20%, 8/01/19 ........................ 2,745,000 3,067,345
Little Lake City School District, COP, Refunding, Series A,
6.15%, 6/01/06 ................................................................................... 280,000 293,115
6.20%, 6/01/07 ................................................................................... 300,000 314,043
6.25%, 6/01/08 ................................................................................... 315,000 329,323
6.25%, 6/01/09 ................................................................................... 335,000 349,412
6.25%, 6/01/10 ................................................................................... 355,000 369,981
Local Medical Facilities Financing Authority, COP, 7.55%, 3/01/20 ................................ 9,355,000 9,972,991
Local Medical Facilities Financing Authority II, COP,
California Health Clinic Project, 7.55%, 11/01/20 ............................................... 4,135,000 4,494,952
Local Medical Facilities Financing Authority III, COP,
Insured Health Clinic Projects, 6.90%, 7/01/22 .................................................. 3,535,000 3,829,996
Loma Linda Hospital Revenue, Refunding, Loma Linda University Medical Center,
Series A, AMBAC Insured, 6.55%, 12/01/18 ......................................................... $ 11,525,000 $ 12,741,003
Series B, MBIA Insured, 5.00%, 12/01/22 .......................................................... 8,000,000 7,988,320
Long Beach Board Finance Authority, Lease Revenue,
Civic Center Project, Refunding, Series A, MBIA Insured, 5.00%, 10/01/27 ........................ 5,000,000 5,016,750
Long Beach COP, Fleet Services Project, Series A, Pre-Refunded, 6.60%, 5/01/14 ................... 7,715,000 8,226,042
Long Beach Harbor Revenue, MBIA Insured, 5.25%, 5/15/25 .......................................... 15,500,000 15,811,085
Long Beach HMR, Series A, 9.60%, 11/01/14 ........................................................ 1,960,000 2,000,886
Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%, 12/01/12 ....................... 3,735,000 3,996,077
Temple & Willow Facility, Refunding, Series B, MBIA Insurance, 5.00%, 10/01/27.................... 14,935,000 14,988,467
Los Angeles California Wastewater Systems Revenue, Series A, FGIC Insured, 5.00%, 6/01/28 ........ 49,560,000 49,730,486
Los Angeles Community College District, COP, Series A,
Capital Improvement Project, Pre-Refunded, 7.50%, 8/15/09 ........................................ 7,175,000 7,581,823
Refunding, FSA Insured, 6.00%, 8/15/20 ........................................................... 4,330,000 4,677,006
Los Angeles CRDA, Tax Allocation, ETM, Series G, 6.75%, 7/01/10 .................................. 8,060,000 8,199,035
Los Angeles County Capital Asset Leasing Corp.,
Leasehold Revenue, Refunding, AMBAC Insured,
6.00%, 12/01/16.................................................................................. 6,000,000 6,508,500
Los Angeles COP,
Ararat Mission Hills Project, Series A, Pre-Refunded 7.25%, 6/01/21 .............................. 3,245,000 3,562,848
Bay Harbor Hospital, Inc., 7.30%, 4/01/20 ........................................................ 5,335,000 5,682,789
Los Angeles County COP,
CHFCLP Insured Health Clinic Program, Behavioral Health Service,
Refunding, Series F, 5.875%, 1/01/21 ............................................................ 7,520,000 8,160,554
CHFCLP Insured Health Clinic Program, Series A, 7.30%, 1/01/21 ................................... 15,545,000 16,835,857
CHFCLP Insured Health Clinic Program, Series B, 7.05%, 8/01/21 ................................... 7,175,000 7,697,555
CHFCLP Insured Health Clinic Program, Series C, 6.90%, 1/01/22 ................................... 1,240,000 1,328,896
Disney Parking Project, 5.50%, 9/01/21 ........................................................... 11,560,000 11,649,128
Disney Parking Project, 6.50%, 3/01/23 ........................................................... 13,060,000 14,116,293
Marina del Rey, Series A, 6.50%, 7/01/08 ......................................................... 21,615,000 23,750,778
Retirement Housing Foundation, Refunding, 6.625%, 4/15/12 ........................................ 3,400,000 3,731,126
Retirement Housing Foundation,Refunding, 6.75%, 4/15/22 .......................................... 7,665,000 8,363,205
Series 1992, 6.625%, 7/01/22 ..................................................................... 1,000,000 1,090,670
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Proposition A, First Tier, Refunding, Senior Series A, MBIA Insured, 5.25%, 7/01/27 .............. 32,395,000 33,363,611
Proposition A, Refunding, Series A, FGIC Insured, 5.00%, 7/01/21 ................................. 118,800,000 118,890,288
Proposition A, Refunding, Series A, MBIA Insured, 5.625%, 7/01/18 ................................ 10,060,000 10,621,046
Proposition A, Second Tier, Refunding, MBIA Insured, 6.00%, 7/01/26 .............................. 12,200,000 13,546,270
Proposition C, Refunding, Second Series A, AMBAC Insured, 5.00%, 7/01/23 ......................... 66,060,000 66,272,713
Proposition C, Second Senior Series A, AMBAC Insured, 5.00%, 7/01/25 ............................. 62,985,000 63,122,937
Los Angeles County Public Works, Financing Authority Revenue,
Master Project, Refunding, Series A, FSA Insured, 5.25%, 3/01/15 ................................. 5,000,000 5,240,500
Multiple Capital Facilities Project, Series B, AMBAC Insured, 5.125%, 12/01/29 ................... 10,000,000 10,139,400
Regional Park and Open Space District, Series A, 5.00%, 10/01/19 ................................. 11,300,000 11,385,541
Regional Park and Open Space District, Series A, Pre-Refunded, 6.00%, 10/01/15 ................... 35,355,000 40,091,156
Los Angeles County Sanitation Districts Financing Authority Revenue, Capital Projects, Series A,
5.00%, 10/01/23 .................................................................................. 14,300,000 14,324,882
MBIA Insured, 5.25%, 10/01/19 .................................................................... 30,000,000 30,775,500
MBIA Insured, 5.00%, 10/01/23 .................................................................... 25,750,000 25,713,435
Los Angeles County SFMR, Issue A, GNMA Secured,
7.875%, 8/01/16 .................................................................................. $ 2,090,000 $ 2,290,055
8.00%, 3/01/17 ................................................................................... 2,785,000 3,067,371
Los Angeles County Special Tax,
CFD No. 1, Palmdale/Lancaster Waterworks, Series A, 8.00%, 9/01/06 ............................... 230,000 236,261
CFD No. 1, Palmdale/Lancaster Waterworks, Series A, 8.125%, 9/01/18 .............................. 4,350,000 4,470,060
CFD No. 3, Series A, Pre-Refunded, 7.60%, 9/01/14 ................................................ 5,785,000 6,126,373
Los Angeles County Transportation Commission,
Lease Revenue, FSA Insured, 7.375%, 12/15/06 ..................................................... 13,819,000 15,208,224
Sales Tax Revenue, Proposition C, Second Senior, Series A,
MBIA Insured, Pre-Refunded, 6.625%, 7/01/09 ..................................................... 29,590,000 33,177,492
Sales Tax Revenue, Proposition C, Second Senior, Series A,
MBIA Insured, Pre-Refunded, 6.25%, 7/01/13 ...................................................... 15,000,000 16,623,750
Sales Tax Revenue, Proposition C, Second Senior, Series A,
MBIA Insured, Pre-Refunded, 6.00%, 7/01/23 ...................................................... 35,780,000 39,342,972
Sales Tax Revenue, Refunding, Series A, 7.40%, 7/01/09 ........................................... 26,410,000 27,741,592
Sales Tax Revenue, Refunding, Series A, 7.40%, 7/01/15 ........................................... 1,830,000 1,922,269
Sales Tax Revenue, Refunding, Series B, 6.50%, 7/01/13 ........................................... 4,300,000 4,671,864
Sales Tax Revenue, Refunding, Series B, FGIC Insured, 6.50%, 7/01/13 ............................. 5,000,000 5,446,050
Sales Tax Revenue, Refunding, Series B, FGIC Insured, 5.75%, 7/01/18 ............................. 28,095,000 29,061,468
Sales Tax Revenue, Refunding, Series B, MBIA Insured, 5.75%, 7/01/18 ............................. 13,480,000 13,943,712
Los Angeles CRDA,
Financing Authority Revenue, Pooled Financing, Beacon Normandie, Series B, Pre-Refunded,
6.625%, 9/01/14 ................................................................................. 7,500,000 8,117,550
Financing Authority Revenue, Pooled Financing, Bunker Harbor, Series A, Pre-Refunded,
6.375%, 9/01/14 ................................................................................. 5,000,000 5,572,550
MFHR, Angelus Plaza Project, Refunding, Series A, 6.40%, 7/01/23 ................................. 6,415,000 6,827,164
Tax Allocation, Bunker Hill, Refunding, Series H, FSA Insured, 5.625%, 12/01/18 .................. 20,000,000 21,111,800
Tax Allocation, Bunker Hill, Refunding, Series H, FSA Insured, 5.625%, 12/01/23 .................. 50,090,000 52,688,168
Tax Allocation, Bunker Hill, Refunding, Series H, FSA Insured, 5.60%, 12/01/28 ................... 36,900,000 38,758,653
Los Angeles Department of Airports Revenue, Ontario International Airport, Series A, FGIC Insured,
6.00%, 5/15/26 .................................................................................. 10,000,000 11,055,600
Los Angeles Department of Water and Power Electric Plant Revenue,
Crossover Refunding, 5.875%, 9/01/30 ............................................................. 33,125,000 35,625,606
Crossover Refunding, FGIC Insured, 5.875%, 9/01/30 ............................................... 19,400,000 20,864,506
Crossover Refunding, MBIA Insured, 5.875%, 9/01/30 ............................................... 15,000,000 16,132,350
Crossover Refunding, Second Issue, 5.40%, 11/15/31 ............................................... 14,500,000 14,965,305
Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 9/01/20 ................................... 25,380,000 26,832,497
Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 9/01/23 .................................. 62,955,000 64,834,836
Refunding, MBIA Insured, 6.00%, 2/01/28 .......................................................... 11,060,000 11,824,025
Refunding, Series 1992, 6.375%, 2/01/20 .......................................................... 8,245,000 8,922,657
Refunding, Series 1992, 6.00%, 2/01/28 ........................................................... 8,290,000 8,862,673
Second Issue, 6.00%, 8/15/32 ..................................................................... 37,600,000 40,473,392
Series 1993, 6.125%, 1/15/33 ..................................................................... 101,095,000 109,662,801
Series 1993, FGIC Insured, 6.125%, 1/15/33 ....................................................... 5,000,000 5,413,550
Los Angeles Department of Water and Power Waterworks Revenue,
Crossover Refunding, Series 1993, 5.80%, 4/15/24 ................................................. 10,520,000 11,241,988
FGIC Insured, 6.125%, 5/15/25 .................................................................... 11,100,000 12,381,051
Refunding, Series 1992, 6.40%, 5/15/28 ........................................................... 21,590,000 23,189,387
Second Issue, 6.50%, 11/01/14 .................................................................... 1,000,000 1,090,490
Los Angeles Department of Water and Power Waterworks Revenue, (cont.)
Second Issue, 6.40%, 11/01/31 .................................................................... $ 14,815,000$ 16,045,682
Second Issue, 6.00%, 7/15/32 ..................................................................... 15,590,000 16,678,962
Second Issue, FGIC Insured, 6.40%, 11/01/31 ...................................................... 5,500,000 5,965,245
Second Issue, FGIC Insured, 6.00%, 7/15/32 ....................................................... 4,330,000 4,656,006
Second Issue, MBIA Insured, 6.00%, 7/15/32 ....................................................... 3,200,000 3,440,928
Series 1989, 7.20%, 2/15/19 ...................................................................... 3,850,000 3,981,670
Series 1992, 6.50%, 4/15/32 ...................................................................... 3,500,000 3,802,540
Series 1994, MBIA Insured, 6.375%, 7/01/34 ....................................................... 3,000,000 3,350,610
Los Angeles GO, Series A,
FGIC Insured, Pre-Refunded, 6.10%, 9/01/12 ....................................................... 6,465,000 7,215,134
FGIC Insured, Pre-Refunded, 6.125%, 9/01/13 ...................................................... 8,130,000 9,082,430
FGIC Insured, Pre-Refunded, 6.30%, 9/01/15 ....................................................... 11,470,000 12,902,947
MBIA Insured, 6.00%, 9/01/12 ..................................................................... 5,000,000 5,583,450
Los Angeles Harbor Department Revenue,
Refunding, Series C, MBIA Insured, 5.375%, 11/01/25 .............................................. 9,000,000 9,365,400
Series B, 6.125%, 8/01/18 ........................................................................ 24,810,000 27,357,987
Series B, 6.20%, 8/01/22 ......................................................................... 59,835,000 66,023,136
Series B, 5.375%, 11/01/23 ....................................................................... 7,460,000 7,702,823
Series B, 6.20%, 8/01/25 ......................................................................... 35,690,000 39,877,865
Los Angeles HMR, Series 1985, 9.00%, 6/15/18 ..................................................... 325,000 325,263
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 6,682,980
Los Angeles MFHR, Refunding, Senior Series G, FSA Insured, 5.75%, 1/01/24 ........................ 7,415,000 7,753,272
Los Angeles Municipal Improvement Corp., Lease Revenue, Central Library Project, Refunding,
Series A, 6.30%, 6/01/18 ........................................................................... 3,000,000 3,252,120
Los Angeles USD,
COP, Dr. Francisco Bravo Medical Facility, Refunding, 6.50%, 6/01/04 ............................. 3,040,000 3,385,952
COP, Dr. Francisco Bravo Medical Facility, Refunding, 6.60%, 6/01/05 ............................. 1,145,000 1,275,015
COP, Dr. Francisco Bravo Medical Facility, Refunding, 6.60%, 6/01/06 ............................. 3,610,000 4,019,916
COP, Dr. Francisco Bravo Medical Facility, Refunding, 6.625%, 6/01/08 ............................ 8,505,000 9,437,743
Series A, FGIC Insured, 5.375%, 7/01/16 .......................................................... 5,000,000 5,301,450
Series A, FGIC Insured, 5.00%, 7/01/21 ........................................................... 50,750,000 51,149,910
Series A, FGIC Insured, 5.40%, 7/01/22 ........................................................... 23,525,000 24,757,004
Los Angeles Waste Water System Revenue,
Refunding, Series A, FGIC Insured, 6.00%, 12/01/12 ............................................... 15,000,000 16,233,450
Refunding, Series A, MBIA Insured, 5.70%, 6/01/20 ................................................ 65,445,000 69,599,449
Refunding, Series A, MBIA Insured, 5.80%, 6/01/21 ................................................ 35,505,000 38,061,005
Refunding, Series C, 7.10%, 6/01/18 .............................................................. 15,495,000 16,150,129
Refunding, Series C, MBIA Insured, 5.60%, 6/01/20 ................................................ 31,540,000 33,402,752
Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 ............................................... 8,000,000 8,804,160
Series A, FGIC Insured, 6.00%, 12/01/18 .......................................................... 25,665,000 27,504,924
Series A, MBIA Insured, 5.875%, 6/01/24 .......................................................... 45,400,000 49,165,476
Series B, AMBAC Insured, 6.00%, 6/01/22 .......................................................... 10,650,000 11,471,861
Series B, MBIA Insured, 5.70%, 6/01/23 ........................................................... 75,720,000 80,526,706
Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 7/01/13 .............................. 6,705,000 7,197,818
Madera County COP, Valley Children's Hospital, MBIA Insured,
5.00%, 3/15/23 ................................................................................... $ 14,500,000 $ 14,479,265
5.75%, 3/15/28 ................................................................................... 27,500,000 29,640,050
Pre-Refunded, 6.125%, 3/15/23 .................................................................... 18,000,000 20,676,600
Madera USD, COP, 6.50%, 12/01/07 ................................................................. 1,250,000 1,355,050
Madera-Chowchilla Power Authority, Hydroelectric Revenue, Refunding, 8.00%, 1/01/14 .............. 2,290,000 2,591,364
Marin County COP, Capital Improvement Project, Pre-Refunded 6.625%, 8/01/06 ...................... 2,330,000 2,557,548
Martinez USD, Refunding, Series 1992, 6.00%,
8/01/06 .......................................................................................... 1,260,000 1,330,434
8/01/10 .......................................................................................... 1,265,000 1,333,867
Marysville COP, Capital Improvement Financing Project, 7.125%, 2/01/13 ........................... 1,110,000 1,201,531
Marysville Hospital Revenue, Refunding, Fremont Rideout Health,
Series A, AMBAC Insured, 5.00%, 1/01/22 ......................................................... 5,000,000 4,979,200
Mayer's Memorial Hospital District, Health Facility Revenue,
Fall River Mills, IDBI Insured, Pre-Refunded,
7.70%, 2/01/19 ..................................................................................... 6,915,000 7,132,892
Menlo Park CDA, MFHR, Gateway Project, Series A, FHA Insured, 8.25%, 12/01/28 .................... 3,470,000 3,563,517
Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 ....................... 3,580,000 3,996,032
Metropolitan Water District Revenue, Southern California Waterworks,
5.50%, 7/01/19 ................................................................................... 81,315,000 85,130,300
5.00%, 7/01/20 ................................................................................... 7,765,000 7,787,984
5.00%, 7/01/30 ................................................................................... 27,430,000 27,498,026
Series A, 5.00%, 7/01/26 ......................................................................... 28,645,000 28,740,674
Series A, 5.00%, 7/01/37 ......................................................................... 11,425,000 11,453,334
Series C, 5.00%, 7/01/27 ......................................................................... 95,705,000 95,953,833
Series C, 5.00%, 7/01/37 ......................................................................... 24,390,000 24,437,073
Mid-Peninsula Regional Open Space District,
COP, Series 1990, Pre-Refunded, 7.60%, 9/01/20 ................................................... 5,000,000 5,295,050
COP, Special Districts Association Finance Corp., 5.75%, 9/01/20 ................................. 5,200,000 5,425,108
Series 1990, 7.50%, 9/01/07 ...................................................................... 1,215,000 1,281,327
Series 1990, 7.50%, 9/01/08 ...................................................................... 1,305,000 1,375,274
Series 1990, 7.50%, 9/01/09 ...................................................................... 1,400,000 1,474,746
Series 1990, 7.50%, 9/01/10 ...................................................................... 1,500,000 1,579,380
Mill Valley Revenue, COP, Pre-Refunded, 7.10%, 12/01/20 .......................................... 2,750,000 3,002,890
Milpitas RDA, Tax Allocation, Redevelopment Project Area No. 1, MBIA Insured,
5.40%, 1/15/17 ................................................................................... 12,155,000 12,841,393
5.50%, 1/15/24 ................................................................................... 15,790,000 16,729,821
Modesto Health Facility Revenue, Memorial Hospital Association
Refunding, Series B, MBIA Insured, 5.25%, 6/01/21 ................................................ 2,360,000 2,435,685
Series B, MBIA Insured, 5.125%, 6/01/17 .......................................................... 1,000,000 1,022,610
Modesto Irrigation District, COP, Refunding and Capital Improvement Project, Series A, MBIA Insured,
6.00%, 10/01/21 ................................................................................. 10,000,000 10,497,800
Modesto Public Financing Authority Lease Revenue,
Capital Improvements and Refinancing Project, AMBAC Insured, 5.00%, 9/01/29 ...................... 12,995,000 13,037,754
Capital Improvements and Refinancing Projects, AMBAC Insured, 5.125%, 9/01/33 .................... 9,605,000 9,736,781
Mojave Water Agency COP, Supplemental Water Entitlement, MBIA Insured,
5.45%, 9/01/15 ................................................................................... 6,150,000 6,566,847
5.55%, 9/01/22 ................................................................................... 10,005,000 10,670,933
Montclair RDA, Tax Allocation,
Redevelopment Project No. IV, 6.90%, 10/01/22 .................................................... $ 1,645,000 $ 1,790,007
Redevelopment Project No. V, 6.90%, 10/01/22 ..................................................... 4,245,000 4,619,197
Monterey County COP, Natividad Medical Center Improvement Project,
Series C, MBIA Insured, Pre-Refunded,
6.50%, 8/01/15 ................................................................................... 3,500,000 4,121,775
6.60%, 8/01/23 ................................................................................... 13,250,000 15,682,833
6.25%, 8/01/28 ................................................................................... 13,385,000 15,563,275
Monterey Hospital Revenue, Monterey Peninsula Hospital,
Refunding, Series B, 7.375%, 7/01/14 ............................................................. 1,075,000 1,089,255
Series A, 7.375%, 7/01/14 ........................................................................ 1,605,000 1,626,282
Monterey Park RDA, Tax Allocation, Atlantic-Garvey
Redevelopment Project No. 1, Refunding, 6.85%, 9/01/14 .......................................... 13,680,000 14,787,533
Moreno Valley Special Tax, Towngate Community Facilities 8,
Refunding, Series A, FSA Insured,
5.875%, 12/01/15 ................................................................................ 5,830,000 6,277,861
Moreno Valley USD, COP,
Land Acquisition, Series E, FSA Insured, Pre-Refunded, 6.70%, 9/01/11 ............................ 225,000 253,843
Land Acquisition, Series E, FSA Insured, Pre-Refunded, 6.75%, 9/01/27 ............................ 2,895,000 3,271,321
Land Acquisition, Series F, FSA Insured, Pre-Refunded, 6.75%, 9/01/27 ............................ 7,680,00 8,485,939
Palm Middle School, ETM, 7.00%, 9/01/01 .......................................................... 10,000 10,921
Palm Middle School, Pre-Refunded, 7.10%, 9/01/02 ................................................. 10,000 11,128
Palm Middle School, Pre-Refunded, 7.20%, 9/01/03 ................................................. 10,000 11,156
Palm Middle School, Pre-Refunded, 7.30%, 9/01/05 ................................................. 5,000 5,592
Refunding, 5.60%, 3/01/17 ........................................................................ 5,000,000 5,327,150
Refunding, FSA Insured, 5.70%, 3/01/27 ........................................................... 15,000,000 16,020,300
Mount Diablo USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 8/01/22 .......................... 5,000,000 5,450,300
Mount Shasta Hospital Revenue, COP, Mercy Medical Center,
Series A, Pre-Refunded, 7.25%, 7/01/19 .......................................................... 4,060,000 4,220,532
Mountain View Capital Improvements, Financing Authority Revenue, City Hall, MBIA Insured,
6.25%, 8/01/12 ................................................................................... 3,110,000 3,366,948
6.50%, 8/01/16 ................................................................................... 2,000,000 2,167,820
Mountain View School District, COP, Santa Clara County Financing Project,
6.75%, 4/01/07 ................................................................................... 1,010,000 1,095,739
6.90%, 4/01/12 ................................................................................... 1,430,000 1,552,151
Mountain View Shoreline Regional Park, Community Tax Allocation,
Series A, MBIA Insured, 5.75%, 8/01/18 .......................................................... 9,605,000 10,201,086
Mountain View-Los Altos UHSD,
COP, Financing Project, Pre-Refunded, 7.40%, 8/01/16 ............................................. 2,175,000 2,432,216
Series B, 5.70%, 5/01/22 ......................................................................... 6,500,000 7,108,985
M-S-R Public Power Agency, San Juan Project Revenue,
Refunding, Series F, AMBAC Insured, 6.00%, 7/01/20 ............................................... 10,750,000 11,720,295
Series C, AMBAC Insured, 5.50%, 7/01/21 .......................................................... 8,630,000 8,644,757
Series E, MBIA Insured, 6.00%, 7/01/22 ........................................................... 8,490,000 8,889,794
Murrieta COP, Road Improvement Project, 6.00%, 4/01/27 ........................................... 8,600,000 9,250,504
Napa Housing Facility Revenue, Napa Park Apartments, Series A, 6.35%, 6/20/35 .................... 6,125,000 6,591,358
Napa Mortgage Revenue, Refunding, Creekside II Apartments Project,
Series A, MBIA Insured, 6.625%, 7/01/25 ......................................................... 2,000,000 2,153,520
National City Community Development Commission, MFHR,
Park Villas Apartments, Series A, 5.95%, 1/20/40 ................................................ 10,455,000 11,077,700
Needles Public Financing Authority Revenue, Tax Allocation,
Redevelopment Project, Series A, 7.50%, 8/15/22 ................................................. 1,580,000 1,665,020
Nevada County COP, Jail and Government Center Project,
Refunding, FSA Insured, 5.875%, 10/01/19 ........................................................ 6,275,000 6,593,833
Nevada Power Authority Revenue, Bowman Hydroelectric Project,
Refunding, 7.50%, 5/01/13 ....................................................................... 7,305,000 8,017,968
North City West School Facilities Financing Authority,
Special Tax. CFD No. 1, Series C, AMBAC Insured, 5.30%,
9/01/22 .......................................................................................... $ 10,000,000 $ 10,368,600
9/01/27 .......................................................................................... 9,900,000 10,264,914
Northern California Public Power Agency Revenue,
Hydroelectric Project No. 1, Refunding, Series A, MBIA Insured,
5.125%, 7/01/23 .................................................................................. 59,805,000 60,670,378
5.50%, 7/01/24 ................................................................................... 10,000,000 10,450,900
5.00%, 7/01/28 ................................................................................... 63,030,000 63,247,454
5.20%, 7/01/32 ................................................................................... 43,675,000 44,791,333
Northern California Transmission Revenue, Oregon Transmission Project, Series A, MBIA Insured,
5.75%, 8/01/21 ................................................................................... 12,500,000 13,687,625
6.00%, 5/01/24 ................................................................................... 7,625,000 8,073,045
5.75%, 8/01/26 ................................................................................... 19,500,000 21,285,030
Norwalk Community Facilities Financing Authority Revenue,
Tax Allocation, Projects No. 1 & 2, Pre-Refunded,
8.00%, 12/01/19 ................................................................................. 14,720,000 15,801,626
Oakland COP, Oakland Museum, Refunding, Series A, AMBAC Insured, 6.00%, 4/01/12 .................. 8,000,000 8,623,840
Oakland GO, Measure I, FGIC Insured, 5.85%, 12/15/22 ............................................. 12,085,000 13,439,124
Oakland HFR,
Issue D-1, 6.80%, 1/01/99 ........................................................................ 205,000 206,175
Issue D-1, 6.80%, 7/01/99 ........................................................................ 225,000 227,831
Issue D-1, 6.875%, 1/01/00 ....................................................................... 240,000 244,870
Issue D-1, 6.875%, 7/01/00 ....................................................................... 240,000 244,219
Issue D-1, 6.95%, 1/01/01 ........................................................................ 245,000 250,086
Issue D-1, 6.95%, 7/01/01 ........................................................................ 190,000 194,761
Issue D-1, 7.10%, 1/01/10 ........................................................................ 3,210,000 3,394,318
Issue D-2, 6.95%, 7/01/01 ........................................................................ 255,000 261,390
Issue D-2, 7.10%, 1/01/10 ........................................................................ 1,140,000 1,204,421
Issue D-2, 7.15%, 1/01/24 ........................................................................ 5,800,000 6,111,518
Oakland Revenue, YMCA Project, Refunding, Series 1990, Pre-Refunded, 7.40%, 6/01/10 .............. 5,405,000 5,840,157
Oakland State Building Authority Lease Revenue, Elihu M. Harris, Series A,
AMBAC Insured, 5.00%, 4/01/23 ................................................................... 19,160,000 19,226,294
Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 ................................. 4,695,000 5,494,934
Oceanside COP,
Oceanside Civic Center Project, Refunding, MBIA Insured, 5.75%, 8/01/15 .......................... 5,000,000 5,483,600
Refunding, Series A, 6.375%, 4/01/12 ............................................................. 4,435,000 4,887,991
Refunding, Series A, 6.625%, 4/01/23 ............................................................. 9,000,000 9,121,950
Wastewater Systems Plan, Refunding, AMBAC Insured, 5.80%, 5/01/21 ................................ 4,500,000 4,801,005
Water System Project, Refunding, AMBAC Insured, 5.80%, 8/01/21 ................................... 4,750,000 5,078,510
Olivenhain Municipal Water District, 1915 Act, AD No. 96-1, MBIA Insured,
5.375%, 9/02/17 .................................................................................. 2,845,000 2,935,585
5.45%, 9/02/27 ................................................................................... 11,120,000 11,474,617
Ontario Montclair School District, COP,
Capital Projects, FSA Insured, 5.625%, 9/01/17 ................................................... 7,500,000 8,153,100
Series A, Pre-Refunded, 7.50%, 10/01/12 .......................................................... 1,735,000 1,899,339
Orange County Airport Revenue, GO, Refunding, MBIA Insured, 5.625%, 7/01/12 ...................... 5,000,000 5,523,800
Orange County COP,
Civic Center Expansion Project, AMBAC Insured, Pre-Refunded, 6.00%, 8/01/21 ...................... 4,500,000 4,830,705
Juvenile Justice Center Facilities, Refunding, AMBAC Insured, 6.375%, 6/01/11 .................... 5,000,000 5,515,150
Juvenile Justice Center Project, Pre-Refunded, 7.50%, 6/01/09 .................................... 5,000,000 5,238,350
Orange County COP, (cont.)
Juvenile Justice Center Project, Pre-Refunded, 7.625%, 6/01/19 ................................... $ 16,500,000 $ 17,299,920
Public Facilities Corp., Pre-Refunded, 7.875%, 12/01/13 .......................................... 3,250,000 3,338,400
Orange County Development Agency, Tax Allocation, Santa Ana Heights Area Project, Refunding,
6.125%, 9/01/23 ................................................................................. 6,500,000 6,901,700
Orange County Financing Authority Revenue, Tax Allocation,
Refunding, Series A, MBIA Insured, 6.50%,
9/01/21 .......................................................................................... 5,330,000 5,793,017
9/01/22 .......................................................................................... 8,000,000 8,694,960
Orange County Purchaser Certificates, Master Lease, Series 1990, 7.00%,
9/01/99 .......................................................................................... 1,000,000 1,016,630
9/01/00 .......................................................................................... 1,975,000 2,026,311
Orange County Recovery, Refunding, Series A, MBIA Insured,
5.75%, 6/01/15 ................................................................................... 79,010,000 86,044,260
COP, 5.80%, 7/01/16 .............................................................................. 10,380,000 11,471,872
COP, 5.875%, 7/01/19 ............................................................................. 17,100,000 18,910,719
Orange County Special Tax, CFD No. 87-4, Foothill Ranch, Pre-Refunded, 8.00%, 8/15/10 ............ 5,000,000 5,492,550
Orange County Transportation District COP, Business Acquisition Project, 6.75%, 12/01/05 ......... 2,865,000 3,070,105
Orange County Water District, COP, Refunding, Series A,
5.50%, 8/15/14 ................................................................................... 9,430,000 10,035,878
5.00%, 8/15/18 ................................................................................... 5,000,000 4,999,700
Orange RDA Revenue, Tax Allocation, Northwest Redevelopment Project,
Refunding, Series B, 5.70%, 10/01/23 ............................................................ 8,530,000 8,827,697
Oroville Public Financing Authority Revenue, Series A, AMBAC Insured, 6.30%, 9/15/20 ............. 12,150,000 13,372,898
Oroville Wyandotte Irrigation District Revenue, Hydroelectric, Refunding, 6.20%, 1/01/09 ......... 9,510,000 10,280,500
Oxnard Public Facilities Corp., COP, AMBAC Insured, Pre-Refunded, 7.50%, 9/01/06 ................. 15,995,000 16,620,884
Palm Desert Financing Authority Lease Revenue,
Blythe County Administrative Project, 6.625%, 8/01/26 ........................................... 5,020,000 5,507,643
Palm Desert Financing Authority Revenue, Tax Allocation, Project Area No.1,
Refunding, MBIA Insured, 5.625%, 4/01/23 ......................................................... 13,000,000 13,920,010
Series A, MBIA Insured, 6.625%, 4/01/23 .......................................................... 5,430,000 5,963,878
Series A, MBIA Insured, 5.95%, 4/01/24 ........................................................... 15,075,000 16,510,140
Palm Desert Improvement Board Act 1915, Limited Obligation Assessment,
District No. 92-1, 7.60%, 9/02/12 ............................................................... 1,290,000 1,349,482
Palm Springs COP, Multiple Capital Facilities Project, Refunding,
AMBAC Insured, 5.75%, 4/01/27 ................................................................... 11,570,000 12,687,893
Palm Springs Financing Authority, Tax Allocation, Series B, 6.875%, 8/01/21 ...................... 2,230,000 2,392,656
Palmdale Civic Authority Revenue, Merged Redevelopment
Project Areas, Series A, MBIA Insured,
6.15%, 9/01/24 .................................................................................. 11,580,000 12,860,053
Palmdale CRDA,
Tax Allocation Merged Redevelopment Project, Refunding, MBIA Insured, 5.00%, 9/01/28 ............. 17,500,000 17,561,600
Tax Allocation Merged Redevelopment Project, Refunding, MBIA Insured, 5.00%, 9/01/34 ............. 6,480,000 6,468,919
Tax Allocation, Series A, MBIA Insured, 5.75%, 9/01/27 ........................................... 10,435,000 11,474,743
Palmdale School District, COP, 7.40%, 8/01/20 .................................................... 495,000 501,148
Palomar Community College District, COP, Building Acquisition Project,
Connie Lee Insured, 6.75%, 10/01/19 ............................................................. 4,210,000 4,824,407
Panoche Water District, COP, Pre-Refunded, 7.50%, 12/01/08 ....................................... 2,840,000 3,060,100
Paramount RDA, Tax Allocation, Custodial Receipts, MBIA Insured, 6.25%, 8/01/23 .................. 22,070,000 24,324,892
Pasadena COP, Art Center, College of Design, Connie Lee Insured, 6.50%, 12/01/19 ................. 8,250,000 9,344,033
Pasadena Water Revenue, 6.00%, 7/01/13 ........................................................... 4,000,000 4,400,960
Perris Public Financing Authority Revenue,
Special Tax, Series A, 7.45%, 9/01/01 ............................................................ 205,000 207,878
Special Tax, Series A, 7.50%, 9/01/02 ............................................................ 235,000 238,252
Perris Public Financing Authority Revenue, (cont.)
Special Tax, Series A, 7.55%, 9/01/03 ............................................................ $ 270,000 $ 273,680
Special Tax, Series A, 7.60%, 9/01/04 ............................................................ 305,000 309,090
Special Tax, Series A, 7.60%, 9/01/05 ............................................................ 325,000 329,222
Special Tax, Series A, 7.80%, 9/01/19 ............................................................ 3,555,000 3,598,513
Tax Allocation, Refunding, Series B, MBIA Insured, 6.35%, 8/15/17 ................................ 5,280,000 5,790,206
Tax Allocation, Refunding, Series C, 7.10%, 11/15/17 ............................................. 3,330,000 3,654,142
Perris RDA, Tax Allocation,
Central and North Perris Redevelopment Project, Series B, Pre-Refunded, 7.875%, 10/01/14 ......... 4,535,000 5,192,484
Refunding, Central and North Perris Redevelopment Project,
Series A, Pre-Refunded, 7.875%, 10/01/10 ........................................................ 2,935,000 3,400,579
Series 1991, 7.15%, 8/01/11 ...................................................................... 865,000 937,894
Series 1991, 7.20%, 8/01/21 ...................................................................... 2,040,000 2,200,466
Perris Special Tax,
CFD No. 8, ETM, Series A, 8.00%, 9/01/99 ......................................................... 50,000 52,155
CFD No. 8, ETM, Series A, 8.05%, 9/01/00 ......................................................... 65,000 70,365
CFD No. 8, ETM, Series A, 8.10%, 9/01/01 ......................................................... 85,000 95,384
CFD No. 8, ETM, Series A, 8.15%, 9/01/02 ......................................................... 100,000 116,118
CFD No. 8, Series A, Pre-Refunded, 8.30%, 9/01/18 ................................................ 6,040,000 7,472,567
CFD No. 91-1, 8.75%, 9/01/21 ..................................................................... 5,395,000 5,742,222
Petaluma Community Development Commission, MFR,
Park Lane Apartments, Series A, 6.875%, 11/20/34 ................................................ 4,800,000 5,234,736
Pioneers Memorial Healthcare District, Refunding, AMBAC Insured, 5.125%, 10/01/24 ................ 7,500,000 7,603,800
Pismo Beach Public Financing Authority Revenue, 6.90%, 9/15/22 ................................... 1,200,000 1,209,816
Pittsburg Public Financing Authority, Water Revenue, MBIA Insured, 5.50%, 6/01/27 ................ 2,980,000 3,162,436
Placentia COP, RDA, Refunding, Series A, 6.90%, 1/01/14 .......................................... 1,770,000 1,953,921
Pleasanton COP,
Capital Improvements, 6.70%, 10/01/11 ............................................................ 2,180,000 2,370,728
Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 9/01/14 ................................ 4,585,000 4,866,702
Pomona Public Financing Authority Revenue,
Refunding, Series P, 5.75%, 10/01/15 ............................................................. 6,490,000 6,945,598
S W Pomona Redevelopment Project, Refunding, Series W, MBIA Insured, 5.00%, 2/01/24 .............. 5,350,000 5,367,976
S W Pomona Redevelopment Project, Refunding, Series W, MBIA Insured, 5.00%, 2/01/30 .............. 5,300,000 5,291,308
Series H, AMBAC Insured, 7.40%, 5/01/18 .......................................................... 10,205,000 10,622,282
Pomona RDA, Tax Allocation,
Southwest Pomona Redevelopment Project, 11.45%, 1/01/07 .......................................... 13,435,000 17,556,455
West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 2/01/15 .............................. 4,675,000 4,837,690
Port Hueneme RDA, Tax Allocation, R-76 Project, Refunding, 6.50%, 5/01/23 ........................ 3,100,000 3,330,702
Port of Oakland Revenue, Series E, MBIA Insured,
6.25%, 11/01/05 .................................................................................. 1,525,000 1,699,430
6.30%, 11/01/06 .................................................................................. 1,050,000 1,172,073
6.40%, 11/01/07 .................................................................................. 500,000 558,995
6.40%, 11/01/22 .................................................................................. 11,495,000 12,644,385
Port of Oakland Special Facilities Revenue, Mitsui O.S.K. Lines Ltd., Series A,
6.70%, 1/01/07 ................................................................................... 6,100,000 6,633,384
6.75%, 1/01/12 ................................................................................... 4,890,000 5,264,574
6.80%, 1/01/19 ................................................................................... 8,075,000 8,664,152
Porterville COP,
Infrastructure Financing Project, AMBAC Insured, 5.00%, 7/01/28 .................................. $ 10,430,000 $ 10,465,984
Public Building Project, Refunding, AMBAC Insured, 6.30%, 10/01/18 ............................... 1,950,000 2,135,757
Poway COP, Royal Mobile Home Park Project,
Capital Improvement, FSA Insured, Pre-Refunded, 7.00%, 7/01/20 ................................... 5,500,000 6,008,695
Refunding, FSA Insured, 5.875%, 8/01/15 .......................................................... 6,250,000 6,880,688
Refunding, FSA Insured, 6.00%, 8/01/20 ........................................................... 5,400,000 5,980,932
Refunding, FSA Insured, 6.00%, 8/01/28 ........................................................... 15,000,000 16,613,700
Poway RDA, Tax Allocation, Sub-Parguay Redevelopment Project, Refunding, FGIC Insured,
5.50%, 12/15/23 .................................................................................. 23,000,000 24,096,180
5.75%, 12/15/26 .................................................................................. 11,710,000 12,532,510
Puerto Rico Commonwealth Highway & Transportation
Authority Revenue, Series Y, 5.00%, 7/01/36 ..................................................... 63,000,000 64,261,890
Ramona Municipal Water District, COP, 8.50%, 7/15/11 ............................................. 610,000 632,082
Rancho Cucamonga,
Palmdale, Potterville, Colton HFA, SFMR, Series 1986, GNMA Secured, 7.55%, 8/01/18 ............... 5,785,000 6,435,003
Special Tax, Refunding, CFD No. 7, FSA Insured, 6.40%, 8/01/04 ................................... 1,100,000 1,148,697
Rancho Cucamonga RDA, Tax Allocation, Rancho Redevelopment Project, Set-Aside Housing,
MBIA Insured, 5.25%, 9/01/21 .................................................................... 8,330,000 8,615,719
Rancho Murieta Community Services District, 1915 Act, ID No. 1,
8.25%, 9/02/01 ................................................................................... 755,000 786,393
8.25%, 9/02/02 ................................................................................... 725,000 754,993
8.30%, 9/02/03 ................................................................................... 755,000 786,227
8.40%, 9/02/04 ................................................................................... 760,000 791,578
8.40%, 9/02/05 ................................................................................... 745,000 775,798
8.40%, 9/02/06 ................................................................................... 760,000 791,259
Redlands RDA, Tax Allocation, Redlands Redevelopment Project,
Refunding, AMBAC Insured, 6.625%, 7/01/15 ....................................................... 165,000 167,793
Redlands USD, COP, Series A, FSA Insured,
6.15%, 9/01/11 ................................................................................... 680,000 698,013
6.25%, 9/01/27 ................................................................................... 4,310,000 4,413,052
Redwood City MFHR, Redwood Plaza Project, Refunding, Series A, GNMA Secured, 8.25%, 9/01/26 ...... 3,795,000 3,819,098
Redwood City Public Financing Authority Revenue, Local Agency,
Series B, Pre-Refunded, 7.25%, 7/15/11 .......................................................... 3,750,000 4,173,188
Rialto COP,
5.75%, 2/01/22 ................................................................................... 2,715,000 2,963,884
Series 1989, Pre-Refunded, 7.50%, 11/01/01 ....................................................... 145,000 154,351
Series 1989, Pre-Refunded, 7.50%, 11/01/15 ....................................................... 3,165,000 3,369,111
Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, Pre-Refunded, 6.75%, 3/01/24 ....... 3,500,000 4,060,945
Richmond Joint Power Finance Authority, Series B, Pre-Refunded, 7.00%, 5/15/07 ................... 2,000,000 2,147,120
Richmond Revenue, West Contra Costa YMCA Project, Pre-Refunded, 7.75%, 6/01/17 ................... 3,715,000 4,034,824
Ridgecrest COP, RDA, 7.60%, 3/01/13 .............................................................. 4,420,000 4,564,313
Ridgecrest RDA, Tax Allocation, Ridgecrest Redevelopment Project,
8.00%, 2/01/09 ................................................................................... 200,000 204,500
8.00%, 2/01/10 ................................................................................... 220,000 224,915
8.00%, 2/01/11 ................................................................................... 240,000 245,369
8.00%, 2/01/12 ................................................................................... 255,000 260,664
8.00%, 2/01/13 ................................................................................... 275,000 281,064
8.00%, 2/01/14 ................................................................................... 300,000 306,615
7.80%, 2/01/15 ................................................................................... 325,000 331,643
7.40%, 2/01/16 ................................................................................... 355,000 361,812
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project,
Series A, 6.375%, 6/01/09 ........................................................................ $ 23,000,000 $ 25,053,900
Series A, 6.50%, 6/01/12 ......................................................................... 20,125,000 23,477,423
Series B, MBIA Insured, 5.00%, 6/01/19 ........................................................... 18,865,000 19,047,802
Riverside County Board of Education, COP, Financing Project, Series A, 6.65%, 11/01/17 ........... 7,945,000 8,487,802
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, Mello-Roos, Series 1987, 8.75%, 9/01/16 ................................................... 14,135,000 14,504,065
No. 8, Menifee Village Project, 7.875%, 9/01/11 .................................................. 23,100,000 23,209,032
No. 84-2, Lakehills Project, Refunding, 7.60%, 9/01/00 ........................................... 660,000 660,000
Riverside County COP,
Capital Projects, Series A, Pre-Refunded, 6.875%, 11/01/09 ....................................... 4,975,000 5,529,215
Desert Justice Facility Project, MBIA Insured, Pre-Refunded, 6.00%, 12/01/17 ..................... 4,775,000 5,404,011
Desert Justice Facility Project, MBIA Insured, Pre-Refunded, 6.25%, 12/01/21 ..................... 4,625,000 5,297,336
Family Law Court Project, MBIA Insured, 5.75%, 11/01/27 .......................................... 5,295,000 5,829,054
Historic Courthouse, MBIA Insured, 5.875%, 11/01/27 .............................................. 8,640,000 9,590,918
Riverside County Flood Control and Water Conservation District,
Elsinore Valley AD, Zone 3, Series 1993, 7.875%,
9/01/03 .......................................................................................... 165,000 194,340
9/01/04 .......................................................................................... 180,000 217,301
9/01/05 .......................................................................................... 190,000 233,903
9/01/06 .......................................................................................... 205,000 257,425
9/01/07 .......................................................................................... 225,000 287,631
9/01/08 .......................................................................................... 240,000 308,827
9/01/09 .......................................................................................... 260,000 337,844
9/01/10 .......................................................................................... 280,000 368,180
9/01/11 .......................................................................................... 305,000 405,278
9/01/12 .......................................................................................... 325,000 436,238
9/01/13 .......................................................................................... 350,000 472,196
9/01/14 .......................................................................................... 380,000 513,551
9/01/15 .......................................................................................... 410,000 556,571
9/01/16 .......................................................................................... 440,000 601,282
9/01/17 .......................................................................................... 475,000 651,496
Riverside County Housing Authority Revenue,
Breezewood Apartment Project, Refunding, Series C, 6.40%, 6/01/28 ................................ 5,085,000 5,122,680
Riverside Apartment Project, 7.875%, 11/01/19 .................................................... 6,750,000 6,823,508
Riverside County Public Financing Authority Revenue,
Airport and Central Industrial Redevelopment Project,
Series A, 7.80%, 2/01/08 ........................................................................ 240,000 243,322
7.90%, 2/01/18 ................................................................................... 3,300,000 3,346,695
Riverside County SFMR,
Series A, GNMA Secured, 7.20%, 10/01/24 .......................................................... 1,065,000 1,148,081
Series B, GNMA Secured, 7.60%, 11/01/19 .......................................................... 500,000 552,790
Riverside MFHR,
Birchwood Park Apartments, Series A, FNMA Insured, 6.50%, 1/01/18 ................................ 2,200,000 2,304,940
Merged Downtown, Series A, MBIA Insured, Pre-Refunded, 6.50%, 11/01/13 ........................... 1,135,000 1,224,052
Palm Shadows Apartments, Series A, FNMA Insured, 6.50%, 1/01/18 .................................. 4,010,000 4,198,510
Series A, MBIA Insured, 6.50%, 11/01/13 .......................................................... 1,365,000 1,467,525
Riverside Public Financing Authority Tax Allocation Revenue,
Redevelopment Projects, Series A, 5.625%, 10/01/33 .............................................. 9,225,000 9,563,742
Riverside RDA, Refunding, Tax Allocation, Merged Redevelopment Project, Series A, MBIA Insured,
5.625%, 8/01/23 ................................................................................. $ 6,000,000 $ 6,276,300
Riverside USD, COP, Series B, FSA Insured, 7.375%, 9/01/26 ....................................... 5,555,000 5,832,306
Rocklin 1915 Act, Refunding,
7.55%, 9/02/03 ................................................................................... 460,000 477,820
7.60%, 9/02/04 ................................................................................... 495,000 514,176
7.65%, 9/02/05 ................................................................................... 535,000 555,721
7.65%, 9/02/06 ................................................................................... 580,000 602,463
7.65%, 9/02/07 ................................................................................... 625,000 649,263
7.65%, 9/02/08 ................................................................................... 675,000 700,893
Rocklin USD, CFD No. 1, Pre-Refunded, 7.70%, 9/01/12 ............................................. 6,085,000 6,662,223
Rohnert Park HFA Revenue, Rancho Feliz Mobile Home Park, FSA Insured, 5.375%, 12/01/26 ........... 8,380,000 8,595,617
Roseville 1915 Act, Limited Obligation,
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.00%, 9/02/99 ...................... 115,000 117,640
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.00%, 9/02/00 ...................... 120,000 124,801
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.00%, 9/02/01 ...................... 130,000 135,174
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.10%, 9/02/02 ...................... 135,000 140,373
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.15%, 9/02/03 ...................... 155,000 161,169
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.20%, 9/02/04 ...................... 160,000 166,368
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.20%, 9/02/05 ...................... 175,000 181,965
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.20%, 9/02/06 ...................... 190,000 197,562
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.25%, 9/02/07 ...................... 210,000 218,375
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.25%, 9/02/08 ...................... 225,000 233,870
North Roseville, Rocklin Sewer District No. 88-3, Refunding, 8.25%, 9/02/09 ...................... 190,000 197,490
Rocky Ridge-Harding, District No. 88-4, Refunding, 8.00%, 9/02/99 ................................ 220,000 225,051
Rocky Ridge-Harding, District No. 88-4, Refunding, 8.00%, 9/02/00 ................................ 245,000 254,802
Rocky Ridge-Harding, District No. 88-4, Refunding, 8.00%, 9/02/01 ................................ 260,000 270,348
Rocky Ridge-Harding, District No. 88-4, Refunding, 8.10%, 9/02/02 ................................ 285,000 296,343
Rocky Ridge-Harding, District No. 88-4, Refunding, 8.15%, 9/02/03 ................................ 305,000 317,139
Rocky Ridge-Harding, District No. 88-4, Refunding, 8.20%, 9/02/04 ................................ 330,000 343,134
Rocky Ridge-Harding, District No. 88-4, Refunding, 8.20%, 9/02/05 ................................ 350,000 363,930
Roseville Special Tax,
CFD No. 2, Pre-Refunded, 8.00%, 9/01/06 .......................................................... 355,000 390,621
CFD No. 2, Pre-Refunded, 8.25%, 9/01/21 .......................................................... 7,165,000 7,916,609
Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 ................................................ 1,725,000 1,863,776
Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 ................................................ 1,860,000 2,020,313
Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 ................................................ 10,000,000 10,903,900
Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 ................................................ 12,000,000 13,151,400
Northeast Roseville CFD No. 1, Pre-Refunded, 7.95%, 12/01/00 ..................................... 1,000,000 1,027,310
Northeast Roseville CFD No. 1, Pre-Refunded, 8.00%, 12/01/01 ..................................... 1,000,000 1,027,390
Northeast Roseville CFD No. 1, Pre-Refunded, 8.00%, 12/01/02 ..................................... 1,000,000 1,027,390
Northeast Roseville CFD No. 1, Pre-Refunded, 8.30%, 12/01/08 ..................................... 6,000,000 6,167,100
Rubidoux Community Services District COP, Water System Improvement Project, AMBAC Insured,
Pre-Refunded, 6.25%, 12/01/24 ................................................................... 5,450,000 6,089,721
Sacramento 1915 Act, North Natomas AD No. 88-3,
8.20%, 9/02/10 ................................................................................... 790,000 814,079
8.20%, 9/02/11 ................................................................................... 1,755,000 1,808,528
8.25%, 9/02/12 ................................................................................... 2,265,000 2,334,105
Sacramento 1915 Act, North Natomas AD No. 88-3, (cont.)
8.25%, 9/02/13 ................................................................................... $ 2,455,000 $ 2,529,927
8.25%, 9/02/14 ................................................................................... 2,650,000 2,730,931
Sacramento Area Council of Governments, COP, Sacog Administrative
Building Project, 7.125%, 7/01/16 ............................................................... 1,500,000 1,582,920
Sacramento City Financing Authority Revenue, Series 1991,
6.60%, 11/01/05 .................................................................................. 1,300,000 1,429,324
6.70%, 11/01/11 .................................................................................. 920,000 1,004,318
Sacramento County Airport System Revenue,
Series A, MBIA Insured, 5.90%, 7/01/24 ........................................................... 6,875,000 7,542,838
Series B, MBIA Insured, 5.75%, 7/01/26 ........................................................... 6,195,000 6,758,126
Sub-Series D, MBIA Insured, 5.75%, 7/01/26 ....................................................... 10,000,000 10,909,000
Sacramento County CFD, Special Tax, Improvement Area 1, Series 1990, Pre-Refunded,
8.20%, 12/01/10 .................................................................................. 2,250,000 2,507,828
8.25%, 12/01/20 .................................................................................. 7,610,000 8,489,792
Sacramento County COP,
Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 ................................ 2,735,000 2,824,270
Cherry Island Golf Course Project, Refunding, Series B, 6.80%, 7/01/12 ........................... 2,325,000 2,443,808
Cherry Island Golf Course Project, Series B, 6.80%, 7/01/18 ...................................... 3,500,000 3,676,225
Parking Facility Project, Refunding, Series A, 6.80%, 7/01/12 .................................... 1,495,000 1,571,395
Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/19 .............. 11,000,000 12,434,950
Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/24 .............. 29,500,000 33,348,275
Sacramento MUD, Electric Revenue,
Refunding, Series D, MBIA Insured, 5.25%, 11/15/20 ............................................... 10,000,000 10,231,600
Refunding, Series L, MBIA Insured, 5.125%, 7/01/22 .............................................. 14,000,000 14,247,800
Refunding, Series Z, FGIC Insured, 6.25%, 7/01/04 ................................................ 5,740,000 6,259,183
Refunding, Series Z, FGIC Insured, 6.35%, 7/01/05 ................................................ 3,000,000 3,274,980
Series I, MBIA Insured, 6.00%, 1/01/24 ........................................................... 4,500,000 4,913,775
Series J, AMBAC Insured, 5.60%, 8/15/24 .......................................................... 14,715,000 15,737,693
Subordinated Lien, Refunding, 8.00%, 11/15/10 .................................................... 16,110,000 16,193,289
Sacramento Regional Transit District COP, Series A, 6.375%,
3/01/04 .......................................................................................... 1,000,000 1,103,820
3/01/05 .......................................................................................... 1,100,000 1,210,473
Sacramento-Yolo Port District Revenue, Port Facilities, Refunding, Series A, 7.25%, 7/01/13 ...... 11,645,000 12,679,192
Salinas Union High School District COP, Facility Financing Projects,
Refunding, Pre-Refunded, 7.375%, 1/01/14 ........................................................ 2,495,000 2,569,276
San Bernardino 1915 Act, AD No. 961, Refunding,
7.60%, 9/02/02 ................................................................................... 855,000 884,993
7.70%, 9/02/04 ................................................................................... 990,000 1,024,709
7.75%, 9/02/05 ................................................................................... 1,065,000 1,102,328
San Bernardino County COP,
Medical Center Financing Project, Refunding, 5.00%, 8/01/26 ...................................... 15,045,000 14,932,163
Medical Center Financing Project, Refunding, MBIA Insured, 5.00%, 8/01/28 ........................ 55,065,000 54,976,345
Medical Center Financing Project, Series A, MBIA Insured, 5.50%, 8/01/15 ......................... 5,000,000 5,341,650
Medical Center Financing Project, Series A, MBIA Insured, 5.50%, 8/01/22 ......................... 85,130,000 89,618,905
Medical Center Financing Project, Series A, MBIA Insured, 5.875%, 8/01/26 ........................ 34,000,000 37,093,660
West Valley Detention Center Project, MBIA Insured, 6.25%, 11/01/04 .............................. 3,705,000 4,143,783
West Valley Detention Center Project, MBIA Insured, 6.35%, 11/01/05 .............................. 3,935,000 4,407,830
West Valley Detention Center Project, MBIA Insured, 6.40%, 11/01/06 .............................. 4,185,000 4,695,737
San Bernardino County COP, (cont.)
West Valley Detention Center Project, MBIA Insured, 6.50%, 11/01/12 .............................. $ 20,000,000 $ 22,354,000
West Valley Detention Center Project, MBIA Insured, 6.20%, 11/01/25 .............................. 9,275,000 10,372,047
San Bernardino County Mortgage Revenue, Don Miguel Apartments Projects, Refunding, MBIA Insured,
6.00%, 9/01/03 .................................................................................. 295,000 314,939
San Bernardino County SFMR,
GNMA Insured, 7.50%, 12/01/07 .................................................................... 560,000 617,618
GNMA Insured, 7.65%, 6/01/23 ..................................................................... 2,720,000 3,079,557
Series A, GNMA/FNMA Insured, 6.20%, 5/01/21 ...................................................... 600,000 615,516
Series B, 5.40%, 5/01/25 ......................................................................... 7,945,000 7,992,193
San Bernardino Improvement 1915 Act, AD No. 961, Refunding, 7.65%, 9/02/03 ....................... 920,000 952,264
San Bernardino Joint Powers Financing Authority, Lease Revenue,
City Hall Project, Refunding, MBIA Insured,
5.60%, 1/01/15 ................................................................................... 3,215,000 3,500,524
5.70%, 1/01/23 ................................................................................... 6,315,000 6,817,737
San Bernardino Joint Powers Financing Authority Revenue,
COP, Police Station Financing Authority Project, 6.60%, 4/01/20 .................................. 4,715,000 5,245,249
Tax Allocation, Central City Merged Project, ETM, Refunding, Series A, 6.75%, 11/01/00 ........... 450,000 478,697
Tax Allocation, Central City Merged Project, ETM, Refunding, Series A, 6.90%, 11/01/01 ........... 480,000 525,226
Tax Allocation, Central City Merged Project, Refunding, Series A, 7.00%, 11/01/02 ................ 510,000 568,655
Tax Allocation, Central City Merged Project, Refunding, Series A, 7.00%, 11/01/03 ................ 550,000 613,256
Tax Allocation, Central City Merged Project, Refunding, Series A, 7.00%, 11/01/04 ................ 585,000 652,281
Tax Allocation, Central City Merged Project, Refunding, Series A, 7.05%, 11/01/05 ................ 625,000 697,781
Tax Allocation, Central City Merged Project, Refunding, Series A, 7.05%, 11/01/06 ................ 670,000 748,022
Tax Allocation, Central City Merged Project, Refunding, Series A, 7.05%, 11/01/07 ................ 720,000 803,844
Tax Allocation, Central City Merged Project, Refunding, Series A, 7.10%, 11/01/20 ................ 15,585,000 17,422,316
Tax Allocation, Central City Merged Project, Series B, 7.50%, 11/01/20 ........................... 3,000,000 3,388,260
Tax Allocation, Refunding, Series A, FSA Insured, 5.75%, 10/01/15 ................................ 9,000,000 9,885,510
Tax Allocation, Refunding, Series A, FSA Insured, 5.75%, 10/01/25 ................................ 19,915,000 21,610,165
Tax Allocation, Tri-City Redevelopment Project, Series B, Pre-Refunded, 7.60%, 1/01/08 ........... 1,695,000 1,812,379
San Bernardino Municipal Water Department COP, FGIC Insured, 6.25%, 2/01/12 ...................... 905,000 969,735
San Carlos Mortgage Revenue, Elms Project, FHA Insured, 6.875%, 8/01/37 .......................... 8,465,000 9,244,965
San Diego Certificates Undivided Interest, Water Utilities Fund Net Systems Revenue, FGIC Insured,
5.00%, 8/01/21 .................................................................................. 20,000,000 20,069,600
San Diego County COP,
Central Jail, Refunding, AMBAC Insured, 5.00%, 10/01/25 .......................................... 8,575,000 8,603,726
MBIA Insured, 5.00%, 8/15/28 ..................................................................... 26,000,000 25,958,400
San Diego County Regional Transportation Commission,
Sales Tax Revenue, ETM, Series A, 6.00%, 4/01/08 ................................................ 1,250,000 1,396,688
San Diego Housing Authority Revenue, President John Adams,
Series B, GNMA Insured, 5.70%, 10/20/33 ......................................................... 9,180,000 9,576,484
San Diego IDR, San Diego Gas & Electric Co. Project, Series A, 6.40%, 9/01/18 .................... 19,800,000 21,346,974
San Diego Public Facilities Financing Authority, Sewer Revenue, FGIC Insured,
5.00%, 5/15/20 ................................................................................... 9,500,000 9,525,840
5.00%, 5/15/25 ................................................................................... 22,400,000 22,460,928
Series B, 5.25%, 5/15/27 ......................................................................... 6,175,000 6,372,477
San Diego RDA, Tax Allocation, Horton Project, Refunding, Series A, FSA Insured, 6.00%, 11/01/15 . 5,000,000 5,663,650
San Diego SFMR, Issue A, 9.20%, 7/15/16 .......................................................... 70,000 76,475
San Diego Special Tax, CFD No.1, Series A, 8.50%, 9/01/16 ........................................ 28,845,000 33,203,768
San Elijo Joint Powers Authority Revenue, Water Pollution Control Facilities, Refunding, FGIC Insured,
5.00%, 3/01/20 .................................................................................. $ 5,000,000 $ 5,017,400
San Francisco Bay Area Rapid Transit District Revenue, Sales Tax,
FGIC Insured, Pre-Refunded, 6.60%, 7/01/12 ...................................................... 1,440,000 1,578,528
San Francisco City and County Airports Commission, International Airport Revenue,
Issue 6, AMBAC Insured, 6.50%, 5/01/18 ........................................................... 2,500,000 2,829,275
Issue 6, AMBAC Insured, 6.60%, 5/01/24 ........................................................... 13,250,000 14,947,325
Issue 9A, FGIC Insured, 5.90%, 5/01/25 ........................................................... 46,415,000 50,118,917
Issue 9B, Second Series, FGIC Insured, 6.00%, 5/01/25 ............................................ 10,060,000 11,099,701
Issue 12-A, Second Series, 5.90%, 5/01/26 ........................................................ 45,000,000 48,542,850
Issue 15A, Second Series, FSA Insured, 5.00%, 5/01/28 ........................................... 41,650,000 41,584,610
Issue 16A, Second Series, FSA Insured, 5.125%, 5/01/23 ........................................... 24,635,000 24,880,611
Issue 16A, Second Series, FSA Insured, 5.00%, 5/01/29 ............................................ 37,805,000 37,744,890
Issue 17, Second Series, FSA Insured, 5.00%, 5/01/24 ............................................ 4,700,000 4,716,215
San Francisco City and County COP, San Francisco Courthouse Project,
FSA Insured, 5.875%, 4/01/21 .................................................................... 2,810,000 3,074,084
San Francisco City and County Lease Revenue, George R. Moscone Center, Crossover, Refunding,
Series 1992, 5.50%, 7/01/18 ..................................................................... 22,170,000 22,769,920
San Francisco City and County Public Utilities Commission, Water Revenue,
Crossover, Refunding, Series A, 6.50%, 11/01/09 .................................................. 4,000,000 4,482,080
Series A, 5.00%, 11/01/21 ........................................................................ 5,000,000 5,015,500
San Francisco City and County RDA Hotel Tax Revenue,
FSA Insured, 5.00%, 7/01/25 ...................................................................... 4,000,000 4,013,800
FSA Insured, 6.75%, 7/01/25 ...................................................................... 315,000 362,968
Pre-Refunded, 6.75%, 7/01/25 ..................................................................... 9,100,000 10,654,553
San Francisco City and County RDA Mortgage Revenue, Refunding,
Series A, MBIA Insured, 6.65%, 7/01/24 .......................................................... 8,350,000 8,360,521
San Francisco City and County Revenue, Irwin Memorial Blood Center, Series A, 6.80%, 12/01/21 .... 3,000,000 3,279,750
San Gabriel Valley Mosquito Abatement District, COP, Lease Finance, Series R, 6.60%, 8/01/12 ..... 1,000,000 1,033,240
San Gabriel Valley Schools Financing Authority Revenue,
Oxnard Union High School, Refunding, Pre-Refunded, 6.50%, 3/01/18 ................................ 3,620,000 4,085,279
Oxnard Union High School, Refunding, Pre-Refunded, 6.60%, 3/01/24 ................................ 4,145,000 4,694,461
Pomona USD Financing, 5.80%, 2/01/26 ............................................................. 5,150,000 5,477,489
Series A, 7.70%, 11/01/19 ........................................................................ 1,765,000 1,850,373
San Gorgonio Memorial Health Care District, Health Facilities Revenue,
CHFCLP Insured, 6.375%, 6/01/08 ................................................................. 1,815,000 2,052,692
San Joaquin Area Flood Control Agency, 1915 Act, Flood Protection and Restoration Assessment,
FSA Insured, 6.00%, 9/02/14 ..................................................................... 10,125,000 10,511,168
San Joaquin COP, General Hospital Project,
6.25%, 9/01/13 ................................................................................... 32,880,000 35,596,546
6.625%, 9/01/20 .................................................................................. 36,500,000 40,091,965
San Joaquin County Special Tax, CFD No. 8,
7.625%, 9/01/10 .................................................................................. 1,420,000 1,461,407
7.75%, 9/01/20 ................................................................................... 2,990,000 3,086,756
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue,
5.00%, 1/01/33 ................................................................................... 82,040,000 80,192,459
Pre-Refunded, 7.00%, 1/01/30 ..................................................................... 85,535,000 98,045,349
Pre-Refunded, 6.75%, 1/01/32 ..................................................................... 64,320,000 73,102,253
Refunding, Series A, 5.50%, 1/15/28 .............................................................. 247,300,000 255,314,993
Refunding, Series A, MBIA Insured, 5.375%, 1/15/29 ............................................... 91,470,000 95,615,420
Refunding, Series A, MBIA Insured, 5.25%, 1/15/30 ................................................ 28,000,000 28,873,040
San Jose 1915 Act, ID 87-198SJ, Refunding,
7.90%, 9/02/99 ................................................................................... $ 125,000 $ 127,569
8.00%, 9/02/00 ................................................................................... 130,000 135,053
San Jose Airport Revenue, Refunding, MBIA Insured, 5.75%, 3/01/16 ................................ 13,600,000 14,383,224
San Jose Financing Authority Revenue, Convention Center Project,
Series C, 6.40%, 9/01/22 ......................................................................... 55,550,000 59,841,793
Refunding, Series C, 6.40%, 9/01/17 .............................................................. 16,100,000 17,390,093
San Jose RDA,
MFHR, Miraido Village, Series A, 5.75%, 7/20/38 .................................................. 7,155,000 7,476,260
Tax Allocation, Housing, Set-Aside Merged Area, Series E, MBIA Insured, 5.85%, 8/01/27 ........... 7,325,000 8,046,659
Tax Allocation, Merged Area Redevelopment Project, AMBAC Insured, 5.00%, 8/01/26 ................. 43,900,000 44,052,772
Tax Allocation, Merged Area Redevelopment Project, MBIA Insured, 5.00%, 8/01/21 .................. 35,235,000 35,318,155
Tax Allocation, Merged Area Redevelopment Project, MBIA Insured, 5.625%, 8/01/28 ................. 24,135,000 25,883,098
Tax Allocation, Merged Area Redevelopment Project, Refunding, MBIA Insured, 5.00%, 8/01/20 ....... 35,665,000 35,814,436
San Leandro RDA, RMR, Pre-Refunded, 11.25%, 4/01/13 .............................................. 65,000 86,791
San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 8/01/12 ................................. 3,500,000 3,630,445
San Luis Obispo County COP, Jail Expansion Project,
6.75%, 10/01/16 .................................................................................. 1,830,000 1,918,444
6.80%, 10/01/21 .................................................................................. 1,475,000 1,546,257
San Marcos Public Facilities Authority Revenue,
Civic Center, Mission Blvd. Project, Refunding & Improvement, Series A, 6.15%, 8/01/13 ........... 11,670,000 12,132,015
Civic Center, Mission Blvd. Project, Refunding & Improvement, Series A, 6.20%, 8/01/22 ........... 7,895,000 8,194,694
Refunding, 5.80%, 9/01/18 ........................................................................ 4,750,000 4,868,845
Capital Improvement, 8.25%, 1/01/19 .............................................................. 17,400,000 18,420,858
Rancheros Mobilehome Park Project, 7.00%, 10/01/24 ............................................... 2,280,000 2,444,479
San Marcos Public Facilities Authority Tax Allocation Revenue,
Refunding, Series A, FSA Insured, 5.50%, 8/01/23 ................................................ 18,000,000 18,766,800
San Marcos Public Financing Authority Revenue, Series A, 6.25%, 9/02/22 .......................... 25,000,000 27,345,000
San Marcos Special Tax, CFD No. 8, 7.625%, 9/01/19 ............................................... 10,505,000 11,127,211
San Marcos USD, School Facilities ID No. 1, AMBAC Insured, 5.80%, 11/01/14 ....................... 5,000,000 5,599,600
San Mateo County Board of Education, COP, Administrative Building Project, 7.10%, 5/01/21 ........ 1,185,000 1,229,046
San Mateo County COP, San Mateo County Health Care Center,
Series A, FSA Insured, 5.75%, 7/15/22 ........................................................... 28,445,000 30,583,495
San Mateo County Joint Powers Authority Lease Revenue, Capital Projects, Series A, FSA, Insured,
5.75%, 7/15/27 ................................................................................... 9,000,000 9,750,330
5.125%, 7/15/28 .................................................................................. 4,005,000 4,063,113
San Mateo Flood Control District, COP, Colma Creek Flood Control Zone,
MBIA Insured, 5.125%, 8/01/32 ................................................................... 10,145,000 10,283,175
San Mateo RDA, Tax Allocation, Merged Area, Series A, 5.70%, 8/01/27 ............................. 6,330,000 6,642,386
San Pablo RDA, Tax Allocation, Merged Project Area, FGIC Insured, 6.25%, 12/01/19 ................ 3,500,000 3,927,420
San Rafael RDA, Refunding, Tax Allocation, Central San Rafael Redevelopment,
FGIC Insured, 6.45%, 12/01/17 ................................................................... 6,740,000 7,494,071
San Rafael Sanitation District, COP, Waste Water Facilities Financing, 6.80%, 8/01/11 ............ 2,200,000 2,356,772
San Ramon COP, San Ramon Capital Improvement Projects, Series 1993, 6.00%, 3/01/18 ............... 1,730,000 1,836,706
San Ramon Public Finance Authority, Tax Allocation,
ETM, Series A, 7.30%, 2/01/99 .................................................................... 145,000 146,910
Series A, Pre-Refunded, 7.625%, 2/01/20 .......................................................... 7,280,000 7,527,520
San Ramon Public Financing Authority Tax Allocation Revenue,
MBIA Insured, 5.30%, 2/01/28 ..................................................................... 19,610,000 20,180,847
Pre-Refunded, 6.90%, 2/01/24 ..................................................................... 6,140,000 7,231,078
Refunding, 6.90%, 2/01/24 ........................................................................ 6,910,000 7,781,351
San Ramon Valley Fire Protection District, COP, Financing Corp.,
Refunding, 6.00%, 7/01/19 ........................................................................ $ 6,275,000 $ 6,743,115
San Ramon Valley USD, COP,
Measure A, Capital Project, Series A, 5.95%, 10/01/01 ............................................ 6,925,000 7,347,910
Refunding, 7.40%, 2/01/99 ........................................................................ 1,040,000 1,050,265
Refunding, 7.55%, 2/01/04 ........................................................................ 6,505,000 6,630,026
Refunding, Pre-Refunded, 7.70%, 2/01/10 .......................................................... 6,000,000 6,852,240
Refunding, Series 1992, 7.00%, 2/01/22 ........................................................... 20,565,000 21,947,791
Series A, 6.35%, 10/01/01 ........................................................................ 11,435,000 11,792,344
Santa Ana COP, Parking Facilities Project, Refunding, Series A,
AMBAC Insured, 6.125%, 6/01/16 .................................................................. 2,070,000 2,270,894
Santa Ana CRDA,
Refunding, Series C, 6.75%, 9/01/19 .............................................................. 2,260,000 2,376,345
Tax Allocation, Mainplace Project, Refunding, 7.40%, 9/01/19 ..................................... 2,000,000 2,114,460
Tax Allocation, Refunding, Series A, 7.25%, 9/01/19 .............................................. 2,500,000 2,639,775
Tax Allocation, Refunding, Series B, 7.375%, 9/01/09 ............................................. 10,105,000 10,681,086
Tax Allocation, Refunding, Series B, 6.75%, 9/01/19 .............................................. 14,980,000 15,751,170
Tax Allocation, Refunding, Series C, 7.25%, 9/01/17 .............................................. 6,000,000 6,335,460
Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%, 9/01/24 ....................... 5,000,000 5,478,300
Santa Ana HMR, Series A, FGIC Insured, 9.50%, 6/01/12 ............................................ 50,000 51,773
Santa Barbara COP,
California Health Facilities, Loan Program, 7.65%, 5/01/15 ....................................... 1,730,000 1,857,726
Harbor Project, Refunding, 6.75%, 10/01/27 ....................................................... 8,090,000 8,895,845
Santa Barbara Housing Authority Revenue, Refunding and Acquisition, 7.93%, 11/15/20 .............. 6,055,000 6,254,633
Santa Barbara SFMR, GNMA Secured,
7.625%, 10/01/10 ................................................................................. 335,000 363,716
7.65%, 10/01/23 .................................................................................. 980,000 1,094,738
Santa Clara County COP, Terraces of Los Gatos Project, Pre-Refunded, 6.90%, 3/01/18 .............. 4,000,000 4,376,760
Santa Clara County Financing Authority Lease Revenue,
Refunding, Series A, AMBAC Insured, 5.00%, 11/15/22 .............................................. 20,000,000 20,066,600
Valley Medical Center Facilities, Replacement Project, Series A, AMBAC Insured, Pre-Refunded,
6.75%, 11/15/20 ................................................................................. 13,000,000 15,334,540
Santa Clara Electric Revenue,
Crossover Refunding, Series B, 7.80%, 7/01/10 .................................................... 33,500,000 33,918,080
Subordinate Lien, Refunding, Series A, AMBAC Insured, 5.00%, 7/01/27 ............................. 19,000,000 19,065,550
Santa Clara Housing Authority, MFHR,
Arastradero Park Apartments Project, Series A, 6.65%, 5/20/35 .................................... 6,465,000 7,145,312
Elana Gardens Apartments Project, Series A, 6.40%, 6/20/35 ....................................... 5,625,000 6,076,069
Sierra Vista I Apartments Project, Series A, 6.65%, 6/20/35 ...................................... 3,860,000 4,269,585
Santa Clara Valley Water District, COP, Refunding & Improvement,
Series A, FGIC Insured, 6.00%, 2/01/24 .......................................................... 17,000,000 18,665,830
Santa Clarita COP, Refunding, MBIA Insured,
5.00%, 10/01/21 .................................................................................. 5,105,000 5,130,678
5.875%, 5/20/26 .................................................................................. 16,130,000 16,970,696
Santa Cruz City School District, COP, Education Center Financing Project, 7.00%, 5/01/24 ......... 3,150,000 3,706,353
Santa Cruz County Housing Authority, MFHR, Series B, 7.75%, 7/01/23 .............................. 9,230,000 9,727,220
Santa Margarita/Dana Point Authority Revenue, ID 3, 3A, 4, and 4A,
Refunding, Series B, MBIA Insured,
5.75%, 8/01/20 .................................................................................. 7,000,000 7,510,300
Santa Maria Bonita School District COP,
MBIA Insured, 7.00%, 3/01/16 ..................................................................... 480,000 524,323
Pre-refunded, MBIA Insured, 7.00%, 3/01/16 ....................................................... 2,270,000 2,491,779
Santa Maria COP, Revenue, Marian Medical Center, Pre-Refunded, 6.75%, 9/01/22 .................... $ 3,600,000 $ 4,060,944
Santa Rosa Central Parking Service Facilities District Project No. 89-1, 7.60%, 7/02/15 .......... 3,150,000 3,313,769
Seal Beach RDA, Subordinated Lien, Tax Allocation, Riverfront,
Refunding, Series A, 6.70%, 9/01/13 ............................................................. 2,880,000 2,945,088
Shafter Joint Powers Financing Authority, Lease Revenue,
Community Correctional Facility Project, Series A,
5.95%, 1/01/11 ................................................................................... 1,880,000 2,059,766
6.05%, 1/01/17 ................................................................................... 5,135,000 5,565,364
Shasta Joint Powers Financing Authority, Lease Revenue,
Courthouse County Improvement Project, Series A,
Pre-Refunded,
6.60%, 6/01/12 ................................................................................... 1,000,000 1,116,460
6.70%, 6/01/23 ................................................................................... 2,500,000 2,799,650
Sierra Madre Financing Authority Revenue, Local Agency, Series A,
ETM, 7.50%, 11/01/98 ............................................................................. 240,000 240,746
Pre-Refunded, 7.60%, 11/01/99 .................................................................... 260,000 267,314
Pre-Refunded, 7.70%, 11/01/00 .................................................................... 280,000 287,896
Pre-Refunded, 7.80%, 11/01/18 .................................................................... 5,500,000 5,655,485
Sierra View Local Hospital District Revenue, Insured Health Facilities, 6.40%, 3/01/22 ........... 15,000,000 16,559,100
Simi Valley SFRMR, Series A, 7.70%, 3/01/25 ...................................................... 1,085,000 1,206,802
Snowline Joint USD, COP, Pre-Refunded, 7.25%, 4/01/18 ............................................ 1,000,000 1,133,500
Soledad RDA, Tax Allocation, Soledad Redevelopment Project,
Refunding, Pre-Refunded, 7.40%, 11/01/12 ........................................................ 3,955,000 4,574,709
Sonoma County Office of Education, COP, Series 1990, Pre-Refunded, 7.375%, 7/01/20 ............... 1,745,000 1,889,905
South Gate Public Finance Authority Revenue, Tax Allocation,
Series A-1, Pre-Refunded, 7.60%, 9/01/09 ......................................................... 3,050,000 3,191,368
South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 9/01/24 ........................... 8,505,000 9,147,042
South Napa Waste Management Authority Revenue,
Solid Waste Transfer Facilities Project, 6.50%, 2/15/14 ......................................... 4,500,000 4,891,590
South Orange County Public Financing Authority, Special Tax Revenue,
Foothill Area, Series C, FGIC Insured, 5.75%, 8/15/18 ............................................ 5,000,000 5,382,150
Senior Lien, Refunding, Series A, MBIA Insured, 6.00%, 9/01/18 ................................... 18,850,000 20,515,021
South San Francisco 1915 Act, Gateway AD No. ST-82-2, 8.00%,
9/02/99 .......................................................................................... 1,335,000 1,366,453
9/02/00 .......................................................................................... 1,455,000 1,513,025
9/02/01 .......................................................................................... 1,570,000 1,631,623
9/02/02 .......................................................................................... 1,675,000 1,740,040
Southern California HFA, SFMR,
GNMA Secured, 7.75%, 3/01/24 ..................................................................... 5,305,000 5,580,383
GNMA Secured, 7.625%, 10/01/22 ................................................................... 3,540,000 3,677,989
Series A, GNMA Secured, 6.75%, 9/01/22 ........................................................... 705,000 750,726
Series B, GNMA Secured, 6.90%, 10/01/24 .......................................................... 1,140,000 1,211,250
Southern California Public Power Authority Revenue,
Hydroelectric-Hoover Uprating, Refunding, 6.00%, 10/01/17 ........................................ 7,795,000 8,185,218
Multi-Purpose Projects, 6.75%, 7/01/13 ........................................................... 10,000,000 12,391,900
Multi-Purpose Projects, 6.00%, 7/01/18 ........................................................... 29,645,000 30,378,417
Power Project, ETM, Refunding, Series A, AMBAC Insured, 5.00%, 7/01/15 ........................... 11,000,000 11,126,390
Power Project, ETM, Refunding, Series A, FSA Insured, 5.00%, 7/01/15 ............................. 6,960,000 7,142,630
San Juan Project, Unit 3, Series A, MBIA Insured, 5.00%, 1/01/20 ................................. 6,790,000 6,812,611
Southern Transmission Project, Sub-Crossover Refunding, 6.125%, 7/01/18 .......................... 51,035,000 55,086,669
Southern Transmission Project, Sub-Crossover Refunding, 5.50%, 7/01/20 ........................... 19,785,000 20,381,913
Southern Transmission Project, Sub-Crossover Refunding, 5.75%, 7/01/21 ........................... 22,530,000 23,820,969
Southern Transmission Project, Sub-Crossover Refunding, MBIA Insured, 5.75%, 7/01/21 ............. 16,335,000 17,329,148
Southern Kern USD, COP, Pre-Refunded, 7.10%, 9/01/17 ............................................. $ 2,250,000 $ 2,566,485
Standard Elementary School District, COP, Pre-Refunded, 7.375%, 6/01/11 .......................... 1,390,000 1,522,411
Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%, 1/01/99 ...................... 3,500,000 3,527,790
Stockton Central Parking District, Refunding, Series 1991, 7.90%, 8/01/11 ........................ 5,700,000 5,734,029
Stockton East Water District, COP, 1990 Project,
Series A, AMBAC Insured, Pre-Refunded, 6.40%, 4/01/22 ............................................ 7,075,000 7,836,553
Series B, Pre-refunded, 7.45%, 4/01/05 ........................................................... 28,575,000 53,152,643
Unrefunded Balance, Series A, AMBAC Insured, 6.40%, 4/01/22 ...................................... 12,925,000 14,146,413
Stockton Health Facilities Revenue, St. Joseph Medical Center,
Series A, MBIA Insured, 5.50%, 6/01/23 .......................................................... 5,000,000 5,221,800
Stockton Port District Revenue, Refunding & Improvement,
Series A, FSA Insured, 5.95%, 7/01/17 ........................................................... 5,095,000 5,692,593
Stockton Public Financing Authority, Special Tax, CFD No. 90-4,
Pre-Refunded, 8.50%, 9/01/16 .................................................................... 8,000,000 8,950,640
Stockton Revenue COP, Wastewater System Project,
Series A, MBIA Insured, 5.20%, 9/01/29 .......................................................... 6,965,000 7,113,633
Stockton Special Tax, CFD No. 90-2,
Brookside, Series 305, Pre-Refunded, 8.50%, 8/01/09 .............................................. 1,430,000 1,581,080
Brookside, Series 305, Pre-Refunded, 8.65%, 8/01/15 .............................................. 2,710,000 3,003,439
ETM, Series 002, 7.30%, 8/01/00 .................................................................. 725,000 772,778
Series 002, Pre-Refunded, 7.35%, 8/01/01 ......................................................... 780,000 846,721
Series 002, Pre-Refunded, 7.40%, 8/01/02 ......................................................... 835,000 907,152
Series 002, Pre-Refunded, 7.45%, 8/01/03 ......................................................... 895,000 973,125
Series 002, Pre-Refunded, 7.50%, 8/01/04 ......................................................... 965,000 1,050,074
Series 002, Pre-Refunded, 7.70%, 8/01/09 ......................................................... 3,000,000 3,274,980
Series 006, 7.75%, 8/01/15 ....................................................................... 3,000,000 3,142,320
Suisun City COP, Civic Center Project, Refunding, 6.45%, 11/01/15 ................................ 2,105,000 2,269,990
Suisun City RDA, Tax Allocation, Suisun City Redevelopment Project, Refunding, MBIA Insured,
6.00%, 10/01/18 .................................................................................. 3,285,000 3,570,992
5.90%, 10/01/23 .................................................................................. 3,450,000 3,717,341
Sunnyvale Financing Authority Utilities Revenue,
Waste Water Reuse and Sludge, Series A, 6.30%, 10/01/12 ......................................... 4,735,000 4,995,094
Tehachapi COP, Series 1990, 8.20%, 11/01/20 ...................................................... 2,500,000 2,679,450
Tehachapi Cummings County Water District, COP,
Capital Improvement Project, MBIA Insured, 6.30%, 8/01/14 ....................................... 3,000,000 3,289,200
Tehachapi USD, COP, Tompkins Elementary School Project,
Pre-Refunded, 7.80%, 2/01/21 .................................................................... 2,325,000 2,584,424
Temecula Valley USD,
Series D, FGIC Insured, 6.00%, 9/01/14 ........................................................... 1,250,000 1,363,788
Series D, FGIC Insured, 6.125%, 9/01/19 .......................................................... 3,110,000 3,381,037
Series E, FSA Insured, 6.35%, 9/01/19 ............................................................ 5,460,000 6,235,538
Thousand Oaks RDA,
MF Revenue, The Shadows Apartments, Refunding,
Series A, FNMA Insured, 5.75%, 11/01/27 ......................................................... 7,530,000 7,917,720
Tax Allocation, Thousand Oaks Blvd. Redevelopment,
Refunding, MBIA Insured, 5.375%, 12/01/25 ....................................................... 24,485,000 25,406,371
Thousand Oaks SFHMR,
Capital Appreciation, Series A, GNMA Secured, 8.00%, 9/01/23 ..................................... 148,000 277,864
Refunding, Series A, GNMA Secured, 7.45%, 9/01/10 ................................................ 245,000 264,277
Refunding, Series A, GNMA Secured, 7.55%, 9/01/15 ................................................ 350,000 376,471
Refunding, Series A, GNMA Secured, 7.625%, 3/01/23 ............................................... 975,000 1,059,006
Torrance Hospital Revenue,
Little Co. of Mary Hospital, Refunding, 6.875%, 7/01/15 .......................................... 3,685,000 4,021,146
Torrance Memorial Hospital Medical Center, Refunding, 6.75%, 1/01/12 ............................. 2,000,000 2,021,740
Torrance RDA, Tax Allocation, Industrial Redevelopment Project,
Refunding, Pre-Refunded, 7.75%, 9/01/13 ......................................................... 7,500,000 7,952,475
Trabuco Canyon Public Financing Authority, Special Tax Revenue, Refunding,
Series A, FSA Insured, 6.00%, 10/01/10 ........................................................... $ 13,775,000 $ 16,035,202
Series A, FSA Insured, 6.10%, 10/01/15 ........................................................... 13,220,000 15,591,800
Series C, FSA Insured, 6.00%, 7/01/12 ............................................................ 3,040,000 3,561,360
Series C, FSA Insured, 6.10%, 7/01/19 ............................................................ 5,215,000 6,175,186
Tracy Area Public Facilities Financing Agency, Special Tax, CFD No. 8,
Refunding, Series H, MBIA Insured, 5.875%, 10/01/19 .............................................. 18,250,000 20,226,110
Series C, Pre-Refunded, 7.80%, 10/01/16 .......................................................... 5,000,000 5,499,850
Tracy COP, I-205 Corridor Improvement and Refinancing Project, 5.125%, 10/01/27 .................. 6,695,000 6,793,885
Travis USD, COP, Foxboro Elementary School Construction Project,
ETM, 6.00%, 9/01/99 .............................................................................. 320,000 328,125
ETM, 6.10%, 9/01/00 .............................................................................. 335,000 350,718
ETM, 6.20%, 9/01/01 .............................................................................. 355,000 379,928
ETM, 6.30%, 9/01/02 .............................................................................. 170,000 186,058
Pre-Refunded, 6.40%, 9/01/03 ..................................................................... 405,000 451,741
Pre-Refunded, 6.50%, 9/01/04 ..................................................................... 430,000 481,179
Pre-Refunded, 6.60%, 9/01/05 ..................................................................... 455,000 510,797
Pre-Refunded, 6.70%, 9/01/06 ..................................................................... 490,000 551,853
Pre-Refunded, 7.00%, 9/01/12 ..................................................................... 3,670,000 4,172,974
Tri-Cities Municipal Water District, COP, Special District Lease Program, Series T, Pre-Refunded,
6.55%, 12/01/17 ................................................................................. 2,665,000 3,002,895
Tri City Hospital District Revenue, Refunding, Series A, MBIA Insured, 5.625%, 2/15/17 ........... 5,000,000 5,385,950
Tri-Dam Power Authority Revenue, Hydroelectric Sand Bar Project, Refunding, 7.50%, 1/01/17 ....... 48,380,000 51,188,459
Trinity County PUD, COP, Electric District Facilities, Refunding, Series 1993,
6.60%, 4/01/11 ................................................................................... 2,565,000 2,775,740
6.75%, 4/01/23 ................................................................................... 4,000,000 4,300,560
Truckee-Donner PUD, COP, Water System Improvement Project,
MBIA Insured, Pre-Refunded, 6.75%, 11/15/21 ..................................................... 500,000 555,205
Tulare County COP,
Capital Improvement Program, Series A, MBIA Insured, 6.00%, 2/15/16 .............................. 4,250,000 4,749,333
Financing Project, Series B, 6.875%, 11/15/12 .................................................... 1,100,000 1,221,451
Turlock Irrigation District Revenue, Refunding, Series A, MBIA Insured, 5.00%, 1/01/26 ........... 10,000,000 10,033,400
University of California COP, UCLA Center Chiller/Cogeneration Project, Refunding,
5.50%, 11/01/17 .................................................................................. 13,940,000 14,646,619
5.60%, 11/01/20 .................................................................................. 14,880,000 15,668,194
University of California Revenues,
Hospital - U.C. Medical Center, AMBAC Insured, 5.75%, 7/01/24 .................................... 15,500,000 16,799,520
Multi Purpose Projects, Refunding, Series C, AMBAC Insured, 5.00%, 9/01/23 ....................... 17,545,000 17,584,827
Multi Purpose Projects, Series F, FGIC Insured, 5.00%, 9/01/22 ................................... 40,575,000 40,856,996
Multi Purpose Projects, Series F, FGIC Insured, 5.00%, 9/01/27 ................................... 82,440,000 82,691,442
Research Facilities, Refunding, Series C, FSA Insured, 5.00%, 9/01/21 ............................ 9,945,000 10,014,118
Research Facilities, Series B, Pre-Refunded, 6.55%, 9/01/24 ...................................... 26,780,000 30,582,492
Research Facilities, Series D, FSA Insured, 5.00%, 9/01/24 ....................................... 7,885,000 7,909,049
U.C. Davis Medical Center, AMBAC Insured, 5.75%, 7/01/20 ......................................... 45,385,000 49,190,078
Upland COP,
Refunding, 5.50%, 1/01/07 ........................................................................ 4,935,000 5,320,522
San Antonio Community Hospital, Refunding, 5.70%, 1/01/11 ........................................ 11,210,000 12,287,281
Upland Hospital Revenue, COP, San Antonio Community Hospital,
Pre-Refunded, 7.80%, 1/01/18 .................................................................... 6,500,000 6,700,005
Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 7/01/20 ........................... $ 4,440,000 $ 4,583,856
Upland Public Financing Authority Revenue, Loan Agency, Refunding, Series B,
8.10%, 12/01/08 .................................................................................. 2,500,000 2,571,525
8.25%, 12/01/15 .................................................................................. 10,645,000 10,953,066
Vacaville COP, Pre-Refunded, 9.40%, 10/01/15 ..................................................... 12,170,000 13,644,639
Vacaville Public Financing Authority Revenue, Local Agency, 8.65%, 9/02/18 ....................... 5,935,000 6,158,987
Vacaville Special Tax, Nut Tree, CFD No. 2, Series A, Pre-Refunded,
8.25%, 9/01/10 ................................................................................... 1,885,000 2,025,395
8.20%, 9/01/15 ................................................................................... 1,000,000 1,074,040
Val Verde USD, COP,
Thomas Rivera Middle School, Pre-Refunded, 6.50%, 6/01/22 ........................................ 7,315,000 8,228,497
Vista Verde Project, Pre-Refunded, 6.95%, 6/01/21 ................................................ 2,785,000 3,071,270
Vallejo RDA, Tax Allocation, Waterfront Redevelopment Project, 7.90%, 5/01/19 .................... 2,480,000 2,510,157
Vallejo Revenue,
Golf Course Project, Series A, 7.90%, 6/01/17 .................................................... 6,000,000 6,446,760
Water Improvement Project, Refunding, Series A, FSA Insured, 5.875%, 5/01/26 ..................... 6,500,000 7,200,570
Vallejo USD, Special Tax Revenue, CFD No. 2,
7.75%, 9/01/15 ................................................................................... 2,300,000 2,375,072
8.125%, 9/01/16 .................................................................................. 5,100,000 5,368,005
Victor Valley UHSD, COP, Pre-Refunded, 7.875%, 11/01/12 .......................................... 5,100,000 5,633,715
Victorville RDA, Tax Allocation, Bear Valley Road Redevelopment Project,
Pre-Refunded, 7.50%, 11/01/06 .................................................................... 1,200,000 1,355,304
Refunding, Series A, FSA Insured, 6.125%, 9/01/19 ................................................ 2,405,000 2,635,062
Refunding, Series A, FSA Insured, 6.125%, 9/01/24 ................................................ 3,245,000 3,555,417
Virgin Islands Public Finance Authority Revenue, Senior Lien, Refunding, Series A, 5.50%,
10/01/14 ......................................................................................... 3,865,000 4,012,914
10/01/22 ......................................................................................... 7,000,000 7,160,440
Vista Community Development Commission,
Tax Allocation Revenue, Vista Redevelopment Project Area,
MBIA Insured, 5.50%, 9/01/23 ..................................................................... 11,810,000 12,481,753
Series A, MBIA Insured, 5.125%, 9/01/28 .......................................................... 3,645,000 3,695,009
Series B, MBIA Insured, 5.20%, 9/01/28 ........................................................... 5,485,000 5,594,590
Vista Joint Powers Financing Authority Revenue,
Lease, Refunding, MBIA Insured, 5.625%, 5/01/16 .................................................. 5,000,000 5,403,350
Series A, 7.625%, 2/01/20 ........................................................................ 3,675,000 3,875,141
Series A, Pre-Refunded, 7.45%, 1/01/09 ........................................................... 4,000,000 4,119,800
Series A, Pre-Refunded, 7.50%, 1/01/16 ........................................................... 9,100,000 9,373,637
Walnut Improvement Agency,
RMR, Series A, 10.25%, 5/01/17 ................................................................... 80,000 86,426
Tax Allocation, Walnut Improvement Project, Series A, 8.00%, 9/01/18 ............................. 1,665,000 1,722,825
Walnut Public Financing Authority Revenue, Tax Allocation,
Improvement Project, Refunding,
MBIA Insured, 6.50%, 9/01/22 .................................................................... 8,285,000 9,149,540
Washington Township Hospital District Revenue, AMBAC Insured, 5.25%, 7/01/23 ..................... 5,000,000 5,096,150
Watsonville Hospital Revenue, Watsonville Community Hospital,
Insured, Series A, Pre-Refunded,
6.30%, 7/01/15 ................................................................................... 3,990,000 4,631,991
6.35%, 7/01/24 ................................................................................... 5,435,000 6,325,525
Watsonville RDA, Tax Allocation, Watsonville Redevelopment Project, 6.30%, 8/01/06 ............... 1,745,000 1,756,325
West Basin Municipal Water District Revenue, COP, 1992 Project, Refunding, Series A,
AMBAC Insured, 5.50%, 8/01/22 ................................................................... 4,000,000 4,252,200
West Covina RDA, Special Tax, CFD No. 1, Pre-Refunded, 7.80%, 9/01/22 ............................ $ 23,000,000 $ 24,397,940
West Hollywood COP,
Capital Projects, Series A, Pre-Refunded, 6.50%, 2/01/25 ......................................... 9,255,000 9,536,722
Refunding, MBIA Insured, 5.00%, 2/01/25 .......................................................... 6,250,000 6,271,000
West Sacramento Financing Authority Revenue, MBIA Insured, 6.25%, 9/01/24 ........................ 15,550,000 17,392,364
West Sacramento RDA, Tax Allocation, West Sacramento Redevelopment Project, MBIA Insured,
6.25%, 9/01/21 .................................................................................. 4,725,000 5,083,013
Westminster RDA Revenue, Tax Allocation,
Commercial Redevelopment Project No. 1, Refunding,
Series A, Pre-Refunded, 7.30%, 8/01/21 .......................................................... 6,455,000 7,210,493
Whittier Special Tax, CFD No. 8, Pre-Refunded, 7.75%, 9/01/19 .................................... 5,095,000 5,582,948
William S. Hart Joint School Financing Authority, Special Tax Revenue,
Community Facilities, Refunding,
FSA Insured, 6.50%, 9/01/14 ..................................................................... 4,000,000 4,609,000
William S. Hart Union High School District, Special Tax,
CFD No. 8, Pre-Refunded, 7.75%, 9/01/14 ......................................................... 1,210,000 1,282,999
--------------
Total Bonds (Cost $13,226,679,670)................................................................ 14,302,356,247
--------------
Zero Coupon/Step-up Bonds 6.5%
Anaheim Public Financing Authority, Lease Revenue, Public Improvements Project, Sub-Series C,
FSA Insured, 9/01/33 ............................................................................ 15,000,000 2,648,550
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 2,892,002
Baldwin Park RDA, Tax Allocation, San Gabriel, ETM, Refunding, Series A, Pre-Refunded,
2/1/99 ........................................................................................... 540,000 534,352
2/1/00 ........................................................................................... 550,000 524,453
2/1/01............................................................................................ 560,000 513,946
2/1/02............................................................................................ 565,000 498,093
2/1/03............................................................................................ 570,000 482,767
2/1/04............................................................................................ 575,000 467,423
2/1/05............................................................................................ 585,000 455,984
Burton Elementary School District, COP, Loan Acquisition,
Capital Appreciation, Series B, FSA Insured,
zero coupon to 9/01/00, 6.60% thereafter, 9/01/27 ............................................... 300,000 280,938
California Health Facilities Financing Authority Revenue,
Kaiser Permanente, Series A, 10/01/11 ........................................................... 13,970,000 7,573,137
California HFA Revenue,
Capital Appreciation, Series G, MBIA Insured, 2/1/30 ............................................. 72,660,000 12,190,895
Home Mortgage, Capital Appreciation, Series A, 8/1/16 ............................................ 615,000 91,518
Home Mortgage, Capital Appreciation, Series A, 8/1/23 ............................................ 27,085,000 4,042,436
Home Mortgage, Series C, 8/1/21 .................................................................. 31,405,000 5,528,536
California Public School District, Financing Authority Lease Revenue, Los Banos School,
Series A, FSA Insured, zero coupon to 10/01/00, 6.20% thereafter, 10/01/23 ....................... 455,000 429,525
Series B, FSA Insured, Pre-refunded, zero coupon to 10/01/00, 6.20% thereafter, 10/01/23 ......... 4,535,000 4,401,399
California State GO,
Principal Eagles II, Series 3, 3/01/09 ........................................................... 7,500,000 4,817,250
Principal Eagles II, Series 4, 6/01/06 ........................................................... 10,000,000 7,367,900
Principal Eagles II, Series 6, 3/01/09 ........................................................... 5,000,000 3,211,500
Principal M-Raes, Series 8, 4/01/09 .............................................................. 9,000,000 5,760,270
California Statewide CDA Revenue, COP, Insured Hospital, Triad Health Care, ETM, Refunding,
8/1/09 ........................................................................................... 6,450,000 4,100,330
California Statewide CDA Revenue, COP, Insured Hospital,
Triad Health Care, ETM, Refunding, (cont.)
8/1/10 ........................................................................................... $ 6,745,000 $ 4,064,807
8/1/11 ........................................................................................... 3,115,000 1,776,080
Campbell Union School District, Series B, FGIC Insured,
8/1/20 ........................................................................................... 5,000,000 1,727,450
8/1/21............................................................................................ 6,280,000 2,066,560
Chino USD, COP, Land Acquisition,
Series A, FSA Insured, zero coupon to 9/01/99, 6.60% thereafter, 9/01/14 ......................... 1,265,000 1,295,524
Series A, FSA Insured, zero coupon to 9/01/99, 6.70% thereafter, 9/01/29 ......................... 7,105,000 7,174,771
Series B, FSA Insured, zero coupon to 9/01/02, 6.60% thereafter, 9/01/14 ......................... 1,580,000 1,345,733
Series B, FSA Insured, zero coupon to 9/01/02, 6.70% thereafter, 9/01/29 ......................... 4,780,000 3,996,749
Contra Costa County COP, Merrithew Memorial Hospital, ETM, 11/01/15 .............................. 6,810,000 2,994,970
Contra Costa County Home Mortgage Finance Authority,
HMR, MBIA Insured, Pre-Refunded, 9/01/17 ........................................................ 3,820,000 1,199,327
Contra Costa Home Mortgage Finance Authority HMR, Mandatory Sinking Fund-
9/01/07, MBIA Insured, Pre-Refunded, 9/01/17 ..................................................... 5,890,000 1,321,598
3/01/08, MBIA Insured, Pre-Refunded, 9/01/17 ..................................................... 9,635,000 2,217,881
9/01/08, MBIA Insured, Pre-Refunded, 9/01/17 ..................................................... 8,095,000 1,928,472
3/01/09, MBIA Insured, Pre-Refunded, 9/01/17 ..................................................... 8,615,000 2,113,087
9/01/09, MBIA Insured, Pre-Refunded, 9/01/17 ..................................................... 7,135,000 1,810,720
3/01/10, MBIA Insured, Pre-Refunded, 9/01/17 ..................................................... 7,700,000 2,010,547
9/01/10, MBIA Insured, Pre-Refunded, 9/01/17 ..................................................... 6,275,000 1,694,815
Contra Costa School Financing Authority Revenue, Capital Appreciation,
Antioch USD Community, Series B, 9/01/07 ......................................................... 1,785,000 1,155,841
Vista USD, Series A, FSA Insured, Pre-Refunded, 9/01/03 .......................................... 1,000,000 826,620
Vista USD, Series A, FSA Insured, Pre-Refunded, 9/01/17 .......................................... 10,770,000 2,333,967
Desert Sands USD, COP, Capital Projects, FSA Insured, 3/01/20 .................................... 6,820,000 6,150,481
Fontana USD, Series D, FGIC Insured, 5/01/17 ..................................................... 5,000,000 4,941,500
Foothill Eastern Transportation Corridor Agency, California Toll Road Revenue, Senior Lien, Series A,
1/1/09 ........................................................................................... 10,000,000 8,087,400
1/1/12............................................................................................ 8,000,000 6,724,800
1/1/14 ........................................................................................... 5,500,000 4,762,450
1/1/25 ........................................................................................... 20,660,000 5,290,200
1/1/26 ........................................................................................... 23,475,000 5,707,007
1/1/27 ........................................................................................... 10,000,000 2,308,100
1/1/29 ........................................................................................... 18,000,000 3,744,720
Los Angeles Convention and Exhibition Center Authority, COP, ETM, Series 1985, 12/01/05 .......... 26,750,000 19,979,843
Los Angeles County Transportation Commission Sales Tax Revenue, Capital Appreciation,
Refunding, Series A, 7/01/03 ..................................................................... 4,895,000 3,703,263
MBIA Insured, 7/01/04 ............................................................................ 4,895,000 3,440,402
Los Angeles HMR, Series A, GNMA Secured, 8/25/16 ................................................. 1,575,000 356,076
Los Banos USD, COP, Series B, MBIA Insured, 8/01/16 .............................................. 5,000,000 4,510,100
Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded, 5/01/14 .......................... 38,500,000 11,603,130
Orange County COP, Juvenile Justice Center Project, Pre-Refunded,
6/1/01 ........................................................................................... 3,280,000 2,909,688
6/1/02 ........................................................................................... 3,280,000 2,699,243
6/1/03 ........................................................................................... 3,280,000 2,501,590
6/1/04 ........................................................................................... 3,280,000 2,321,781
Orange County COP, Juvenile Justice Center Project, Pre-Refunded, (cont.)
6/1/10 ........................................................................................... $ 4,715,000 $ 2,110,811
6/1/11 ........................................................................................... 4,715,000 1,957,244
6/1/12 ........................................................................................... 4,715,000 1,814,804
Paramount USD, COP, Land Acquisition, Series B, FSA Insured, zero coupon to 9/01/01,
6.85% thereafter, 9/01/14 ........................................................................ 1,695,000 1,517,178
7.00% thereafter, 9/01/29 ........................................................................ 7,675,000 6,839,500
Pasadena Special Tax, CFD No. 1, Civic Center West, Pre-Refunded, 12/01/17 ....................... 4,090,000 1,347,860
Perris SFMR, ETM, Series A, GNMA Secured, 6/01/23 ................................................ 19,095,000 5,463,843
Placer Hills Union Elementary School District, COP, Series B,
zero coupon to 3/01/00, 7.125% thereafter, 3/01/19 .............................................. 510,000 510,638
Placer Union High School District, COP, Capital Appreciation, Series A, 3/01/19 .................. 2,095,000 2,097,619
Porterville Union High School District, COP, Capital Appreciation, Land Acquisition, Series A,
FSA Insured, 9/01/27 ............................................................................ 1,325,000 1,410,926
Rancho Water District Financing Authority Revenue, AMBAC Insured,
8/15/16 .......................................................................................... 8,605,000 3,675,368
8/15/17 .......................................................................................... 13,605,000 5,489,890
8/15/18 .......................................................................................... 13,605,000 5,181,464
Riverside County Asset Leasing Corp., Leasehold Revenue, Riverside County Hospital Project,
MBIA Insured, 6/01/24 ........................................................................... 13,005,000 3,635,808
Riverside County Board of Education, COP, Financing Projects, Series A, 11/01/05 ................. 1,250,000 937,463
Riverside County SFMR, ETM,
Series A, GNMA Secured, 9/01/14 .................................................................. 20,220,000 9,161,075
Series A, GNMA Secured, 11/1/20 .................................................................. 25,055,000 8,173,442
Series B, GNMA Secured, 6/01/23 .................................................................. 26,160,000 7,485,422
Rocklin USD, Series A, FGIC Insured,
9/1/08 ........................................................................................... 3,660,000 2,434,193
9/1/09 ........................................................................................... 4,100,000 2,589,027
9/1/10 ........................................................................................... 4,595,000 2,749,602
9/1/11 ........................................................................................... 5,145,000 2,911,761
9/1/12 ........................................................................................... 5,760,000 3,068,698
9/1/16 ........................................................................................... 33,960,000 14,348,440
Roseville City School District, Series A,
8/1/11 ........................................................................................... 3,115,000 1,747,359
8/1/17 ........................................................................................... 30,770,000 12,168,304
Roseville Joint Unified High School District, Capital Appreciation, Series A,
8/1/10 ........................................................................................... 1,820,000 1,080,425
8/1/11 ........................................................................................... 1,965,000 1,102,267
8/1/17 ........................................................................................... 18,155,000 7,179,576
San Bernardino County COP, West Valley Detention Center Project, Pre-Refunded,
11/1/00 .......................................................................................... 3,270,000 2,911,445
11/1/01 .......................................................................................... 3,270,000 2,706,089
11/1/02 .......................................................................................... 3,170,000 2,435,955
11/1/03 .......................................................................................... 3,250,000 2,316,795
11/1/04 .......................................................................................... 3,135,000 2,071,169
San Francisco City and County RDA Lease Revenue,
George R. Moscone Center, Capital Appreciation,
7/1/05 ........................................................................................... 12,820,000 9,797,557
San Francisco City and County RDA Lease Revenue,
George R. Moscone Center, Capital Appreciation, (cont.)
7/1/06 ........................................................................................... $ 11,320,000 $ 8,281,372
7/1/07 ........................................................................................... 4,570,000 3,197,172
7/1/08 ........................................................................................... 7,785,000 5,163,868
Pre-Refunded, 7/01/16 ............................................................................ 16,300,000 4,833,928
Pre-Refunded, 7/01/17 ............................................................................ 16,300,000 4,447,944
Pre-Refunded, 7/01/18 ............................................................................ 16,300,000 4,092,767
Zero coupon to 7/01/02, 8.50% thereafter, 7/01/14 ................................................ 46,000,000 42,384,400
San Francisco City and County SFMR, Series 1985, 10/01/18 ........................................ 2,905,000 385,755
San Gabriel USD, COP, Facilities Development Program, Series B, FSA Insured, 9/01/29 ............. 2,250,000 1,855,103
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue, Senior Lien,
ETM, 1/01/25 ..................................................................................... 5,700,000 1,604,493
ETM, 1/01/28 ..................................................................................... 33,545,000 8,168,543
ETM, 1/01/29 ..................................................................................... 37,050,000 8,596,712
Pre-Refunded, zero coupon to 1/01/02, 7.50% thereafter, 1/01/09 .................................. 21,585,000 22,541,647
Pre-Refunded, zero coupon to 1/01/02, 7.55% thereafter, 1/01/10 .................................. 10,745,000 11,246,039
Pre-Refunded, zero coupon to 1/01/02, 7.60% thereafter, 1/01/11 .................................. 25,935,000 27,204,000
Pre-Refunded, zero coupon to 1/01/02, 7.65% thereafter, 1/01/12 .................................. 25,215,000 26,507,017
Pre-Refunded, zero coupon to 1/01/02, 7.65% thereafter, 1/01/13 .................................. 27,350,000 28,751,414
Pre-Refunded, zero coupon to 1/01/02, 7.705% thereafter, 1/01/14 ................................. 7,470,000 7,869,944
Pre-Refunded, zero coupon to 1/01/02, 7.705% thereafter, 1/01/15 ................................. 60,155,000 63,375,699
Refunding, Series A, 1/15/16 ..................................................................... 19,500,000 13,131,885
Refunding, Series A, 1/15/17 ..................................................................... 17,000,000 11,428,930
Refunding, Series A, 1/15/18 ..................................................................... 60,000,000 40,429,800
Refunding, Series A, 1/15/19 ..................................................................... 57,000,000 38,332,500
Refunding, Series A, 1/15/20 ..................................................................... 80,000,000 53,446,400
Refunding, Series A, 1/15/22 ..................................................................... 90,000,000 60,623,100
Refunding, Series A, 1/15/23 ..................................................................... 80,000,000 53,979,200
Refunding, Series A, 1/15/24 ..................................................................... 80,000,000 53,216,800
Santa Maria Water & Wastewater Revenue, COP, Series A, AMBAC Insured, 8/01/27 .................... 20,000,000 15,634,200
Simi Valley SFRMR, Series A, 9/01/25 ............................................................. 1,540,000 191,006
Southern California Public Power Authority Revenue, Refunding, Series A, AMBAC Insured,
7/1/11 ........................................................................................... 12,000,000 6,841,440
7/1/12............................................................................................ 16,890,000 9,066,383
7/1/13 .......................................................................................... 16,000,000 8,114,400
Stockton East Water District, COP, Refunding, Series A, AMBAC Insured, 4/01/16 ................... 103,885,000 41,827,156
---------------
Total Zero Coupon/Step-up Bonds (Cost $862,114,533) .............................................. 1,044,810,531
---------------
Total Long Term Investments (Cost $14,088,794,203)................................................ 15,347,166,778
---------------
California Health Facilities Financing Authority Revenue,
Catholic Healthcare, Series B, Weekly VRDN and Put,
3.00%, 7/01/12 .................................................................................. $ 10,235,000 $ 10,235,000
Catholic Healthcare, Series C, MBIA Insured, Weekly VRDN and Put, 3.60%, 7/01/20 ................. 2,000,000 2,000,000
Catholic West, Refunding, Series D, MBIA Insured, Weekly VRDN and Put, 3.00%, 7/01/18 ............ 6,800,000 6,800,000
California HFA Revenue, MF, Refunding, Series B, FNMA Insured,
Weekly VRDN and Put, 3.00%, 7/15/13 ............................................................. 2,600,000 2,600,000
California School Facilities Financing Corp., COP, Capital Improvement
Financing Project, Series B,
Weekly VRDN and Put, 3.10%, 7/01/24 ............................................................. 9,600,000 9,600,000
California State Economic Development Finance Authority Revenue,
California Independent Systems Project,
Series B, Daily VRDN and Put, 3.50%, 4/01/08 ..................................................... 13,900,000 13,900,000
Series C, Daily VRDN and Put, 4.10%, 4/01/08 ..................................................... 49,400,000 49,400,000
a California State, Revenue Anticipation Notes, 4.00%, 6/30/99 ..................................... 107,650,000 108,366,949
California Statewide CDA, COP, Memorial Health Services,
Weekly VRDN and Put, 3.20%, 10/01/26 ............................................................ 6,300,000 6,300,000
Chula Vista IDR, San Diego Gas, Refunding, Series A,
Daily VRDN and Put, 4.00%, 7/01/21 .............................................................. 23,200,000 23,200,000
Eastern Municipal Water District, Water and Sewer Revenue,
COP, Refunding, Series B, FGIC
Insured, Weekly VRDN and Put, 3.60%, 7/01/20 .................................................... 10,000,000 10,000,000
Irvine 1915 Act, AD 94-13, Daily VRDN and Put, 3.80%, 9/02/22 .................................... 100,000 100,000
Los Angeles County Metropolitan Transportation Authority,
Sales Tax Revenue, Proposition C, Refunding,
Second Series A, MBIA Insured, Weekly VRDN and Put, 3.60%, 7/01/20 .............................. 18,520,000 18,520,000
Los Angeles USD, TRAN, 4.50%, 10/01/98 ........................................................... 38,000,000 38,000,760
Metropolitan Water District, Southern California Waterworks Revenue,
Refunding, Series A, AMBAC Insured,
Weekly VRDN and Put, 3.60%, 6/01/23 ............................................................. 27,645,000 27,645,000
M-S-R Public Power Agency, San Juan Project Revenue, Subordinated Lien,
Series D, MBIA Insured, Weekly VRDN and Put, 3.50%, 7/01/18 ...................................... 10,000,000 10,000,000
Series E, MBIA Insured, Weekly VRDN and Put, 3.55%, 7/01/22 ...................................... 5,300,000 5,300,000
Orange County Improvement Bond, Assessment District No. 88-1,
Daily VRDN and Put, 4.00%, 9/02/18 .............................................................. 14,298,000 14,298,000
Riverside County TRAN, 4.50%, 9/30/99 ............................................................ 22,000,000 22,287,100
San Bernardino County TRAN, 4.50%, 9/30/99 ....................................................... 57,100,000 57,845,155
San Francisco City and County USD, TRAN, 4.50%, 9/22/99 .......................................... 11,000,000 11,142,890
Santa Clara County Housing Authority, MFHR, Foxchase Apartment, Series E, FGIC Insured,
Weekly VRDN and Put, 3.60%, 11/01/07 ............................................................ 2,200,000 2,200,000
Southern California Public Power Authority, Transmission Project Revenue,
Subordinated, Refunding,
AMBAC Insured, Weekly VRDN and Put, 3.00%, 7/01/19 .............................................. 2,800,000 2,800,000
Vacaville California MFMR, Quail Run, Series A, Weekly VRDN and Put, 3.00%, 7/15/18 .............. 3,000,000 3,000,000
---------------
Total Short Term Investments (Cost $455,331,160).................................................. 455,540,854
---------------
Total Investments (Cost $14,544,125,363) 99.1%................................................... 15,802,707,632
Other Assets, less Liabilities .9%................................................................ 141,526,004
---------------
Net Assets 100.0%................................................................................. $15,944,233,636
===============
</TABLE>
See glossary of terms on page 58.
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.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Statement of Investments, September 30, 1998 (unaudited) (cont.)
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.
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
FNMA - Federal National Mortgage Association
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.
MF - Multi-Family
MFHR - Multi-Family Housing Revenue
MFMR - Multi-Family Mortgage Revenue
MFR - Multi-Family Revenue
MUD - Municipal Utility District
PCFA - Pollution Control Financing Authority
PUD - Public Utility District
RDA - Redevelopment Agency
RMR - Residential Mortgage Revenue
RRMR - Residential Rental Mortgage Revenue
SF - Single Family
SFHMR - Single Family Home Mortgage Revenue
SFM - Single Family Mortgage
SFMR - Single Family Mortgage Revenue
SFRMR - Single Family Residential Mortgage Revenue
TRAN - Tax and Revenue Anticipation Notes
UHSD - Unified High School District
USD - Unified School District
<TABLE>
<CAPTION>
Franklin California Tax-Free Income Fund, Inc.
Financial Statements
Statement of Assets and Liabilities
September 30, 1998 (unaudited)
<S> <C>
Assets:
Investments in securities, at value (cost $14,544,125,363)........................... $15,802,707,632
Cash ................................................................................ 4,344,668
Receivables:
Investment securities sold ......................................................... 76,228,135
Capital shares sold ................................................................ 14,687,005
Interest ........................................................................... 214,253,313
----------------
Total assets ......................................................................... 16,112,220,753
----------------
Liabilities:
Payables:
Investment securities purchased .................................................... 144,863,553
Capital shares redeemed ............................................................ 6,002,057
Affiliates ......................................................................... 8,484,685
Shareholders ....................................................................... 8,285,620
Other liabilities ................................................................... 351,202
----------------
Total liabilities .................................................................... 167,987,117
----------------
Net assets, at value ................................................................ $15,944,233,636
================
Net assets consist of:
Undistributed net investment income ................................................. $ 1,899,979
Net unrealized appreciation ......................................................... 1,258,582,269
Accumulated net realized gain ....................................................... 34,753,852
Capital shares ...................................................................... 14,648,997,536
----------------
Net assets, at value ................................................................ $15,944,233,636
================
Class I:
Net asset value per share
($15,557,685,572 / 2,079,280,439 shares outstanding)*................................ $7.48
================
Maximum offering price per share ($7.48 / 95.75%).................................... $7.81
================
Class II:
Net asset value per share
($386,548,064 / 51,708,181 shares outstanding)* ..................................... $7.48
================
Maximum offering price per share ($7.48 / 99.00%) ................................... $7.56
================
*Redemption price is equal to net asset value less any applicable contingent
deferred sales charge.
See notes to financial statements.
Franklin California Tax-Free Income Fund, Inc.
Financial Statements (continued)
Statement of Operations
for the six months ended September 30, 1998 (unaudited)
<S> <C> <C>
Investment income:
Interest ................................................................... $455,048,401
----------------
Expenses:
Management fees (Note 3) ................................................... $34,296,338
Distribution fees (Note 3)
Class I ................................................................... 5,770,474
Class II .................................................................. 1,100,857
Transfer agent fees (Note 3)................................................ 1,739,982
Custodian fees ............................................................. 75,524
Reports to shareholders .................................................... 677,098
Registration and filing fees................................................ 255,692
Professional fees .......................................................... 153,054
Directors' fees and expenses ............................................... 60,410
Other ...................................................................... 252,026
--------------
Total expenses .............................................................. 44,381,455
----------------
Net investment income ...................................................... 410,666,946
----------------
Realized and unrealized gains:
Net realized gain from investments ......................................... 35,194,184
Net unrealized appreciation on investments ................................. 262,436,455
----------------
Net realized and unrealized gain ............................................ 297,630,639
----------------
Net increase in net assets resulting from operations ........................ $708,297,585
================
See notes to financial statements.
Franklin California Tax-Free Income Fund, Inc.
Financial Statements (continued)
Statements of Changes in Net Assets
for the six months ended September 30, 1998 (unaudited)
and the year ended March 31, 1998
Six Months Ended Year Ended
September 30, 1998 March 31, 1998
--------------------------------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income ............................................. $ 410,666,946 $ 827,310,972
Net realized gain from investments ................................ 35,194,184 54,982,842
Net unrealized appreciation on investments ........................ 262,436,455 502,882,454
--------------------------------------
Net increase in net assets resulting from operations ................ 708,297,585 1,385,176,268
Distributions to shareholders from:
Net investment income:
Class I .......................................................... (404,018,198) (832,455,264)
Class II .......................................................... (8,017,523) (10,853,571)
Net realized gains:
Class I ........................................................... (15,437,642) (27,207,459)
Class II .......................................................... (337,238) (441,532)
--------------------------------------
Total distributions to shareholders ................................. (427,810,601) (870,957,826)
Capital share transactions: (Note 2)
Class I ........................................................... 516,646,518 626,244,984
Class II .......................................................... 83,816,583 150,768,626
--------------------------------------
Total capital share transactions .................................... 600,463,101 777,013,610
Net increase in net assets .......................................... 880,950,085 1,291,232,052
Net assets:
Beginning of period ................................................ 15,063,283,551 13,772,051,499
======================================
End of period ...................................................... $15,944,233,636 $15,063,283,551
======================================
Undistributed net investment income included in net assets:
End of period ...................................................... $ 1,899,979 $ 3,268,754
======================================
</TABLE>
See notes to financial statements.
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
Notes to Financial Statements (unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Franklin California Tax-Free Income Fund, Inc. (the Fund) is registered under
the Investment Company Act of 1940 as 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
to 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.
2. CAPITAL STOCK (cont.)
At September 30, 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>
Six Months Ended Year Ended
September 30, 1998 March 31, 1998
---------------------------------------------------------
Shares Amount Shares Amount
---------------------------------------------------------
<S> <C> <C> <C> <C>
Class I Shares:
Shares sold .................................. 241,131,690 $1,770,737,707 435,975,245 $3,167,627,218
Shares issued in reinvestment of distributions 23,988,660 175,727,326 48,924,195 354,022,741
Shares redeemed ..............................(194,698,143)(1,429,818,515) (398,224,177)(2,895,404,975)
---------------------------------------------------------
Net increase ................................. 70,422,207 $ 516,646,518 86,675,263 $ 626,244,984
=========================================================
Class II Shares:
Shares sold .................................. 14,301,900 $ 105,039,760 23,451,084 $ 170,412,078
Shares issued in reinvestment of distributions 747,779 5,477,120 1,033,021 7,489,380
Shares redeemed............................... (3,637,559) (26,700,297) (3,729,715) (27,132,832)
---------------------------------------------------------
Net increase ................................. 11,412,120 $ 83,816,583 20,754,390 $ 150,768,626
=========================================================
</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
-------------------------------------------------------------
.625% First $100 million
.50% Over $100 million, up to and including $250 million
.45% Over $250 million, up to and including $10 billion
.44% Over $10 billion, up to and including $12.5 billion
.42% Over $12.5 billion, up to and including $15 billion
.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.
3. TRANSACTIONS WITH AFFILIATES (cont.)
Distributors paid net commissions on sales of the Fund shares, and received
contingent deferred sales charges for the period of $2,653,968 and $106,671
respectively.
The Fund paid transfer agent fees of $1,739,982, of which $1,598,631 was paid
to Investor Services.
4. INCOME TAXES
At September 30, 1998, the net unrealized appreciation based on the cost of
investments for income tax purposes of $14,544,272,076 was as follows:
Unrealized appreciation............... $1,258,479,731
Unrealized depreciation............... (44,175)
--------------
Net unrealized appreciation........... $1,258,435,556
==============
Net realized capital gains differ from 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
period ended September 30, 1998 aggregated $2,193,698,573 and $2,095,899,971,
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
Semiannual Report
September 30, 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 credit quality breakdown of the Franklin
California Tax-Free Income Fund based on total long-term investments as of
9/30/98.
AAA 59.8%
AA 12.0%
A 12.4%
BBB 15.4%
Below Investment Grade 0.4%
GRAPHIC MATERIAL (2)
This chart shows the portfolio breakdown by sector based on the percentage of
total long-term investments on 9/30/98 for the Franklin California Tax-Free
Income Fund.
Utilities 18.1%
Prerefunded 14.4%
Certificates of Participation 12.9%
Transportation 11.5%
Hospitals 10.1%
Tax-Allocation Bonds 8.4%
General Obligation 5.4%
Housing 5.3%
Education 2.8%
Sales Tax Revenue 2.1%
Marks-Roos Bonds 1.9%
Health Care 1.8%
Mello-Roos Bonds 1.7%
Other Revenue 1.5%
Special Assessment Bonds 1.3%
Industrial 0.8%
GRAPHIC MATERIAL (3)
This chart shows the dividend distributions for Franklin California Tax-Free
Income Fund - Class I from 4/1/98 to 9/30/98.
April 3.3 cents
May 3.3 cents
June 3.3 cents
July 3.3 cents
August 3.3 cents
September 3.3 cents
Total 19.8 cents
GRAPHIC MATERIAL (4)
This chart shows in bar format the comparison between Franklin California
Tax-Free Income Fund - Class I distribution rate of 5.07% and the taxable
equivalent rate of 9.25% on 9/30/98.
GRAPHIC MATERIAL (5)
This chart shows the dividend distributions for Franklin California Tax-Free
Income Fund - Class II from 4/1/98 to 9/30/98.
April 2.94 cents
May 2.94 cents
June 2.94 cents
July 2.97 cents
August 2.97 cents
September 2.97 cents
Total 17.73 cents
GRAPHIC MATERIAL (6)
This chart shows in bar format the comparison between Franklin California
Tax-Free Income Fund - Class II distribution rate of 4.71% and the taxable
equivalent rate of 8.60% on 9/30/98.
