Top 10 Fixed-Income Holdings

Portfolio %

1) Los Angeles CA USD GO NPFGC Series 02E 5.125%, 1/01/27 (Prerefunded/ETM)

5.19%

2) California GO 5.25%,4/01/30 (Prerefunded/ETM)

4.53%

3) Los Angeles CA Wstwtr Sys, 5.00%, 6/01/26

4.46%

4) Palo Alto CA Univ Ave AD Series 02A 5.875%, 9/02/30

4.03%

5) Los Angeles Cnty CA Met Trnsp Auth (Los 3.79% Angeles Cnty CA MTA Sales Tax) 5.00%, 7/01/25

4.03%

6) Puerto Rico Hwy & Trnsp Auth Series 02D 5.375%, 7/01/36 (Prerefunded/ETM)

3.35%

7) Los Angeles CA Cmnty Redev Agy (Los Angeles CA CRA Grand Ctrl) AMBAC Series 02 5.375%, 12/01/26

3.32%

8) California Infra & Eco Dev Bk (YMCA of Metro Los Angeles) AMBAC Series 01 5.25%, 2/01/32

3.17%

9) Los Angeles CA Harbor Dept 5.00%, 8/01/26

3.08%

10) California Hlth Fac Fin Auth (Sutter Health) Series 00A 6.25%, 8/15/35

2.51%

Sector/Industry Breakdown

Portfolio %

Revenue

    Electric Utility

7.59%

    Health Care - Not-for-Profit

6.81%

    Revenue - Miscellaneous

6.09%

    Water & Sewer

5.42%

    Port

5.31%

    Airport

2.96%

    Toll Roads/Transit

1.94%

    Higher Education - Private

1.76%

    Primary/Secondary Ed. - Private

1.22%

    Industrial Development - Utility

0.22%

SUBTOTAL

39.32%

Tax Supported

    Special Tax

10.65%

    Assessment District

5.54%

    Tax-Supported Local Lease

3.89%

    Local G.O.

3.59%

    State G.O.

2.24%

    Tax-Supported State Lease

1.76%

SUBTOTAL

27.67%

Prerefunded/ETM

19.07%

Insured/Guaranteed

    Insured

9.98%

SUBTOTAL

9.98%

Asset-Backed

    Housing - Multi-Family

2.90%

SUBTOTAL

2.90%

Note/VRDBs

    Money Market

1.00%

SUBTOTAL

1.00%

Cash Equivalents

    Investment Companies

0.06%

SUBTOTAL

0.06%

Total

100.00%

State Breakdown

Portfolio %

California

91.66%

Puerto Rico

4.98%

Ohio

2.21%

Nevada

1.09%

Other

0.06%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.39%

AAA(Pre-refunded Bonds)

19.07%

AA

37.62%

A

19.35%

BBB

9.72%

Short Term Investments

1.07%

Not Rated

2.78%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

12.74%

Average Coupon:

5.46

Percentage of Leverage:

    Bank Borrowing:

0.00%

    Investment Operations:

0.00%

    Preferred Stock:

37.53%

    Tender Option Bonds:

4.37%

    Term Asset-Backed Loans Facility (TALF):

0.00%

    Total Fund Leverage:

41.90%*

Average Maturity:

5.29 Years

Effective Duration:

4.80 Years

Total Net Assets:

$193.33 Million**

Common Stock Net Asset Value:

$14.15

Number of Holdings:

75