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I am 28% tax bracket, and 9.3% state tax. I have about 300k to put into fixed income, and am about 5 years from retirement.

What do you anticipate for taxes when you retire? California Munis would certainly seem like a good option for the next 5 years, but if it's only for 5 years, you aren't likely to beat 3.9%, which is what you'd get for Pen Fed 5-year CDs after taxes. If you're married, you can get $300,000 in protection at Pen Fed. If single, just $100,000, but I doubt they will go under in next 5 years.
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