-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Lqh5D4c08vsr9FySPqRGeA5UyvpldKaa/nFbBtNdf6UXJ57rPkhVI1IeH7E8zqmP
 Gafp3We5wknnR9iqHaD4Tg==

<SEC-DOCUMENT>0000930413-08-004717.txt : 20080807
<SEC-HEADER>0000930413-08-004717.hdr.sgml : 20080807
<ACCEPTANCE-DATETIME>20080807140121
ACCESSION NUMBER:		0000930413-08-004717
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20080531
FILED AS OF DATE:		20080807
DATE AS OF CHANGE:		20080807
EFFECTIVENESS DATE:		20080807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		08997829

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c54075_ncsr.htm
<TEXT>
<html>
<head>
<title> </title>

</head>

<body>
<P align="center">
<FONT size=2 face="serif">UNITED STATES </FONT><BR>
<FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT size=2 face="serif">Washington, D.C. 20549 </FONT><BR>
<BR>
<B><FONT size=3 face="serif">FORM N-CSR</FONT></B><FONT size=2 face="serif"> </FONT><BR>
<BR>
<B><FONT size=2 face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED </FONT></B><BR>
<B><FONT size=2 face="serif">MANAGEMENT INVESTMENT COMPANIES</FONT></B><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="23%" align=left nowrap>
<FONT size=2 face="serif"></FONT>       </TD>
        <TD width="77%" align=left nowrap>&nbsp;        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Investment Company Act file number&nbsp;&nbsp;</FONT></TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;"><font size="2">&nbsp;&nbsp;811-21076</font> </TD>
</TR>
<TR>
        <TD colspan=2>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">PIMCO Municipal Income Fund II </font></TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">(Exact name of registrant as specified in charter)</FONT>             </TD>
  </TR>
<TR>
        <TD colspan=2>&nbsp;    </TD>
</TR></table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="64%" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1345 Avenue of the Americas, New York,</FONT> </TD>
        <TD width="36%" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">New York 10105</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=2 face="serif">(Address of principal executive offices)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">(Zip code)</FONT>     </TD>
</TR>
<TR>
        <TD colspan=2>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lawrence G. Altadonna - 1345 Avenue of the Americas, New York, New York 10105</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">(Name and address of agent for service)</FONT>                </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>


<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td width="25%" align=left nowrap><font size=2 face="serif">Registrant&#146;s
        telephone number, including area code:&nbsp;&nbsp;</font> </td>
    <td width="8%" align=left nowrap><div style="border-bottom:1px solid #000000"><font size=2 face="serif">&nbsp;&nbsp;212-739-3371&nbsp;&nbsp;&nbsp;&nbsp;</font> </div></td>
    <td width="67%" align=left nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="3" align=left nowrap><font size=2 face="serif"></font> </td>
  </tr>
</table>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="12%" align=left nowrap>
<FONT size=2 face="serif">Date of fiscal year end:&nbsp;&nbsp;</FONT>   </TD>
        <TD width="8%" align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&nbsp;&nbsp;May
    31, 2008</font>&nbsp;&nbsp;&nbsp;&nbsp; </div></TD>
    <TD width="80%" align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="13%" align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">Date of reporting period:&nbsp;&nbsp;</FONT>  </TD>
        <TD width="8%" align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">&nbsp;&nbsp;May
    31, 2008</font>&nbsp;&nbsp;&nbsp;&nbsp; </div></TD>
    <TD width="79%" align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e -1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.</FONT><FONT size=2 face="serif">
</FONT></P>
<P align="left">
<FONT size=2 face="serif">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form
N-CSR unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507.</FONT><FONT size=2 face="serif">
</FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P>
<PAGE><br>


<P align="left">
<FONT size=2 face="serif">ITEM 1. REPORT TO SHAREHOLDERS </FONT></P>
<P align="center"><BR><BR>





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" bgcolor="#2b5d9d" style='background:#2B5D9D;border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:.5in;text-indent:-8.65pt;text-align:right;margin-top:.25in;margin-bottom:0in;'><font color="#FFFFFF"><font face="Arial" style='font-size:22pt'>PIMCO Municipal Income Fund II</font></font><br> <font color="#FFFFFF"><font face="Arial" style='font-size:22pt'>PIMCO California Municipal Income Fund II</font></font><br> <font color="#FFFFFF"><font face="Arial" style='font-size:22pt'>PIMCO New York Municipal Income Fund II</font></font></p>
            <p style=' margin-left:8.65pt;margin-right:.5in;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font color="#FFFFFF"><font face="Arial" style='font-size:22pt'>&nbsp;</font></font></p>
            <p style=' margin-left:8.65pt;margin-right:.5in;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font color="#FFFFFF"><font face="Arial" style='font-size:22pt'>&nbsp;</font></font></p>
            <p style=' margin-left:8.65pt;margin-right:.5in;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font color="#FFFFFF"><font face="Arial" style='font-size:15pt'>Annual Report</font></font><br>
            <font color="#FFFFFF"><font face="Arial" style='font-size:15pt'>May 31, 2008</font></font></p>
            <p style=' margin-left:8.65pt;margin-right:.5in;text-indent:-8.65pt;text-align:right;margin-top:2.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

<div style='FLOAT: left; WIDTH: 32%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:10%;text-align:left;'><font style='font-size:10pt'><img src="cimg1.jpg"><br> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>
</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
</div>
<div style='FLOAT: right; WIDTH: 65%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:10pt'>Contents</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:6pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom >
        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Letter to Shareholders</font></p> </td>
        <td width="10%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>1</font></p> </td>
        <td width="10%" valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Fund Insights/Performance &amp; Statistics</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>2-4</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Schedules of Investments</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>5-25</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Statements of Assets and Liabilities</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>26</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Statements of Operations</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>27</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Statements of Changes in Net Assets</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>28-29</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Statements of Cash Flows</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>30-31</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Notes to Financial Statements</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>32-39</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Financial Highlights</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>40-42</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Report of Independent Registered Public </font><br>
                          <font face="Arial" style='font-size:10pt'>Accounting Firm</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>43</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Tax Information/Annual Shareholder Meetings Results/<br>
                        </font><font face="Arial" style='font-size:10pt'>Appointment of New Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>44</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Privacy Policy/Proxy Voting Policies &amp; Procedures</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>45</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Dividend Reinvestment Plan</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>46</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Board of Trustees</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>47-48</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Principal Officers</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'> 49</font></p> </td>
        <td valign=bottom >&nbsp;</td>
 </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'><img src="cimg2.jpg"><br> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
</div>
<br clear='all'>

<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk01"></a>PIMCO Municipal Income Funds II </font></b></font><b><font face="Arial" style='font-size:11pt'>Letter to Shareholders</font></b></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>                        </td>
 </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font style='font-size:9pt'>July 15, 2008</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:9pt'>Dear Shareholder:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align: justify;'><font style='font-size:9pt'>We are pleased to provide you with the annual report for PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (the &#147;Funds&#148;) for the fiscal year ended May 31, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align: justify;'><font style='font-size:9pt'>As economic growth slowed and credit conditions tightened during the period, the U.S. bond market delivered positive returns for all but U.S. high yield bonds. The Lehman Municipal Bond Index posted a 3.87% tax-advantaged return. The Federal Reserve (the &#147;Fed&#148;) reduced the Federal Funds rate seven times during the reporting period, reducing the benchmark rate on loans between member banks from 5.25% to 2.0%. The Fed also sought other methods to inject liquidity into the economy.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align: justify;'><font style='font-size:9pt'>Since February 2008, industry-wide developments in the auction-rate preferred markets have caused auctions for the Funds&#146; auction-rate preferred shares (&#147;ARPS&#148;) to fail, as described in Note 5 in the accompanying Notes to Financial Statements. At the time this report is being prepared, it is not possible to predict how and when full or partial liquidity will return, if at all, to the closed-end fund ARPS market. Additional information regarding ARPS, failed auctions and potential solutions to address the unprecedented lack of liquidity of the ARPS due to recent failed auctions can be accessed on our Web site, www.allianzinvestors.com/arps.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align: justify;'><font style='font-size:9pt'>For specific information on the Funds and their performance during the reporting period, please review the following pages. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call the Funds&#146; shareholder servicing agent at (800) 331-1710. You will also find a wide range of information and resources is available on our Web site, www.allianzinvestors.com/closedendfunds.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align: justify;'><font style='font-size:9pt'>Together with Allianz Global Investors Fund Management LLC, the Funds&#146; investment manager, and Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Funds&#146; sub-adviser, we thank you for investing with us.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:9pt'>We remain dedicated to serving your investment needs.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="51%" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:9pt'>Sincerely,</font></p> </td>
        <td width="35%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

 <tr style='height:36.3pt;'>
        <td valign=bottom style=' height:36.3pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:9pt'><img src="cimg3.jpg"><br> </font></p> </td>
        <td valign=bottom style=' height:36.3pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:9pt'><img src="cimg4.jpg"><br> </font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:9pt'>Hans W. Kertess</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:9pt'>Brian S. Shlissel</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><i><font style='font-size:9pt'>Chairman</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><i><font style='font-size:9pt'>President &amp; Chief Executive Officer</font></i><i></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>1</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:8pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk02"></a>PIMCO Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Fund Insights/Performance &amp; Statistics</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008 (unaudited)</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
   </td> </tr></table>
</div>
<div style='FLOAT: left; WIDTH: 32%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>For the fiscal year ended May 31, 2008, PIMCO Municipal Income Fund II returned (2.75)% on net asset value and (3.09)% on market price, compared to (1.78)% and (3.56)%, respectively for the Lipper Analytical General Municipal Debt Funds Leveraged (the &#147;Benchmark&#148;) average.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s average credit quality was AA- at fiscal year-end compared to the Benchmark&#146;s average of AA1/AA2. </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Municipal Securities underperformed Treasuries and the taxable debt sector during the reporting period as the Lehman Brothers Municipal Bond Index</font></p> </td> </tr></table>
</div></div>
<div style='FLOAT: left; WIDTH: 2%' ></div>
<div style='FLOAT: left; WIDTH: 32%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>returned 3.87%, while the Lehman Brothers Aggregate and the Lehman Brothers Treasury Indices returned 6.89% and 9.81%, respectively.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>For the 12-month period ended May 31, 2008, 10-year AAA muni yields decreased 27 basis points, while 20-and 30-year AAA muni yields increased 14 and 26 basis points, respectively. </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s effective duration was managed below that of its Benchmark throughout the period, which was positive for performance, as municipal yields decreased in the short maturities, and increased in the longer</font></p> </td> </tr></table>
</div></div><div style='FLOAT: right; WIDTH: 32%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>maturities during the reporting period.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Exposure to the prerefunded and special tax sectors were positive for performance as these sectors outperformed during the reporting period.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Exposure to the hospital sector detracted from performance as this sector underperformed during the fiscal year.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s Hedging strategies detracted from performance as municipals underperformed Treasuries during the twelve-month reporting period.</font></p> </td> </tr></table>
</div></div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Total Return<sup>(1)</sup>:</font></b></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Market Price</font></b></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;margin-right:6.5pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Net Asset Value (&#147;NAV&#148;)</font></b></p> </td> </tr>
 <tr>
        <td width="53%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1 Year</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="17%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(3.09)%</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="24%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2.75)%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3 Year</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3.86%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3.65%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5 Year</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.48%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.24%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Commencement of Operations (6/28/02) to 5/31/08</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.50%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.95%</font></p> </td> </tr></table>
</div>

<div style='FLOAT: left; WIDTH: 48%' >

<p style=' margin-bottom:0pt; text-align:left;margin-top:6pt;'><b><font face="Arial" style='font-size:8pt'>Common Share Market Price/NAV Performance: </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>Commencement of Operations (6/28/02) to 5/31/08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:1pt'>&nbsp;</font></p>
<div STYLE='position:relative;left:0;top:0;height:245.31px;width:324'>
  <p style='position:absolute;top:0px;left:0px;'><img src="c2aimg001.jpg"></p>
  <p style='position:absolute;top:-1px;left:14.25px;height:8.375px;width:127.125px; text-align:left;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>Market Price</font></p>
  <p style='position:absolute;top:16px;left:15.125px;height:8.375px;width:127px; text-align:left;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>NAV</font></p>
  <p style='position:absolute;top:36.5625px;left:-43.25px;height:8.375px;width:73.875px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>$16.00</font></p>
  <p style='position:absolute;top:59.4375px;left:-47px;height:8.375px;width:77px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>15.50</font></p>
  <p style='position:absolute;top:83.8125px;left:-47px;height:8.375px;width:77px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>15.00</font></p>
  <p style='position:absolute;top:108.1875px;left:-47px;height:8.375px;width:77px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>14.50</font></p>
  <p style='position:absolute;top:131.0625px;left:-47px;height:8.375px;width:77px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>14.00</font></p>
  <p style='position:absolute;top:154.9375px;left:-47px;height:8.375px;width:77px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>13.50</font></p>
  <p style='position:absolute;top:178.5625px;left:-47px;height:8.375px;width:77px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>13.00</font></p>
  <p style='position:absolute;top:202.5625px;left:-47px;height:8.375px;width:77px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>12.50</font></p>
  <p style='position:absolute;top:208.3125px;left:-28.5px;height:8.375px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>6/28/02</font></p>
  <p style='position:absolute;top:208.3125px;left:212.375px;height:8.375px;width:92.375px; text-align:right;padding: 0in 0in 0in 0in;'> <font style='font-family:Arial;font-size:7px;'>5/31/08</font></p>
</div>

</div>
<div style='FLOAT: right; WIDTH: 48%' >

<br style="line-height:25%">
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="62%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Market Price/NAV:</font></b></p> </td>
        <td width="37%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market Price</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$14.14</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NAV</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$13.86</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Premium to NAV</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.02%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market Price Yield<sup>(2)</sup></font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.52%</font></p> </td> </tr></table>
</div>
<center>
  <div STYLE='position:relative;left:0;top:0;height:191.67px;width:288'>
    <p style='position:absolute;top:0px;left:0px;'><img src="c2bimg001.jpg"></p>
    </div>
</center>

</div>
<br clear='all'>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>(1) </font><b><font face="Arial" style='font-size:7.5pt'>Past performance is no guarantee of future results. </font></b><font face="Arial" style='font-size:7.5pt'>Returns are calculated by determining the percentage change in net asset value or market share price (as applicable) in the period covered. The calculation assumes that all of the Fund&#146;s income dividends and capital gain distributions have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of more than one year represents the average annual total return.</font></p>
<br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s performance at market price will differ from its results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund&#146;s shares, or changes in Fund distributions.</font></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>An investment in the Fund involves risk, including the loss of principal. Total return, market price, market price yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering, and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is equal to total assets attributable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily.</font></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at May 31, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>2 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO California Municipal Income Fund II</font></b></font><b><font face="Arial" style='font-size:11pt'> Fund Insights/Performance &amp; Statistics</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008 (unaudited)</font></p> </td> </tr>
 <tr>
   <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
 </tr>
</table>
</div>
<div style='FLOAT: left; WIDTH: 31%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>For the fiscal year ended May 31, 2008, PIMCO California Municipal Income Fund II returned (4.83)% on net asset value and (5.17)% on market price, compared to (0.40)% and (4.24)%, respectively for the Lipper California Municipal Debt Funds&#151;Leveraged (the &#147;Benchmark&#148;) average.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s average credit quality was AA- at fiscal year-end compared to the Benchmark&#146;s average of AA1/AA2.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Municipals underperformed Treasuries and the taxable debt sector during the reporting period as Lehman Brothers</font></p> </td> </tr></table>
</div></div>
<div style='FLOAT: left; WIDTH: 2%' ></div>
<div style='FLOAT: left; WIDTH: 32%' >

  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>California Municipal Index returned 3.04%, while the Lehman Brothers Aggregate and the Lehman Brothers Treasury Indices returned 6.89% and 9.81%, respectively.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>For the 12-month period ended May 31, 2008, 10-year California muni yields increased 2 basis points, while 20- and 30-year yields increased 39 and 48 basis points, respectively.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s effective duration was managed below that of its Benchmark throughout the period, which performance, as municipal yields</font></p> </td> </tr></table>
</div></div>
<div style='FLOAT: left; WIDTH: 2%' ></div>
<div style='FLOAT: right; WIDTH: 32%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>increased in the longer maturities while decreasing in the shorter maturities.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Exposure to tobacco-securitized municipals detracted from performance as the over-all index returned (4.45)% during the reporting period.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>California Municipals slightly underperformed the broader national market for the 12-month period. </font></p> </td> </tr>
 <tr>
   <td valign=top style='padding:4.0pt 0in 0in 0in;'><b>&#149;</b></td>
   <td valign=top style='padding:6.0pt 0in 0in 0in;'><font face="Arial" style='font-size:7.5pt'>The
         Fund&#146;s Hedging strategy detracted from performance as municipals
        underperformed Treasuries during the reporting period.</font></td>
 </tr>
</table>
</div></div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Total Return<sup>(1)</sup>:</font></b></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Market Price</font></b></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;margin-right:6.5pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Net Asset Value (&#147;NAV&#148;)</font></b></p> </td> </tr>
 <tr>
        <td width="47%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1 Year</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="19%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(5.17)%</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="28%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(4.83)%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3 Year</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.89%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3.03%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5 Year</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.73%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.55%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Commencement of Operations (6/28/02) to 5/31/08</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.55%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.22%</font></p> </td> </tr></table>
</div>

<div style='FLOAT: left; WIDTH: 48%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:5pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>Common Share Market Price/NAV Performance:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>Commencement of Operations (6/28/02) to 5/31/08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:5pt'>&nbsp;</font></p>
<div STYLE='position:relative;left:0;top:0;height:268.33px;width:324'>

<p style='position:absolute;top:0px;left:0px;'><img src="c3aimg001.jpg"></p>

<p style='position:absolute;top:-0.8125px;left:22.25px;height:12px;width:145.625px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>Market Price</font></p>

<p style='position:absolute;top:16.1875px;left:24.125px;height:12px;width:145.75px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>NAV</font></p>

<p style='position:absolute;top:39px;left:-56.75px;height:12px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>$17.00</font></p>

<p style='position:absolute;top:69px;left:-56.75px;height:12px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>16.00</font></p>

<p style='position:absolute;top:99px;left:-56.75px;height:12px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>15.00</font></p>

<p style='position:absolute;top:130.4375px;left:-56.75px;height:12px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>14.00</font></p>

<p style='position:absolute;top:161px;left:-56.75px;height:14px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>13.00</font></p>

<p style='position:absolute;top:192px;left:-56.75px;height:12px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>12.00</font></p>

<p style='position:absolute;top:221px;left:-56.75px;height:12px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>11.00</font></p>

<p style='position:absolute;top:229.0625px;left:0px;height:12px;width:114px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>6/28/02</font></p>

<p style='position:absolute;top:229.0625px;left:225px;height:12px;width:113.875px; text-align:center;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:10px;'>5/31/08</font></p>
</div>
</div>
<div style='FLOAT: right; WIDTH: 48%' >
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="60%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Market Price/NAV:</font></b></p> </td>
        <td width="39%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market Price</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$ 14.25</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NAV</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$ 13.34</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Premium to NAV</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6.82%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market Price Yield<sup>(2)</sup></font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.89%</font></p> </td> </tr></table>
</div>
<center>

<div STYLE='position:relative;left:0;top:0;height:191.67px;width:288'>

<p style='position:absolute;top:0px;left:0px;'><img src="c3bimg001.jpg"></p>

</div>
</center>
</div>
<br clear='all'>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>(1)<b> Past performance is no guarantee of future result.</b></font> <font face="Arial" style='font-size:7.5pt'>Returns are calculated by determining the percentage change in net asset value or market share price (as applicable) in the period covered. The calculation assumes that all of the Fund&#146;s income dividends have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of more than one year represents the average annual total return.</font></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s performance at market price will differ from its results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund&#146;s shares, or changes in Fund distributions.</font></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>An investment in the Fund involves risk, including the loss of principal. Total return, market price, market price yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is equal to total assets attributable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily.</font></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at May 31, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>3</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO New York Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Fund Insights/Performance &amp; Statistics</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008 (unaudited)</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
     </td> </tr></table>
</div>
<div style='FLOAT: left; WIDTH: 31%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>For the fiscal year ended May 31, 2008, PIMCO New York Municipal Income Fund II returned (2.19)% on net asset value and (1.46)% on market price, compared to 0.13% and (3.01)%, respectively for the Lipper New York Municipal Debt Funds&#151; Leveraged (the &#147;Benchmark&#148;) average.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s average credit quality was AA at fiscal year-end compared to the Benchmark&#146;s average of AA1/AA2.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Municipals underperformed Treasuries and the taxable debt sector during the reporting period the Lehman Brothers</font></p> </td> </tr></table>
</div></div>
<div style='FLOAT: left; WIDTH: 2%' ></div>
<div style='FLOAT: left; WIDTH: 32%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;margin-left:5%;'><font face="Arial" style='font-size:7.5pt'>New York Muni Index returned 4.44%, while the Lehman Brothers Aggregate and the Lehman Brothers Treasury Indices returned 6.89% and 9.81%, respectively.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>For the 12-month period, 10-year New York yields decreased 28 basis points, while 20- and 30-year New York yields increased 12 and 24 basis points, respectively.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s effective duration was managed below that of its Benchmark throughout the period, which was positive for performance, as municipal</font></p> </td> </tr></table>
</div></div>
<div style='FLOAT: left; WIDTH: 2%' ></div>
<div style='FLOAT: right; WIDTH: 32%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;margin-left:5%;'><font face="Arial" style='font-size:7.5pt'>yields decreased in the short-end and increased in the longer maturities.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Exposure to hospital bonds detracted from performance as this sector underperformed for the fiscal year. </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Municipal bonds within New York outperformed the broader national market during the reporting period. </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s Hedging strategies detracted from performance as municipals underperformed Treasuries during the twelve-month reporting period.</font></p> </td> </tr></table>
</div></div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Total Return<sup>(1)</sup>:</font></b></p> </td>
        <td colspan="2" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
             <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Market Price</font></b></p></td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;margin-right:6.5pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Net Asset Value (&#147;NAV&#148;)</font></b></p> </td> </tr>
 <tr>
        <td width="48%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1 Year</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="20%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1.46)%</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="29%" valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2.19)%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3 Year</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.98%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3.58%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5 Year</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.91%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.19%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Commencement of Operations (6/28/02) to 5/31/08</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.62%</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid #2B5D9D .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.50%</font></p> </td> </tr></table>
</div>

<div style='FLOAT: left; WIDTH: 48%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>Common Share Market Price/NAV Performance:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>Commencement of Operations (6/28/02) to 5/31/08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:4pt'>&nbsp;</font></p>
<div STYLE='position:relative;left:0;top:0;height:245.31px;width:324'>
  <p style='position:absolute;top:0px;left:0px;'><img src="c4aimg001.jpg"></p>
  <p style='position:absolute;top:0.4375px;left:18.625px;height:8.375px;width:127.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>Market Price</font></p>

<p style='position:absolute;top:17.5625px;left:18px;height:8.375px;width:127.125px; text-align:left;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>NAV</font></p>

<p style='position:absolute;top:35.1875px;left:-41.375px;height:8.375px;width:73.875px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>$16.50</font></p>

<p style='position:absolute;top:55.6875px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>16.00</font></p>

<p style='position:absolute;top:74.6875px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>15.50</font></p>

<p style='position:absolute;top:93.9375px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>15.00</font></p>

<p style='position:absolute;top:114.4375px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>14.50</font></p>

<p style='position:absolute;top:133.0625px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>14.00</font></p>

<p style='position:absolute;top:152.1875px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>13.50</font></p>

<p style='position:absolute;top:170.9375px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>13.00</font></p>

<p style='position:absolute;top:216.0625px;left:-32.375px;height:8.375px;width:92.625px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>6/28/02</font></p>

<p style='position:absolute;top:216.0625px;left:220.625px;height:8.375px;width:92.375px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>5/31/08</font></p>

<p style='position:absolute;top:191.3125px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>12.50</font></p>

<p style='position:absolute;top:210.5625px;left:-44.75px;height:8.375px;width:77.25px; text-align:right;padding: 0in 0in 0in 0in;'>
<font style='font-family:Arial;font-size:7px;'>12.00</font></p>
</div>
</div>
<div style='FLOAT: right; WIDTH: 48%' >
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:2pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="61%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Market Price/NAV:</font></b></p> </td>
        <td width="38%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market Price</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$ 14.42</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NAV</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$ 13.67</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Premium to NAV</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.49%</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market Price Yield<sup>(2)</sup></font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.51%</font></p> </td> </tr></table>
</div>
<center>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:2pt'>&nbsp;</font></p>

<div STYLE='position:relative;left:0;top:0;height:191.67px;width:288'>

<p style='position:absolute;top:0px;left:0px;'><img src="c4bimg001.jpg"></p>

</div>
</center>
</div>
<br clear='all'>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>(1) </font><b><font face="Arial" style='font-size:7.5pt'>Past performance is no guarantee of future results. </font></b><font face="Arial" style='font-size:7.5pt'>Returns are calculated by determining the percentage change in the net asset value or market share price (as applicable) in the period covered. The calculation assumes that all of the Fund&#146;s income dividends have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period more than one year represents the average annual total return.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>The Fund&#146;s performance at market price will differ from its results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund&#146;s shares, or changes in Fund distributions.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>An investment in the Fund involves risk, including the loss of principal. Total return, market price, market price yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is equal to total assets attributable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:7.5pt'>(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend (comprised from net investment income) payable to common shareholders by the market price per common share at May 31, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>4</font></b><font face="Arial" style='font-size:7pt'> PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk03"></a>PIMCO Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>                         </td>
 </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>

<tr style='height:26.1pt;'>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;height:26.1pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt;height:26.1pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom style='border-bottom:solid black 2.25pt;height:26.1pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;height:26.1pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom:solid black 2.25pt;height:26.1pt;'>
                       <font face="Arial" style='font-size:7pt'>Credit Rating</font><br>
       <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></td>
<td valign=bottom style='border-bottom:solid black 2.25pt;height:26.1pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;height:26.1pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt;height:26.1pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font><br> <font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="4" valign=bottom style=' background:#DEE2EE;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>MUNICIPAL BONDS &amp; NOTES&#151;96.0%</font></b></p> </td>
        <td valign=bottom style='background:#DEE2EE;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#DEE2EE;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#DEE2EE;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#DEE2EE;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#DEE2EE;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right:solid black 1.5pt; background:#DEE2EE;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Alabama&#151;3.5%</font></b></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Birmingham Baptist Medical Centers Special Care Facs. Financing Auth. Rev, 5.00%, 11/15/30, Ser. A</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa1/NR</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,752,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Birmingham Waterworks &amp; Sewer Board Rev., 5.25%, 1/1/33, Ser. B, (Pre-refunded @ $100, 1/1/13) (MBIA)(b)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>19,678,680</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,750</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Huntsville Health Care Auth. Rev., 5.75%, 6/1/32, Ser. B, (Pre-refunded @$101, 6/1/12) (b)</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/NR</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,936,935</font></p> </td>
        <td valign=bottom style='border-right:solid black 1.5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16,580</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Jefferson Cnty. Sewer Rev., 4.75%, 2/1/38, Ser. B, (Pre-refunded @ $100, 8/1/12) (FGIC)(b)</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17,427,238</font></p> </td>
        <td valign=bottom style='border-right:solid black 1.5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,650</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tuscaloosa Educational Building Auth. Rev., Stillman College, 5.00%, 6/1/26</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB-</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,305,474</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>50,101,127</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Alaska&#151;0.6%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,900</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,491,198</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,550</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,586,707</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,077,905</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Arizona&#151;5.7%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Health Facs. Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Beatitudes Project, 5.20%, 10/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,219,825</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Hospital System, 5.75%, 12/1/32, (Pre-refunded @ $101, 12/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,453,569</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Pima Cnty. Industrial Dev. Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Center for Academic Success, 5.50%, 7/1/37 (c)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,065,720</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>29,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Correctional Facs., 5.00%, 9/1/39</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa2/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>29,902,851</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>33,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Salt River Project Agricultural Improvement &amp; Power Dist. Rev., 5.00%, 1/1/37, Ser. A (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa1/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>33,835,230</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Salt Verde Financial Corp. Rev., 5.00%, 12/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,306,255</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>82,783,450</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Arkansas&#151;0.1%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/46 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,711,970</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>California&#151;5.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,610</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Alameda Corridor Transportation Auth. Rev., zero coupon, 10/1/16, Ser. A (AMBAC) </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,678,181</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Golden State Tobacco Securitization Corp. Rev., Ser. A-1,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,984,980</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,080</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.25%, 6/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,344,788</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,351,170</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Rancho Cucamonga Community Facs. Dist., Special Tax, 6.30%, 9/1/23, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,009,490</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State, GO,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>799,992</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>28,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 11/1/37, Ser. 2670 (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>28,598,570</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,900</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 12/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,899,891</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Statewide Community Dev. Auth. Rev., Baptist Univ., 9.00%, 11/1/17, Ser. B (c)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,788,642</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>71,455,704</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>5</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br>
       <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Colorado&#151;5.0%</font></b></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>30,000</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15,572,700</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>E-470 Public Highway Auth. Rev., Ser. B (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 9/1/35</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,985,400</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 9/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,640,150</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Health Facs. Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>American Baptist Homes, 5.90%, 8/1/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>889,830</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>25,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Catholic Health Initiatives, 5.50%, 3/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa2/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>25,824,250</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18,305</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Exempla, Inc., 5.625%, 1/1/33, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18,513,494</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Liberty Height, zero coupon, 7/15/22</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,406,845</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Housing &amp; Finance Auth. Rev., Evergreen Country Day School, 5.875%, 6/1/37 (c)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,808,980</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>72,641,649</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>District of Columbia&#151;1.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Washington D.C. Convention Center Auth. Tax Rev., 4.75%, 10/1/28, (Pre-refunded @ $100, 10/1/08) (AMBAC) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17,657,325</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Florida&#151;4.7%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,310</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Dev. Finance Corp. Rev., Learning Gate Community School, 6.00%, 2/15/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,157,563</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Health System, 6.00%, 11/15/31, Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>(Pre-refunded @ $101, 11/15/11) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,902,640</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Hillsborough Cnty. Industrial Dev. Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,335</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Pollution Control, Tampa Electric Co., 5.50%, 10/1/23</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa2/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,241,413</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>635</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Health Facs. Project, 5.625%, 8/15/23, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>630,142</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,135</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa1/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,191,866</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Lakeland Hospital System Rev., Regional Health System, 5.50%, 11/15/32, (Pre-refunded @ $101, 11/15/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,703,130</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Leesburg Hospital Rev., Leesburg Regional Medical Center Project, 5.50%, 7/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa1/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,972,190</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Orange Cnty. Health Facs. Auth. Rev., Adventist Health System (b),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,550</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.625%, 11/15/32, (Pre-refunded @ $101, 11/15/12)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,841,134</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.25%, 11/15/24, (Pre-refunded @ $100, 11/15/12)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,656,150</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Sarasota Cnty. Health Fac. Auth. Rev., 5.75%, 7/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>448,275</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,205</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Governmental Utility Auth. Rev., Barefoot Bay Utilities System, 5.00%, 10/1/29 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,284,114</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Sumter Landing Community Dev. Dist. Rev., 4.75%, 10/1/35, Ser. A (MBIA) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,858,050</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tallahassee Rev., 5.00%, 10/1/15, Ser. 2617 (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa2/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,261,700</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Winter Springs Water &amp; Sewer Rev., zero coupon, 10/1/29 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>526,530</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,674,897</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Georgia&#151;0.5%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,775</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Medical Center Hospital Auth. Rev., 5.25%, 7/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,290,097</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,231,904</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,522,001</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Hawaii&#151;1.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>19,170</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Honolulu City &amp; Cnty. Wastewater System Rev., First Board Resolution, 4.75%, 7/1/28 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>19,210,640</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
  <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>6 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->




<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td valign=top style='border-bottom:solid black 2.25pt; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal <br>
                        Amount<br>
                        (000)</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td align="center" valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
<font face="Arial" style='font-size:7pt'>Credit Rating <br>
      (Moody&#146;s/S&amp;P)*</font></td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
    <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Illinois&#151;17.6%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Central Lake Cnty. JT Action Water Agcy. Rev., Ser. A (AMBAC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,935</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 5/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,989,855</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>675</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 5/1/28, (Pre-refunded @ $100, 11/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>736,128</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Chicago, GO, Ser. A (FGIC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,635</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 1/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,651,546</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,415</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 1/1/29, (Pre-refunded @ $101, 1/1/09) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,513,011</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Chicago, Lake Shore East, Special Assessment,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,162</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.625%, 12/1/22</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,209,335</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.75%, 12/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,769,881</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Chicago Board of Education School Reform, GO (FGIC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>15,535</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/1/16, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,726,141</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/1/28, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,735,850</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/1/31</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,301,850</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Chicago City Colleges, GO (FGIC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>32,670</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,574,838</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>29,145</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/1/38</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,529,389</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>32,670</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/1/39</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,842,049</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Cicero, GO, 5.25%, 12/1/31 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,158,550</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Finance Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Christian Homes, Inc., 5.75%, 5/15/31, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,210,250</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Leafs Hockey Club, 6.00%, 3/1/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>221,152</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Regency Park,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 7/15/23</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,955,300</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>134,650</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 7/15/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>59,794,026</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Sedgebrook, Inc., 6.00%, 11/15/42, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,363,110</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Health Facs. Auth. Rev,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Condell Medical Center, 5.50%, 5/15/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,630,550</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>20,100</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Elmhurst Memorial Healthcare, 5.625%, 1/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>20,135,175</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Hillside, Tax Allocation, Mannheim Redev. Project (d),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.55%, 1/1/20</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,485,285</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,900</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>7.00%, 1/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,887,559</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Metropolitan Pier &amp; Exposition Auth. Rev. (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>60,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/15/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>18,585,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>50,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/15/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>13,021,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,460</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 6/15/38</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>496,600</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>68,470</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>State Sports Facs. Auth. Rev., 5.50% (zero coupon until 6/15/10), 6/15/30 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>65,858,554</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>254,381,984</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Indiana&#151;0.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,125</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Caa1/B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,423,997</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>990</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Vigo Cnty. Hospital Auth. Rev., 5.80%, 9/1/47 (a)(c)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>874,289</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,298,286</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Iowa&#151;4.1%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Finance Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,075</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 11/15/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>814,968</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Deerfield Retirement Community, 5.50%, 11/15/27, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>202,303</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Edgewater LLC, 6.75%, 11/15/42</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,371,120</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Wedum Walnut Ridge LLC, 5.625%, 12/1/45, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>844,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>7</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
    </td> </tr></table>
</div>
<br style="line-height:25%">

<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
   <td valign=top style='border-bottom:solid black 2.25pt; '><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal <br>
     Amount<br>
     (000)</font></p></td>
   <td valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
   <td width="90%" valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
   <td align="center" valign=bottom nowrap style='border-bottom:solid black 2.25pt;'><font face="Arial" style='font-size:7pt'>Credit Rating <br>
     (Moody&#146;s/S&amp;P)*</font></td>
   <td valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p></td>
   <td valign=bottom style='border-bottom:solid black 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Iowa&#151;(continued)</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Higher Education Loan Auth. Rev., Grandview College, 5.10%, 10/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,056,706</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Auth. of Iowa Rev., Ser. B,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>46,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.60%, 6/1/34</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>40,917,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,850</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.60%, 6/1/35, (Pre-refunded @ $101, 6/1/11) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9,605,878</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>58,812,775</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Kansas&#151;0.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Univ. of Kansas Hospital Auth. Rev., 5.625%, 9/1/32, (Pre-refunded @ $100, 9/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,094,084</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Kentucky&#151;0.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Economic Dev. Finance Auth. Rev., Catholic Healthcare Partners, 5.25%, 10/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap  style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,501,725</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; border-bottom: solid black 1.5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Louisiana&#151;4.7%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Public Facs. Auth. Rev., Ochsner Clinic Foundation, Ser. B,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>20,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 5/15/32, (Pre-refunded @ $100, 5/15/26) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>23,028,132</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 5/15/47</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,207,105</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>44,395</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>41,101,779</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>67,337,016</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Maryland&#151;0.4%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Health &amp; Higher Educational Facs. Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,010</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.30%, 1/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>817,959</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,050</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.00%, 1/1/43</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,049,757</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Adventist Healthcare, 5.75%, 1/1/25, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,016,130</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,883,846</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Massachusetts&#151;3.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>14,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Bay Transportation Auth. Rev., 4.75%, 7/1/34, Ser. A, (Pre-refunded @ $100, 7/1/15) (b)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>15,778,465</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,610</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Dev. Finance Agcy. Rev., 6.75%, 10/15/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,201,508</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>State Turnpike Auth. Rev., Ser. A (AMBAC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,295</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.75%, 1/1/34</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,296,761</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,325</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 1/1/39</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,228,771</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>12,050</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>State Water Res. Auth. Rev., 4.75%, 8/1/37 Ser. A, (FSA)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>12,051,446</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>46,556,951</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Michigan&#151;2.8%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Detroit City School Dist., GO,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 5/1/32, Ser. A, (Pre-refunded @ $100, 5/1/13) (FGIC)(Q-SBLF)(b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9,209,750</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,545</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,408,568</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Public Educational Facs. Auth. Rev., 6.50%, 9/1/37 (c)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>747,576</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Star International Academy, CP, 6.125%, 3/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>452,340</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>State Hospital Finance Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ascension Health, 5.25%, 11/15/26, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,035,150</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Oakwood Group, Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>13,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.75%, 4/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>13,583,430</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,925</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.00%, 4/1/22</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,007,294</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Finance Auth. Rev., 6.00%, 6/1/48, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,283,840</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>39,727,948</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>8 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:10pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td align="center" valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
                       <font face="Arial" style='font-size:7pt'>Credit Rating</font><br>
      <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:1pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Minnesota&#151;0.5%</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Meeker Cnty. Rev., 5.75%, 11/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,206,374</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Minneapolis Rev., Providence Project, 5.75%, 10/1/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,344,315</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>280</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Minneapolis, Tax Allocation, Grant Park Project, 5.35%, 2/1/30 North Oaks Presbyterian Homes Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>252,742</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,640</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 10/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,609,244</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,530</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.125%, 10/1/39</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,524,553</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Oronoco Multifamily Housing Rev., 5.40%, 6/1/41</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>446,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,383,228</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Mississippi&#151;0.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,605</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ba1/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,605,036</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>740</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Dev. Bank Special Obligation, Projects &amp; Equipment Acquisitions Rev., 5.00%, 7/1/24 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>715,373</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,320,409</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Missouri&#151;0.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Branson Regional Airport Transportation Dev. Dist. Rev., 6.00%, 7/1/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,322,736</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev., 5.00%, 10/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>731,384</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>St. Louis Parking Rev., Downtown Parking Facs., 6.00%, 2/1/28, (Pre-refunded @ $100, 2/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,653,645</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,707,765</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Nevada&#151;0.5%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,450</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Clark Cnty., GO, 5.00%, 6/1/31 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/AA+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,460,803</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Reno Transportation Project Rev., (Pre-refunded @ $100, 6/1/12) (AMBAC)(b),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 6/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,157,200</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 6/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,775,100</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,393,103</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>New Hampshire&#151;0.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Health &amp; Education Facs. Auth. Rev., Catholic Medical Center,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>360</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.125%, 7/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa1/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>366,635</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,640</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.125%, 7/1/32, (Pre-refunded @ $101, 7/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa1/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,975,385</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,342,020</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>New Jersey&#151;3.4%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>950</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Burlington Cnty. Bridge Commission Rev., 5.625%, 1/1/38</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>847,020</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Economic Dev. Auth.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Arbor Glen Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>525</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 5/15/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>513,051</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>225</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 5/15/28, Ser. A, (Pre-refunded @ $102, 5/15/09) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>238,102</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Kapkowski Road Landfill, Special Assessment,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.75%, 10/1/21</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,062,080</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>11,405</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.75%, 4/1/31</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>11,034,794</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,100</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Seabrook Village Rev., 5.25%, 11/15/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>932,701</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Seashore Gardens Rev., 5.375%, 11/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>209,525</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Health Care Facs. Financing Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>St. Peters Univ. Hospital, 5.75%, 7/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa2/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,474,965</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,830</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Trinitas Hospital, 5.25%, 7/1/30, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,571,366</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
  <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report <b>9</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:8pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:10pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=bottom style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td align="center" valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
                       <font face="Arial" style='font-size:7pt'>Credit Rating</font><br>
      <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></td>
<td valign=bottom style='border-bottom:solid black 2.25pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
        <td valign=bottom style='border-bottom:solid black 2.25pt; '>
                        <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>New Jersey&#151;(continued)</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>State Educational Facs. Auth. Rev., Fairfield Dickinson Univ., 6.00%, 7/1/25, Ser. D</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,568,040</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Financing Corp. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>13,150</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/41, Ser. 1A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,129,314</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,285</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 6/1/37, (Pre-refunded @ $100, 6/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,427,982</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,095</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.125%, 6/1/42, (Pre-refunded @ $100, 6/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,453,834</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,150</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.25%, 6/1/43, (Pre-refunded @ $100, 6/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,024,222</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,912,700</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>49,399,696</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>New Mexico&#151;0.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Farmington Pollution Control Rev., 5.80%, 4/1/22</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,972,470</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>New York&#151;1.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,088,184</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Liberty Dev. Corp. Rev., 5.25%, 10/1/35 (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,339,200</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,100</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,113,244</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,750</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York City Municipal Water Finance Auth., Water &amp; Sewer System Rev., 5.00%, 6/15/37, Ser. D (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/AA+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,842,958</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>17,383,586</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>North Carolina&#151;0.1%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Medical Care Commission Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>550</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Salemtowne, 5.10%, 10/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>483,362</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Village at Brookwood, 5.25%, 1/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>839,650</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,323,012</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>North Dakota&#151;0.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,710</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Stark Cnty. Healthcare Rev., Benedictine Living Communities, 6.75%, 1/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,601,668</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Ohio&#151;0.5%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,541,025</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Pennsylvania&#151;3.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Allegheny Cnty. Hospital Dev. Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>22,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.375%, 11/15/40, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ba2/BB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>19,098,582</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>505</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9.25%, 11/15/15, Ser. B, (Pre-refunded @ $102, 11/15/10) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ba3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>579,412</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9.25%, 11/15/22, Ser. B, (Pre-refunded @ $102, 11/15/10) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ba3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,174,650</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9.25%, 11/15/30, Ser. B, (Pre-refunded @ $102, 11/15/10) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ba3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,695,505</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Cumberland Cnty. Auth., Retirement Community Rev., Ser. A, Messiah Village,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>750</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.625%, 7/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>715,710</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>670</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 7/1/35</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>657,659</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Wesley Affiliated Services,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.25%, 1/1/35, (Pre-refunded @ $101, 1/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,308,695</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Harrisburg Auth. Rev., 6.00%, 9/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,101,150</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Montgomery Cnty. Higher Education &amp; Health Auth. Hospital Rev., Abington Memorial Hospital, Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 6/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,972,950</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,750</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 6/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,681,412</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
  <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:7pt'><b>10</b></font> <font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:8pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
     </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
    <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Pennsylvania&#151;(continued)</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Pittsburgh &amp; Allegheny Cntys. Public Auditorium Auth. Rev., 5.00%, 2/1/29 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>503,830</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>46,489,555</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Puerto Rico&#151;0.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,320</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Electric Power Auth. Power Rev., 5.125%, 7/1/29, Ser. HH, (Pre-refunded @ $100, 7/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,649,742</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Rhode Island&#151;5.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>76,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>72,111,870</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>South Carolina&#151;5.5%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>27,745</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Greenville Cnty. School Dist. Rev., Building Equity Sooner Tomorrow, 5.50%, 12/1/28, (Pre-refunded @ $101, 12/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>30,919,305</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Jobs-Economic Dev. Auth. Rev., Bon Secours,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,350</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.625%, 11/15/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/A-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,520,765</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,770</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.625%, 11/15/30, (Pre-refunded @ $100, 11/15/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/A-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,167,509</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Lexington Cnty. Health Services Dist. Hospital Rev. (b),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 11/1/32, (Pre-refunded @ $100, 11/1/13)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16,621,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 5/1/37, (Pre-refunded @ $100, 5/1/14)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,882,410</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.75%, 11/1/28, (Pre-refunded @ $100, 11/1/13)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,602,050</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Rev. Management Auth. Rev., 6.375%, 5/15/28, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,258,255</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>78,972,094</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Tennessee&#151;0.5%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Energy Acquisition Corp. Rev., 5.00%, 2/1/23, Ser. C</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,863,200</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,750</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Knox Cnty. Health Educational &amp; Housing Facs. Board Rev., 5.25%, 10/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,752,587</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Sullivan Cnty. Health Educational &amp; Housing Facs. Rev., 5.25%, 9/1/36, Ser. C</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>470,555</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,086,342</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Texas&#151;7.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Arlington Independent School Dist., GO, 5.00%, 2/15/24 (PSF-GTD)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,052</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aubrey Independent School Dist., GO (PSF-GTD),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>130</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 2/15/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>138,691</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,350</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 2/15/33, (Pre-refunded @ $100, 8/15/14) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,910,759</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Austin Trust, GO, 4.75%, 4/1/36 (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa1/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17,472,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Brazos Cnty. Health Facs. Dev. Corp. Rev., Franciscan Services Corp., 5.375%, 1/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,501,235</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Comal Cnty. Health Facs. Dev. Rev., McKenna Memorial Hospital Project, 6.25%, 2/1/32, (Pre-refunded @ $100, 2/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa2/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,066,147</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Frisco Independent School Dist., GO, zero coupon, 8/15/34 (PSF-GTD)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,015,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Harris Cnty. Health Facs. Dev. Corp. Rev., St. Luke&#146;s Episcopal Hospital, 5.375%, 2/15/26, Ser. A, (Pre-refunded @ $100, 8/15/11) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,657,138</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>HFDC of Central Texas, Inc. Rev., Village at Gleannloch Farms, 5.50%, 2/15/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>575,183</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Keller Independent School Dist., GO (PSF-GTD),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>770</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.875%, 8/15/31</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>772,479</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,730</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.875%, 8/15/31, (Pre-refunded @ $100, 8/15/09) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,951,888</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>11</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=top nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=top nowrap style='border-bottom:SOLID black 2.25pt; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
    <td valign=bottom nowrap style='border-bottom: SOLID black 2.25pt;'> <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Texas&#151;(continued)</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,170</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Little Elm Independent School Dist., GO, 5.30%, 8/15/29, Ser. A (PSF-GTD)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,304,028</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,250</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,253,312</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>North Texas Tollway Auth. Rev., 5.625%, 1/1/33, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,120,550</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Sabine River Auth. Rev., 5.20%, 5/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/CCC</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,533,240</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,025</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State, GO, 4.75%, 4/1/35, Ser. A (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa1/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,030,112</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>950,380</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p></td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/15/19</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,746,100</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,880</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 8/15/42</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,836,044</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,250</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Water Financial Assistance, GO, 5.00%, 8/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa1/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,289,910</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,150</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Willacy Cnty. Rev., 6.875%, 9/1/28, Ser. A-1</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,136,844</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>100,271,892</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Utah&#151;3.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>44,150</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Utah Transit Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.75%, 6/15/35, Ser. B, (Pre-refunded @ $100, 12/15/15) (FSA)(b)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>48,264,338</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Virginia&#151;0.6%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Fredericksburg Industrial Dev. Auth., Medicorp Health System Rev., Ser. B,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,500</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style='margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 6/15/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,456,700</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,000</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.25%, 6/15/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,017,200</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,050</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>James City Cnty. Economic Dev. Auth. Rev., 5.50%, 7/1/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,755,272</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,229,172</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Washington&#151;1.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13,000</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Health Care Facs. Auth. Rev., Virginia Mason Medical Center, 6.125%, 8/15/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa2/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,676,170</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,800</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Housing Finance Commission Rev., Skyline at First Hill, 5.625%, 1/1/38, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,841,540</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18,517,710</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Wisconsin&#151;0.6%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Badger Tobacco Asset Securitization Corp. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,125</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.00%, 6/1/17</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,126,969</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,150</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.125%, 6/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,122,187</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Health &amp; Educational Facs. Auth. Rev., Froedert &amp; Community Health Oblig.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>90</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.375%, 10/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>91,256</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>910</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style='margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.375%, 10/1/30, (Pre-refunded @ $101, 10/1/11) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>991,554</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,331,966</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total Municipal Bonds &amp; Notes (cost&#151;$1,342,078,367)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,385,723,946</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="4" valign=bottom nowrap style='background:#DEECEE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>VARIABLE RATE NOTES </font></b><font face="Arial" style='font-size:8pt'>(f)<b>&#151;4.0%</b></font></p>                        </td>
<td valign=bottom nowrap style='background:#DEECEE;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEECEE; '>
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEECEE;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEECEE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEECEE; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; background:#DEECEE;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Alabama&#151;0.5%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,450</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Jefferson Cnty. Sewer Rev., 18.63%, 2/1/36, Ser. 352 (FGIC)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,089,954</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,400</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Montgomery Special Care Facs. Financing Auth. Rev., 17.44%, 11/15/29, Ser. 435 (MBIA)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,486,100</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,576,054</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:7pt'><b>12</b></font> <font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:10pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
        </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Colorado&#151;0.2%</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Denver City &amp; Cnty. Airport Rev., 17.44%, 11/15/25, Ser. 425 (FSA)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,387,813</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Florida&#151;0.4%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,830</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System, 5.00%, 11/15/31, Ser. C</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,731,431</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,782</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Orange Cnty. School Board, CP, 17.45%, 8/1/24, Ser. 328 (MBIA)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,166,021</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,897,452</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Illinois&#151;0.6%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Chicago, GO (a)(c)(e),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,780</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18.07%, 1/1/28, Ser. 332 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,126,121</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>19.94%, 1/1/40, Ser. 426 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,573,010</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,288</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Cook Cnty., GO, 15.65%, 11/15/28, Ser. 403 (FGIC)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,364,636</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>State, GO, 18.70%, 4/1/27, Ser. 783 (FSA)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,370,400</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,434,167</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Massachusetts&#151;1.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,400</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Boston Water &amp; Sewer Community Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.68%, 11/1/28, Ser. 434 (FGIC)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,450,750</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>State, GO, 18.74%, 11/1/30, Ser. 785 (FGIC-TRS)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,134,120</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>State Turnpike Auth. Rev. (MBIA)(a)(c)(e),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,366</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.12%, 1/1/37, Ser. 334</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,437,082</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.12%, 1/1/37, Ser. 489</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,028,950</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>15,050,902</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Nevada&#151;0.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>325</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>State, GO, 15.60%, 5/15/28, Ser. 344 (FGIC)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>330,168</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Ohio&#151;0.1%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,580</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Hamilton Cnty. Sales Tax Rev., 17.44%, 12/1/27, Ser. 356 (MBIA)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,659,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Pennsylvania&#151;0.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Philadelphia School Dist., GO (MBIA)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,670</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16.20%, 4/1/27, Ser. 345</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,872,738</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,677</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16.20%, 4/1/27, Ser. 496</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,001,988</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,874,726</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Texas&#151;0.7%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,460</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Denton Utility System Rev., 18.07%, 12/1/29, Ser. 428 (MBIA)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,662,335</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,100</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Houston Airport System Rev., 0.12%, 7/1/25, Ser. 404 (FGIC)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,100,880</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Houston Water &amp; Sewer System Rev. (a)(c)(e),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17.44%, 12/1/28, Ser. 427 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,662,770</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,070</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18.70%, 12/1/30, Ser. 495 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,110,423</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,536,408</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Washington&#151;0.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,275</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Central Puget Sound Regional Transit Auth. Sales Tax &amp; Motor Rev., 11.98%, 2/1/28, Ser. 360 (FGIC)(a)(c)(e)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,285,738</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:8.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Total Variable Rate Notes (cost&#151;$49,478,598)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>57,032,428</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>13</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:10pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td height="3" colspan="4" valign=top nowrap style=' background:#DEE2EE;'>
      <p style=' margin-left:12.25pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>U.S. TREASURY BILLS </font></B><font face="Arial" style='font-size:8pt'>(g)</font><b><font face="Arial" style='font-size:8pt'>&#151;0.0%</font></b></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; background:#DEE2EE;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>175</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.42%, 6/12/08 (cost&#151;$174,923)</font></p> </td>
      <td valign=bottom nowrap>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>174,923</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Total Investments </font></b><font face="Arial" style='font-size:8pt'>(cost&#151;$1,391,731,888)&#151;</font><b><font face="Arial" style='font-size:8pt'>100.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>$</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>1,442,931,297</font></b></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>14 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO California Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:10pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal<br> Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt; '>
    <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="4" valign=top nowrap style=' background:#DEE2EE;'>
      <p style=' margin-left:12.25pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>CALIFORNIA MUNICIPAL BONDS &amp; NOTES&#151;95.5%</font></b></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; background:#DEE2EE;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>ABC Unified School Dist., GO, zero coupon, 8/1/23, Ser. B (FGIC)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>918,500</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Alpine Union School Dist., GO, zero coupon, 8/1/24, Ser. B (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>494,970</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,115</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Anaheim City School Dist., GO,</font> <font face="Arial" style='font-size:8pt'>5.00%, 8/1/26, (Pre-refunded @ $101, 8/1/11) (FGIC) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,771,260</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Assoc. of Bay Area Gov&#146;t Finance Auth. Rev., Odd Fellows Home,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.20%, 11/15/22</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,432,871</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>26,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.35%, 11/15/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>26,440,960</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>23,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Bakersfield, CP, zero coupon, 4/15/21</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>12,652,990</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Bay Area Gov&#146;t Assoc., Lease Rev., 5.00%, 7/1/32, Ser. 2002-1, (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,030,260</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,945</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Windmere Ranch Dist., Special Assessment,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.30%, 9/2/25, (Pre-refunded @ $102, 9/2/11) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,205,163</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,085</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Capistrano Unified School Dist.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Special Tax, 5.70%, 9/1/20, (Pre-refunded @ $102, 9/1/09) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,154,147</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Ceres Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>762,611</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,160</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Chula Vista Dist., Special Tax,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.05%, 9/1/25, (Pre-refunded @ $102, 9/1/10) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,276,499</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.10%, 9/1/32, (Pre-refunded @ $102, 9/1/10) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,753,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Eastlake Woods,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,825</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.15%, 9/1/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,831,351</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,380</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.20%, 9/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,381,402</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,980</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Otay Ranch Villiage, 5.125%, 9/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,534,162</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Clovis Unified School Dist., GO, Ser. B (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/23</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>911,740</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,535</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,428,741</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>892,375</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,410</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Community College Financing Auth. Lease Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 8/1/27, Ser. A (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,445,969</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Coronado Community Dev. Agcy.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Tax Allocation, 4.875%, 9/1/35 (AMBAC) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9,741,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Corona-Norco Unified School Dist. Public Financing Auth., Special Tax,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,110</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.10%, 9/1/25 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,131,512</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>210</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.55%, 9/1/15, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>205,819</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>305</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.65%, 9/1/16, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>299,659</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>160</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.75%, 9/1/17, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>157,398</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>530</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 9/1/20, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>523,174</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 9/1/25, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>981,690</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,150</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.10%, 9/1/32, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,017,034</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Dinuba Financing Auth. Lease Rev., 5.10%, 8/1/32 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,126,810</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,475</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Educational Facs. Auth. Rev., Loyola Marymount Univ., zero coupon, 10/1/34 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>867,847</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Educational Facs. Auth. Rev., Woodbury Univ., 5.00%, 1/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,761,140</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Empire Union School Dist., Special Tax (AMBAC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,560</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 10/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>465,598</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,265</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 10/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>336,389</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Escondido Union School Dist., GO, zero coupon, 8/1/27 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>377,510</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,440</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Eureka Union School Dist., GO, zero coupon, 8/1/27 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>921,124</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
  <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>15</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO California Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal <br>
                        Amount<br>
(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating<br>
      (Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Foothill Eastern Corridor Agcy. Toll Road Rev.,</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,100</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/1/25, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,260,817</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,270</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/1/26, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,425,589</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/15/27 (MBIA-IBC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,488,045</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,780</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/1/28, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,468,190</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17,860</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 1/1/30, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,115,085</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Franklin-McKinley School Dist., GO, 5.00%, 8/1/27, Ser. B, (Pre-refunded @ $100, 8/1/13) (FSA) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>438,956</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,440</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Fremont Community Dist., Special Tax, 5.30%, 9/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,279,814</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Golden State Tobacco Securitization Corp. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 6/1/37, Ser. A-2</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,193,620</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/33, Ser. A-1</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,646,640</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/35, Ser. A (FGIC) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,811,100</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>45,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/38, Ser. A (FGIC) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>43,840,350</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,485</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/45 (AMBAC-TCRS) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,017,187</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/45, Ser. A (FGIC-TCRS) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,590,320</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,915</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.25%, 6/1/33, Ser. A-1</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,853,363</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>36,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.75%, 6/1/39, Ser. A-1, (Pre-refunded @ $100, 6/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>41,634,706</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'>&nbsp;</p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Health
                        Facs. Finance Auth. Rev., </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'>&nbsp;</p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'>&nbsp;</p></td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap ><div align="right"><font face="Arial" style='font-size:8pt'>4,000</font></div></td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td width="90%" valign=bottom nowrap ><font face="Arial" style='font-size:8pt'>Adventist
      Health System, 5.00%, 3/1/33</font></td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap ><div align="center"><font face="ARIAL" style='FONT-SIZE:8PT'>NR/A</font></div></td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap ><div align="right"><font face="Arial" style='font-size:8pt'>3,835,320</font></div></td>
   <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Catholic Healthcare West (b),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>495</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 7/1/28, (Partially Pre-refunded @ $101, 7/1/08)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>479,734</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>70</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 7/1/28, (Pre-refunded @ $101, 7/1/08)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>70,870</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,115</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Hope Rehabilitation, 5.375%, 11/1/20 (CA Mtg. Ins.)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,195,539</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Paradise VY Estates (CA Mtg. Ins.),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 1/1/22</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,613,190</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,875</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.25%, 1/1/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,939,364</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,750</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Huntington Beach Community Facs. Dist., Special Tax, 6.30%, 9/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,730,925</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Infrastructure &amp; Economic Dev. Bank Rev., Bay Area Toll Bridges, 5.00%, 7/1/36, (Pre-refunded @ $100, 1/1/28) (AMBAC) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>215,632</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Irvine Improvement Board Act 1915, Special Assessment, 5.70%, 9/2/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,009,730</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Irvine Unified School Dist., Special Tax, 5.125%, 9/1/36, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>895,240</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,900</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Jurupa Unified School Dist., GO, zero coupon, 5/1/27 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>653,391</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,450</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Kings Canyon JT Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>890,992</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Livermore-Amador Valley Water Management Agcy. Rev., 5.00%, 8/1/31, Ser. A (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,353,583</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Los Angeles, CP, (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,895</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 2/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,146,828</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,685</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 10/1/27, Ser. AU</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,759,374</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Los Angeles Department of Water &amp; Power Rev., Ser. A (h),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.75%, 7/1/30, (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,999,400</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>30,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 7/1/35, (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>30,625,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16,950</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 7/1/41, (FGIC-TCRS)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>17,090,685</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>16</font></b><font face="Arial" style='font-size:7pt'> PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO California Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p></td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
                       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,200</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Los Angeles Wastewater System Rev., 5.00%, 6/1/30, Ser. A (FGIC)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa3/AA</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,282,944</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Manhattan Beach Unified School Dist., GO, zero coupon, 9/1/25 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>409,220</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Manteca Redev. Agcy., Tax Allocation,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,295</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 10/1/32 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,449,070</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 10/1/36 (AMBAC) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,084,700</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Manteca Unified School Dist., Special Tax (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,365</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 9/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>975,965</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,330</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 9/1/29, Ser. C</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,402,754</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Merced Cnty., CP, Juvenile Justice Correctional Fac., 5.00%, 6/1/32 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,041,760</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Modesto Elementary School Dist. Stanislaus Cnty., GO, Ser. A (FGIC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,615</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/23</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,209,856</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,705</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/24</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,180,110</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 5/1/27</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>737,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,150</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Modesto High School Dist. Stanislaus Cnty., GO, zero coupon, 8/1/26, Ser. A (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>817,021</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>55</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Modesto Public Financing Auth. Lease Rev., 5.00%, 9/1/29 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>55,265</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,385</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Monrovia Financing Auth. Lease Rev., Hillside Wilderness Preserve, 5.125%, 12/1/31 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,439,807</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Montebello Unified School Dist., GO,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/24 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>654,405</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,485</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/24 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>668,606</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,830</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/25 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,163,102</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,775</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/27 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,009,184</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Moreno Valley Unified School Dist. Community Facs. Dist., Special Tax, 5.20%, 9/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,940,292</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Morgan Hill Unified School Dist., GO, zero coupon, 8/1/23 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,186,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Mountain View-Whisman School Dist., GO, 5.00%, 6/1/27, Ser. D, (Pre-refunded @ $101, 6/1/12) (MBIA) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,636,050</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,245</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Newark Unified School Dist., GO, zero coupon, 8/1/26, Ser. D (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,300,369</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>19,805</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Oakland, GO, 5.00%, 1/15/32, Ser. A (FGIC) (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,032,163</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Oakland Redev. Agcy., Tax Allocation, (Pre-refunded @ $100, 3/1/13) (b),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,532,700</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,395</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.25%, 9/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,185</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.25%, 9/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,405,751</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Orange Cnty. Community Facs. Dist., No. 01-1-Ladera Ranch, Special Tax,, 6.00%, 8/15/25, Ser. A, (Pre-refunded @ $101, 8/15/10) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,090,570</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Orange Cnty. Sanitation Dist. Rev., CP, 5.25%, 2/1/30, (Pre-refunded @ $100, 8/1/13) (FGIC) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,538,065</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 </font><font face="Arial" style='font-size:8pt'>| </font><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>17</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->




<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO California Municipal Income Fund II</font></b></font><b><font face="Arial" style='font-size:10pt'> Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating <br>
      (Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Palmdale Community Redev. Agcy., Tax Allocation (AMBAC),</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,230</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>367,807</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,230</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/1/31</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>346,995</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,225</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 12/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>326,683</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,750</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Paramount Unified School Dist., GO, zero coupon, 9/1/23, Ser. B (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>830,550</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Perris Public Financing Auth. Rev., Tax Allocation, Ser. C,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>780</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.375%, 10/1/20</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>799,461</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.625%, 10/1/31</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,830,942</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Placentia-Yorba Linda Unified School Dist., CP, 5.00%, 10/1/35 (FGIC)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,041,900</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,150</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Placer Union High School Dist., GO, zero coupon, 8/1/33 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,735,628</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td width="90%" valign=top nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Poway Unified School Dist., Special Tax, Community Facs. Dist. No. 6,</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-right:solid black 1.5pt; '><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 9/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,545,614</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 9/1/28, Area B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,038,651</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.50%, 9/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,506,480</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.60%, 9/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,979,660</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.05%, 9/1/25, Area A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,013,360</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.125%, 9/1/33, Area A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,559,620</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Community Facs. Dist. No. 10,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.65%, 9/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>975,180</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.70%, 9/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,129,644</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Rancho Cucamonga Community Facs. Dist., Special Tax, 6.375%, 9/1/31, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,015,600</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Richmond Wastewater Rev., zero coupon, 8/1/30 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>481,965</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,510</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Riverside, CP, 5.00%, 9/1/33 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,538,712</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Riverside Unified School Dist. Community Facs. Dist. No. 15, Special Tax, Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.15%, 9/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>898,450</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.25%, 9/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>880,600</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.25%, 9/1/35</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>863,990</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Rocklin Unified School Dist., GO (FGIC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/24</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,147,250</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,616,680</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,520,040</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,606,275</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Roseville Redev. Agcy., Tax Allocation (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,730</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 9/1/27, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,840,669</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,365</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 9/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,389,867</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,075</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 9/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,089,214</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Sacramento City Financing Auth. Rev., 5.00%, 12/1/32, Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(Pre-refunded @ $100, 12/1/12) (FSA)(b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,901,220</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,475</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>North Natomas CFD No. 2, 6.25%, 9/1/23, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,402,013</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,990</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Sacramento Cnty. Airport System Rev., 5.00%, 7/1/32, Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(Pre-refunded @ $100, 7/1/12) (FSA)(b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9,739,316</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>18 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO California Municipal Income Fund II</font></b></font><b><font face="Arial" style='font-size:10pt'> Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating <br>
      (Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>14,350</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Sacramento Cnty. Sanitation Dist. Rev., 5.00%, 12/1/35,</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(Pre-refunded @ $100, 12/1/14) (AMBAC)(b)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>15,951,030</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Diego Cnty. Water Auth., CP, Ser. A (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,285</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 5/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,432,390</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 5/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,124,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Diego Community Facs. Dist. No. 3, Special Tax, Ser. A (a),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.60%, 9/1/21</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,192,128</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.70%, 9/1/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>753,248</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.75%, 9/1/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,116,782</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Diego Public Facs. Financing Auth. Lease Rev., 5.00%, 5/15/29, Ser. A (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,014,710</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Fire &amp; Life Safety Facs., 5.00%, 4/1/32 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,408,530</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>14,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Diego Public Facs. Financing Auth. Water Rev., 5.00%, 8/1/32 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>14,019,880</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,775</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Diego Unified School Dist., GO, 5.00%, 7/1/27, Ser. D (FGIC)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,277,420</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Francisco City &amp; Cnty. Airports Commission Rev. (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,585</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4.50%, 5/1/28, Ser. 2</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,343,840</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>11,585</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 5/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>11,600,756</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,715</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 5/1/32, Ser 28B, (Pre-refunded @ $100, 5/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9,413,159</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,405</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Joaquin Hills Transportation Corridor Agcy. Toll Road Rev., zero coupon, 1/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,778,704</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Jose, Libraries &amp; Parks, GO,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>14,970</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 9/1/32 (MBIA)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>15,272,394</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,190</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 9/1/31</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,410,206</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9,150</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Jose Unified School Dist. Santa Clara Cnty., GO, 5.00%, 8/1/27, Ser. A (FSA)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9,496,877</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Juan Unified School Dist., GO (FSA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,770</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/23</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>856,043</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,105</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,490,168</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Mateo Union High School Dist., GO, zero coupon, 9/1/20 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,271,624</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,730</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Rafael City High School Dist., GO, 5.00%, 8/1/27, Ser. B (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,782,869</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,280</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>San Rafael Elementary School Dist., GO, 5.00%, 8/1/27, Ser. B (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,380,237</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Santa Clara Unified School Dist., GO (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,755</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 7/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,832,526</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,040</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 7/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,119,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,260</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Santa Cruz Cnty., CP, 5.25%, 8/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,295,242</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Santa Margarita Water Dist., Special Tax,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.00%, 9/1/30, (Pre-refunded @ $100, 9/1/13) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,283,700</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,185</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.25%, 9/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,197,433</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>815</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.25%, 9/1/29, (Pre-refunded @ $102, 9/1/09) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>872,409</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Santa Monica Community College Dist., GO, zero coupon, 8/1/26, Ser. C (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>766,780</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>19</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO California Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
    </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Saugus Hart School Facs. Financing Auth. Community Facs. Dist., Special Tax,</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,140</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.10%, 9/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,103,474</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,195</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.125%, 9/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,109,307</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Shasta Union High School Dist., GO, zero coupon, 8/1/24 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>432,850</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,745</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>South Tahoe JT Powers Parking Financing Auth. Rev., 7.00%, 12/1/27, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,524,220</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Southern Mono Health Care Dist., GO, zero coupon, 8/1/26 (MBIA) State, GO,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>696,222</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>399,996</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 11/1/37, Ser. 2670 (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,399,280</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 12/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,399,946</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Statewide Community Dev. Auth.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baptist Univ. Rev., 5.50%, 11/1/38, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,447,472</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,555</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Bentley School Rev., 6.75%, 7/1/32 (a)(i)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,701,608</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Catholic Healthcare West Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 7/1/31, Ser. D</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,826,892</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.50%, 7/1/31, Ser. E</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,826,892</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Huntington Park Chapter School Rev., 5.25%, 7/1/42, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,048,575</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Jewish Home Rev., 5.50%, 11/15/33 (CA St. Mtg.)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,942,403</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,770</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Kaiser Permanente Rev., 5.50%, 11/1/32, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,808,752</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Live Oak School Rev., 6.75%, 10/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,033,150</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Peninsula Project Rev., 5.00%, 11/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>432,575</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,170</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Wildwood Elementary School, CP, 6.10%, 11/1/15 (a)(i)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,174,879</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,365</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Windrush School Rev., 5.50%, 7/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,206,974</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Statewide Financing Auth. Tobacco Settlement Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,625</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.625%, 5/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,534,390</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.00%, 5/1/37, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18,925,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tobacco Securitization Agcy. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Alameda Cnty., 6.00%, 6/1/42</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,193,145</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Fresno Cnty.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.625%, 6/1/23</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,396,362</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>6.00%, 6/1/35</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,476,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,810</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Gold Cnty., zero coupon, 6/1/33</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,143,535</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,800</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Stanislaus Funding, 5.875%, 6/1/43, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,645,362</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tobacco Securitization Auth. of Southern California Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/37, Ser. A-1</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,400,400</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>995</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tracy Community Facs. Dist., Special Tax, South Macarthur Area, 6.00%, 9/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>982,821</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Univ. Rev. (h),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.75%, 5/15/35, Ser. 1119 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,499,835</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.75%, 5/15/35, Ser. G (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa1/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,925,100</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,650</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4.75%, 5/15/38, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa2/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,578,697</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 9/1/27, Ser. O, (Pre-refunded @ $101, 9/1/10) (FGIC)(b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa2/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,692,700</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ventura Cnty., GO, 5.00%, 8/1/27 (MBIA)(h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,367,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="47%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=top style='padding:0.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>20</font></b> <font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p></td>
        </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO California Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
</td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,555</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ventura Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,592,382</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Victor Elementary School Dist., GO, Ser. A (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,125</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/24</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>475,594</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,410</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>899,798</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Vista Unified School Dist., GO,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/26, Ser. A (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>400,730</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>West Contra Costa Unified School Dist., GO, Ser. A (MBIA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,740</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 8/1/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,790,854</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,690</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 8/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,728,817</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,890</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 8/1/31</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,912,604</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>William S. Hart JT School Financing Auth. Rev., 5.625%, 9/1/34</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,958,200</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,110</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Yuba City Unified School Dist., GO, zero coupon, 9/1/25 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>870,734</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total California Municipal Bonds &amp; Notes (cost&#151;$818,772,158)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>833,670,031</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr bgcolor="#DEE2EE" >
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>OTHER MUNICIPAL BONDS &amp; NOTES&#151;3.7%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Iowa&#151;1.6%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16,100</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Auth. of Iowa Rev., 5.60%, 6/1/34, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,320,950</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>New York&#151;0.4%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,025</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Dormitory Auth. Rev., Hospital Center, 6.25%, 8/15/15 (FHA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aa2/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,239,503</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Pennsylvania&#151;0.4%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Allegheny Cnty. Hospital Dev. Auth. Rev., 5.375%, 11/15/40, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ba2/BB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,633,801</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Puerto Rico&#151;1.3%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,200</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aqueduct &amp; Sewer Auth. Rev., 6.00%, 7/1/38, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,317,172</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=bottom nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Electric Power Auth. Power Rev., Ser. NN,</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,580</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:34.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 7/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,736,926</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>420</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:34.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.125%, 7/1/29, (Pre-refunded @ $100, 7/1/13) (b),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>460,677</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,505</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Public Building Auth. Rev., Gov&#146;t Facs.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>5.00%, 7/1/36, Ser. I (GTD)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Baa3/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,417,024</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Sales Tax Financing Corp. Rev., Ser. A (AMBAC),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>32,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/47</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,554,704</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/54</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>849,875</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,336,378</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total Other Municipal Bonds &amp; Notes (cost&#151;$35,277,582)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>32,530,632</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr bgcolor="#DEE2EE" >
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>CALIFORNIA VARIABLE RATE NOTES </font></B><font face="Arial" style='font-size:8pt'>(a)(c)(e)(f)</font><b><font face="Arial" style='font-size:8pt'> &#151;0.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,500</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Modesto Public Financing Auth. Lease Rev., 11.76%, 9/1/29, Ser. 354 (AMBAC) (cost&#151;$1,480,729)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,554,225</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr bgcolor="#DEE2EE" >
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td colspan="3" valign=top nowrap bgcolor="#DEE2EE" >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>OTHER VARIABLE RATE NOTES </font></B><font face="Arial" style='font-size:8pt'>(f)</font><b><font face="Arial" style='font-size:8pt'>&#151;0.6%</font></b></p> </td>
      <td valign=bottom nowrap bgcolor="#DEE2EE" >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap bgcolor="#DEE2EE" >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap bgcolor="#DEE2EE" >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap bgcolor="#DEE2EE" >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap bgcolor="#DEE2EE" >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap bgcolor="#DEE2EE" style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Puerto Rico&#151;0.6%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A (cost&#151;$5,525,066)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ba1/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,376,161</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Total Investments</font></b><font face="Arial" style='font-size:8pt'> (cost&#151;$861,055,535) &#151;</font><b><font face="Arial" style='font-size:8pt'>100.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>$</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>873,131,049</font></b></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>21</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO New York Municipal Income Fund II</font></b></font><b><font face="Arial" style='font-size:10pt'> Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="4" valign=top nowrap style=' background:#DEE2EE;'>
      <p style=' margin-left:12.25pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>NEW YORK MUNICIPAL BONDS &amp; NOTES&#151;88.1%</font></b></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; background:#DEE2EE;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Buffalo Municipal Water Finance Auth., Water System Rev., Ser. B, (Pre-refunded @ $100, 7/1/12) (FSA)(b),</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>250</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 7/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>270,335</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 7/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,086,120</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,176,368</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Erie Cnty. Tobacco Asset Securitization Corp. Rev., 6.50%, 7/15/32, (Pre-refunded @ $101, 7/15/10) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,913,200</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Liberty Dev. Corp. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.25%, 10/1/35 (h)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,584,800</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,700</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.50%, 10/1/37</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,818,983</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Metropolitan Transportation Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,850</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 11/15/30, Ser. A (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,880,155</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.25%, 11/15/31, Ser. E</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A2/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,190,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.35%, 7/1/31, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,174,510</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,570</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Mortgage Agcy. Rev., 4.75%, 10/1/27, Ser. 128</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,341,627</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at Harborside, 6.70%, 1/1/43, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,428,896</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York City, GO, 5.00%, 3/1/33, Ser. I</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,048,480</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York City Health &amp; Hospital Corp. Rev., Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,100</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.375%, 2/15/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,108,888</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.45%, 2/15/26</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,025,840</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York City Industrial Dev. Agcy. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>975</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Eger Harbor, 4.95%, 11/20/32 (GNMA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AA+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>954,671</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,415</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Liberty Interactive Corp., 5.00%, 9/1/35</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,243,304</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,205</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Staten Island Univ. Hospital, 6.45%, 7/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>B2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,186,118</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>United Jewish Appeal Fed., 5.00%, 7/1/27</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,544,250</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Yankee Stadium,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 3/1/31 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,986,150</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,400</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 3/1/36 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,443,632</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York City Municipal Water Finance Auth., Water &amp; Sewer System Rev. (h),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4.50%, 6/15/33, Ser. C</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/AA+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,248,375</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/15/32, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/AA+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,054,500</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>15,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 6/15/34, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/AA+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>15,297,600</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York City Transitional Finance Auth. Rev., 5.00%, 11/1/27, Ser. B</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa1/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,233,600</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,785</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York City Trust for Cultural Res. Rev., 5.00%, 2/1/34 (FGIC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,926,453</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Port Auth. of New York &amp; New Jersey Rev., 5.00%, 4/15/32, Ser. 125 (FSA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,695,400</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>State Dormitory Auth. Rev.,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>80</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.25%, 9/1/28, (Pre-refunded @ $102, 9/1/09) (Radian)(b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>84,609</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,320</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.25%, 9/1/28 (Radian)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,302,088</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,490</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.50%, 5/15/31, Ser. A (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,393,444</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Catholic Health of Long Island, 5.10%, 7/1/34</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa1/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,426,112</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,004,760</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Lenox Hill Hospital, 5.50%, 7/1/30</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ba2/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,033,675</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>22 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO New York Municipal Income Fund II</font></b></font><b><font face="Arial" style='font-size:10pt'> Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating<br>
      (Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,000</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York Univ. Hospital, 5.625%, 7/1/37, Ser. B</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ba2/BB</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>964,620</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,850</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>North General Hospital, 5.00%, 2/15/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,940,031</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Rochester General Hospital, 5.00%, 12/1/35 (Radian)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa3/AA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,708,400</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,270</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Teachers College, 5.00%, 7/1/32 (MBIA)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,359,670</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,070,020</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p></td>
      <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="90%" valign=top nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>State Environmental Facs. Corp., State Clean Water &amp; Drinking Rev., 5.125%, 6/15/31</font> </p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,074,660</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Tobacco Settlement Asset Backed, Inc. Rev., Ser. 1,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>25,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 6/1/34</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>22,211,000</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>25,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.75%, 7/15/32, (Pre-refunded @ $100, 7/15/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>27,671,750</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6.375%, 7/15/39, (Pre-refunded @ $101, 7/15/09) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,563,400</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Triborough Bridge &amp; Tunnel Auth. Rev. (FGIC-TCRS),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>710</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 1/1/32</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/AA-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>719,706</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,990</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.00%, 1/1/32, (Pre-refunded @ $100, 1/1/12) (b)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aa2/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,276,721</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,815</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Ulster Cnty. Industrial Dev. Agcy. Rev., 6.00%, 9/15/37, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,696,626</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,000</font></p></td>
      <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="90%" valign=top ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Warren &amp; Washington Cntys. Industrial Dev. Agcy. Rev., Glens Falls Hospital, 5.00%, 12/1/35, Ser. A (FSA)</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,032,600</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>750</font></p></td>
      <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="90%" valign=top ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Westchester Cnty. Industrial Dev. Agcy. Continuing Care Retirement Rev., Kendal on Hudson, 6.50%, 1/1/34, (Pre-refunded @ $100, 1/1/13) (b)</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>857,970</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Total New York Municipal Bonds &amp; Notes (cost&#151;$217,685,267)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>222,254,117</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="4" valign=top nowrap style='background:#DEE2EE; '>
      <p style=' margin-left:12.25pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>OTHER MUNICIPAL BONDS &amp; NOTES&#151;8.2%</font></b></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='background:#DEE2EE; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; background:#DEE2EE;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>California&#151;3.2%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,500</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/24</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,575,840</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/25</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,274,910</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=top nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,130</font></p></td>
      <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="90%" valign=top nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Covina Valley Unified School Dist., GO, zero coupon, 6/1/25, Ser. B (FGIC)</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,297,542</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,000</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Tobacco Securitization Agcy. Rev., Los Angeles Cnty., zero coupon, 6/1/28</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,865,200</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,013,492</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Colorado&#151;0.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>210</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>109,009</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Puerto Rico&#151;5.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,600</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Aqueduct &amp; Sewer Auth. Rev., 6.00%, 7/1/38, Ser. A</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,844,996</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,675</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Children&#146;s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Baa3/BBB</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,317,986</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Electric Power Auth. Power Rev., Ser. NN,</font> <font face="Arial" style='font-size:8pt'>(Pre-refunded @ $100, 7/1/13) (b),</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>590</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 7/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>648,599</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>160</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:25.9pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.125%, 7/1/29</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A3/BBB+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>175,496</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Sales Tax Financing Corp. Rev., Ser. A,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>14,250</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/54 (AMBAC)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Aaa/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>968,857</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>12,900</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>zero coupon, 8/1/56</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>A1/A+</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>738,009</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>12,693,943</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td width="90%" valign=top nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Total Other Municipal Bonds &amp; Notes (cost&#151;$21,668,180)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>20,816,444</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>23</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO New York Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Principal</font><br> <font face="Arial" style='font-size:7pt'>Amount</font><br> <font face="Arial" style='font-size:7pt'>(000)</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Credit Rating</font><br> <font face="Arial" style='font-size:7pt'>(Moody&#146;s/S&amp;P)*</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black 2.25pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Value</font></p> </td>
<td valign=bottom nowrap style='border-bottom:solid black 2.25pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr bgcolor="#DEE2EE">
        <td colspan="4" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NEW YORK VARIABLE RATE NOTES</font></B><font face="Arial" style='font-size:8pt'> (a)(c)(f)&#151;</font><b><font face="Arial" style='font-size:8pt'>2.9%</font></b></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,595</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Long Island Power Auth. Electric System Rev., 18.77%, 12/1/26, Ser. 339 (MBIA-IBC)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Aaa/NR</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,874,750</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,300</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>State Urban Dev. Corp. Rev., 17.807%, 3/15/35</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>NR/AAA</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,453,335</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total New York Variable Rate Notes (cost&#151;$7,009,901)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,328,085</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td colspan="4" valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr bgcolor="#DEE2EE">
        <td colspan="4" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>OTHER VARIABLE RATE NOTES </font></B><font face="Arial" style='font-size:8pt'>(f)</font><b><font face="Arial" style='font-size:8pt'>&#151;0.8%</font></b></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=top nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Puerto Rico&#151;0.8%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,900</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A (cost&#151;$1,980,684)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ba1/BBB-</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,927,303</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr >
   <td colspan="4" valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap >&nbsp;</td>
   <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr bgcolor="#DEE2EE">
        <td colspan="4" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>U.S. TREASURY BILL</font></B><font face="Arial" style='font-size:8pt'> (g) </font><b><font face="Arial" style='font-size:8pt'>&#151;0.0%</font></b></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>45</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>1.42%, 6/12/08 (cost&#151;$44,980)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>44,980</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td width="90%" valign=bottom nowrap>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Total Investments</font></b><font face="Arial" style='font-size:8pt'> (cost&#151;$248,389,012) &#151;</font><b><font face="Arial" style='font-size:8pt'>100.0%</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>$</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>252,370,929</font></b></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black 1.5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>24 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II </font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Schedule of Investments</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td colspan="3" valign=top style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'><strong>Notes to Schedule of Investments:</strong></font></p> </td> </tr>
 <tr>
        <td width="5%" valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>*</font></p> </td>
        <td width="95%" valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>Unaudited</font></p> </td>
        <td width="1%" valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(a)</font></p> </td>
        <td valign=top >
      <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>Private Placement&#151;Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $55,175,286, representing 3.82% of total investments in Municipal Income II. Securities with an aggregate value of $10,492,870, representing 1.20% of total investments in California Municipal Income II. Securities with an aggregate value of $7,328,085, representing 2.90% of total investments in New York Municipal Income II.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(b)</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
          <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(c)</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>144A Security&#151;Security exempt from registration, under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(d)</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>When-issued. To be issued after May 31, 2008.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(e)</font></p> </td>
        <td valign=top>
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>Inverse Floater&#151;The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
               <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(f)</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>Variable Rate Notes&#151;Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on May 31, 2008.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
                <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(g)</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>All or partial amount segregated as collateral for futures contracts.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(h)</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>Residual Interest Bonds held in Trust&#151;Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Funds acquired the residual interest certificates. These securities serve as collateral in a financing transaction.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>(i)</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0in;text-align:justify;margin-top:1pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>Illiquid security.</font></p> </td>
        <td valign=top style='border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
 <tr>
   <td valign=top style='border-bottom:solid black 2.25pt;'>&nbsp;</td>
   <td valign=top style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;'>&nbsp;</td>
   <td valign=top style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 1.5pt; '>&nbsp;</td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><strong><font face="Arial" style='font-size:8pt'>Glossary:</font></strong></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>AMBAC &#151; insured by American Municipal Bond Assurance Corp. </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>CA Mtg. Ins. &#151; insured by California Mortgage Insurance </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>CA St. Mtg. &#151; insured by California State Mortgage </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>CP &#151; Certificates of Participation </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>FGIC &#151; insured by Financial Guaranty Insurance Co.</font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>FHA &#151; insured by Federal Housing Administration </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>FSA &#151; insured by Financial Security Assurance, Inc.</font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>GNMA &#151; insured by Government National Mortgage Association </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>GO &#151; General Obligation Bond </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>GTD &#151; Guaranteed </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>IBC &#151; Insurance Bond Certificate </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>MBIA &#151; insured by Municipal Bond Investors Assurance </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>NR &#151; Not Rated </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>PSF &#151; Public School Fund </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>Q-SBLF &#151; Qualified School Bond Loan Fund </font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>Radian &#151; insured by Radian Guaranty, Inc.</font></p>
<p style=' margin-bottom:0pt; margin-top:1pt;text-align:left;'><font face="Arial" style='font-size:8pt'>TCRS &#151; Temporary Custodian Receipts</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font face="Arial" style='font-size:7pt'>See accompanying Notes to Financial Statements </font></b><font face="Arial" style='font-size:7pt'>| 5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>25</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk04"></a>PIMCO Municipal Income Funds II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Statements of Assets and Liabilities</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse; '>
<tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Municipal II</font></b><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>California<br>
      Municipal II</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>New York</font></b><br> <b><font face="Arial" style='font-size:7pt'>Municipal II</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Assets:</font></b></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Investments, at value (cost&#151;$1,391,731,888, $861,055,535 and $249,389,012, respectively)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,442,931,297</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>873,131,049</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>252,370,929</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Cash</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,388,292</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,433,522</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Interest receivable</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,840,512</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13,231,273</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,549,668</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Deposits with brokers for futures contracts collateral</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,085,100</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,940,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,220,200</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Receivable for investments sold</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>730,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,150,452</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Prepaid expenses and other assets</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,909,568</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>92,422</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>202,932</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total Assets</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,498,884,769</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>903,978,718</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>259,358,729</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Liabilities:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Payable to custodian for cash overdraft</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>50,913</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Payable for floating rate notes</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>158,844,200</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>226,666,203</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>22,750,002</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Payable for investments purchased</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7,400,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Dividends payable to common and preferred shareholders</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,978,974</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,219,624</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>728,323</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Interest payable</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,250,110</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,225,365</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>253,620</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Payable for variation margin on futures contracts</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,809,883</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>984,634</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>288,117</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Investment management fees payable</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>615,300</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>311,137</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>109,344</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Accrued expenses and other payables</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>246,679</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>802,406</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>78,266</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total Liabilities</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>174,145,146</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>234,209,369</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>24,258,585</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Preferred shares ($0.00001 par value and $25,000 net asset and liquidation value per share applicable to an aggregate of 20,200, 10,400 and 3,600 shares issued and outstanding, respectively)</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>505,000,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>260,000,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>90,000,000</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net Assets Applicable to Common Shareholders</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$819,739,623</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>409,769,349</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>145,100,144</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td width="90%" valign=bottom nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
   <td width="90%" valign=bottom nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Composition of Net Assets Applicable to</font></b></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:0.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Common Shareholders:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Common Stock:</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Par value ($0.00001 per share)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$591</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$307</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$106</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Paid-in-capital in excess of par</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>841,166,181</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>434,908,009</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>150,651,291</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Undistributed (dividends in excess of) net investment income</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,155,462</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(2,219,623 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(621,423 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Accumulated net realized loss on investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(81,385,803 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(39,517,161 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(10,266,711 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net unrealized appreciation of investments and futures contracts</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>57,803,192</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16,597,817</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,336,881</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net Assets Applicable to Common Shareholders</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$819,739,623</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>409,769,349</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>145,100,144</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Common Shares Outstanding</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:12pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>59,148,486</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>30,720,927</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,613,890</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net Asset Value Per Common Share</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$13.86</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$13.34</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>$13.67</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>26</font></b>&nbsp;<font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08 | </font><b><font face="Arial" style='font-size:7pt'>See accompanying Notes to Financial Statements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk05"></a>PIMCO Municipal Income Funds II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Statements of Operations</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
   </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Municipal II</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>California</font></b><br> <b><font face="Arial" style='font-size:7pt'>Municipal II</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>New York</font></b><br> <b><font face="Arial" style='font-size:7pt'>Municipal II</font></b></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Investment Income:</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom style='border-top:none;border-left: none;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Interest</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>80,469,524</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>46,080,654</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,430,909</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Miscellaneous income</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>27,613</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total Investment Income</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>80,497,137</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>46,080,654</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,430,909</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Expenses:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Investment management fees</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,748,406</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,444,269</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,547,473</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Interest expense</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,102,668</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8,700,878</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,205,120</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Auction agent fees and commissions</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,293,522</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>667,886</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>247,420</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Custodian and accounting agent fees</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>948,525</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>288,305</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>140,365</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Shareholder communications</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>98,500</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>93,224</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>34,730</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Audit and tax services</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>89,010</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>65,074</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>40,282</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Trustees&#146; fees and expenses</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>79,378</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>45,606</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,738</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>New York Stock Exchange listing fees</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>45,773</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>23,793</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20,612</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Transfer agent fees</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>36,096</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>29,294</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>27,816</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Insurance expense</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>23,588</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,445</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,853</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Legal fees</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>21,918</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>16,786</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,484</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Excise tax expense</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,056</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Miscellaneous</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,826</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,730</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,010</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total expenses</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15,508,266</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,398,290</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,308,903</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Less: investment management fees waived</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1,401,281</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(711,915</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(247,868</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>custody credits earned on cash balances</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(33,371</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(44,871</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(20,437</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net expenses</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14,073,614</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13,641,504</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,040,598</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>66,423,523</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>32,439,150</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,390,311</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Realized and Change In Unrealized Gain (Loss):</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Net realized gain (loss) on:</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,181,084</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,925,057</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,853,909</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Futures contracts</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(9,105,714</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(12,527,918</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(2,866,430</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,328,821</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,179,971</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>448,804</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Net change in unrealized appreciation/depreciation of:</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(74,830,105</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(37,252,676</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(12,138,577</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Futures contracts</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3,628,553</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,014,805</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,384</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Net realized and change in unrealized loss on investments,</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>futures contracts and options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(73,054,467</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(45,660,761</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(11,696,910</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net Decrease in Net Assets Resulting from Investment Operations</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(6,630,944</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(13,221,611</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(306,599</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends on Preferred Shares from Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(17,559,291</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(8,660,050</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3,073,529</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net Decrease in Net Assets Applicable to Common <br>
      Shareholders Resulting from Investment Operations</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(24,190,235</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(21,881,661</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3,380,128</font></p> </td>
      <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font face="Arial" style='font-size:7pt'>See accompanying Notes to Financial Statements </font></b><font face="Arial" style='font-size:7pt'>| 5.31.08 | PIMCO Municipal Income Funds II Annual Report</font>&nbsp;<font face="Arial" style='font-size:7pt'><b>27</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade="NOSHADE" align=CENTER width="100%" size=4>
<P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="19%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>P<a name="bk06"></a>IMCO Municipal Income Funds II</font></b><font face="Arial" style='font-size:10pt'>&nbsp;</font></font></p> </td>
<td width="81%" valign=bottom >
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>Statements of Changes in Net Assets</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>Applicable to Common Shareholders</font></b></p> </td> </tr>
 <tr>
        <td height="3" colspan="2" valign=bottom style=' border-bottom:solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td width="95%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="6" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><b><font face="Arial" style='font-size:7pt'>Municipal II</font></b></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="6" valign=bottom nowrap>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>Year ended May 31,</font></p> </td>
<td valign=bottom>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style=' border-bottom:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2008</font></p> </td>
<td valign=bottom nowrap style='border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="2" valign=bottom nowrap style='border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2007</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Investment Operations:</font></b></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-top: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net investment income</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>66,423,523</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>65,691,345</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net realized gain (loss) on investments, futures contracts and options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5,404,191</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>87,615</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net change in unrealized appreciation/depreciation <br>
      of investments and futures contracts</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(78,458,658</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>19,514,662</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net increase (decrease) in net assets resulting from investment operations</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(6,630,944</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>85,293,622</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends to Preferred Shareholders from Net investment income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(17,559,291</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(17,388,694</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net increase (decrease) in net assets applicable to common shareholders <br>
      resulting from investment operations</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(24,190,235</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,904,928</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends to Common Shareholders from Net investment income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(46,046,478</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(47,920,349</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Capital Share Transactions:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Reinvestment of dividends</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,161,576</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,998,399</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total increase (decrease) in net assets applicable to common shareholders</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(67,075,137</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>23,982,978</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net Assets Applicable to Common Shareholders:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Beginning of year</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>886,814,760</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>862,831,782</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>End of year (including undistributed (dividends in excess of) net investment <br>
      income of $2,155,462 and $(719,429); $(2,219,623) and $(1,935,976); <br>
      $(621,423) and $(524,386); respectively)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>819,739,623</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>886,814,760</font></p> </td>
<td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="95%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Common Shares Issued in Reinvestment of Dividends</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>223,853</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>266,561</font></p> </td>
      <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>28 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08 | </font><b><font face="Arial" style='font-size:7pt'>See accompanying Notes to Financial Statements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="31%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><font face="Arial" style='font-size:10pt'>&nbsp;</font></font></p> </td>
        <td width="69%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>&nbsp;</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>&nbsp;</font></b></p> </td> </tr>
 <tr>
        <td height="3" colspan="2" valign=bottom >
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><b><font face="Arial" style='font-size:7pt'>California Municipal II</font></b></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><b><font face="Arial" style='font-size:7pt'>New York Municipal II</font></b></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap ><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
        <td colspan="6" valign=bottom nowrap><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>Year
              ended May 31,</font></p></td>
        <td valign=bottom><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
        <td valign=bottom nowrap ><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
        <td colspan="6" valign=bottom nowrap><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>Year
              ended May 31,</font></p></td>
        <td valign=bottom><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2008</font></p> </td>
        <td valign=bottom nowrap style='border-left:none;border-bottom:solid black .5pt;border-right:none; '><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p></td>
        <td valign=bottom nowrap><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom nowrap style='border-left:none;border-bottom:solid black .5pt;border-right:none; '><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2007</font></p></td>
        <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p></td>
        <td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom nowrap style=' border-bottom:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2008</font></p> </td>
        <td valign=bottom nowrap style='border-left:none;border-bottom:solid black .5pt;border-right:none; '><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p></td>
        <td valign=bottom nowrap><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom nowrap style='border-left:none;border-bottom:solid black .5pt;border-right:none; '><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2007</font></p></td>
        <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Investment Operations:</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net investment income</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>32,439,150</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>33,005,824</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,390,311</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,516,932</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net realized gain (loss) on investments, futures contracts and options written</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(9,422,890</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(931,161</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>436,283</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>138,535</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net change in unrealized appreciation/depreciation <br>
      of investments and futures contracts</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(36,237,871</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,319,352</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(12,133,193</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,022,067</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net increase (decrease) in net assets resulting from investment operations</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(13,221,611</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>43,394,015</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(306,599</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,677,534</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends to Preferred Shareholders from Net investment income</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(8,660,050</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(8,273,822</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3,073,529</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(2,954,143</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net increase (decrease) in net assets applicable to common shareholders <br>
      resulting from investment operations</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(21,881,661</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>35,120,193</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3,380,128</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9,723,391</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends to Common Shareholders from Net investment income</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(25,748,032</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(25,618,929</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(8,420,559</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(8,378,638</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Capital Share Transactions:</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Reinvestment of dividends</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,114,952</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,403,958</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>682,941</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>784,927</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total increase (decrease) in net assets applicable to common shareholders</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(45,514,741</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11,905,222</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(11,117,746</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2,129,680</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net Assets Applicable to Common Shareholders:</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Beginning of year</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>455,284,090</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>443,378,868</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>156,217,890</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>154,088,210</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>End of year (including undistributed (dividends in excess of) net investment <br>
      income of $2,155,462 and $(719,429); $(2,219,623) and $(1,935,976); <br>
      $(621,423) and $(524,386); respectively)</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>409,769,349</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>455,284,090</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>145,100,144</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>156,217,890</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Common Shares Issued in Reinvestment of Dividends</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>150,398</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>158,649</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>48,516</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>52,337</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font face="Arial" style='font-size:7pt'>See accompanying Notes to Financial Statements </font></b><font face="Arial" style='font-size:7pt'>| 5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>29</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->



<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk07"></a>PIMCO California Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Statement of Cash Flows</font></b></p> </td> </tr>
 <tr>
        <td colspan="6" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008</font></p> </td> </tr>
 <tr>
        <td width="98%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash Flows provided by Operating Activities:</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Purchases of long-term investments</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(48,647,139</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Proceeds from sales of long-term investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>69,361,678</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in deposits with brokers for futures contracts collateral</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(5,940,000</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Interest received</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>33,214,924</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Operating expenses paid</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(4,981,317</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net cash used for futures transactions</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(10,617,091</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net cash provided by options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,179,971</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net decrease in short-term investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,449,756</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net cash provided by operating activities</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>37,020,782</font></p> </td>
<td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash Flows from Financing Activities:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Cash dividends paid (excluding reinvestment of $2,114,952)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(32,286,100</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Payments to retire floating rate notes</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(12,700,000</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Cash receipts on issuance of floating rate notes</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>18,300,000</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net cash used for financing activities*</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(26,686,100</font></p> </td>
<td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net increase in cash</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,334,682</font></p> </td>
<td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash at beginning of year</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>98,840</font></p> </td>
<td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash at end of year</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>10,433,522</font></p> </td>
<td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Reconciliation of Net Decrease in Net Assets Resulting from Investment Operations <br>
      to Net Cash Provided by Operating Activities:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net decrease in net assets resulting from investment operations</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(13,221,611</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in deposits with brokers for futures contracts collateral</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(5,940,000</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in receivable for investments sold</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(827,397</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Decrease in interest receivable</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>104,024</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Decrease in prepaid expenses and other assets</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,637</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in investment management fees payable</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6,608</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in net payable for variation margin on futures contracts</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>896,022</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Decrease in accrued expenses and other liabilities</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(50,936</font></p> </td>
<td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net decrease in investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>56,050,435</font></p> </td>
<td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom:solid black 1.5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net cash provided by operating activities</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>37,020,782</font></p> </td>
<td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="26%" style=' border-collapse:collapse;'>
 <tr>
        <td width="20%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>*</font></b></p> </td>
        <td width="79%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Supplemental Disclosure</font></b></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:1pt; margin-left:5%;text-align:left;'><font face="Arial" style='font-size:8pt'>Non-cash financing activity not included consists of interest expense on floating rate notes issued of $8,700,878.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:7pt'><b>30</b> PIMCO Municipal Income Funds II Annual Report | 5.31.08 | <b>See accompanying Notes to Financial Statements</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO New York Municipal Income Fund II</font></b></font><font style='font-size:10pt'> </font><b><font face="Arial" style='font-size:11pt'>Statement of Cash Flows</font></b></p> </td> </tr>
 <tr>
        <td colspan="6" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008</font></p> </td> </tr>
 <tr>
        <td width="98%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash Flows provided by Operating Activities:</font></b></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Purchases of long-term investments</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(25,047,524</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Proceeds from sales of long-term investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>43,005,665</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font style='font-size:8pt'></font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in deposits with brokers for futures contracts collateral</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(2,220,200</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Interest received</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12,529,079</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Operating expenses paid</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1,849,871</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net cash used for futures transactions</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(2,586,929</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net cash provided by options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>448,804</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net decrease in short-term investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3,325,137</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net cash provided by operating activities</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>27,604,161</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash Flows from Financing Activities:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Cash dividends paid (excluding reinvestment of $682,941)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(10,798,931</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Payments to retire floating rate notes</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(18,359,562</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Cash overdraft at custodian</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>50,913</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net cash used for financing activities*</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(29,107,580</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net decrease in cash</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1,503,419</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash at beginning of year</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1,503,419</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Cash at end of year</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Reconciliation of Net Decrease in Net Assets Resulting from Investment Operations <br>
      to Net Cash Provided by Operating Activities</font></b><font face="Arial" style='font-size:8pt'>:</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net decrease in net assets resulting from investment operations</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(306,599</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in deposits with brokers for futures contracts collateral</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(2,220,200</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in receivable for investments sold</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(5,000</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in interest receivable</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(164,078</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in prepaid expenses and other assets</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(4,852</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in investment management fees payable</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4,378</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in net payable for variation margin on futures contracts</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>274,117</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Increase in accrued expenses and other liabilities</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(13,919</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net decrease in investments</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>30,040,314</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Net cash provided by operating activities</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>27,604,161</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black 1.5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="26%" style=' border-collapse:collapse;'>
 <tr>
        <td width="20%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>*</font></b></p> </td>
        <td width="79%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Supplemental Disclosure</font></b></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:1pt; margin-left:5%;text-align:left;'><font face="Arial" style='font-size:8pt'>Non-cash financing activity not included consists of interest expense on floating rate notes issued of $1,205,120.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p align="right" style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'><b>See accompanying Notes to Financial Statements</b> | 5.31.08 | PIMCO Municipal Income Funds II Annual Report <b>31</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk08"></a>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>1. Organization and Significant Accounting Policies</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>PIMCO Municipal Income Fund II (&#145;&#145;Municipal II&#146;&#146;), PIMCO California Municipal Income Fund II (&#145;&#145;California Municipal II&#146;&#146;) and PIMCO New York Municipal Income Fund II (&#145;&#145;New York Municipal II&#146;&#146;), collectively referred to as the &#145;&#145;Funds&#146;&#146; or &#147;PIMCO Municipal Income Funds II&#148;, were organized as Massachusetts business trusts on March 29, 2002. Prior to commencing operations on June 28, 2002, the Funds had no operations other than matters relating to their organization and registration as non-diversified, closed-end management investment companies registered under the Investment Company Act of 1940 and the rules and regulations thereunder, as amended. Allianz Global Investors Fund Management LLC (the &#145;&#145;Investment Manager&#146;&#146;), serves as the Funds&#146; investment manager and is
an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (&#145;&#145;Allianz Global&#146;&#146;). Allianz Global is an indirect majority-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. The Funds have an unlimited amount of $0.00001 par value per share of common stock authorized.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Under normal market conditions, Municipal II invests substantially all of its assets in a portfolio of municipal bonds, the interest from which is exempt from federal income taxes. Under normal market conditions, California Municipal II invests substantially all of its assets in municipal bonds which pay interest that is exempt from federal and California state income taxes. Under normal market conditions, New York Municipal II invests substantially all of its assets in municipal bonds which pay interest that is exempt from federal, New York State and New York City income taxes. The Funds will seek to avoid bonds generating interest income which could potentially subject individuals to alternative minimum tax. The issuers&#146; abilities to meet their obligations may be affected by economic and political and other developments in a specific state or region.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds&#146; maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds based upon events that have not occurred. However, the Funds expect the risk of any loss to be remote.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In July 2006, the Financial Accounting Standards Board issued interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#150; an Interpretation of FASB Statement No. 109&#148; (the &#147;Interpretation&#148;). The Interpretation establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. Fund management has determined that its evaluation of the Interpretation has resulted in no material impact to the Funds&#146; financial statements at May 31, 2008. The Funds&#146; federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) 157, Fair Value Measurements, which clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. Adoption of SFAS 157 requires the use of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. At this time, the Funds are in the process of reviewing SFAS 157 against their current valuation policies to determine future applicability.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In March 2008, the Financial Accounting Standards board issued Statement of Financial Accounting Standards No. 161, &#147;Disclosures about Derivative Instruments and Hedging Activities&#148; (&#147;SFAS 161&#148;). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about a fund&#146;s derivative and hedging activities. The Funds&#146; Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds&#146; financial statement disclosures.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>32 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
   <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>1. Organization and Significant Accounting Policies (continued)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The following is a summary of significant accounting policies consistently followed by the Funds:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(a) Valuation of Investments</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees or persons acting at their discretion pursuant to guidelines established by the Board of Trustees. The Funds&#146; investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were
no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Securities purchased on a when-issued basis are marked to market daily until settlement at the forward settlement date. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Funds to value securities may differ from the value that would be realized if the securities were sold and these differences could be material to the financial statements of the Funds. Each Fund&#146;s net asset value is normally determined as of the close of regular trading (normally, 4:00
p.m. Eastern time) on the New York Stock Exchange (&#147;NYSE&#148;) on each day the NYSE is open for business.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(b) Investment Transactions and Investment Income</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on the identified cost basis. Interest income is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(c) Federal Income Taxes</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(d) Dividends and Distributions &#151; Common Stock</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds declare dividends from net investment income monthly to common shareholders. Distributions of net realized capital gains, if any, are paid at least annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. These &#147;book-tax&#148; differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and
profits for federal income tax purposes; they are reported as dividends and/or distributions of paid-in capital.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(e) Futures Contracts</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum &#147;initial margin&#148; requirements of the relevant exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as &#147;variation margin&#148; and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation
recorded is simultaneously reversed. The use of futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the underlying hedged assets, and the possible inability or unwillingness of counterparties to meet the terms of their contracts.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>33</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
   <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:9pt'>1. Organization and Significant Accounting Policies (continued)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(f) Option Transactions</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds may purchase and write (sell) put and call options on securities for hedging purposes, risk management purposes or as part of their investment strategies. The risk associated with purchasing an option is that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options is decreased by the premiums paid. When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently marked to market to reflect the current market
value of the option written. These liabilities are reflected as options written in the Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written by the Funds is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Funds is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could
result in the Funds&#146; purchasing a security at a price different from its current market value.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(g) Inverse Floating Rate Transactions &#151; Residual Interest Municipal Bonds (&#147;RIBs&#148;) / Residual Interest Tax Exempt Bonds (&#147;RITEs&#148;)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds invest in RIBs and RITEs collectively, (&#147;Inverse Floaters&#148;) whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. In inverse floating rate transactions, the Funds sell a fixed rate municipal bond (&#147;Fixed Rate Bond&#148;) to a broker who places the Fixed Rate Bond in a special purpose trust (&#147;Trust&#148;) from which floating rate bonds (&#147;Floating Rate Notes&#148;) and Inverse Floaters are issued. The Funds simultaneously or within a short period of time purchase the Inverse Floaters from the broker. The Inverse Floaters held by the Funds provide the Funds with the right to: (1) cause the holders of the Floating Rate Notes to tender their notes at par, and (2) cause the broker to transfer the Fixed-Rate Bond held by the Trust to the Funds, thereby collapsing the Trust. Pursuant to
Statement of Financial Accounting Standards No. 140 (&#147;FASB Statement No. 140&#148;), the Funds account for the transaction described above as a secured borrowing by including the Fixed-Rate Bond in their Schedules of Investments, by including the Floating Rate Notes as a liability under the caption &#147;Payable for floating rate notes&#148; in the Funds&#146; Statements of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly, and their holders have the option to tender their notes to the broker for redemption at par at each reset date.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds may also invest in Inverse Floaters without transferring a Fixed Rate Municipal Bond into a special purpose trust, which are not accounted for as secured borrowings.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Inverse Floaters are created by dividing the income stream provided by the underlying bonds to create two securities, one short-term and one long-term. The interest rate on the short-term component is reset typically every 7 to 35 days by an index or auction process. After income is paid on the short-term securities at current rates, the residual income from the underlying bond(s) goes to the long-term securities. Therefore, rising short-term rates result in lower income for the long-term component and vice versa. The longer-term bonds may be more volatile and less liquid than other municipal bonds of comparable maturity. Investments in Inverse Floaters typically will involve greater risk than an investment in Fixed Rate Bonds. The Funds may also invest in Inverse Floaters for the purpose of increasing leverage.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds&#146; restrictions on borrowings do not apply to the secured borrowings deemed to have occurred for accounting purposes pursuant to FASB Statement No. 140. Inverse Floaters held by the Funds are exempt from registration under Rule 144A of the Securities Act of 1933.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(h) When-Issued/Delayed-Delivery Transactions</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds may purchase or sell securities on a when-issued or delayed-delivery basis. The transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the</font><font style='font-size:10pt'> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>34 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->




<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008 </font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
     </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>1. Organization and Significant Accounting Policies (continued)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>(h) When-Issued/Delayed-Delivery Transactions (continued) </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining their net asset values. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a delayed-delivery basis is sold, the Funds do not participate in future gains and losses with respect to the security.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>(i) Custody Credits Earned on Cash Balances</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds benefit from an expense offset arrangement with their custodian bank, whereby uninvested cash balances earn credits which reduce monthly custodian and accounting agent expenses. Had these cash balances been invested in income producing securities, they would have generated income for the Funds.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>(j) Interest Expense</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Interest expense relates to the Funds&#146; liability in connection with floating rate notes held by third parties in conjunction with Inverse Floater transactions. Interest expense is recorded as incurred.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>2. Investment Manager/Sub-Adviser</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Each Fund has an Investment Management Agreement (collectively), the &#147;Agreements&#148;) with the Investment Manager. Subject to the supervision by each Fund&#146;s Board of Trustees, the Investment Manager is responsible for managing, either directly or through others selected by it, each Fund&#146;s investment activities, business affairs and administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee, payable monthly, at an annual rate of 0.65% of each Fund&#146;s average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. In order to reduce each Fund&#146;s expenses, the Investment Manager has contractually agreed to waive a portion of its investment management fees for each Fund at the annual rate of 0.15% of each Fund&#146;s average daily net assets, including net assets
attributable to any preferred shares that may be outstanding through June 30, 2007. On July 1, 2007, the contractual fee waiver was reduced to 0.10% of each Fund&#146;s average daily net assets, including net assets attributable to any preferred shares that may be outstanding through June 1, 2008, and for a declining amount thereafter through June 30, 2009. For the fiscal year ended May 31, 2008, each Fund paid investment management fees at an annualized effective rate of 0.55% of each Fund&#146;s average daily net assets inclusive of net assets attributable to any preferred shares that may be outstanding.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Investment Manager has retained its affiliate, Pacific Investment Management Company LLC (the &#147;Sub-Adviser&#148;), to manage each Fund&#146;s investments. Subject to the supervision of the Investment Manager, the Sub-Adviser is responsible for making all the Funds&#146; investment decisions. The Investment Manager, not the Funds, pays a portion of the fees it receives to the Sub-Adviser in return for its services.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>3. Investments in Securities</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008, purchases and sales of investments, other than short-term securities and U.S. government obligations, were:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom >
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Municipal II</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>California </font><br> <font face="Arial" style='font-size:8pt'>Municipal II</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>New York</font><br> <font face="Arial" style='font-size:8pt'>Municipal II</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Purchases</font></p> </td>
        <td width="15%" valign=bottom style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="9%" valign=bottom style='border-top: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$313,704,539</font></p> </td>
        <td width="15%" valign=bottom style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom style='border-top: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$48,647,137</font></p> </td>
        <td width="15%" valign=bottom style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom style='border-top: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$25,047,524</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Sales</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>308,891,614</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>70,189,075</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
  <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>43,010,665</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>(a) Futures contracts outstanding at May 31, 2008:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td width="9%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'><u>Municipal II:</u></font></p> </td>
        <td width="47%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Contracts</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market</font><br> <font face="Arial" style='font-size:8pt'>Value</font><br> <font face="Arial" style='font-size:8pt'>(000)</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Expiration</font><br> <font face="Arial" style='font-size:8pt'>Date</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Unrealized</font><br> <font face="Arial" style='font-size:8pt'> Appreciation</font></p> </td>
        </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Short: U.S. Treasury Bond Futures</font></p> </td>
        <td width="2%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(894</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(102,335</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6/19/08</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,156,938</font></p> </td>
      </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:33.00pt;margin-right:0pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>U.S. Treasury Bond Futures&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2,549</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(289,312</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9/19/08</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,408,398</font></p> </td>
        </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,565,336</font></p> </td>
  </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>35</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008 </font></p> </td> </tr>
 <tr>
   <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>3. Investments in Securities (continued)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td width="16%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'><u>California Municipal II:</u></font></p> </td>
        <td width="42%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Contracts</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market</font><br> <font face="Arial" style='font-size:8pt'> Value</font><br> <font face="Arial" style='font-size:8pt'> (000)</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Expiration</font><br> <font face="Arial" style='font-size:8pt'>Date</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Unrealized</font><br> <font face="Arial" style='font-size:8pt'> Appreciation</font></p> </td>
        </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Short: U.S. Treasury Bond Futures</font></p> </td>
        <td width="2%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(482</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(55,174</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6/19/08</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,650,984</font></p> </td>
      </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:33.00pt;margin-right:0pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>U.S. Treasury Bond Futures</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1,413</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(160,376</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9/19/08</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,851,985</font></p> </td>
        </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4,502,969</font></p> </td>
  </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td width="16%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'><u>New York Municipal II:</u></font></p> </td>
        <td width="42%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Contracts</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Market</font><br> <font face="Arial" style='font-size:8pt'>Value</font><br> <font face="Arial" style='font-size:8pt'>(000)</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Expiration</font><br> <font face="Arial" style='font-size:8pt'>Date</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Unrealized</font><br> <font face="Arial" style='font-size:8pt'>Appreciation</font></p> </td>
        </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Short: U.S. Treasury Bond Futures</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(139</font></p> </td>
        <td width="6%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td width="1%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="5%" valign=bottom style='border-top: solid black .5pt;'>
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(15,911</font></p> </td>
        <td width="6%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td width="5%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6/19/08</font></p> </td>
        <td width="6%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="5%" valign=bottom style='border-top: solid black .5pt;'>
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>437,211</font></p> </td>
        </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:33.00pt;margin-right:0pt;text-indent:-8.65pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>U.S. Treasury Bond Futures&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(414</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(46,989</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>9/19/08</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>760,430</font></p> </td>
        </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,197,641</font></p> </td>
  </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Municipal II, California Municipal II and New York Municipal II pledged to brokers $12,085,100, $5,940,000, and $2,220,200, respectively, as collateral for futures contracts.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>(b) Transactions in options written for the year ended May 31, 2008:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td colspan="3" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Contracts</font></p> </td>
        <td width="5%" valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Premiums</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="9%" valign=bottom>
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'><u>Municipal II:</u></font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options outstanding, May 31, 2007</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options written</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,296</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,328,821</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options terminated in closing transactions</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(3,296</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2,328,821</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options outstanding, May 31, 2008</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'><u>California Municipal II:</u></font></p> </td>
        <td width="60%" valign=bottom >
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options outstanding, May 31, 2007</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options written</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,670</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,179,971</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options terminated in closing transactions</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1,670</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1,179,971</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options outstanding, May 31, 2008</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'><u>New York Municipal II:</u></font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options outstanding, May 31, 2007</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options written</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>628</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>448,804</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options terminated in closing transactions</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(628</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(448,804</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Options outstanding, May 31, 2008</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td width="7%" ></td>
        <td ></td>
                    <td ></td>
        <td ></td>
                    <td ></td>
        <td ></td>
                    <td ></td>
  <td ></td>
 </tr> </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>4. Income Tax Information</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><font face="Arial" style='font-size:8pt'>Municipal II:</font></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>The tax character of dividends paid were:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Year ended</font><br> <font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td>
        <td valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Year ended</font><br> <font face="Arial" style='font-size:8pt'>May 31, 2007</font></p> </td>
        </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ordinary Income</font></p> </td>
        <td width="2%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="8%" valign=bottom style='border-top:solid black .5pt; '>
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,121,811</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="8%" valign=bottom style='border-top:solid black .5pt; '>
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6,763,575</font></p> </td>
      </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Tax Exempt Income</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>58,483,958</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>58,545,468</font></p> </td>
  </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>At May 31, 2008, the tax character of distributable earnings of $2,155,462 was comprised entirely of tax exempt income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>At May 31, 2008, Municipal II had a capital loss carryforward of $73,281,329 ($6,389,744 of which will expire in 2012, $54,505,416 of which will expire in 2013, $4,473,237 of which will expire in 2014 and $7,912,932 of which will expire in 2015), available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>36 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->




<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008 </font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
  </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:9pt'>4. Income Tax Information (continued)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>During the year ended May 31, 2008, the Fund utilized capital loss carryforwards of $3,871,169 from the previous fiscal periods.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008, permanent &#145;&#145;book-tax&#146;&#146; differences were primarily attributable to the differing treatment of inverse floater transactions and non-deductable excise taxes paid. These adjustments were to increase undistributed net investment income by $57,137, decrease paid-in capital by $10,693 and increase accumulated net realized loss by $46,444.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><u><font face="Arial" style='font-size:8pt'>California Municipal II:</font></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The tax character of dividends paid were:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Year ended</font><br> <font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Year ended</font><br> <font face="Arial" style='font-size:8pt'>May 31, 2007</font></p> </td>
        </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ordinary Income</font></p> </td>
        <td width="2%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="7%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,997,085</font></p> </td>
        <td width="10%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="7%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,663,293</font></p> </td>
    </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Tax Exempt Income</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>31,410,997</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>32,229,458</font></p> </td>
  </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>At May 31, 2008, there were no distributable earnings due.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>At May 31, 2008, California Municipal II had a capital loss carryforward of $30,629,860 ($3,919,943 of which will expire in 2012, $16,328,922 of which will expire in 2013, $5,531,398 of which will expire in 2015 and $4,849,597 of which will expire in 2016) available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In accordance with U.S. Treasury regulations, the fund elected to defer realized capital losses of $2,686,933, arising after October 31, 2007. Such losses are treated as arising on June 1, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008, permanent &#145;&#145;book-tax&#146;&#146; differences were primarily attributable to the differing treatment of inverse floater transactions and taxable distributions. These adjustments were to decrease dividends in excess of net investment income by $1,685,284, decrease accumulated net realized loss by $33,576 and decrease paid-in-capital by $1,718,860.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><font face="Arial" style='font-size:8pt'>New York Municipal II:</font></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>The tax character of dividends paid were:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Year ended</font><br> <font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Year ended</font><br> <font face="Arial" style='font-size:8pt'>May 31, 2007</font></p> </td>
        </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Ordinary Income</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="7%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>284,260</font></p> </td>
        <td width="10%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="7%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>341,156</font></p> </td>
    </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Tax Exempt Income</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>11,209,828</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,991,625</font></p> </td>
        </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>At May 31, 2008, there were no distributable earnings due.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>At May 31, 2008, New York Municipal II had a capital loss carryforward of $7,357,484 ($378,802 of which will expire in 2012, $5,755,677 of which will expire in 2013, $51,848 of which will expire in 2015 and $1,171,157 of which will expire in 2016), available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In accordance with U.S. Treasury regulations, the fund elected to defer realized capital losses of $249,974, arising after October 31, 2007. Such losses are treated as arising on June 1, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008, permanent &#145;&#145;book-tax&#146;&#146; differences were primarily attributable to the differing treatment of inverse floater transactions. These adjustments were to decrease dividends in excess of net investment income by $6,740 and increase accumulated net realized loss by $6,740.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>37</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008 </font></p> </td> </tr>
 <tr>
   <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>4. Income Tax Information (continued)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The cost of investments for federal income tax purposes, gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2008 were:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Cost of</font><br> <font face="Arial" style='font-size:8pt'>Investments</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Gross</font><br> <font face="Arial" style='font-size:8pt'>Unrealized</font><br> <font face="Arial" style='font-size:8pt'>Appreciation</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Gross</font><br> <font face="Arial" style='font-size:8pt'>Unrealized</font><br> <font face="Arial" style='font-size:8pt'>Depreciation</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Net</font><br> <font face="Arial" style='font-size:8pt'>Unrealized</font><br> <font face="Arial" style='font-size:8pt'>Appreciation</font></p> </td>
        </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Municipal II</font></p> </td>
        <td width="2%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1,236,229,957</font></p> </td>
        <td width="4%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>72,793,975</font></p> </td>
        <td width="4%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>23,095,273</font></p> </td>
        <td width="4%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>49,698,702</font></p> </td>
      </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>California Municipal II</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>635,443,953</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>27,474,359</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>17,076,921</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,397,438</font></p> </td>
        </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>New York Municipal II</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>227,121,766</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8,115,944</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5,438,316</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2,677,628</font></p> </td>
  </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:9pt'>5. Auction Preferred Shares</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Municipal II has issued 4,040 shares of Preferred Shares Series A, 4,040 shares of Preferred Shares Series B, 4,040 shares of Preferred Shares Series C, 4,040 shares of Preferred Shares Series D and 4,040 shares of Preferred Shares Series E, each with a net asset and liquidation value of $25,000 per share plus accrued dividends.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>California Municipal II has issued 2,080 shares of Preferred Shares Series A, 2,080 shares of Preferred Shares Series B, 2,080 shares of Preferred Shares Series C, 2,080 shares of Preferred Shares Series D, and 2,080 shares of Preferred Shares Series E, each with a net asset and liquidation value of $25,000 per share plus accrued dividends.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>New York Municipal II has issued 1,800 shares of Preferred Shares Series A and 1,800 shares of Preferred Shares Series B, each with a net asset and liquidation value of $25,000 per share plus accrued dividends.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Dividends are accumulated daily at an annual rate (typically re-set every seven days) through auction procedures. Distributions of net realized capital gains, if any, are paid annually.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>For the year ended May 31, 2008, the annualized dividend rates ranged from:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>High</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Low</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>At May 31, 2008</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><u><font face="Arial" style='font-size:8pt'>Municipal II:</font></u><u></u></p> </td>
        <td width="10%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom >
      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="12%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series A</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.40%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.589%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series B</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.356%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.559%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series C</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.508%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.483%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series D</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.483%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series E</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.589%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.589%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><u><font face="Arial" style='font-size:8pt'>California Municipal II:</font></u><u></u></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series A</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.90%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.589%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series B</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.15%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.559%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series C</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.508%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.483%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series D</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.508%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.188%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.483%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series E</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.30%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.589%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><u><font face="Arial" style='font-size:8pt'>New York Municipal II:</font></u><u></u></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series A</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>6.00%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.483%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.483%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Series B</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>4.508%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.50%</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
  <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.589%</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds are subject to certain limitations and restrictions while Preferred Shares are outstanding. Failure to comply with these limitations and restrictions could preclude the Funds from declaring any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of Preferred Shares at their liquidation value.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Preferred Shares, which are entitled to one vote per share, generally vote with the common shares but vote separately as a class to elect two Trustees and on any matters affecting the rights of the Preferred Shares.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Since mid-February 2008, holders of auction-rate preferred shares (&#147;ARPS&#148;) issued by the Funds have been directly impacted by an unprecedented lack of liquidity, which has similarly affected ARPS holders in many of the nation&#146;s closed-end funds.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font face="Arial" style='font-size:7pt'>38 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->




<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:10pt'> Notes to Financial Statements</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>May 31, 2008</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
  </td> </tr></table>
</div>
<br style="line-height:25%">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:4pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>5. Auction Preferred Shares (continued)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Since then, regularly scheduled auctions for ARPS issued by the Funds have consistently &#147;failed&#148; because of insufficient demand (bids to buy shares) to meet the supply (shares offered for sale) at each auction. In a failed auction, ARPS holders cannot sell all, and may not be able to sell any, of their shares tendered for sale. While repeated auction failures have affected the liquidity for ARPS, they do not constitute a default or alter the credit quality of the ARPS, and ARPS holders have continued to receive dividends at the defined &#147;maximum rate&#148;, at the higher of the 30-day &#147;AA&#148; Composite Commercial Paper Rate multiplied by 110% or the Taxable Equivalent of the Short-Term Municipal Obligations Rate-defined as 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the Kenny S&amp;P 30-day High Grade Index
divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal) multiplied by 110% (which is a function of short-term interest rates and typically higher than the rate that would have otherwise been set through a successful auction).</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>These developments with respect to ARPS have not affected the management or investment policies of the Funds, and the Funds&#146; outstanding common shares continue to trade on the NYSE. If the Funds&#146; ARPS auctions continue to fail and the &#147;maximum rate&#148; payable on the ARPS rises as a result of changes in short-term interest rates, returns for the Funds&#146; common shareholders could be adversely affected.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>6. Subsequent Common Dividend Declarations</font></b></p>
<p style=' margin-bottom:0pt; margin-top:4pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>On June 2, 2008, the following dividends were declared to common shareholders payable July 1, 2008 to shareholders of record on June 12, 2008:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="75%" style=' border-collapse:collapse;'>
 <tr>
        <td width="31%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Municipal II</font></p> </td>
        <td width="68%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$0.065 per common share </font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>California Municipal II</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$0.07 per common share</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York Municipal II</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$0.06625 per common share</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:4pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>On July 1, 2008, the following dividends were declared to common shareholders payable August 1, 2008 to shareholders of record on July 11, 2008:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:4pt'>&nbsp;</font></p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="75%" style=' border-collapse:collapse;'>
 <tr>
        <td width="31%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>Municipal II</font></p> </td>
        <td width="68%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$0.065 per common share </font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>California Municipal II</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$0.07 per common share New</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>New York Municipal II</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$0.06625 per common share</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:4pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:4pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>7. Legal Proceedings</font></b></p>
<p style=' margin-bottom:0pt; margin-top:4pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In June and September 2004, the Investment Manager, certain of its affiliates (including Allianz Global Investors Distributors LLC, PEA Capital LLC (&#147;PEA&#148;) and Allianz Global Investors of America L.P., agreed to settle, without admitting or denying the allegations, claims brought by the Securities and Exchange Commission and the New Jersey Attorney General alleging violations of federal and state securities laws with respect to certain open-end funds for which the Investment Manager serves as investment adviser. The settlements related to an alleged &#147;market timing&#148; arrangement in certain open-end funds formerly sub-advised by PEA. The Investment Manager and its affiliates agreed to pay a total of $68 million to settle the claims. In addition to monetary payments, the settling parties agreed to undertake certain corporate governance, compliance and disclosure
reforms related to market timing, and consented to cease and desist orders and censures. Subsequent to these events, PEA Capital LLC deregistered as an investment adviser and dissolved. None of the settlements alleged that any inappropriate activity took place with respect to the Funds.</font></p>
<p align="justify" style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning &#147;market timing,&#148; which allege the same or similar conduct underlying the regulatory settlements proceedings discussed above. The market timing lawsuits have been consolidated in a multi-district litigation proceeding in the U.S. District Court of Maryland. Any potential resolution of these matters may include, but not be limited to, judgments or settlements for damages against the Investment Manager or its affiliates or related injunctions.</font></p>
<p align="justify" style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Investment Manager and the Sub-Adviser believe that these matters are not likely to have a material adverse effect on the Funds or on their ability to perform their respective investment advisory activities relating to the Funds.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>The foregoing speaks only as of the date hereof.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>39</font></b></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:10pt'><a name="bk09"></a>PIMCO Municipal Income Fund II </font></b></font><b><font face="Arial" style='font-size:10pt'> Financial Highlights</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>For a share of common stock outstanding throughout each year:</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<br style="line-height:25%">
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>

<tr style='height:12.5pt;'>
        <td width="90%" valign=bottom nowrap style=' height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style=' height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="24" valign=bottom nowrap style=' border-bottom:solid black .5pt;height:12.5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>Year ended May 31,</font></p> </td> </tr>

 <tr style='height:12.5pt;'>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style=' height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="4" valign=bottom nowrap style=' border-bottom:solid black .5pt;height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2008</font></p> </td>
<td valign=bottom nowrap style=' height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="4" valign=bottom nowrap style=' border-bottom:solid black .5pt;height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2007</font></p> </td>
<td valign=bottom nowrap style=' height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="4" valign=bottom nowrap style=' border-bottom:solid black .5pt;height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2006</font></p> </td>
<td valign=bottom nowrap style=' height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="4" valign=bottom nowrap style=' border-bottom:solid black .5pt;height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2005</font></p> </td>
<td valign=bottom nowrap style=' height:12.5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td colspan="4" valign=bottom nowrap style=' border-bottom:solid black .5pt;height:12.5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2004</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net asset value, beginning of year</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.05</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.71 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p></td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.81</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p></td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.01</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p></td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.66</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
    <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Investment Operations:</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net investment income</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.13</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.13 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.08</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.11</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.17</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net realized and change in unrealized <br>
      gain (loss) on investments, futures contracts <br>
      and options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1.24</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.33 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.01</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.84</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.77</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total from investment operations </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.11</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.46 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.09</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.95</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.40</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends on Preferred Shares <br>
      from Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.30</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.30 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font style='font-size:10pt'>&nbsp;</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>&nbsp;</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.23</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font style='font-size:10pt'>&nbsp;</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>&nbsp;</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.14</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font style='font-size:10pt'>&nbsp;</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>&nbsp;</font></b></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.08</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font style='font-size:10pt'>&nbsp;</font></b></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net increase (decrease) in net assets <br>
      applicable to common shareholders <br>
      resulting from investment operations</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.41</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.16 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.86</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.81</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.32</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends to Common Shareholders <br>
      from Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.78</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.82 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.96</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1.01</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.97</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net asset value, end of year </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.86</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.05 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.71 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.81</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.01</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Market price, end of year</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.14</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.42 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.45</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.02</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.31</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Total Investment Return </font></b><font face="Arial" style='font-size:8pt'>(1)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3.09</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12.64 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.63</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>21.00</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3.69</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>RATIOS/SUPPLEMENTAL DATA:</font></B></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net assets applicable to common <br>
      shareholders, end of year (000)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>819,740</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>886,815 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>862,832</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>862,290</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>812,670</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of expenses to average net <br>
      assets including interest expense(2)(3)(4)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.68</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.50 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.30</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.05</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.08</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of expenses to average net assets, <br>
      excluding interest expense (2)(3)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.19</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.01 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.05</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.02</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.03</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of net investment income to average<br>
      net assets (2)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.90</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.45 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.31</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.71</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8.16</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Preferred shares asset coverage per share </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>65,570</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>68,889 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,701</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,676</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>65,224</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Portfolio turnover</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>21</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>4 </font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>26</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:4pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1)</font></p> </td>
        <td valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2)</font></p> </td>
        <td valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(3)</font></p> </td>
        <td valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(i) in Notes to Financial Statements).</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(4)</font></p> </td>
        <td valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions. </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(5)</font></p> </td>
        <td valign=top style='padding:2.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>During the periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.17%, 0.24%, 0.24%, 0.24% and 0.25% for the years ended May 31, 2008, May 31, 2007, May 31, 2006, May 31, 2005 and May 31, 2004.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:7pt'><b>40</b> PIMCO Municipal Income Funds II Annual Report | 5.31.08 | <b>See accompanying Notes to Financial Statements</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>



<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="100%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO California Municipal Income Fund II</font></b></font><b><font face="Arial" style='font-size:11pt'> Financial Highlights</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>For a share of common stock outstanding throughout each year:</font></p></td>
    </tr>
    <tr>
      <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right: 0in;text-indent:-8.65pt;text-align: center;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="18" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>Year ended May 31,</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
    <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right: 0in;text-indent:-8.65pt;text-align: center;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style='border-top:none; border-left:none;border-bottom:solid black .5pt; '>
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>2008</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>2007</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>2006</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>2005</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap >
    <p style=' margin:0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:7pt'>2004</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net asset value, beginning of year</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.89</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.58 </font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.61</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.53</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.66</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td width="90%" valign=bottom nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Investment Operations:</font></b></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net investment income</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.06</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.08 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.06</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.05</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.13</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net realized and change in unrealized <br>
      gain (loss) on investments, futures contracts <br>
      and options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1.49</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.34 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.05</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.13</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1.26</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total from investment operations </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.43</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.42 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.11</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.18</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.13</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends on Preferred Shares<br>
      from Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.28</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.27</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.21</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.12</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.07</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net increase (decrease) in net assets <br>
      applicable to common shareholders resulting <br>
      from investment operations</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.71</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.15 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.90</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.06</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.20</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends to Common Shareholders<br>
      from Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.84</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.84 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.93</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.98</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.93</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net asset value, end of year </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.34</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.89 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.58</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.61</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.53</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Market price, end of year</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.25</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.96 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.62</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.76</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.27</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'><b>Total Investment Return</b> (1)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(5.17</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.35 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5.50</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>19.14</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(3.92</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)%</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>RATIOS/SUPPLEMENTAL DATA:</font></B></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net assets applicable to common <br>
      shareholders, end of year (000)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>409,769</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>455,284 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>443,379</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>441,596</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>407,659</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of expenses to average net assets <br>
      including interest expense(2)(3)(4)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3.23</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.89</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.02</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.36</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.60</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of expenses to average net assets, <br>
      excluding interest expense (2)(3)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.18</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.01</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.06</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.06</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.07</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of net investment income to average <br>
      net assets (2)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.65</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.28</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.24</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.37</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>8.05</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Preferred shares asset coverage per share </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>64,390</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>68,765</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,620</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,451</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>64,191</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Portfolio turnover</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>6</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>12</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>5</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>20</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1)</font></p> </td>
        <td valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges.</font></p></td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(3)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(i) in Notes to Financial Statements).</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(4)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(5)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>During the periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.17%, 0.24%, 0.24%, 0.24% and 0.24% for the years ended May 31, 2008, May 31, 2007, May 31, 2006, May 31, 2005 and May 31, 2004.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font face="Arial" style='font-size:7pt'>See accompanying Notes to Financial Statements </font></b><font face="Arial" style='font-size:7pt'>| 5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>41</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO New York Municipal Income Fund II</font></b></font><b><font face="Arial" style='font-size:11pt'> Financial Highlights</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>For a share of common stock outstanding throughout each year:</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right: 0in;text-indent:-8.65pt;text-align: center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="18" valign=bottom nowrap style=' border-bottom:solid black .5pt;'>
      <p style=' margin-left:0in;margin-right: .7pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>Year ended May 31,</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right: 0in;text-indent:-8.65pt;text-align: center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style=' border-bottom:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2008</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2007</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2006</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2005</font></p> </td>
<td valign=bottom nowrap style='border-top:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td colspan="3" valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
    <p style=' margin-left:0in;margin-right: 0in;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7pt'>2004</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net asset value, beginning of year</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.79</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.66 </font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.62</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.54</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p> </td>
      <td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
      <td valign=bottom nowrap style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.45</font></p> </td>
      <td valign=bottom nowrap style='border:solid black .5pt; border-left:none;'>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td width="90%" valign=bottom nowrap ><p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Investment Operations:</font></b></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap ><p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
   <td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '><p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
 </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net investment income</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.07</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.10 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.07</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.07</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.06</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net realized and change in unrealized <br>
      gain (loss) on investments, futures contracts <br>
      and options written</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1.11</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.11 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.11</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.12</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.97</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Total from investment operations </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.04</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.21 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.18</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.19</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.09</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends on Preferred Shares<br>
      from Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.29</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.28 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.23</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.13</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.07</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net increase (decrease) in net assets <br>
      applicable to common shareholders resulting <br>
      from investment operations</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.33</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.93 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.95</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.06</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>0.02</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:8pt'>Dividends to Common Shareholders <br>
      from Net Investment Income</font></b></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.79</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.80 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.91</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.98</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(0.93</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net asset value, end of year </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.67</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.79 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.66</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.62</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.54</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Market price, end of year</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.42</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.49 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.14</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14.80</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>13.05</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'><b>Total Investment Return</b> (1)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(1.46</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>15.51 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.65</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>21.45</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>(5.15</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>)%&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>RATIOS/SUPPLEMENTAL DATA:</font></B></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Net assets applicable to common <br>
      shareholders, end of year (000)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>145,100</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>156,218 </font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>154,088</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>152,812</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>140,958</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of expenses to average net assets <br>
      including interest expense(2)(3)(4)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.07</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>2.13</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.89</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.25</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.16</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of expenses to average net assets, <br>
      excluding interest expense (2)(3)(4)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.25</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.14</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.13</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.14</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>1.15</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Ratio of net investment income to average <br>
      net assets (2)(5)</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.69</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.33</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.29</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.53</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>7.58</font></p> </td>
        <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Preferred shares asset coverage per share </font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>65,294</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>68,386</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,785</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>67,439</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>$</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>64,148</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
    <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="90%" valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>Portfolio turnover</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>9</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>3</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>26</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>11</font></p> </td>
<td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td>
<td valign=bottom nowrap >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=bottom nowrap style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:8pt'>14</font></p> </td>
      <td valign=bottom nowrap style='border-top:none;border-left: none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
  <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>%</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1)</font></p> </td>
        <td valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(3)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(i) in Notes to Financial Statements).</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(4)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(5)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>During the periods indicated above, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.17%, 0.24%, 0.24%, 0.24% and 0.24% for the years ended May 31, 2008, May 31, 2007, May 31, 2006, May 31, 2005 and May 31, 2004.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>42 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08 | </font><b><font face="Arial" style='font-size:7pt'>See accompanying Notes to Financial Statements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->




<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk10"></a>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Report of Independent Registered </font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:2.5in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><b><font face="Arial" style='font-size:11pt'>Public Accounting Firm</font></b></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
    </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>To the Shareholders and the Board of Trustees of:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>PIMCO Municipal Income Fund II,</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>PIMCO California Municipal Income Fund II and</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:8pt'>PIMCO New York Municipal Income Fund II</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets applicable to common shareholders and of cash flows (for PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II only) and the financial highlights present fairly, in all material respects, the financial position of PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (collectively hereafter referred to as the &#147;Funds&#148;) at May 31, 2008, the results of each of their operations and of cash flows (for PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II only) for the year ended, the changes in each of their net assets applicable to common shareholders for each of the two
years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Funds&#146; management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>PricewaterhouseCoopers LLP</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>New York, New York</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>July 23, 2008</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>43</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk11"></a>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Tax Information/Annual Shareholders</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:2.5in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><b><font face="Arial" style='font-size:11pt'>Meetings Results/Appointment of New</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:2.5in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><b><font face="Arial" style='font-size:11pt'>Trustee </font></b><font face="Arial" style='font-size:11pt'>(unaudited)</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
 </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><u><b><font face="Arial" style='font-size:9pt'>Tax Information:</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Subchapter M of the Internal Revenue Code of 1986, as amended, requires the Funds to advise shareholders within 60 days of the Funds&#146; tax year-end (May 31, 2008) as to the federal tax status of dividends and distributions received by shareholders during such tax period. Accordingly, please note that substantially all dividends paid from net investment income from the Funds during the tax period ended May 31, 2008 were federally exempt interest dividends. However, the Funds invested in municipal bonds containing market discount, whose accretion is taxable. Accordingly, the percentages of dividends paid from net investment income during the tax period which are taxable were:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="48%" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Municipal II</font></p> </td>
        <td width="51%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8.05% </font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>California Municipal II </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>8.71%</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'> New York Municipal II </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>2.47%</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Since the Funds&#146; tax year is not the calendar year, another notification will be sent with respect to calendar year 2008. In January 2009, shareholders will be advised on IRS Form 1099 DIV as to the federal tax status of the dividends and distributions received during calendar 2008. The amount that will be reported will be the amount to use on your 2008 federal income tax return and may differ from the amount which must be reported in connection with each Fund&#146;s tax year ended May 31, 2008. Shareholders are advised to consult their tax advisers as to the federal, state and local tax status of the dividend income received from the Funds. In January 2009, an allocation of interest income by state will be provided which may be of value in reducing a shareholder&#146;s state and local tax liability, if any.</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td width="100%" height="5" valign=bottom style='border-bottom: solid black 1.5pt;'>
                        </td> </tr>
 <tr>
   <td height="5" valign=bottom ></td>
 </tr>
</table>
</div>


<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><u><b><font face="Arial" style='font-size:8pt'>Annual Shareholder Meetings Results:</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds held their annual meetings of shareholders on December 18, 2007. Common/Preferred shareholders of each Fund voted as indicated below:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Affirmative</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Withheld</font><br> <font face="Arial" style='font-size:8pt'>Authority</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:4.0pt;margin-bottom: 0in;'><u><font face="Arial" style='font-size:8pt'>Municipal II</font></u><u></u></p> </td>
        <td width="2%" valign=bottom >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:4.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of Paul Belica</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>54,828,248</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>904,846</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of John C. Maney</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>54,911,557</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>821,537</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of John J. Dalessandro II*</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>18,457</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>77</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><u><font face="Arial" style='font-size:8pt'>California Municipal II</font></u><u></u></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of Paul Belica</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>28,142,982</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>355,981</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of John C. Maney</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>28,109,346</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>389,617</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of John J. Dalessandro II*</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>7,914</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>5</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:6.0pt;margin-bottom: 0in;'><u><font face="Arial" style='font-size:8pt'>New York Municipal II</font></u><u></u></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:6.0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of Paul Belica</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,031,161</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>256,715</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of John C. Maney</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>10,023,683</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>264,193</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Re-election of John J. Dalessandro II*</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>3,392</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
  <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>169</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Messrs.&nbsp;Robert E. Connor, Hans W. Kertess*, William B. Ogden IV and R. Peter Sullivan continue to serve as Trustees of the Funds.</font></p>
<b><font style='font-size:10.5pt'>______________</font></b>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>*</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Preferred Shares Trustee</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><b><font face="Arial" style='font-size:8pt'>Appointment of New Trustee</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>In May 2008, the Fund&#146;s Board of Trustees appointed Diana L. Taylor as a Trustee.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7pt'><b>44</b> PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->



<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk12"></a>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Privacy Policy/Proxy Voting Policies &amp;</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:2.5in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><b><font face="Arial" style='font-size:11pt'>Procedures </font></b><font face="Arial" style='font-size:11pt'>(unaudited)</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
      </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><u><b><font face="Arial" style='font-size:9pt'>Privacy Policy:</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>Our Commitment to You</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>We consider customer privacy to be a fundamental aspect of our relationship with clients. We are committed to maintaining the confidentiality, integrity, and security of our current, prospective and former clients&#146; personal information. To ensure clients&#146; privacy, we have developed policies designed to protect this confidentiality, while allowing client needs to be served.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>Obtaining Personal Information</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>In the course of providing you with products and services, we and certain service providers to the Funds, such as the Funds&#146; investment adviser, may obtain non-public personal information about you. This information may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>Respecting Your Privacy</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>As a matter of policy, we do not disclose any personal or account information provided by you or gathered by us to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on client satisfaction, and gathering shareholder proxies. We may also retain non-affiliated companies to market our products and enter in joint marketing agreements with other companies. These companies may have access to your personal and account information, but are permitted to use the information solely to provide the specific service or as otherwise permitted by law. In most
cases, you will be clients of a third party, but we may also provide your personal and account information to your respective brokerage or financial advisory firm and/or to your financial adviser or consultant.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>Sharing Information with Third Parties</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>We do reserve the right to disclose or report personal information to non-affiliated third parties in limited circumstances where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect our rights or property, or upon reasonable request by any mutual fund in which you have chosen to invest. In addition, we may disclose information about a shareholder&#146;s accounts to a non-affiliated third party with the consent or upon the request of the shareholder.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>Sharing Information with Affiliates</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>We may share client information with our affiliates in connection with servicing your account or to provide you with information about products and services that we or our affiliates believe may be of interest to you. The information we share may include, for example, your participation in our mutual funds or other investment programs sponsored by us or our affiliates, your ownership of certain types of accounts (such as IRAs), or other data about your accounts. Our affiliates, in turn, are not permitted to share your information with non-affiliated entities, except as required or permitted by law.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><b><font face="Arial" style='font-size:8pt'>Procedures to Safeguard Private Information</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have also implemented procedures that are designed to restrict access to your non-public personal information only to internal personnel who need to know that information in order to provide products or services to you. In order to guard your non-public personal information, physical, electronic and procedural safeguards are in place.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td width="100%" height="5" valign=bottom style='border-bottom: solid black 1.5pt;'>
                        </td> </tr>
 <tr>
   <td height="5" valign=bottom ></td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><b><font face="Arial" style='font-size:9pt'>Proxy Voting Policies &amp; Procedures:</font></b></u></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities held during the twelve months ended June 30, 2007 is available (i) without charge, upon request, by calling the Funds&#146; shareholder servicing agent at (800) 331-1710; (ii) on the Funds&#146; website at www.allianzinvestors.com/closedendfunds; and (iii) on the Securities and Exchange Commission&#146;s website at www.sec.gov.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>45</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk13"></a>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Dividend Reinvestment Plan </font></b><font face="Arial" style='font-size:11pt'>(unaudited)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:2.5in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
       </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Pursuant to the Funds&#146; Dividend Reinvestment Plan (the &#147;Plan&#148;), all Common Shareholders whose shares are registered in their own names will have all dividends, including any capital gain dividends, reinvested automatically in additional Common Shares by PFPC Inc., as agent for the Common Shareholders (the &#147;Plan Agent&#148;), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder&#146;s name and held for the account of beneficial owners who
are to participate in the Plan. Shareholders whose shares are held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details. All distributions to investors who elect not to participate in the Plan (or whose broker or nominee elects not to participate on the investor&#146;s behalf), will be paid cash by check mailed, in the case of direct shareholder, to the record holder by PFPC Inc., as the Funds&#146; dividend disbursement agent.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Unless you elect (or your broker or nominee elects) not to participate in the Plan, the number of Common Shares you will receive will be determined as follows:</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>If on the payment date the net asset value of the Common Shares is equal to or less than the market price per Common Share plus estimated brokerage commissions that would be incurred upon the purchase of Common Shares on the open market, the Fund will issue new shares at the greater of (i) the net asset value per Common Share on the payment date or (ii) 95% of the market price per Common Share on the payment date; or</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>(2)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>If on the payment date the net asset value of the Common Shares is greater than the market price per Common Share plus estimated brokerage commissions that would be incurred upon the purchase of Common Shares on the open market, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market, on the New York Stock Exchange or elsewhere, for the participants&#146; accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price on the payment date, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares issued by the Fund. The Plan Agent will use all dividends and
distributions received in cash to purchase Common Shares in the open market on or shortly after the payment date, but in no event later than the ex-dividend date for the next distribution. Interest will not be paid on any uninvested cash payments.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>You may withdraw from the Plan at any time by giving notice to the Plan Agent. If you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Plan Agent maintains all shareholders&#146; accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. The Plan Agent will also furnish each person who buys Common Shares with written instructions detailing the procedures for electing not to participate in the Plan and to instead receive distributions in cash. Common Shares in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all Common Shares you have received under the Plan.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><font face="Arial" style='font-size:8pt'>The Funds and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Funds reserve the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained from the Funds&#146; shareholder servicing agent, PFPC Inc., P.O. Box 43027, Providence, RI 02940-3027, telephone number (800) 331-1710.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>46 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->





<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk14"></a>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Board of Trustees </font></b><font face="Arial" style='font-size:11pt'>(unaudited)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'>
    </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Name, Date of Birth, Position(s) Held with</font></b></p> </td>
      <td valign=baseline >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td valign=baseline >
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Funds, Length of Service, Other Trusteeships/</font></b></p> </td>
<td valign=baseline >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=baseline >
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Directorships Held by Trustee; Number of</font></b></p> </td>
<td valign=baseline >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=baseline >
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Portfolios in Fund Complex/Outside Fund</font></b></p> </td>
<td valign=baseline >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
<td valign=baseline >
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="40%" valign=baseline style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Complexes Currently Overseen by Trustee</font></b></p> </td>
      <td width="2%" valign=baseline style='border-bottom: solid black .5pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
      <td width="56%" valign=baseline style='border-bottom: solid black .5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Principal Occupation(s) During Past 5 years:</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:2pt;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>The address of each trustee is 1345 Avenue of the</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Americas, New York, NY 10105</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Hans W. Kertess</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>President, H. Kertess &amp; Co., a financial advisory company; Formerly, Managing Director, Royal Bank of Canada Capital Markets.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 7/12/39</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Chairman of the Board of Trustees since: 2007</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since: 2002</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for re-election at 2009</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 33 Funds in Fund Complex;</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of no funds outside of Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Paul Belica</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=4 valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Retired. Formerly Director, Student Loan Finance Corp., Education Loans, Inc., Goal Funding, Inc., Goal Funding II, Inc. and Surety Loan Fund, Inc.; formerly, Manager of Stratigos Fund LLC, Whistler Fund LLC, Xanthus Fund LLC &amp; Wynstone Fund LLC.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 9/27/21</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since: 2002</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for re-election at 2010</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 33 funds in Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of no funds outside of Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Robert E. Connor</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=2 valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Corporate Affairs Consultant. Formerly, Senior Vice President, Corporate Office, Smith Barney Inc.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 9/17/34</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since: 2002</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for re-election at 2009</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 33 funds in Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of no funds outside of Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>John J. Dalessandro II</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Retired. Formerly, President and Director, J.J. Dalessandro II Ltd., registered broker-dealer and member of the New York Stock Exchange.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 7/26/37</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since: 2002</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for re-election at 2010</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 33 funds in Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of no funds outside of Fund complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>William B. Ogden, IV</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Asset Management Industry Consultant; Formerly, Managing Director, Investment Banking Division of Citigroup Global Markets Inc.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 1/11/45</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since: 2006</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for re-election at 2009</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 33 Funds in Fund Complex;</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of no funds outside of Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>R. Peter Sullivan III</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=2 valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Retired. Formerly, Managing Partner, Bear Wagner Specialists LLC, specialist firm on the New York Stock Exchange.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 9/4/41</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since: 2002</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for re-election at 2008</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 33 funds in Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent: -8.65pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of no funds outside of Fund Complex</font></i><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>47</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Board of Trustees </font></b><font face="Arial" style='font-size:11pt'>(unaudited)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Name, Date of Birth, Position(s) Held with</font></b></p> </td>
        <td valign=top >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Funds, Length of Service, Other Trusteeships/</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Directorships Held by Trustee; Number of</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Portfolios in Fund Complex/Outside Fund</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="40%" valign=top style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Complexes Currently Overseen by Trustee</font></b></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black .5pt; '>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Principal Occupation(s) During Past 5 years:</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Diana L. Taylor</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Managing Director, Wolfensohn &amp; Co., 2007 - Present; Superintendent of Banks, State of New York, 2003-2007.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 2/16/55</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since 2008</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for election at 2008</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 28 Funds in Fund Complex</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of Brookfield Properties Corporation</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>and Sotheby&#146;s</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>John C. Maney&#134;</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=6 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Management Board of Allianz Global Investors Fund Management LLC; Management Board and Managing Director of Allianz Global Investors of America L.P. since January 2005 and Chief Operating Officer of Allianz Global Investors of America L.P. since November 2006; Formerly, Executive Vice President and Chief Financial Officer of Apria Healthcare Group, Inc. (1998-2001)</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 8/3/59</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee since 2006</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Term of office: Expected to stand for re-election at</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>2008 annual meeting of shareholders.</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of 68 Funds in Fund Complex</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Trustee/Director of No Funds outside the Fund Complex</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><i><font face="Arial" style='font-size:8.5pt'>&#134; Mr.</font></i><font face="Arial" style='font-size:8.5pt'>&nbsp;</font><i><font face="Arial" style='font-size:8.5pt'>Maney is an &#147;interested person&#148; of the Funds due to his affiliation with Allianz Global Investors of America L.P. In addition to Mr.</font></i><font face="Arial" style='font-size:8.5pt'>&nbsp;</font><i><font face="Arial" style='font-size:8.5pt'>Maney&#146;s positions set forth in the table above, he holds the following positions with affiliated persons: Management Board, Managing Director and Chief Operating Officer of Allianz Global Investors of America L.P., Allianz Global Investors of America LLC and Allianz-Pac Life Partners LLC; Member &#150; Board of Directors and Chief Operating Officer of Allianz Global Investors of America Holdings Inc. and Oppenheimer Group, Inc.; Managing Director and Chief Operating Officer of Allianz Global
Investors NY Holdings LLC and Allianz Global Investors U.S. Equities LLC; Management Board and Managing Director of Allianz Global Investors U.S. Holding LLC; Managing Director and Chief Financial Officer of Allianz Hedge Fund Partners Holding L.P.; Managing Director of Allianz Global Investors U.S. Retail LLC; Member &#150; Board of Directors and Managing Director of Allianz Global Investors Advertising Agency Inc.; Compensation Committee of NFJ Investment Group L.P.; Management Board of Allianz Global Investors Fund Management LLC, Nicholas-Applegate Holdings LLC and OpCap Advisors LLC; Member &#150; Board of Directors of NFJ Management Inc. and PIMCO Global Advisors (Resources) Limited; and Executive Vice President of PIMCO Japan Ltd.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><i><font face="Arial" style='font-size:8.5pt'>Further information about the Fund&#146;s Trustees is available in the Fund&#146;s Statement of Additional Information, dated June 26, 2001, which can be obtained upon request, without charge, by calling the Fund&#146;s transfer agent at (800) 331-1710.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:125pt;text-align:justify;'><i><font face="Arial" style='font-size:8pt'>Further information about the Funds&#146; Trustees is available in the Funds&#146; Statement of Additional Information, dated August 16, 2002, which can be obtained upon request, without charge, by calling the Funds&#146; shareholder servicing agent at (800) 331-1710.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:7pt'>48 </font></b><font face="Arial" style='font-size:7pt'>PIMCO Municipal Income Funds II Annual Report | 5.31.08</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="100%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font color="#2B5D9D"><b><font face="Arial" style='font-size:11pt'><a name="bk15"></a>PIMCO Municipal Income Funds II</font></b></font><b><font face="Arial" style='font-size:11pt'> Principal Officers </font></b><font face="Arial" style='font-size:11pt'>(unaudited)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td height="3" valign=bottom style='border-bottom: solid black 1.5pt;'></td>
 </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
<tr>
        <td valign=top >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Name, Date of Birth, Position(s) Held with</font></b></p> </td>
        <td valign=top >
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="40%" valign=top style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Funds</font></b></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black .5pt; '>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="56%" valign=top style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Principal Occupation(s) During Past 5 years:</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Brian S. Shlissel</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=5 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Executive Vice President, Director of Fund Administration, Allianz Global Investors Fund Management LLC; Director of 6 funds in the Fund Complex; President and Chief Executive Officer of 37 funds in the Fund Complex; Treasurer; Principal Financial and Accounting Officer of 37 funds in the Fund Complex and The Korea Fund, Inc.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 11/14/64</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>President &amp; Chief Executive Officer since: 2002</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Lawrence G. Altadonna</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Senior Vice President, Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting officer of 37 funds in the Fund Complex; Assistant Treasurer of 37 funds in the Fund Complex and The Korea Fund, Inc.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 3/10/66</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Treasurer, Principal/Financial and Accounting</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Officer since: 2002</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Thomas J. Fuccillo</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Senior Vice President, Senior Counsel, Allianz Global Investors of America L.P., Secretary of 74 funds in the Fund Complex. Secretary &amp; Chief Legal Officer of The Korea Fund, Inc. Formerly, Vice President and Associate General Counsel, Neuberger Berman LLC.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 3/22/68</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Vice President, Secretary &amp; Chief Legal Officer</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>since: 2004</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Scott Whisten</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 74 funds in the Fund Complex. Formerly, Accounting Manager, Prudential Investments (2002-2005).</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 3/13/71</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Assistant Treasurer since: 2007</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Richard J. Cochran</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 74 funds in the Fund Complex. Formerly, Tax Manager, Teacher Insurance Annuity Association/College Retirement Equity Fund (2002-2008).</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 1/23/61</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Assistant Treasurer since: 2008</font></i><i></i></p>                        </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>                        </td> </tr>

 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Youse E. Guia</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Senior Vice President, Group Compliance Manager, Allianz Global Investors of America L.P., Chief Compliance Officer of 74 funds in the Fund Complex and The Korea Fund, Inc. Formerly, Vice President, Group Compliance Manager, Allianz Global Investors of America L.P. (2002- 2004).</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 9/3/72</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Chief Compliance Officer since: 2004</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>

 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>William V. Healey</font></b></p></td>
<td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
        <td rowspan=5 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Executive Vice President, Chief Legal Officer- U.S. Retail, Allianz Global Investors of America L.P., Executive Vice President, Chief Legal Officer and Secretary, Allianz Global Investors Fund Management LLC, Allianz Global Investors Distributors LLC, Allianz Global Investors Advertising Agency Inc., and Allianz Global Investors Managed Accounts LLC. Assistant Secretary of 74 funds in the Fund Complex; formerly, Vice President and Associate General Counsel The Prudential Insurance Company of America; Executive Vice President and Chief Legal Officer, The Prudential Investments (1998-2005).</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 7/28/53</font></i><i></i></p></td>
<td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td></tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Assistant Secretary since: 2006</font></i><i></i></p> </td>
<td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td></tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td></tr>
 <tr>
        <td valign=top >&nbsp;</td>
        <td valign=top >&nbsp;</td></tr>



 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p></td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Richard H. Kirk</font></b></p> </td>
<td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Senior Vice President, Allianz Global Investors of America L.P. (since 2004). Senior Vice President, Associate General Counsel, Allianz Global Investors Distributors LLC. Assistant Secretary of 74 funds in the Fund Complex; formerly, Vice President, Counsel, The Prudential Insurance Company of America/American Skandia (2002-2004).</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 4/6/61</font></i><i></i></p> </td>
<td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=baseline >
      <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Assistant Secretary since: 2006</font></i><i></i></p> </td>
<td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>


 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Kathleen A. Chapman</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Assistant Secretary of 74 funds in the Fund Complex; Manager IIG Advisory Law, Morgan Stanley (2004-2005); The Prudential Insurance Company of America and Assistant Corporate Secretary of affiliated American Skandia companies (1996-2004).</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 11/11/54</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Assistant Secretary since: 2006</font></i><i></i></p>
                        </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
                        </td> </tr>

 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Lagan Srivastava</font></b></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
        <td rowspan=3 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Assistant Secretary of 74 funds in the Fund Complex and The Korea Fund, Inc. formerly Research Assistant, Dechert LLP (2004-2005); Research Assistant, Swidler Berlin Shereff Friedman LLP (2002-2004).</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Date of Birth: 9/20/77</font></i><i></i></p> </td>
        <td valign=top >
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><i><font face="Arial" style='font-size:8pt'>Assistant Secretary since: 2006</font></i><i></i></p> </td>
        <td valign=top >
  <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:justify;'><i><font face="Arial" style='font-size:8pt'>Officers hold office at the pleasure of the Board and until their successors are appointed and qualified or until their early resignation or removal.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><font face="Arial" style='font-size:7pt'>5.31.08 | PIMCO Municipal Income Funds II Annual Report </font><b><font face="Arial" style='font-size:7pt'>49</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->


<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:12pt'>Trustees and Principal Officers</font></b></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="48%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Hans W. Kertess</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td width="48%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Brian S. Shlissel</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee, Chairman of the Board of Trustees</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>President &amp; Chief Executive Officer</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Paul Belica</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Lawrence G. Altadonna</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Treasurer, Principal Financial &amp; Accounting Officer</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Robert E. Connor</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Thomas J. Fuccillo</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Vice President, Secretary &amp; Chief Legal Officer</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>John J. Dalessandro II</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Scott Whisten</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Assistant Treasurer</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>John C. Maney</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Richard J. Cochran</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Assistant Treasurer</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>William B. Ogden, IV</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Youse E. Guia</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Chief Compliance Officer</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>R. Peter Sullivan III</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>William V. Healey</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Assistant Secretary</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Diana L. Taylor</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Richard H. Kirk</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:7.5pt'>Trustee</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Assistant Secretary</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Kathleen A. Chapman</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Assistant Secretary</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:7.5pt'>Lagan Srivastava</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;'><font style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:17.3pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:1.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:7.5pt'>Assistant Secretary</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font face="Arial" style='font-size:12pt'>Investment Manager</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>Allianz Global Investors Fund Management LLC </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>1345 Avenue of the Americas  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>New York, NY 10105</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:12pt'>Sub-Adviser</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>Pacific Investment Management Company LLC  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>840 Newport Center Drive  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>Newport Beach, CA 92660</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:12pt'>Custodian &amp; Accounting Agent</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>State Street Bank &amp; Trust Co. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>225 Franklin Street  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>Boston, MA 02110</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:12pt'>Transfer Agent, Dividend Paying Agent and Registrar</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>PNC Global Investment Servicing </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>P.O. Box 43027  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>Providence, RI 02940-3027</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:12pt'>Independent Registered Public Accounting Firm</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>PricewaterhouseCoopers LLP </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>300 Madison Avenue  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font FACE="ARIAL" STYLE='FONT-SIZE:7.5PT'>New York, NY 10017</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" style='font-size:12pt'>Legal Counsel</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>Ropes &amp; Gray LLP  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:7.5pt'>One International Place  </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font FACE="ARIAL" STYLE='FONT-SIZE:7.5PT'>Boston, MA 02210-2624</font></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font face="Arial" style='font-size:7.5pt'>This report, including the financial information herein, is transmitted to the shareholders of PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Funds or any securities mentioned in this report. Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase shares of its common stock in the open market.</font></i></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font face="Arial" style='font-size:7.5pt'>The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (&#147;SEC&#148;) for the first and third quarters of their fiscal year on Form N-Q. The Funds&#146; Form N-Qs are available on the SEC&#146;s website at www.sec.gov, and may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The information on Form N-Q is also available on the Funds&#146; website at www.allianzinvestors.com/closedendfunds.</font></i></p><br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font face="Arial" style='font-size:7.5pt'>On December 26, 2007, the Funds submitted a CEO annual certification to the New York Stock Exchange (&#145;&#145;NYSE&#146;&#146;) on which the Funds&#146; principal executive officer certified that he was not aware, as of that date, of any violation by the Fund of the NYSE&#146;s Corporate Governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules each Fund&#146;s principal executive and principal financial officer made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q, relating to, among other things, the Funds&#146; disclosure controls and procedures and internal control over financial reporting, as applicable.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font face="Arial" style='font-size:7.5pt'>Information on the Funds is available at www.allianzinvestors.com/closedendfunds or by calling the Funds&#146; shareholder servicing agent at (800) 331-1710.</font></i><font style='font-size:10pt'> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'><img src="c26img1.jpg"><br> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4>
<!-- EEDocs PBEnd-->


<P STYLE="page-break-before:always"></P>
<PAGE><br>







<P align="left">
<FONT size=2 face="serif">ITEM 2. CODE OF ETHICS</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">As of the end of the period covered by this report, the registrant has adopted a code of ethics (the &#147;Section 406 Standards for Investment Companies &#151; Ethical Standards for Principal Executive and Financial
Officers&#148;) that applies to the registrant&#146;s Principal Executive Officer and Principal Financial Officer; the registrant&#146;s Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to
provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-331-1710. The code of ethics are included as an Exhibit 99.CODE ETH hereto.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2><P align="left"><FONT size=2 face="serif">ITEM 3. AUDIT COMMITTEE
        FINANCIAL EXPERT</FONT></P>
    <P align="left"> <FONT size=2 face="serif">The registrant&#146;s Board has
        determined that Mr. Paul Belica, a member of the Board&#146;s Audit Oversight
        Committee is an &#147;audit committee financial expert,&#148; and that
        he is &#147;independent,&#148; for purposes of this Item.</FONT></P>
    <P align="left"> <FONT size=2 face="serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES
    AND SERVICES</FONT><FONT size=2 face="serif"> </FONT></P></TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;</TD>
</TR>

<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">Audit fees. The aggregate fees billed for each of the
last two fiscal years (the &#147;Reporting Periods&#148;) for professional services
rendered by the Registrant&#146;s principal accountant (the &#147;Auditor&#148;)
for  the audit of the Registrant&#146;s annual financial statements, or services
that are normally provided by the Auditor in connection with the statutory and
regulatory filings or engagements for the Reporting Periods, were $49,006 in
2007 and $52,921 in 2008.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">Audit-Related Fees. The aggregate fees billed in the
Reporting Periods for assurance and related services by the principal accountant
that are reasonably related to the performance of the audit registrant&#146;s
financial statements and are not reported under paragraph (e) of this Item were
$11,558 in 2007 and $35,302 in 2008. These services consist of accounting consultations,
agreed upon procedure reports (inclusive of annual review of basic maintenance
testing associated with the Preferred Shares), attestation reports and comfort
letters.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax service and tax planning (&#147;Tax Services&#148;) were $9,000 in 2007 and $9,667 in
2008. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns and calculation of excise tax distributions.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">All Other Fees. There were no other fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">1. Audit Committee Pre-Approval Policies and Procedures. The Registrant&#146;s Audit Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the
Registrant, as well as the Auditor&#146;s engagements related directly to the operations</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P>
<PAGE><br>



<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="4%" valign=top nowrap><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT size=2 face="serif"> and financial
    reporting of the Registrant. The Registrant&#146;s policy is stated below.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD><FONT size=2 face="serif">PIMCO Municipal Income Fund II (the &#147;Fund&#148;)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P align="left"><FONT size=2 face="serif">AUDIT OVERSIGHT COMMITTEE POLICY FOR PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Fund&#146;s Audit Oversight Committee (&#147;Committee&#148;) is charged with the oversight of the Fund&#146;s financial reporting policies and practices and their internal controls. As part of this responsibility,
the</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">Committee must pre-approve any independent accounting firm&#146;s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed
engagement by the independent accountants, the Committee will assess the effect that the engagement might reasonably be expected to have on the accountant&#146;s independence. The Committee&#146;s evaluation will be based on: </FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">a review of the nature of the professional services expected to provided, </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">the fees to be charged in connection
    with the services expected to be provided, </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">a review of the safeguards put into
    place by the accounting firm to safeguard independence, and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">periodic meetings with the accounting firm.</FONT></P>
<P align="left">
<FONT size=2 face="serif">POLICY FOR AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE FUND</FONT></P>
<P align="left">
<FONT size=2 face="serif">On an annual basis, the Fund&#146;s Committee will review and pre-approve the scope of the audit of the Fund and proposed audit fees and permitted non-audit (including audit-related) services that may be performed by the
Fund&#146;s independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year pursuant to this Policy. In addition to the Committee&#146;s
pre-approval of services pursuant to this Policy, the engagement of the independent accounting firm for any permitted non-audit service provided to the Fund will also require the separate written pre-approval of the President of the Fund, who will
confirm, independently, that the accounting firm&#146;s engagement will not adversely affect the firm&#146;s independence. All non-audit services performed by the independent accounting firm will be disclosed, as required, in filings with the
Securities and Exchange Commission.</FONT></P>
<P align="left">
<FONT size=2 face="serif">AUDIT SERVICES</FONT></P>
<P align="left">
<FONT size=2 face="serif">The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are: </FONT></P>
<P align="left">
<FONT size=2 face="serif">Annual Fund financial statement audits </FONT><br>
<FONT size=2 face="serif">Seed audits (related to new product filings, as required) <br>
SEC and regulatory filings and consents <br>
Semiannual financial statement reviews</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">AUDIT-RELATED SERVICES</FONT></P>
<P align="left">
<FONT size=2 face="serif">The following categories of audit-related services are considered to be consistent with the role of the Fund&#146;s independent accountants and services falling under one of these categories will be pre-approved by the
Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm&#146;s independence: </FONT></P>

<P align="left">
<FONT size=2 face="serif">Accounting consultations
</FONT></P>


<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P>
<PAGE><br>

<P align="left">
<FONT size=2 face="serif">Fund merger support services<br>
</FONT>
<FONT size=2 face="serif">Agreed upon procedure reports (inclusive of quarterly
review of Basic Maintenance testing associated with issuance of Preferred Shares
and semiannual report review) <br>
Other attestation reports </FONT><br>
<FONT size=2 face="serif">Comfort letters </FONT><BR>
<FONT size=2 face="serif">Other internal control reports</FONT></P>


<P align="left">
<FONT size=2 face="serif">Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with
the accounting firm&#146;s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those
services does not exceed $250,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.</FONT></P>
<P align="left">
<FONT size=2 face="serif">TAX SERVICES</FONT></P>
<P align="left">
<FONT size=2 face="serif">The following categories of tax services are considered to be consistent with the role of the Fund&#146;s independent accountants and services falling under one of these categories will be pre-approved by the Committee on
an annual basis if the Committee deems those services to be consistent with the accounting firm&#146;s independence:</FONT></P>
<P align="left">
<FONT size=2 face="serif">Tax compliance services related to the filing or amendment of the following:</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Federal, state and local income tax compliance; and, sales and use tax compliance </FONT><BR>
<FONT size=2 face="serif">Timely RIC qualification reviews </FONT><BR>
<FONT size=2 face="serif">Tax distribution analysis and planning </FONT><BR>
<FONT size=2 face="serif">Tax authority examination services </FONT><BR>
<FONT size=2 face="serif">Tax appeals support services </FONT><BR>
<FONT size=2 face="serif">Accounting methods studies </FONT><BR>
<FONT size=2 face="serif">Fund merger support service </FONT><BR>
<FONT size=2 face="serif">Other tax consulting services and related projects</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the
accounting firm&#146;s independence, by the Committee Chairman (or any other
Committee member who is a disinterested trustee under the Investment Company
Act to whom this responsibility has been delegated) so long as the estimated
fee for those services does not exceed $250,000. Any such pre-approval shall
be reported to the full Committee at its next regularly scheduled meeting.</FONT></P>
<P align="left">
<FONT size=2 face="serif">PROSCRIBED SERVICES</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Fund&#146;s independent accountants will not render services in the following categories of non-audit services: </FONT></P>
<P align="left">
<FONT size=2 face="serif">Bookkeeping or other services related to the accounting records or financial statements of the Fund </FONT><BR>
<FONT size=2 face="serif">Financial information systems design and implementation </FONT><BR>
<FONT size=2 face="serif">Appraisal or valuation services, fairness opinions, or contribution-in-kind reports </FONT><BR>
<FONT size=2 face="serif">Actuarial services </FONT><BR>
<FONT size=2 face="serif">Internal audit outsourcing services </FONT><BR>
<FONT size=2 face="serif">Management functions or human resources </FONT><BR>
<FONT size=2 face="serif">Broker or dealer, investment adviser or investment banking services </FONT><BR>
<FONT size=2 face="serif">Legal services and expert services unrelated to the audit</FONT><FONT size=2 face="serif"> </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P>
<PAGE><br>

<P align="left">
<FONT size=2 face="serif">Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible</FONT><FONT size=2 face="serif"> </FONT></P>

<P align="left">
<FONT size=2 face="serif">PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX</FONT></P>



<P align="left">
<FONT size=2 face="serif">The Committee will pre-approve annually any permitted non-audit services to be provided to Allianz Global Investors Fund Management LLC (Formerly, PA Fund Management LLC) or any other investment manager to the Funds (but
not including any sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the &#147;Investment Manager&#148;) and any entity controlling, controlled by, or under common control with the Investment
Manager that provides ongoing services to the Fund (including affiliated sub-advisers to the Fund), provided, in each case, that the engagement relates directly to the operations and financial reporting of the Fund (such entities, including the
Investment Manager, shall be referred to herein as the &#147;Accounting Affiliates&#148;). Individual projects that are not presented to the Committee as part of the annual pre-approval process, may be pre-approved, if deemed consistent with the
accounting firm&#146;s independence, by the Committee Chairman (or any other
Committee member who is a disinterested trustee under the Investment Company
Act to whom this responsibility has been delegated) so long as the estimated
fee for those services does not exceed $250,000. Any such pre-approval shall
be reported to the full Committee at its next regularly scheduled meeting.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Although the Committee will not pre-approve all services provided to the Investment Manager and its affiliates, the Committee will receive an annual report from the Fund&#146;s independent accounting firm showing the
aggregate fees for all services provided to the Investment Manager and its affiliates.</FONT></P>
<P align="left">
<FONT size=2 face="serif">DE MINIMUS EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES</FONT></P>
<P align="left">
<FONT size=2 face="serif">With respect to the provision of permitted non-audit services to a Fund or Accounting Affiliates, the pre-approval requirement is waived if: </FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100% colspan=2>
<FONT size=2 face="serif">The aggregate amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Fund, five percent (5%) of the total amount of revenues paid by the Fund to
its independent accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Fund&#146;s independent
accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided;</FONT>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100% colspan=2>
<FONT size=2 face="serif">Such services were not recognized by the Fund at the time of the engagement for such services to be non-audit services; and</FONT>    </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100% colspan=2>
<FONT size=2 face="serif">Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested
trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting.</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="4%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>      <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">2. No services were approved pursuant to the procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01 of Registration S-X.</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR>
<TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">Not applicable</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR>

<TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<FONT size=2 face="serif">Non-audit fees. The aggregate non-audit
        fees billed by the Auditor for services rendered to </FONT> </TD>
</TR>



</TABLE>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P>
<PAGE><br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%" valign=top nowrap><FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size=2 face="serif">the Registrant, and
        rendered to the Adviser, for the 2007 Reporting Period was $2,331,204
    and the 2008 Reporting Period was $3,644,060.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign=top><FONT size=2 face="serif">h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT size=2 face="serif">Auditor Independence. The Registrant&#146;s
        Audit Oversight Committee has considered whether the provision of non-audit
        services that were rendered to the Adviser which were not pre- approved
        is compatible with maintaining the Auditor&#146;s independence.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4>&nbsp;</TD>
  </TR>
</TABLE>
<P align="left"><FONT size=2 face="serif">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Fund has a separately designated standing audit
committee established in accordance with Section 3(a)(58)(A) of the Securities
Exchange Act of 1934. The audit committee of the Fund is comprised of Robert
E. Connor, Paul  Belica, John J. Dalessandro II, Hans W. Kertess, R. Peter Sullivan
III, Diana L. Taylor and William B. Ogden, IV.</FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 6. SCHEDULE OF INVESTMENTS Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form. </FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P align="center">
<B><FONT size=2 face="serif">PIMCO MUNICIPAL INCOME FUND II </FONT></B><BR>
<B><FONT size=2 face="serif">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II </FONT></B><BR>
<B><FONT size=2 face="serif">PIMCO NEW YORK MUNICIPAL INCOME FUND II </FONT></B><BR>
<B><FONT size=2 face="serif"> (each a &#8220;Trust&#8221;) </FONT></B></P>
<P align="center">
<B><U><FONT size=2 face="serif">PROXY VOTING POLICY</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">It is the policy of each Trust that proxies should be voted in the interest of its shareholders, as determined by those who are in the best position to make this determination. Each Trust believes that the firms
and/or persons purchasing and selling securities for the Trust and analyzing the performance of the Trust&#8217;s securities are in the best position and have the information necessary to vote proxies in the best interests of the Trust and its
shareholders, including in situations where conflicts of interest may arise between the interests of shareholders, on one hand, and the interests of the investment adviser, a sub-adviser and/or any other affiliated person of the Trust, on the other.
Accordingly, each Trust&#8217;s policy shall be to delegate proxy voting responsibility to those entities with portfolio management responsibility for the Trust.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Each Trust delegates the responsibility for voting proxies to Allianz Global Investors Fund Management LLC (&#8220;AGIFM&#8221;), which will in turn delegate such responsibility to the sub-adviser of the particular
Trust. AGIFM&#8217;s Proxy Voting Policy Summary is attached as </FONT><U><FONT size=2 face="serif">Appendix A </FONT></U><FONT size=2 face="serif">hereto. Summary of the detailed proxy voting policies of the Trust&#8217;s current sub-adviser is set forth in
</FONT><U><FONT size=2 face="serif">Appendix B </FONT></U><FONT size=2 face="serif">attached hereto. Such summaries may be revised from time to time to reflect changes to the sub-advisers&#8217; detailed proxy voting policies.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">The party voting the proxies (i.e., the sub-adviser or portfolio manager) shall vote such proxies in accordance with such party&#8217;s proxy voting policies and, to the extent consistent with such policies, may
rely on information and/or recommendations supplied by others.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">AGIFM and the sub-adviser of a Trust with proxy voting authority shall deliver a copy of its respective proxy voting policies and any material amendments thereto to the applicable Board of the Trust promptly after
the adoption or amendment of any such policies.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">The party voting the proxy shall: (i) maintain such records and provide such voting information as is required for the Trusts&#8217; regulatory filings including, without limitation, Form N-PX and the required
disclosure of policy called for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii) shall provide such additional information as may be requested, from time to time, by the Board or the Trusts&#8217; Chief Compliance Officer.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">This Proxy Voting Policy Statement (including </FONT><U><FONT size=2 face="serif">Appendix B</FONT></U><FONT size=2 face="serif">), the Proxy Voting Policy Summary of AGIFM and summary of the detailed proxy voting policy of the
sub- adviser of a Trust with proxy voting authority, shall be made available (i) without charge, upon request, by calling 1-800-426-0107 and (ii) on the Trusts&#8217; website at www.allianzinvestors.com. In addition, to the extent required by
applicable law or determined by the Trusts&#8217; Chief Compliance Officer or Board of Trustees, the Proxy Voting Policy Summary of AGIFM and summaries of the detailed proxy voting policies of each sub-adviser with proxy voting authority shall also
be included in the Trusts&#8217; Registration Statements or Form N-CSR filings.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">&nbsp;</P>
<P align="center"><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">1-</FONT> </P>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="right">
<B><U><FONT size=2 face="serif">Appendix A</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="left">
<B><U><FONT size=2 face="serif">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC (&#8220;AGIFM&#8221;)</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">It is the policy of AGIFM that proxies should be voted in the interest of the shareholders of the applicable fund, as determined by those who are in the best position to make this determination. AGIFM believes that
the firms and/or persons purchasing and selling securities for the funds and analyzing the performance of the funds&#8217; securities are in the best position and have the information necessary to vote proxies in the best interests of the funds and
their shareholders, including in situations where conflicts of interest may arise between the interests of shareholders, on one hand, and the interests of the investment adviser, a sub-adviser and/or any other affiliated person of the fund, on the
other. Accordingly, AGIFM&#8217;s policy shall be to delegate proxy voting responsibility to those entities with portfolio management responsibility for the funds.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">AGIFM, for each fund which it acts as an investment adviser, delegates the responsibility for voting proxies to the sub-adviser for the respective fund, subject to the terms hereof.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">The party voting the proxies (e.g., the sub-adviser) shall vote such proxies in accordance with such party&#8217;s proxy voting policies and, to the extent consistent with such policies, may rely on information
and/or recommendations supplied by others.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">AGIFM and each sub-adviser of a fund shall deliver a copy of its respective proxy voting policies and any material amendments thereto to the board of the relevant fund promptly after the adoption or amendment of
any such policies.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">The party voting the proxy shall: (i) maintain such records and provide such voting information as is required for such funds&#8217; regulatory filings including, without limitation, Form N-PX and the required
disclosure of policy called for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii) shall provide such additional information as may be requested, from time to time, by such funds&#8217; respective boards or chief compliance
officers.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">This Proxy Voting Policy Summary and summaries of the proxy voting policies for each sub-adviser of a fund advised by AGIFM shall be available (i) without charge, upon request, by calling 1-800-426-0107 and (ii) at
www.allianzinvestors.com. In addition, to the extent required by applicable law or determined by the relevant fund&#8217;s board of directors/trustees or chief compliance officer, this Proxy Voting Policy Summary and summaries of the detailed proxy
voting policies of each sub-adviser and each other entity with proxy voting authority for a fund advised by AGIFM shall also be included in the Registration Statement or Form N-CSR filings for the relevant fund.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">A-1</FONT> </P>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="right">
<B><U><FONT size=2 face="serif">Appendix B</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="left">
<B><U><FONT size=2 face="serif">PACIFIC INVESTMENT MANAGEMENT COMPANY LLC</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="left">
<FONT size=2 face="serif"> Pacific Investment Management Company LLC (&#8220;PIMCO&#8221;) has adopted written proxy voting policies and procedures (&#8220;Proxy Policy&#8221;) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940,
as amended. PIMCO has implemented the Proxy Policy for each of its clients as required under applicable law, unless expressly directed by a client in writing to refrain from voting that client&#8217;s proxies. Recognizing that proxy voting is a rare
event in the realm of fixed income investing and is typically limited to solicitation of consent to changes in features of debt securities, the Proxy Policy also applies to any voting rights and/or consent rights of PIMCO, on behalf of its clients,
with respect to debt securities, including but not limited to, plans of reorganization, and waivers and consents under applicable indentures. </FONT></P>
<P align="left">
<FONT size=2 face="serif"> The Proxy Policy is designed and implemented in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of PIMCO&#8217;s clients. Each proxy is voted on a case-bycase basis
taking into consideration any relevant contractual obligations as well as other relevant facts and circumstances at the time of the vote. In general, PIMCO reviews and considers corporate governance issues related to proxy matters and generally
supports proposals that foster good corporate governance practices. PIMCO may vote proxies as recommended by management on routine matters related to the operation of the issuer and on matters not expected to have a significant economic impact on
the issuer and/or its shareholders. </FONT></P>
<P align="left">
<FONT size=2 face="serif"> PIMCO will supervise and periodically review its proxy voting activities and implementation of the Proxy Policy. PIMCO will review each proxy to determine whether there may be a material conflict between PIMCO and its
client. If no conflict exists, the proxy will be forwarded to the appropriate portfolio manager for consideration. If a conflict does exist, PIMCO will seek to resolve any such conflict in accordance with the Proxy Policy. PIMCO seeks to resolve any
material conflicts of interest by voting in good faith in the best interest of its clients. If a material conflict of interest should arise, PIMCO will seek to resolve such conflict in the client&#8217;s best interest by pursuing any one of the
following courses of action: (i) convening a committee to assess and resolve the conflict; (ii) voting in accordance with the instructions of the client; (iii) voting in accordance with the recommendation of an independent third-party service
provider; (iv) suggesting that the client engage another party to determine how the proxy should be voted; (v) delegating the vote to a third-party service provider; or (vi) voting in accordance with the factors discussed in the Proxy Policy.
</FONT></P>
<P align="left">
<FONT size=2 face="serif"> Clients may obtain a copy of PIMCO&#8217;s written Proxy Policy and the factors that PIMCO may consider in determining how to vote a client&#8217;s proxy. Except as required by law, PIMCO will not disclose to third parties
how it voted on behalf of a client. However, upon request from an appropriately authorized individual, PIMCO will disclose to its clients or the entity delegating the voting authority to PIMCO for such clients, how PIMCO voted such client&#8217;s
proxy. In addition, a client may obtain copies of PIMCO&#8217;s Proxy Policy and information as to how its proxies have been voted by contacting PIMCO.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">2</FONT><FONT size=2 face="serif"> </FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE>

<P align="left">
<FONT size=2 face="serif">ITEM 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</FONT></P>
<P align="left">
<FONT size=2 face="serif">(a)(1)  </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As
of August 7, 2008 the following individual has primary responsibility for the
day-to-day implementation of the PIMCO Municipal Income Fund II (PML), PIMCO
California Municipal Income Fund II (PCK) and PIMCO New York  Municipal Income
Fund II (PNI) (each a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;): </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Mark V. McCray </FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Mr. McCray has been the portfolio manager for each of the Funds since inception (June 2002). Mr. McCray is a Managing Director, portfolio manager and a senior member of PIMCO&#8217;s investment strategy group. He served as a
Chairman of PIMCO&#8217;s Shadow Investment Committee and a rotating member of the firm&#8217;s Investment Committee. He joined the firm in 2000 from Goldman, Sachs &amp; Co. in New York, where he was Vice President and co-head of municipal bond
trading, with primary responsibility for the firm's proprietary municipal trading. Mr. McCray has nineteen years of investment experience and holds a Bachelor's degrees in finance and real estate from Temple University and an MBA from The Wharton
School of the University of Pennsylvania, with concentrations in finance, accounting, and strategic management.</FONT></P>
<P align="left">
<FONT size=2 face="serif">(a)(2)  </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following summarizes information regarding each of the accounts, excluding the </FONT><FONT size=2 face="serif">Funds </FONT><FONT size=2 face="serif">that were managed by the Portfolio Manager as of May 31, 2008,
including accounts managed by a team, committee, or other group that includes the Portfolio Manager.  </FONT><FONT size=2 face="serif">Unless mentioned otherwise, the advisory fee charged for managing each of the accounts listed below is not based
on performance. </FONT></P>
<TABLE width="100%" cellpadding=0 cellspacing=0 STYLE="border:1px solid #000000">
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD rowspan="2" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;            </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD rowspan="2" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap colspan=3>
    <div align="left"><FONT size=2 face="serif">Registered Investment</FONT> </div></TD>
  <TD rowspan="2" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap colspan=3>
    <div align="left"><FONT size=2 face="serif">Other Pooled Investment</FONT> </div></TD>
  <TD rowspan="2" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Other Accounts</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="left"><FONT size=2 face="serif">Companies</FONT> </div>    </TD>
  <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="left"><FONT size=2 face="serif">Vehicles</FONT> </div>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">PM</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Fund</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">#</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=2 face="serif">AUM($million)</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">#</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=2 face="serif">AUM($million)</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">#</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AUM($million)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Mark V.</FONT></B>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">PML</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=2 face="serif">4,827.94</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=2 face="serif">954.02</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><FONT size=2 face="serif">17</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,601.05</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">McCray</FONT></B>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">PCK</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=2 face="serif">5,485.34</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4</FONT>  </TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=2 face="serif">954.02</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><FONT size=2 face="serif">17</FONT> </div></TD>
  <TD STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,601.05</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">PNI</FONT>  </TD>
  <TD STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">14</FONT>  </TD>
  <TD STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">5,921.62</FONT> </div></TD>
  <TD STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">4</FONT>  </TD>
  <TD STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">954.02</FONT> </div></TD>
  <TD STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap> <div align="center"><FONT size=2 face="serif">17</FONT> </div></TD>
  <TD STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">1,601.05</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">From time to time, potential conflicts of interest may arise between a portfolio manager&#8217;s management of the investments of a Fund, on the one hand, and the management of other
accounts, on the other. The other accounts might have similar investment objectives or strategies as the Funds, track the same index a Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the
Funds. The other accounts might also have different investment objectives or strategies than the Funds.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Knowledge and Timing of Fund Trades. A potential conflict of interest may arise as a result of the portfolio manager&#8217;s day-to-day management of a Fund. Because of their positions with the Funds, the portfolio managers
know the size, timing and possible market impact of a Fund&#8217;s trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of a
Fund.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">3</FONT><FONT size=2 face="serif"> </FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="left">
<FONT size=2 face="serif">Investment Opportunities. A potential conflict of interest may arise as a result of the portfolio manager&#8217;s management of a number of accounts with varying investment guidelines. Often, an investment opportunity may
be suitable for both a Fund and other accounts managed by the portfolio manager, but may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an
investment held by a Fund and another account. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Under PIMCO&#8217;s allocation procedures, investment opportunities are allocated among various investment strategies based on individual account investment guidelines and PIMCO&#8217;s investment outlook. PIMCO has also
adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Funds and certain pooled investment vehicles, including investment
opportunity allocation issues.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Performance Fees. A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the
portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a Fund. PIMCO has adopted
policies and procedures reasonably designed to allocate investment opportunities between the Funds and such other accounts on a fair and equitable basis over time.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif"> (a) (3)  </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> As of May 31, 2008, the following explains the compensation structure of the individual that has primary responsibility for day-to-day portfolio management of the Funds: </FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Portfolio Manager Compensation </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">PIMCO has adopted a &#8220;Total Compensation Plan&#8221; for its professional level employees, including its portfolio managers, that is designed to pay competitive compensation and reward performance, integrity and
teamwork consistent with the firm&#8217;s mission statement. The Total Compensation Plan includes a significant incentive component that rewards high performance standards, work ethic and consistent individual and team contributions to the firm. The
compensation of portfolio managers consists of a base salary, a bonus, and may include a retention bonus. Portfolio managers who are Managing Directors of PIMCO also receive compensation from PIMCO&#8217;s profits. Certain employees of PIMCO,
including portfolio managers, may elect to defer compensation through PIMCO&#8217;s deferred compensation plan. PIMCO also offers its employees a non-contributory defined contribution plan through which PIMCO makes a contribution based on the
employee&#8217;s compensation. PIMCO&#8217;s contribution rate increases at a specified compensation level, which is a level that would include portfolio managers.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Salary and Bonus. Base salaries are determined by considering an individual portfolio manager&#8217;s experience and expertise and may be reviewed for adjustment annually. Portfolio managers are entitled to receive bonuses,
which may be significantly more than their base salary, upon attaining certain performance objectives based on predetermined measures of group or department success. These goals are specific to individual portfolio</FONT><FONT size=2 face="serif">
</FONT><FONT size=2 face="serif">managers and are mutually agreed upon annually by each portfolio manager and his or her manager. Achievement of these goals is an important, but not exclusive, element of the bonus decision process.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">In addition, the following non-exclusive list of qualitative criteria (collectively, the &#8220;Bonus Factors&#8221;) may be considered when determining the bonus for portfolio managers:</FONT><FONT size=2 face="serif"> </FONT></P>
<UL>
<LI>
<P align="left"><FONT size=2 face="serif">3-year, 2-year and 1-year dollar-weighted and account-weighted, pre-tax investment performance as judged against the applicable benchmarks for each account managed by a
portfolio manager (including the Funds) and relative to applicable industry peer groups;</FONT></P></LI>
<LI>
<P align="left"><FONT size=2 face="serif">Appropriate risk positioning that is consistent with PIMCO&#8217;s investment philosophy and the Investment Committee/CIO approach to the generation of alpha;</FONT></P></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">4</FONT><FONT size=2 face="serif"> </FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE>


<UL>
<LI>
<P align="left"><FONT size=2 face="serif">Amount and nature of assets managed by the portfolio manager;</FONT></P></LI>
<LI>
<P align="left"><FONT size=2 face="serif">Consistency of investment performance across portfolios of similar mandate and guidelines (reward low dispersion);</FONT></P></LI>
<LI>
<P align="left"><FONT size=2 face="serif">Generation and contribution of investment ideas in the context of PIMCO&#8217;s secular and cyclical forums, portfolio strategy meetings, Investment Committee meetings, and
on a day-to-day basis;</FONT></P></LI>
<LI>
<P align="left"><FONT size=2 face="serif">Absence of defaults and price defaults for issues in the portfolios managed by the portfolio manager;</FONT></P></LI>
<LI>
<P align="left"><FONT size=2 face="serif">Contributions to asset retention, gathering and client satisfaction;</FONT></P></LI>
<LI>
<P align="left"><FONT size=2 face="serif">Contributions to mentoring, coaching and/or supervising; and</FONT></P></LI>
<LI>
<P align="left"><FONT size=2 face="serif">Personal growth and skills added.</FONT></P></LI>
</UL>
<P align="left">
<FONT size=2 face="serif">A portfolio manager&#8217;s compensation is not based directly on the performance of any Fund or any other account managed by that portfolio manager. Final bonus award amounts are determined by the PIMCO Compensation
Committee.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Retention Bonuses. Certain portfolio managers may receive a discretionary, fixed amount retention bonus, based upon the Bonus Factors and continued employment with PIMCO. Each portfolio manager who is a Senior Vice
President or Executive Vice President of PIMCO receives a variable amount retention bonus, based upon the Bonus Factors and continued employment with PIMCO.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Investment professionals, including portfolio managers, are eligible to participate in a Long Term Cash Bonus Plan (&#8220;Cash Bonus Plan&#8221;), which provides cash awards that appreciate or depreciate based upon the
performance of PIMCO&#8217;s parent company, Allianz Global Investors, and PIMCO over a three-year period. The aggregate amount available for distribution to participants is based upon Allianz Global Investors&#8217; profit growth and PIMCO&#8217;s
profit growth. Participation in the Cash Bonus Plan is based upon the Bonus Factors, and the payment of benefits from the Cash Bonus Plan, is contingent upon continued employment at PIMCO.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Profit Sharing Plan. Instead of a bonus, portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO&#8217;s net profits. Portfolio
managers who are Managing Directors receive an amount determined by the Managing Director Compensation Committee, based upon an individual&#8217;s overall contribution to the firm and the Bonus Factors. Under his employment agreement, William Gross
receives a fixed percentage of the profit sharing plan.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">From time to time, under the PIMCO Class B Unit Purchase Plan, Managing Directors and certain executive management (including Executive Vice Presidents) of PIMCO may become eligible to purchase Class B Units of PIMCO. Upon
their purchase, the Class B Units are immediately exchanged for Class A Units of PIMCO Partners, LLC, a California limited liability company that holds a minority interest in PIMCO and is owned by the Managing Directors and certain executive
management of PIMCO. The Class A Units of PIMCO Partners, LLC entitle their holders to distributions of a portion of the profits of PIMCO. The PIMCO Compensation Committee determines which Managing Directors and executive management may purchase
Class B Units and the number of Class B Units that each may purchase. The Class B Units are purchased pursuant to full recourse notes issued to the holder. The base compensation of each Class B Unit holder is increased in an amount equal to the
principal amortization applicable to the notes given by the Managing Director or member of executive management.</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">Portfolio managers who are Managing Directors also have long-term employment
contracts, which guarantee severance payments in the event of involuntary termination of a Managing Director&#8217;s employment with PIMCO.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)(4)  </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following summarizes the dollar range of securities the portfolio manager for the Funds beneficially owned of the Funds that he managed as of 05/31/08.</FONT></P>
<P align="center">
<FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">5</FONT><FONT size=2 face="serif"> </FONT></P>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left">
<B><FONT size=2 face="serif">ITEM 9.</FONT></B><FONT color="#00ff00" size=2 face="serif"> </FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Companies </FONT></B><FONT color="#00ff00" size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">TOTAL NUMBER</FONT></B>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">OF SHARES PURCHASED</FONT></B>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">MAXIMUM NUMBER OF</FONT></B>       </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">TOTAL NUMBER</FONT></B>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">AVERAGE</FONT></B> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">AS PART OF PUBLICLY</FONT></B>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">SHARES THAT MAY YET BE</FONT></B>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="serif">PERIOD</FONT></B>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">OF SHARES</FONT></B>       </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">PRICE PAID</FONT></B>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">ANNOUNCED PLANS OR</FONT></B>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">PURCHASED UNDER THE PLANS</FONT></B>       </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">PURCHASED</FONT></B>       </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">PER SHARE</FONT></B>       </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">PROGRAMS</FONT></B>        </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">OR PROGRAMS</FONT></B>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">June 2007</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$15.01</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">26,017</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>

<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">August 2007</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$14.74</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">25,909</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">September 2007</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$14.32</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">26,580</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">October 2007</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$14.69</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">25,868</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">February 2008</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$14.58</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">27,299</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">March 2008</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$13.14</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">31,093</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">April 2008</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$13.22</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">30,868</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">May 2008</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">$13.70</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">30,219</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>    </TD>
</TR>
</TABLE>
<BR>
<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P>
<PAGE><br>
<P align="left">
<FONT size=2 face="serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</FONT></P>
<P align="left">
<FONT size=2 face="serif">There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund&#146;s Board of Trustees since the Fund last provided disclosure in response to this
item.</FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 11. CONTROLS AND PROCEDURES</FONT></P>


<P align="left">
<FONT size=2 face="serif">(a) The registrant&#146;s President and Chief Executive
Officer and Treasurer, Principal Financial &amp; Accounting Officer have concluded
that the registrant&#146;s
disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act
(17 CFR 270.30a -3(c))), as amended are effective based on their evaluation of
these controls and procedures as of a date within 90 days of the filing date
of this document. </FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">(b) There were no significant changes over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d))) that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrants control over financial reporting. </FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">ITEM 12. EXHIBITS</FONT></P>
<P align="left">
<FONT size=2 face="serif">(a) (1) Exhibit 99.CODE ETH - Code of Ethics</FONT></P>
<P align="left">
<FONT size=2 face="serif">(a) (2) Exhibit 99 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P>
<P align="left">
<FONT size=2 face="serif">(b) Exhibit 99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P>
<PAGE><br>


<P align="center">
<FONT size=2 face="serif">Signature</FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">(Registrant) </FONT><U><FONT size=2 face="serif">PIMCO Municipal Income Fund II</FONT></U></P>
<P align="left">
<FONT size=2 face="serif">By</FONT><FONT size=2 face="serif"> </FONT><U><FONT size=2 face="serif">/s/ Brian S. Shlissel</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT><BR>
<BR>
<U><FONT size=2 face="serif">Date August 7, 2008</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<BR>
<FONT size=2 face="serif">By</FONT><FONT size=2 face="serif"> </FONT><U><FONT size=2 face="serif">/s/ Lawrence G. Altadonna</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<P align="left">
<U><FONT size=2 face="serif">Date August 7, 2008</FONT></U></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated. </FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">By</FONT><FONT size=2 face="serif"> </FONT><U><FONT size=2 face="serif">/s/ Brian S. Shlissel</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT><BR>
<BR>
<U><FONT size=2 face="serif">Date August 7, 2008</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<BR>
<FONT size=2 face="serif">By</FONT><FONT size=2 face="serif"> </FONT><U><FONT size=2 face="serif">/s/ Lawrence G. Altadonna</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<P align="left">
<U><FONT size=2 face="serif">Date August 7, 2008</FONT></U></P>

<HR noshade width="100%" size=4>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>c26img1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c26img1.jpg
M_]C_X``02D9)1@`!`@$`E@"6``#_X1+=17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````=````<@$R``(````4````CX=I``0````!````I````-````"6````
M`0```)8````!061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:``R,#`X.C`W
M.C(X(#(P.C4R.C$R`````Z`!``,````!``$``*`"``0````!````7J`#``0`
M```!````RP`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$``!&G````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B
M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H`!*`P$B``(1`0,1`?_=``0`
M!?_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`]5227!?63Z[=3RNI'H'U58;<K<:[,EH#
MCO;_`#K,;U/T3&4_1OR[_P!'7_TT_'CE,T.FI)^6(\42D(BR]X7!HEQ@#N4@
MYKA+2"/$:KSJG_%?U+/C(Z[U5S\AW+6AUY'_`%_*=_U&.E=_BMZA@_K'0^JN
MKR&\!P-!/_H1B._ZJAZD]K#M[PO^[+A_QEG%/]S\=7T5.N`^KWUUZI@=2'0?
MK:TUW$AE66\!I!<=M0R#7^AMIM^A5F4_G_SW^D7?*/)CE`T>NHD/ED/!?&0D
M-%TDDDQ*DDDDE/\`_]#NOKEU6WI/U;S,NAVR\M%5+ARU]I%(L;_*JW^JLK_%
MQT3&Z;T&OJ-@#<KJ(#R]VA;3_P!IJ&D_F[/T[_\`A+%/_&?2^SZJ6.;Q5?4]
M_P`"[T_^JL:L+K72<_ZQ_5[ZJU=,J-U8IV7/)BJMS:ZJ=^1MG;L?7;^8K6.(
M.$1XN`3F>.7]R/$`Q2-3)J^&.@_O%K]8^J7UMR^KYV55<UU-^18^DG,+?T9=
M^A;L'T-M?YBJ?\R?KC_I&_\`L:Y5[/J'=58ZJSJG1V65DM>QV2X.:X?2:]IJ
M]KFJ(^HS_P#RVZ+_`.Q1_P#22LB0``&2.G]0_P#?,)N_DE_CO2=6^JE[O\7U
M'VUH?U3I++;=[7^KNK-EEE])N_/9]G]__!VU,72?4;JMG5?JUB7W.WWU`T7/
M.I+JCZ8>[^597Z=CE0P<9G1_\7%U%M]&0VC$R@;L9_J4N+S<6BNR&[_=9Z?_
M`!BA_BKJ?7]5R7"!9DVN;Y@;*O\`JZW*MD/%BG9OAR>D_P![YF:.DXUUCK]'
ML4DDE595))))*?_1]*ZKTZCJG3<GIV1I5DUNK)'+2?HV-_E5O][5P'U0^L-G
MU7S;_JU]8#Z%5=A-609V5N>?_;+*_GJ;O\#9ZGK?\'Z4LCK_`-6.D]?I#,ZL
MBVL13DUG;:R>0U^NYCO]%9OJ4N+)$`PF+A+MO&7[P62B21*/S!Y/J'^+!_4>
MH974:.I4^EFW/R&`T;X%I]2/4;<UK_I?35=W^*6YC2]_4Z&M:)<XXQ``'<_K
M"+_XW?UHZ:7-Z)UG92==N^W'^^NGUZ?[?Z-+_P`;SZU]2(9UKK.^CDLWVY'_
M`(%;Z%/_`%:LC*0-.8CPC^IZO\5BX1?\V;\]')S<VR_IN!]1.@VMZ@&6.%V7
M6W97:[U'Y`96-UGZIC.=ZN3D?0L]']&O3^C=+IZ1TO&Z;0=S,:L,W'0N=]*R
MT_\`&V.=8JGU?^JO2?J_46X3"Z^P1;E6G=:\#\S=#6UU_P#!5-96MA5\V42]
M,?E!,B3O.<OTF6$:U.^WD.SE=?ZT>D-P''TVUY>97C777$M96QXLL?87#\_]
M%Z=>_P#1^I8L._ZZ]2-V1U'"Q*;OJW@Y#,6_*+SZUCG.;3;?A-;^BLIIMM9_
MQ_\`@_\`@=#Z[V9U?2J3AXS\\'*J&3A-H;D"ZB2ZZBUEK;/18[;_`$AE?Z.S
MTU2JZ]@V58_3A]5NI5XK+&>E6[#8VFMP<"RW8VW8STGN]7?M_EHPB.`'AXMP
M=>G_`'RB=:NGK4Z9.H%[_]+U5))))3SUGU[^KM'5K.E9-K\>^JST7VVL+:0_
M3F_Z+6NW?3>MO+RJ\7$NR[`75T5NM<&:DM8TV.V?RMK5Y1F=!R.O_7/KF#C6
M-KOK-F17Z@)8\M^SU>B\C^;W^K_.>]`Q/K!U[ZO5970,^MYQWU65.P[C[JO4
M:ZH6XEWN:_'_`)'OQ_\`0^DKAY6)$>"7JH2E`]I?NL/ND7Q#36I/I_U=^L6%
M]8L!V?A,MKJ;8:BV]H:[<T,?PQ]C=OZ3]Y:JXO\`Q4#;]6[VG6,RP?<RA=FJ
M^:(CDE$;`LD#<03U>?\`KOFY.'TJEU>39@XUN375GYU+=UE&._?OMK_T>ZWT
M:?6_P7JKFK\CI73K,:_ZN_6/+ZGU2R^IE>`_)^U,R`][6WLR*@W]%^A=8_U_
M9Z7]=;OUHR/KC7F45],HQW8#KZAN<\!S]P<RW&RV7#;]F>[\ZC]-_-[%F-K^
ML5>;5@4XO1>BYF0YA-N-8T9/HM>+;O2HV!]S;&5/K4N,5`:CJ:N/_/'S+9'7
M8_R[/=ITR=5F1__3]5223)*?/.M9?U)Z1]:WY[G9S^IU6MMO9B$&H6%HW5V^
MH:_YQFSUJ66)NM_77ZE==Q?L_4,'-=MDU7-KK;;63^=3;ZWM_J_S;_\`"+(Z
MOTKIE7U]OQNL9(KZ?F7.N==6\`L-K=[*\AWO^S[;O:[U/\%Z5G\VMG_FS_BT
M_P#+=O\`[&5J_6,#&9>Y*7"")1:]S)D!P@7L7<_Q?_L;]BW?L;[5]F^U/W_;
M-GJ>IMJW[?1]OI;=BZ=8OU4P.A8'3K*>A9(R\5U[GOL%HNBPAF]GJ,_DM9[%
MM*GE(.21%[_I?,S0%1`_)P/KECEW3J,YF3C8EO2\FO,J?FZ8Y<T/I].XM][=
MWK_HO3_2>MZ>Q<S3TGI_4NB6]9LSL3(ZQG]0I/[6(L8RA[+:VUXV#997ZNRN
MIGI4[_39;99^DL_FUT?UV91^S\.ZS)QL6W&S*KL;[;ICV6M;9MHR'?X-KJ_4
M>RW_``=E:PL'H_UEZMBV8%U>+C=)S<YV?E9-5XR'/:ZUN7]FQ/2&QOZ2MOZ9
MZFQ&L8/%PZ[_`-7M_76RWVZ/?)TR=5F1_]3U5))))3YQG_XN^K=6ZYU3,?;7
M@T6Y&_'+FBTVM+6R^*[&^EMV_P"$0_\`QI<__P`LZ?\`MAW_`*569UYW7OK%
M]:NH86,ZR[[&^P54"PUUUU4[:WV1N:S?98[^N][UE8?1NMYW2KNL8@?=A8Q<
M+G"YV]NP-?9^AW;_`&L?O6E$9>$7EC#2/IX1I?R_,U3P6?U9EOJ^G_4;I5/2
M.EY.'5FU9Y9EV>K92(#'AM;'X[V[K/TE>SW+I%R/^+#'-/U8]3>Q[<G(LM8&
M$DM$,J].Z0W;=NJ^BNN5'-?N2L\6N[8A\HTKP<KZR9.7C]-+L3`JZDYSPVRJ
M^QE53&$.W7VOO]FQD?07(8GU?-N?CYUW4>E=#>RQA]'H[BPV^YNVB][KJJG;
M_H>S'6]]?L.S+Z5BAF'=U)M.;3;;ATZ^I6W?ZK+O^"V'_M[TEC4U='%])9]2
M,BHFQFVTTUC8=S8M=L>YS/3^FI<6D+&YNZX?^[E_W*V6^KWR=,G59D?_U?54
MDEP/^,7JGUGPNH]/KZ0^^JE[2:_09O\`4R-T-HM]MF]OI[?T+OII^/&<DA$$
M"^Z)2X1;:Q?JUUC#_P`8%_5\:MG[+R6N==8YX!/J,:+:FUC<_>W)IKN_T?I_
MGKEL[H?UO^KV5G=/Z75E.Z?F.=#\6OUF65.G8'[66/Q[V5N]"S^:_P"VT?KO
M5?KAD?6+J5'2K\VVG%M;7Z>(TN97[&'8?38[\_U/ZZI_:?\`&/\`^;?_`+:?
M_P"DU>QQGH3+&;C$<,OZORW_`%FO,QU`$AJ=1XO<?XN>D9_2NA/9G5''?D7N
MN90[Z3&%M=;?4'YCW^GNV+J5S7U!?UM_1KCUO[3]J^TO#/M;2VST]M6S:U[6
M?H]V]=,J68DY)$D$W^CLSPKA%/.9WU/MS,V[+'7.IXPN=N%%%^RMF@&RIFT[
M6H57U(MKMKL/7^K6"M[7['Y)+7;2';7MV_1<@]3K^M/3:K<S.^LV-AX;7G:]
M^&PP'']%7]-N]VU9=/UBR'9-#/\`GIBVEUE;?19@ME^YS?T>X&QS/4^AO4L1
MD(],P1X1D?\`U&CT]1^/_H3Z"$Z9.JR]_];U5<;]?/K?U/ZO9&'3@MHVY#+'
MV/O#G?1+&L:W:^O]]=DN.^NW6^E]&ZKT[)R.F?M',%=WH6.LV-K8=C+/818R
MU[]WY]?L4N``Y`#'CW]/T69#43KP^+R3/\9_7*W/=6S`8ZT[K"VMP+G1MW/B
M[W.VA3_\=7ZQ?]TO\Q__`*76C_XY>%_\[[/^W6?^\Z7_`(Y>%_\`.^S_`+=9
M_P"\ZN<'_E,/\:+!Q?ZW\'I_J+]8,WZP=(MS<WTO5KR7TCT06MVM;6\?2=9[
MOTBZ-87U0Z[5USIEF75AC`:R]]1I:X.!+6L=ZDL95]+>MU4<HJ<AP\.OR_NM
MB'RC6_%QOK+@5Y5.%DVW4X]73,RK,L=D:5%C`^NQKGDCTW;;M]3_`/2KEL?%
MLZA<>C]%ZATO(Z<,P9M5['SFT,;<,Y]55+-V[T[MU55^_P#F7H_UCR^N=:KH
MQ;/JWDOQ\7,9?8QUE9KO947L-3VRUVRS=ZC/S$//HS\NS"LQ?JH_IF5CY-%E
M.;4Z@%C6V,]=MC<<M>^E^/ZK'U/]BG@#&(!(^V%1[?I+202]\G3)U59'_]?U
M58O6?JKTWK74<3-Z@#:S$98P8Q_FW[XUL_/]FU;2\]_QH]4ZCC9&!B8N5;CT
M75VOM;4XL+R#6UN][(?L]WT%+@C*60")X2;U6Y"!$DBZ=?J/0/\`%UTQN[J&
M/AXVD[7NAQ_JU[O4?_9:N8ZAUG_%M1+<#HGV]W9^TTUG_KEY]7_P!8O0OJN>
MLN:ZOJ.#C/>8-=MA=D_UOLT-=_X,KW0OJQAY/UPR>@YSWW48@LE[#Z1>ZOTM
MI=MW;6?IOS7JX(0C?%EG,Q'%(7*.G\OZ[`92E7#"(XNKVO\`B\R\?+Z+D6XV
M%3TZH9=C6T4%SAHRKWO?9]*Q=2J72^D=-Z/B_9.FT#'H+C86@ETN,;GN?87O
M>[V_G*XJ.20E.4A=$Z7NV(@@`'=Y[Z\69%?2*BVR^G".16.IVXD^LS%(?ZKZ
M]OO:WU?1];T_?Z'J+D]_U2JOQ3]2\S)NZXZZH555OO>Q["]OVG[>W(;Z;<?[
M/ZGJ?0V+HJL3ZTY.7E8^/]:*B_&?%E+<.I[JP^;*:[7;F>_TUCXW6G,ZBS%_
MYZ5.N]=M+\<=.K87.#_3?1ZFWV;W?H_44^,5&@;K6H^YPF_\Y'VEDM[K_H_A
MZGT-.F3JJR/_T/55SOUA^J-/7^K8.5EOG"Q:[66T`N:]Y?M]/;:PMV['-71)
M)T9&)N)H_P`4$`BB^=]4_P`4['2[I6;\*<QNX?+(I#7L_P"VK%SMG1OKE]6<
MK[=71=58P$?:\<#)86GZ7J>VUVSV_P"'I7LR2GCS>0"I5,?UF,X(G47$^#S7
MU#Z]G==Z+9EY[JWW59#Z`^MNT%K6UO#GMW._2?I/S5TBBRJJLN-;&L-CM[]H
M`W..F]T?2=[5-03(E(D#A!Z=F2((`!-^+QC>JN^J/5NILZGC7.Z7U').;C]0
MI8;&M=8VNN['R=GNJ]-U7Z)5^I=9Q/K:RKH_U?Q++:[KZK,OJ+JC553758S(
M>]EKPUS\A_I[&,7=I)XRBQ+A]8ZWZ=.O"CA.UZ+)TDE$N?_9_^TZCE!H;W1O
M<VAO<"`S+C``.$))300$```````''`(```(``@`X0DE-!"4``````!!&#/*)
M)KA6VK"<`:&PIY!W.$))30/J`````")F/#]X;6P@=F5R<VEO;CTB,2XP(B!E
M;F-O9&EN9STB551&+3@B/SX*/"%$3T-465!%('!L:7-T(%!50DQ)0R`B+2\O
M07!P;&4@0V]M<'5T97(O+T141"!03$E35"`Q+C`O+T5.(B`B:'1T<#HO+W=W
M=RYA<'!L92YC;VTO1%1$<R]0<F]P97)T>4QI<W0M,2XP+F1T9"(^"CQP;&ES
M="!V97)S:6]N/2(Q+C`B/@H\9&EC=#X*"3QK97D^8V]M+F%P<&QE+G!R:6YT
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M<&QE+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V
M+3$R+3(X5#`W.C(W.C`Y6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R
M:6YT+G1I8VME="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN
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M+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X5#`W
M.C(W.C$V6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME
M="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)
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M;6]D1&%T93PO:V5Y/@H)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\
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M93XR,#`V+3$R+3(X5#`W.C(W.C`Y6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P
M<&QE+G!R:6YT+G1I8VME="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R
M/C`\+VEN=&5G97(^"@D)"3PO9&EC=#X*"0D\+V%R<F%Y/@H)/"]D:6-T/@H)
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M+C`\+W)E86P^"@D)"0D)"3QR96%L/C`N,#PO<F5A;#X*"0D)"0D)/')E86P^
M-S8W+C@X,#`P-#@X,C@Q,C4\+W)E86P^"@D)"0D)"3QR96%L/C4X-RXX.#`P
M,#0X.#(X,3(U/"]R96%L/@H)"0D)"3PO87)R87D^"@D)"0D)/&ME>3YC;VTN
M87!P;&4N<')I;G0N=&EC:V5T+F-L:65N=#PO:V5Y/@H)"0D)"3QS=')I;F<^
M8V]M+F%P<&QE+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)"0D)"3QK97D^
M8V]M+F%P<&QE+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A
M=&4^,C`P."TP-RTR.%0Q-3HR,3HU.5H\+V1A=&4^"@D)"0D)/&ME>3YC;VTN
M87!P;&4N<')I;G0N=&EC:V5T+G-T871E1FQA9SPO:V5Y/@H)"0D)"3QI;G1E
M9V5R/C`\+VEN=&5G97(^"@D)"0D\+V1I8W0^"@D)"3PO87)R87D^"@D)/"]D
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M"0D\<F5A;#XW.#`\+W)E86P^"@D)"0D)"3QR96%L/C8P,#PO<F5A;#X*"0D)
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M;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\
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M96-T/"]K97D^"@D)"0D)/&%R<F%Y/@H)"0D)"0D\<F5A;#XP+C`\+W)E86P^
M"@D)"0D)"3QR96%L/C`N,#PO<F5A;#X*"0D)"0D)/')E86P^-S8W+C@X,#`P
M-#@X,C@Q,C4\+W)E86P^"@D)"0D)"3QR96%L/C4X-RXX.#`P,#0X.#(X,3(U
M/"]R96%L/@H)"0D)"3PO87)R87D^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I
M;G0N=&EC:V5T+F-L:65N=#PO:V5Y/@H)"0D)"3QS=')I;F<^8V]M+F%P<&QE
M+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)"0D)"3QK97D^8V]M+F%P<&QE
M+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ
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M/C<X,#PO<F5A;#X*"0D)"0D)/')E86P^-C`P/"]R96%L/@H)"0D)"3PO87)R
M87D^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T+F-L:65N=#PO
M:V5Y/@H)"0D)"3QS=')I;F<^8V]M+F%P<&QE+G!R:6YT:6YG;6%N86=E<CPO
M<W1R:6YG/@H)"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YM;V1$
M871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A
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M:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR
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M"@D\<W1R:6YG/C`P+C(P/"]S=')I;F<^"@D\:V5Y/F-O;2YA<'!L92YP<FEN
M="YT:6-K970N<')I=F%T94QO8VL\+VME>3X*"3QF86QS92\^"@D\:V5Y/F-O
M;2YA<'!L92YP<FEN="YT:6-K970N='EP93PO:V5Y/@H)/'-T<FEN9SYC;VTN
M87!P;&4N<')I;G0N4&%G949O<FUA=%1I8VME=#PO<W1R:6YG/@H\+V1I8W0^
M"CPO<&QI<W0^"CA"24T#Z0``````>``#````2`!(``````,``DS_]/_T`PP"
M6`-G!2@#_``"````2`!(``````+8`B@``0```&0````!``,#`P````%__P`!
M``$```````````````!H"``9`9```````"``````````````````````````
M`````````#A"24T#[0``````$`"6`````0`!`)8````!``$X0DE-!"8`````
M``X`````````````/X```#A"24T$#0``````!````'@X0DE-!!D```````0`
M```>.$))30/S```````)```````````!`#A"24T$"@```````0``.$))32<0
M```````*``$``````````3A"24T#]0``````2``O9F8``0!L9F8`!@``````
M`0`O9F8``0"AF9H`!@```````0`R`````0!:````!@```````0`U`````0`M
M````!@```````3A"24T#^```````<```____________________________
M_P/H`````/____________________________\#Z`````#_____________
M________________`^@`````_____________________________P/H```X
M0DE-!`@``````!`````!```"0````D``````.$))300>```````$`````#A"
M24T$&@`````#4P````8``````````````,L```!>````#P!"`&$`8P!K`$$`
M;`!L`&D`80!N`'H`;`!O`&<`;P````$``````````````````````````0``
M````````````7@```,L``````````````````````0``````````````````
M```````0`````0```````&YU;&P````"````!F)O=6YD<T]B:F,````!````
M````4F-T,0````0`````5&]P(&QO;F<``````````$QE9G1L;VYG````````
M``!"=&]M;&]N9P```,L`````4F=H=&QO;F<```!>````!G-L:6-E<U9L3',`
M```!3V)J8P````$```````5S;&EC90```!(````'<VQI8V5)1&QO;F<`````
M````!V=R;W5P241L;VYG``````````9O<FEG:6YE;G5M````#$53;&EC94]R
M:6=I;@````UA=71O1V5N97)A=&5D`````%1Y<&5E;G5M````"D53;&EC951Y
M<&4`````26UG(`````9B;W5N9'-/8FIC`````0```````%)C=#$````$````
M`%1O<"!L;VYG``````````!,969T;&]N9P``````````0G1O;6QO;F<```#+
M`````%)G:'1L;VYG````7@````-U<FQ415A4`````0```````&YU;&Q415A4
M`````0```````$US9V5415A4`````0``````!F%L=%1A9U1%6%0````!````
M```.8V5L;%1E>'1)<TA434QB;V]L`0````AC96QL5&5X=%1%6%0````!````
M```):&]R>D%L:6=N96YU;0````]%4VQI8V5(;W)Z06QI9VX````'9&5F875L
M=`````EV97)T06QI9VYE;G5M````#T53;&EC959E<G1!;&EG;@````=D969A
M=6QT````"V)G0V]L;W)4>7!E96YU;0```!%%4VQI8V5"1T-O;&]R5'EP90``
M``!.;VYE````"71O<$]U='-E=&QO;F<`````````"FQE9G1/=71S971L;VYG
M``````````QB;W1T;VU/=71S971L;VYG``````````MR:6=H=$]U='-E=&QO
M;F<``````#A"24T$*```````#`````$_\````````#A"24T$%```````!```
M``(X0DE-!`P`````$<,````!````2@```*````#@``",````$:<`&``!_]C_
MX``02D9)1@`!`@$`2`!(``#_[0`,061O8F5?0TT``?_N``Y!9&]B90!D@```
M``'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43$Q@1#`P,#`P,$0P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-$`X.$!0.#@X4%`X.
M#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#/_``!$(`*``2@,!(@`"$0$#$0'_W0`$``7_Q`$_```!!0$!`0$!`0``````
M```#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$``@,$!08'"`D*"Q``
M`00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R!A21H;%"(R054L%B
M,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7RLX3#TW7C\T8G
ME*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W$0`"`@$"
M!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P,R1BX7*"
MDD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3=>/S1I2DA;25
MQ-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@`,`P$``A$#$0`_
M`/54DEP7UD^NW4\KJ1Z!]56&W*W&NS):`X[V_P`ZS&]3]$QE/T;\N_\`1U_]
M-/QXY3-#IJ2?EB/%$I"(LO>%P:)<8`[E(.:X2T@CQ&J\ZI_Q7]2SXR.N]5<_
M(=RUH=>1_P!?RG?]1CI7?XK>H8/ZQT/JKJ\AO`<#03_Z$8CO^JH>I/:P[>\+
M_NRX?\99Q3_<_'5]%3K@/J]]=>J8'4AT'ZVM-=Q(95EO`:07';4,@U_H;:;?
MH59E/Y_\]_I%WRCR8Y0-'KJ)#Y9#P7QD)#1=))),2I))))3_`/_0[KZY=5MZ
M3]6\S+H=LO+152X<M?:12+&_RJM_JK*_Q<=$QNF]!KZC8`W*ZB`\O=H6T_\`
M::AI/YNS].__`(2Q3_QGTOL^JECF\57U/?\``N]/_JK&K"ZUTG/^L?U>^JM7
M3*C=6*=ESR8JK<VNJG?D;9V['UV_F*UCB#A$>+@$YGCE_<CQ`,4C4R:OACH/
M[Q:_6/JE];<OJ^=E57-=3?D6/I)S"W]&7?H6[!]#;7^8JG_,GZX_Z1O_`+&N
M5>SZAW56.JLZIT=EE9+7L=DN#FN'TFO::O:YJB/J,_\`\MNB_P#L4?\`TDK(
MD``!DCI_4/\`WS";OY)?X[TG5OJI>[_%]1]M:']4Z2RVW>U_J[JS999?2;OS
MV?9_?_P=M3%TGU&ZK9U7ZM8E]SM]]0-%SSJ2ZH^F'N_E65^G8Y4,'&9T?_%Q
M=1;?1D-HQ,H&[&?ZE+B\W%HKLAN_W6>G_P`8H?XJZGU_5<EP@69-KF^8&RK_
M`*NMRK9#Q8IV;X<GI/\`>^9FCI.-=8Z_1[%)))56522222G_T?2NJ].HZITW
M)Z=D:59-;JR1RTGZ-C?Y5;_>U<!]4/K#9]5\V_ZM?6`^A57835D&=E;GG_VR
MROYZF[_`V>IZW_!^E+(Z_P#5CI/7Z0S.K(MK$4Y-9VVLGD-?KN8[_16;ZE+B
MR1`,)BX2[;QE^\%DHDD2C\P>3ZA_BP?U'J&5U&CJ5/I9MS\A@-&^!:?4CU&W
M-:_Z7TU7=_BEN8TO?U.AK6B7..,0`!W/ZPB_^-W]:.FES>B=9V4G7;OMQ_OK
MI]>G^W^C2_\`&\^M?4B&=:ZSOHY+-]N1_P"!6^A3_P!6K(RD#3F(\(_J>K_%
M8N$7_-F_/1R<W-LOZ;@?43H-K>H!ECA=EUMV5VN]1^0&5C=9^J8SG>KDY'T+
M/1_1KT_HW2Z>D=+QNFT'<S&K#-QT+G?2LM/_`!MCG6*I]7_JKTGZOU%N$PNO
ML$6Y5IW6O`_,W0UM=?\`P5365K85?-E$O3'Y03(D[SG+])EA&M3OMY#LY77^
MM'I#<!Q]-M>7F5XUUUQ+65L>++'V%P_/_1>G7O\`T?J6+#O^NO4C=D=1PL2F
M[ZMX.0S%ORB\^M8YSFTVWX36_HK*:;;6?\?_`(/_`('0^N]F=7TJDX>,_/!R
MJADX3:&Y`NHDNNHM9:VST6.V_P!(97^CL]-4JNO8-E6/TX?5;J5>*RQGI5NP
MV-IK<'`LMV-MV,])[O5W[?Y:,(C@!X>+<'7I_P!\HG6KIZU.F3J!>__2]522
M224\]9]>_J[1U:SI63:_'OJL]%]MK"VD/TYO^BUKMWTWK;R\JO%Q+LNP%U=%
M;K7!FI+6--CMG\K:U>49G0<CK_USZY@XUC:[ZS9D5^H"6/+?L]7HO(_F]_J_
MSGO0,3ZP=>^KU65T#/K><=]5E3L.X^ZKU&NJ%N)=[FOQ_P"1[\?_`$/I*X>5
MB1'@EZJ$I0/:7[K#[I%\0TUJ3Z?]7?K%A?6+`=GX3+:ZFV&HMO:&NW-#'\,?
M8W;^D_>6JN+_`,5`V_5N]IUC,L'W,H79JOFB(Y)1&P+)`W$$]7G_`*[YN3A]
M*I=7DV8.-;DUU9^=2W=91COW[[:_]'NM]&GUO\%ZJYJ_(Z5TZS&O^KOUCR^I
M]4LOJ97@/R?M3,@/>UM[,BH-_1?H76/]?V>E_76[]:,CZXUYE%?3*,=V`Z^H
M;G/`<_<',MQLMEPV_9GN_.H_3?S>Q9C:_K%7FU8%.+T7HN9D.83;C6-&3Z+7
MBV[TJ-@?<VQE3ZU+C%0&HZFKC_SQ\RV1UV/\NSW:=,G59D?_T_54DDR2GSSK
M67]2>D?6M^>YV<_J=5K;;V8A!J%A:-U=OJ&O^<9L]:EEB;K?UU^I77<7[/U#
M!S7;9-5S:ZVVUD_G4V^M[?ZO\V__``BR.K]*Z95]?;\;K&2*^GYESKG75O`+
M#:W>RO(=[_L^V[VN]3_!>E9_-K9_YL_XM/\`RW;_`.QE:OUC`QF7N2EP@B46
MO<R9`<(%[%W/\7_[&_8MW[&^U?9OM3]_VS9ZGJ;:M^WT?;Z6W8NG6+]5,#H6
M!TZRGH62,O%=>Y[[!:+HL(9O9ZC/Y+6>Q;2IY2#DD1>_Z7S,T!40/R<#ZY8Y
M=TZC.9DXV);TO)KS*GYNF.7-#Z?3N+?>W=Z_Z+T_TGK>GL7,T])Z?U+HEO6;
M,[$R.L9_4*3^UB+&,H>RVMM>-@V65^KLKJ9Z5._TV6V6?I+/YM=']=F4?L_#
MNLR<;%MQLRJ[&^VZ8]EK6V;:,AW^#:ZOU'LM_P`'96L+!Z/]9>K8MF!=7BXW
M2<W.=GY635>,ASVNM;E_9L3TAL;^DK;^F>IL1K&#Q<.N_P#5[?UULM]NCWR=
M,G59D?_4]522224^<9_^+OJW5NN=4S'VUX-%N1OQRYHM-K2ULOBNQOI;=O\`
MA$/_`,:7/_\`+.G_`+8=_P"E5F=>=U[ZQ?6KJ&%C.LN^QOL%5`L-===5.VM]
MD;FLWV6._KO>]96'T;K>=TJ[K&('W86,7"YPN=O;L#7V?H=V_P!K'[UI1&7A
M%Y8PTCZ>$:7\OS-4\%G]69;ZOI_U&Z53TCI>3AU9M6>69=GJV4B`QX;6Q^.]
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MT&;_`%,C=#:+?;9O;Z>W]"[Z:?CQG)(1!`ONB4N$6VL7ZM=8P_\`&!?U?&K9
M^R\EKG76.>`3ZC&BVIM8W/WMR::[O]'Z?YZY;.Z'];_J]E9W3^EU93NGYCG0
M_%K]9EE3IV!^UEC\>]E;O0L_FO\`MM'Z[U7ZX9'UBZE1TJ_-MIQ;6U^GB-+F
M5^QAV'TV._/]3^NJ?VG_`!C_`/FW_P"VG_\`I-7L<9Z$RQFXQ'#+^K\M_P!9
MKS,=0!(:G4>+W'^+GI&?TKH3V9U1QWY%[KF4.^DQA;76WU!^8]_I[MBZE<U]
M07];?T:X];^T_:OM+PS[6TML]/;5LVM>UGZ/=O73*EF).21)!-_H[,\*X13S
MF=]3[<S-NRQUSJ>,+G;A11?LK9H!LJ9M.UJ%5]2+:[:[#U_JU@K>U^Q^22UV
MTAVU[=OT7(/4Z_K3TVJW,SOK-C8>&UYVO?AL,!Q_15_3;O=M673]8LAV30S_
M`)Z8MI=96WT68+9?N<W]'N!L<SU/H;U+$9"/3,$>$9'_`-1H]/4?C_Z$^@A.
MF3JLO?_6]57&_7SZW]3^KV1ATX+:-N0RQ]C[PYWT2QK&MVOK_?79+COKMUOI
M?1NJ].R<CIG[1S!7=Z%CK-C:V'8RSV$6,M>_=^?7[%+@`.0`QX]_3]%F0U$Z
M\/B\DS_&?URMSW5LP&.M.ZPMK<"YT;=SXN]SMH4__'5^L7_=+_,?_P"EUH_^
M.7A?_.^S_MUG_O.E_P".7A?_`#OL_P"W6?\`O.KG!_Y3#_&BP<7^M_!Z?ZB_
M6#-^L'2+<W-]+U:\E](]$%K=K6UO'TG6>[](NC6%]4.NU=<Z99EU88P&LO?4
M:6N#@2UK'>I+&5?2WK=5'**G(</#K\O[K8A\HUOQ<;ZRX%>53A9-MU./5TS,
MJS+'9&E18P/KL:YY(]-VV[?4_P#TJY;'Q;.H7'H_1>H=+R.G#,&;5>Q\YM#&
MW#.?552S=N].[=55?O\`YEZ/]8\OKG6JZ,6SZMY+\?%S&7V,=96:[V5%[#4]
MLM=LLW>HS\Q#SZ,_+LPK,7ZJ/Z9E8^3193FU.H!8UMC/7;8W'+7OI?C^JQ]3
M_8IX`QB`2/MA4>WZ2TD$O?)TR=561__7]56+UGZJ]-ZUU'$S>H`VLQ&6,&,?
MYM^^-;/S_9M6TO/?\:/5.HXV1@8F+E6X]%U=K[6U.+"\@UM;O>R'[/=]!2X(
MRED`B>$F]5N0@1)(NG7ZCT#_`!==,;NZACX>-I.U[H<?ZM>[U'_V6KF.H=9_
MQ;42W`Z)]O=V?M--9_ZY>?5_\`6+T+ZKGK+FNKZC@XSWF#7;879/];[-#7?^
M#*]T+ZL8>3]<,GH.<]]U&(+)>P^D7NK]+:7;=VUGZ;\UZN"$(WQ99S,1Q2%R
MCI_+^NP&4I5PPB.+J]K_`(O,O'R^BY%N-A4].J&78UM%!<X:,J][WV?2L74J
METOI'3>CXOV3IM`QZ"XV%H)=+C&Y[GV%[WN]OYRN*CDD)3E(71.E[MB((`!W
M>>^O%F17TBHMLOIPCD5CJ=N)/K,Q2'^J^O;[VM]7T?6]/W^AZBY/?]4JK\4_
M4O,R;NN.NJ%55;[WL>PO;]I^WMR&^FW'^S^IZGT-BZ*K$^M.3EY6/C_6BHOQ
MGQ92W#J>ZL/FRFNUVYGO]-8^-UIS.HLQ?^>E3KO7;2_''3JV%S@_TWT>IM]F
M]WZ/U%/C%1H&ZUJ/N<)O_.1]I9+>Z_Z/X>I]#3IDZJLC_]#U5<[]8?JC3U_J
MV#E9;YPL6NUEM`+FO>7[?3VVL+=NQS5T22=&1B;B:/\`%!`(HOG?5/\`%.QT
MNZ5F_"G,;N'RR*0U[/\`MJQ<[9T;ZY?5G*^W5T756,!'VO'`R6%I^EZGMM=L
M]O\`AZ5[,DIX\WD`J53']9C.")U%Q/@\U]0^O9W7>BV9>>ZM]U60^@/K;M!:
MUM;PY[=SOTGZ3\U=(HLJJK+C6QK#8[>_:`-SCIO='TG>U34$R)2)`X0>G9DB
M"``3?B\8WJKOJCU;J;.IXUSNE]1R3FX_4*6&QK76-KKNQ\G9[JO3=5^B5?J7
M6<3ZVLJZ/]7\2RVNZ^JS+ZBZHU54UU6,R'O9:\-<_(?Z>QC%W:2>,HL2X?6.
MM^G3KPHX3M>BR=))1+G_V0`X0DE-!"$``````%,````!`0````\`00!D`&\`
M8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````2`$$`9`!O`&(`90`@`%``:`!O
M`'0`;P!S`&@`;P!P`"``0P!3`````0`X0DE-!`8```````<`!P````$!`/_A
M%_UH='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O`#P_>'!A8VME="!B96=I
M;CTG[[N_)R!I9#TG5S5-,$UP0V5H:4AZ<F53>DY48WIK8SED)S\^"CQX.GAM
M<&UE=&$@>&UL;G,Z>#TG861O8F4Z;G,Z;65T82\G('@Z>&UP=&L])UA-4"!T
M;V]L:VET(#,N,"TR."P@9G)A;65W;W)K(#$N-B<^"CQR9&8Z4D1&('AM;&YS
M.G)D9CTG:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X
M+6YS(R<@>&UL;G,Z:5@])VAT='`Z+R]N<RYA9&]B92YC;VTO:5@O,2XP+R<^
M"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z-38S9C=E-C8M
M-64W.2TQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.F5X:68])VAT
M='`Z+R]N<RYA9&]B92YC;VTO97AI9B\Q+C`O)SX*("`\97AI9CI#;VQO<E-P
M86-E/C$\+V5X:68Z0V]L;W)3<&%C93X*("`\97AI9CI0:7AE;%A$:6UE;G-I
M;VX^.30\+V5X:68Z4&EX96Q81&EM96YS:6]N/@H@(#QE>&EF.E!I>&5L641I
M;65N<VEO;CXR,#,\+V5X:68Z4&EX96Q91&EM96YS:6]N/@H@/"]R9&8Z1&5S
M8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z
M-38S9C=E-C8M-64W.2TQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS
M.G!D9CTG:'1T<#HO+VYS+F%D;V)E+F-O;2]P9&8O,2XS+R<^"B`\+W)D9CI$
M97-C<FEP=&EO;CX*"B`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TG=75I
M9#HU-C-F-V4V-BTU93<Y+3$Q9&0M.&(P-BUF,V,R-3@X8V4T96,G"B`@>&UL
M;G,Z<&AO=&]S:&]P/2=H='1P.B\O;G,N861O8F4N8V]M+W!H;W1O<VAO<"\Q
M+C`O)SX*("`\<&AO=&]S:&]P.DAI<W1O<GD^/"]P:&]T;W-H;W`Z2&ES=&]R
M>3X*(#PO<F1F.D1E<V-R:7!T:6]N/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F
M.F%B;W5T/2=U=6ED.C4V,V8W938V+35E-SDM,3%D9"TX8C`V+68S8S(U.#AC
M931E8R<*("!X;6QN<SIT:69F/2=H='1P.B\O;G,N861O8F4N8V]M+W1I9F8O
M,2XP+R<^"B`@/'1I9F8Z3W)I96YT871I;VX^,3PO=&EF9CI/<FEE;G1A=&EO
M;CX*("`\=&EF9CI84F5S;VQU=&EO;CXQ-3`O,3PO=&EF9CI84F5S;VQU=&EO
M;CX*("`\=&EF9CI94F5S;VQU=&EO;CXQ-3`O,3PO=&EF9CI94F5S;VQU=&EO
M;CX*("`\=&EF9CI297-O;'5T:6]N56YI=#XR/"]T:69F.E)E<V]L=71I;VY5
M;FET/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R
M9&8Z86)O=70])W5U:60Z-38S9C=E-C8M-64W.2TQ,61D+3AB,#8M9C-C,C4X
M.&-E-&5C)PH@('AM;&YS.GAA<#TG:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O
M,2XP+R<^"B`@/'AA<#I#<F5A=&5$871E/C(P,#@M,#<M,CA4,3DZ-3DZ,#$K
M,#4Z,S`\+WAA<#I#<F5A=&5$871E/@H@(#QX87`Z36]D:69Y1&%T93XR,#`X
M+3`W+3(X5#(P.C4R.C$R*S`U.C,P/"]X87`Z36]D:69Y1&%T93X*("`\>&%P
M.DUE=&%D871A1&%T93XR,#`X+3`W+3(X5#(P.C4R.C$R*S`U.C,P/"]X87`Z
M365T861A=&%$871E/@H@(#QX87`Z0W)E871O<E1O;VP^061O8F4@4&AO=&]S
M:&]P($-3($UA8VEN=&]S:#PO>&%P.D-R96%T;W)4;V]L/@H@/"]R9&8Z1&5S
M8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z
M-38S9C=E-C8M-64W.2TQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS
M.GAA<$U-/2=H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO)SX*("`\
M>&%P34TZ1&]C=6UE;G1)1#YA9&]B93ID;V-I9#IP:&]T;W-H;W`Z9&$W,3)F
M.68M-64W,2TQ,61D+3AB,#8M9C-C,C4X.&-E-&5C/"]X87!-33I$;V-U;65N
M=$E$/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R
M9&8Z86)O=70])W5U:60Z-38S9C=E-C8M-64W.2TQ,61D+3AB,#8M9C-C,C4X
M.&-E-&5C)PH@('AM;&YS.F1C/2=H='1P.B\O<'5R;"YO<F<O9&,O96QE;65N
M=',O,2XQ+R<^"B`@/&1C.F9O<FUA=#YI;6%G92]J<&5G/"]D8SIF;W)M870^
M"B`\+W)D9CI$97-C<FEP=&EO;CX*"CPO<F1F.E)$1CX*/"]X.GAM<&UE=&$^
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H\/WAP86-K970@96YD/2=W)S\^_^(,6$E#0U]04D]&24Q%``$!```,2$QI
M;F\"$```;6YT<E)'0B!865H@!\X``@`)``8`,0``86-S<$U31E0`````245#
M('-21T(``````````````````/;6``$`````TRU(4"`@````````````````
M```````````````````````````````````````````````18W!R=````5``
M```S9&5S8P```80```!L=W1P=````?`````48FMP=````@0````4<EA96@``
M`A@````49UA96@```BP````48EA96@```D`````49&UN9````E0```!P9&UD
M9````L0```"(=G5E9````TP```"&=FEE=P```]0````D;'5M:0```_@````4
M;65A<P``!`P````D=&5C:```!#`````,<E120P``!#P```@,9U120P``!#P`
M``@,8E120P``!#P```@,=&5X=`````!#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W
M;&5T="U086-K87)D($-O;7!A;GD``&1E<V,`````````$G-21T(@245#-C$Y
M-C8M,BXQ```````````````2<U)'0B!)14,V,3DV-BTR+C$`````````````
M`````````````````````````````````````````````````````%A96B``
M``````#S40`!`````1;,6%E:(`````````````````````!865H@````````
M;Z(``#CU```#D%A96B````````!BF0``MX4``!C:6%E:(````````"2@```/
MA```ML]D97-C`````````!9)14,@:'1T<#HO+W=W=RYI96,N8V@`````````
M`````!9)14,@:'1T<#HO+W=W=RYI96,N8V@`````````````````````````
M````````````````````````````````````9&5S8P`````````N245#(#8Q
M.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="````````
M```````N245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@
M+2!S4D="`````````````````````````````&1E<V,`````````+%)E9F5R
M96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$`````````
M`````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M
M,BXQ``````````````````````````````````!V:65W```````3I/X`%%\N
M`!#/%``#[<P`!!,+``-<G@````%865H@``````!,"58`4````%<?YVUE87,`
M`````````0````````````````````````*/`````G-I9R``````0U)4(&-U
M<G8````````$``````4`"@`/`!0`&0`>`",`*``M`#(`-P`[`$``10!*`$\`
M5`!9`%X`8P!H`&T`<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D`K@"R`+<`O`#!
M`,8`RP#0`-4`VP#@`.4`ZP#P`/8`^P$!`0<!#0$3`1D!'P$E`2L!,@$X`3X!
M10%,`5(!60%@`6<!;@%U`7P!@P&+`9(!F@&A`:D!L0&Y`<$!R0'1`=D!X0'I
M`?(!^@(#`@P"%`(=`B8"+P(X`D$"2P)4`ET"9P)Q`GH"A`*.`I@"H@*L`K8"
MP0++`M4"X`+K`O4#``,+`Q8#(0,M`S@#0P-/`UH#9@-R`WX#B@.6`Z(#K@.Z
M`\<#TP/@`^P#^00&!!,$(`0M!#L$2`15!&,$<01^!(P$F@2H!+8$Q`33!.$$
M\`3^!0T%'`4K!3H%2058!6<%=P6&!98%I@6U!<4%U07E!?8&!@86!B<&-P9(
M!ED&:@9[!HP&G0:O!L`&T0;C!O4'!P<9!RL'/0=/!V$'=`>&!YD'K`>_!]('
MY0?X"`L('P@R"$8(6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H)3PED"7D)CPFD
M";H)SPGE"?L*$0HG"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY"U$+:0N`"Y@+
ML`O("^$+^0P2#"H,0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H-=`V.#:D-PPW>
M#?@.$PXN#DD.9`Y_#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F$$,0
M81!^$)L0N1#7$/41$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02A!*C$L,2XQ,#
M$R,30Q-C$X,3I!/%$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56%7@5FQ6]%>`6
M`Q8F%DD6;!:/%K(6UA;Z%QT701=E%XD7KA?2%_<8&QA`&&48BABO&-48^AD@
M&449:QF1&;<9W1H$&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<*AQ2''L<
MHQS,'/4='AU''7`=F1W#'>P>%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@%2!!
M(&P@F"#$(/`A'"%((74AH2'.(?LB)R)5(H(BKR+=(PHC."-F(Y0CPB/P)!\D
M321\)*LDVB4))3@E:"67)<<E]R8G)E<FAR:W)N@G&"=))WHGJR?<*`TH/RAQ
M**(HU"D&*3@I:RF=*=`J`BHU*F@JFRK/*P(K-BMI*YTKT2P%+#DL;BRB+-<M
M#"U!+78MJRWA+A8N3"Z"+K<N[B\D+UHOD2_'+_XP-3!L,*0PVS$2,4HQ@C&Z
M,?(R*C)C,ILRU#,-,T8S?S.X,_$T*S1E-)XTV#43-4TUAS7"-?TV-S9R-JXV
MZ3<D-V`WG#?7.!0X4#B,.,@Y!3E".7\YO#GY.C8Z=#JR.N\[+3MK.ZH[Z#PG
M/&4\I#SC/2(]83VA/>`^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F0.=!*4%J0:Q!
M[D(P0G)"M4+W0SI#?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=&JT;P1S5'>T?`
M2`5(2TB12-=)'4EC2:E)\$HW2GU*Q$L,2U-+FDOB3"I,<DRZ30)-2DV33=Q.
M)4YN3K=/`$])3Y-/W5`G4'%0NU$&45!1FU'F4C%2?%+'4Q-37U.J4_940E2/
M5-M5*%5U5<)6#U9<5JE6]U=$5Y)7X%@O6'U8RUD:66E9N%H'6E9:IEKU6T5;
ME5OE7#5<AES672==>%W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA3V&B8?5B26*<
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MEHO\C&.,RHTQC9B-_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2XY--D[:4()2*
ME/257Y7)EC26GY<*EW67X)A,F+B9))F0F?R::)K5FT*;KYP<G(F<]YUDG=*>
M0)ZNGQV?BY_ZH&F@V*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF&J:+IOVG;J?@
MJ%*HQ*DWJ:FJ'*J/JP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[``L'6PZK%@L=:R
M2[+"LSBSKK0EM)RU$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;
MO16]C[X*OH2^_[]ZO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+Q<C&1L;#QT''
MO\@]R+S).LFYRCC*M\LVR[;,-<RUS37-M<XVSK;/-\^XT#G0NM$\T;[2/]+!
MTT33QM1)U,O53M71UE76V-=<U^#89-CHV6S9\=IVVOO;@-P%W(K=$-V6WAS>
MHM\IWZ_@-N"]X43AS.)3XMOC8^/KY'/D_.6$Y@WFEN<?YZGH,NB\Z4;IT.I;
MZN7K<.O[[(;M$>V<[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T],+U4/7>]FWV
M^_>*^!GXJ/DX^<?Z5_KG^W?\!_R8_2G]NOY+_MS_;?___^X`#D%D;V)E`&1`
M`````?_;`(0``0$!`0$!`0$!`0(!`0$"`@$!`0$"`@("`@("`@,"`P,#`P(#
M`P0$!`0$`P4%!04%!0<'!P<'"`@("`@("`@("`$!`0$"`@($`P,$!P4$!0<(
M"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@(_\``$0@`RP!>`P$1``(1`0,1`?_=``0`#/_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0(%`@,$!@8%!0$#!F\!`@,$$04&(1(`!S%!$PA1(F$4<8$RD0FA(_#!
M0K$5T1;A\5(S%R1B&$,T)8(*&7)3)F.21#6B5+(:<S;"TB=%-T;B\H.3H[-D
M52C#TRDXX_-'2%9E*CDZ24I76%E:9G1UA(5G=G=HAH>4E:2EM+7$Q=35Y.7T
M]9:7IJ>VM\;'UM?FY_;W:6IX>7J(B8J8F9JHJ:JXN;K(R<K8V=KHZ>KX^?H1
M``$#`@,$!P8#!`,&!P<!:0$"`Q$`!"$%$C$&0?!180<3(G&!D:&QP0@RT13A
M(_%"%5()%C-BTG(D@L*2DT,7<X.BLF,E-%/BLS4F1%1D154G"H2T&!D:*"DJ
M-C<X.3I&1TA)2E976%E:969G:&EJ='5V=WAY>H6&AXB)BI25EI>8F9JCI*6F
MIZBIJK6VM[BYNL/$Q<;'R,G*T]35UM?8V=KCY.7FY^CIZO+S]/7V]_CY^O_:
M``P#`0`"$0,1`#\`W^.>KU>YZO5[FI%>KJX]O-UZO7'MYZO5ZX]O-37J[YNO
M5[GJ]7N>KU>YZO5[GJ]7N>KU?__0W^.>KU)3.^><G=-LH9BS[G_,]#D[)>4J
M67&\S9HS'41TE#0TD"[GEFEE(55`^.IT&O'[.U=N'4MM)*EJV`;33-S<-M(*
MUD!(VDUJ3>L[_A4/AN#8[7Y%]"/2F#/(CF;"J;K)U=CK(Z"MFOM4X9@]&T53
M4*Q^PTLD>[P6W,I-T/IJ6MOO,R=T<="8D#^^4<!Z34+9_P!L"4*T6:-7]\9C
MT&VB/X?ZW_\`A2?UQA.;<AY,ZAQ8!4,:BDAR=TQP/":)5E[>6,9HA4.FEE+N
MVFM]>#)>YG9U9'NW5ME0VRXHGW$#W"@^WO!O;<2I"5!/4@?,348_C-?CB^CC
M%:6I]4&0*S&,N121PU5%U^Z>_P`FII%%[I'B^78:.)'('=VD/PY9/9#N7FR?
M\B<`5PT.2?\`2JD_"F_[>;QV"A^91*?[Y,>\16PQ^&Y^.[Z:O7=B^"])LXX:
M_I\]1>**L>&9"S15Q5&$8_-;5<&Q(!%ED)^S!*J2G]T-R".T/L3S'(TJ?0>^
MMQM4!BG_`!AP'6)'E4H;J=H]IF:@V?`[T'$'R-7I*0!KW)Y"P.%2'7/OSP->
MKW-UZO<]7J]SU>KW/5ZO_]'?WO<&WU<\:]6B1^,[ZR>LWXD'K5P#\-KTLM+C
MO3O)N8X\@G!,)F,=-FK.E,Q6NK*^1!;^7X39U%[J&2237W+9J=D&Z5EN]DZL
MWO<'%)U3Q2D[`/[Y?MB!TUCKO]G]SFN8#+[;%(,'^^5Q)ZD_&KCNF_HY]"GX
M#/I*Q+U3=9,FR=;>KN`+AF%9OZHPX7!B>+U.+XK4QTL5#@-/7,L5#3>:U@VY
M68#=(YT`B3,M[\\WXS06;"^[:))2B8``&U1'W&/P`H>V609=NW9%]P:E")5$
MF3P'0.302#_A5)Z-;+_T[YU/%NRBFRSI\-,5X;_]"QYQ/]W:]JO\&B]/;-EI
MV-K]@_&F?,'_``J#]"F;<)KLO9I]+_4/,F`XG&])B."X_AN4ZNDJ(G4HR20U
M&)NC*02""#QUGZ:\[;4%(N6TJ&P@J!^%57VOY:H:2TL@]($?&J<?4KZ1/3]Z
MT_3UU3_$M_"_Z69HZ(X+T1S#-0=:.@&+I20&G^0IX,1DQ_+:X55U)IOEQ*))
MJ=&``!>,+M(,L[M[UW^37[63YRXATNH\#F)VR`A9($S&!,]!F@)G&0VN86B\
MPRY);[L^)/EB2F#A^%;(GX#GXEF->NOT\XOT]ZO8RN*^HGT]"BP7-N,R%1-F
M+`JF,KA^+N!WE;RVBJ&\9%W=VYCWVW]G2,DOPZP(8>D@?T5<4^7$=7E4J]F^
M]BLSM"ETRZW`/6.!J^5;[1?OR%!4BS7+FZ]7N>KU>YZO5[GJ]7__TMWCU5]5
MI.AWIGZ_=8*:4T]=TVRAF#-^%S%-X6MH\,FEIB5/<>:%O\.'6[>6_G<P88C!
M:TI]"1/NHOS:\-O:N.C:E)/L%:BG_"73HS@N8^I'JJ]9G4&2*;$.G=!39(P?
M,F-2+MHZC'!-C.,5C2RGW6\F%0[D_99K^WF57U+9NXW;VN7M?:LDD#CIA*1'
MK[A4'=CEBE;C]VLXIPQZ\2:L@_$$_$(_!U]>7I[S/Z8L^^NQ<B8'B6,87CE5
MFG(>%5]74K/@=>*I4B:KPZ>%XW9+%@#<:@\CO</<7>W(\P3>-6)6H`B%$`>(
M1P,T,=Y=Y,CS"V5;KN0D$S(VX>E41_[&7X!/_<V+.(]ELN4?_GB^')N&^>_7
M_.+1[3_A5&AW;W:_YG3[!^%>_P!C+\`GP_%BSD;:_P#,.49_\T7-_P!L]^?^
M<6CVG_"K7]FMV8_XM/L_2MFW\$GHYZ*>G7IEZN90]'7J#Q'U0]+<P9MK9<ZY
MBSGA\-&\&(U&%4\$U#Y*4=(K1F':3=#?<1\.8W=L6;YQ=9BTY?L!AP($`'A)
MQVGCA4O[AY=8,6BDVKG>(*L9\A\16N]^'+A-3Z#O^%"&=/37@<K4F2\R8]G#
MHK3X9"UXVPC$<..<,&1KV!\B-$4::>')^[07CGFX3=VO%:4H63_?`Z%>W$U%
MVZJ/Y;O0NW3]BBH>D2/9LK?:&@',(A61U=\W7J]SU>KW/5ZO<]7J_]/<B_$:
MR=B.?O07ZO\`*F$(9,1Q;I[FCY:(,5+&GPN6I(!4@W(C-AX]N"S<&[[C.[1P
M[`XGX@42[R,ES+GTC:4*^%:P?_"<',46:/1G^);T4P6EEQ7/M?A;9CP7+U$A
MDJ*V/%LH5V%1)#&/>9C-$$``[L!W/,E/J$8[K.,NN%8-S$\!"@3[JAGLG="L
MNNVDXKC`=/A@57!T(_X3]^M[J3T;@ZK]2L:RKZ4,.BK),OG+'J6J,3P'%5\E
MEB2>1!2ND<<K&T09[M:X';D@Y[V\Y+:WG<,I7<<9;A0QQZ>''HH+Y9V69@\P
M'%E+7"%2#PQ/K0@_\L]_6RU_]M[H%]>;JVW_`)2\0?[/UG_S)7'^E'XTL_V)
MKG_F8:]I_"NO^6>_K8?^OW^@0MK<9NK3V_[Y>:/;_9C_`)@KC_2C\:]_L47(
M_P"8AJ/,_A6S]^!MZ*<U^ASTX]4>G&;NK&3>KM=FG.=5G*#'>BF)2XIAU/%+
MAU+3B":26.,K,#%<K;L1KS&WMGWS:SO,6WFVEMA*`(6`#@3B.JI@[/MW5Y;:
MJ;4M*Y5,I,C8*U]LC8O'UJ_X5&U6/Y-MB&%Y:ZC8M\Y4PBX$.5<A2X)6.;?X
M:A2M^3Q>(-EV:!+F!4V/][7(]U1A;+_,[XDIQ`5_OJ8/OK>Z4W4'F%%9%"N7
M/5NO<]7J]SU>KW/5ZO_4W[*Z@H\3H:S#<0IDK</Q"*2AKJ*J4/'-#*AC='5K
M@JRD@@^'/))2008(K1`(@[*^?!DC->=/P#_Q><U8?FK#:VLZ`YEEJ<)Q'R(Y
M&;&>FN/UWS5%B%.!?S9\,E4"1`;EXW7]X7SNO;9K?G=1*FR!<)@X\'$B"#T!
M0^,UC);O+W9SU6L?L5=']`G#_2_*MHS\6[HSFG\2#\,C'<N>C\X7UGK<]UN5
M.I60EP_$Z*GI<;PZ@Q.*ND%/4ULD4"RF.]EE=!<%20>8T=EF;-;O[QI5?RT$
M!2588@D1)&WXU,F^EBYF>4*3:D+*H(@@`B9V[.8K38_X8%_%-/;T=-[;?UIZ
M?W'_`).^9??[.>[/_,W_`+RY_@5C\GLTSH_ZQ_O2?QKO_A@7\4X7_P"G.F^-
M\T]/_P#S]\]_LY[L?\S?^\K_`,&K?[&><_\`&/\`>D_X57,^DKJ?U$_`:_#1
MZ]X+ZFLBT_3WU/\`6#-^+8EZ;ND#XK@>*56*R3X/24*8G,,"JZQ8Z*DD4O*S
MD$E0@U8<A[>G++??C>-A5DO7;MH2'%PH`02=/B`DG8/.:D')+]W=O*'!<IAY
M:CH3().`@X$P!7+_`(3(^C[-V8L[=8OQ#NJ,$]5_/17].>E>-8RMY\6Q#$:W
MY['\64MW5I`L*L-"=X!L.>^H[>UAMEG*V<-,*4!P`$(3YQCY17NR'(W%*<O7
M-JL`>G'Q'VX5N4)]D>/Q/,2ZG:BM9H]6>1<M>K3IIZ.$R_B^-]3NI&5\7ZOG
M$\)@ISA.#X'A%2E&9:Z::9'#33/LB6-&)/>W!%;;LON98Y?2`TA01C,E1Q@0
M(P`DR118[FK:+M%O!*U`GJ`'3\JK']0?X_WI;Z"=?\]=&1TMSSU0RCT;KZ?+
M/77KKTWPN*MRSE2LEF,$JU#F0.ZT[`K(PL"P8)O(Y(V1=A^9WUBBX[QMM;H)
M;0HPI8'0.OAU8F*".8]HUG;W2F="EA!A2@)"3UU>%ES,>#9NR_@.:LN8A'BV
M7<ST=+F#`<6I23%4T59"M1#*FX`V='!%QX\AMYE;3BD+$*28(Z"-OOH>MNI6
MD%)D$2#U4^\;IRO_U=_<]CSU>JM'\3+\,WH]^)/T?I<FYQJ3DGJEDEIL5Z0]
M8,+ITFK,&JY4VO!/&2OS%%/8":$L.P92&`/)`[/.T2\W=O.\:&II7WIX*'R(
MX&@KO9NFQFK&A?A6/M5Q'XCJK3LPG'_Q@?P&<X8G@)PFIJ^AU56O5/%74E5F
M3I?C=WUJ::HBVOAD\HU9287O]I6T)RS=M]TM^&@N8>`X0EU/41L4.@X^E02V
M[GN[2RF"IKRU)\\,0?95C.2O^%8YBP>"+J+Z+_G,QH`*JJR+G&&&A<]CLBQ"
MADD7ZV/`%>?2VK6>ZO(']\@SZP:%-OVUI*?&QCU*P^$T$/6[_A4MZA^H%#)E
M;TQ^FK".F6/8N!18?CV<:^?-N)QS.0JFFH:&GIHG<DV56#:^!X;91],]A;JU
MWMR5I&T)&D>I))`]E(+_`+9;ET:;9D)4>),^P`;:#?TA?@V^NO\`$QZR0^IO
M\1/,N9<B=.,9EAKL?Q;J0S09US+11G>E!A>'N`,*H2#8.Z)M4GRXR?>XMWK[
M6\DW<M#9Y4A*G!@-/V)/23M4KR)ZS2?)-P\RS=_\Q?*4E)Z?N(Z`/X1Z#RK>
M6Z;].<C])<A93Z9=-\L4N3<AY%H:?+.4\L8)&(::BHJ5!''&BCX"[,;EB222
M23S"^^OWKMY3SJBIQ9)).TDUD/:VS;+:4-B$I$`=5+@"P`]GMXFI^M=S\4C(
M.!]2O7_Z1,D=$/4YG'T?>N_.>5<QY8Z<]3\L9=AQG*V-Y2DE:>MPZMEGJZ?R
MJB&2,R1E$<C<-+E2)T[-KY=MD=V[<6R+FQ2M)4DJA07L!$`X&8,Q4<[V6Z7;
M]E#3RFKA0(!B01Q&T<^E&)Z=_A,4_1#\-;K;Z(>DG4NDDZK^H:@Q:/JQZA^H
M.$-B#XKC68%%/6UTM&DRLPB@)2FC:4[2`Q))8DAS/M/5>[PM9@^V>Z9(T-I5
M$)3B$@QTXDQC1C9[G)MLL7:-J\2YU*(VSM/LP%6A=#>F%!T3Z-])^CN%UC8C
M0=+LO8/D&GQ&4,&J!A-!%1&4AF8C>8RUKFU[<CG.<P-W=N/D05J*O:28H5V-
MJ&64-C$)`'L$4+/"^E5?_];?XYZO5QVK[.>KU1JNAHL0I:BAKZ2.NHJI6AJJ
M.L198I$;0JR2`@@^((YM)(,C;7B)HG&=?PY/05U$K&Q'-_I!Z>XI7.PGEJX<
MKX522.ZMNW.:**'<;]R;W\>"NSW\SJW3I;NG`/\`&/S-$C^[67N&5,()_P`4
M?A0I]+?2EZ9.B-1%6](?3]DWIOB4`9(L8R=ES":&N`<W(^9@@68@^POPMS+>
M3,;P0^^M8Z%*)'L)BE=IE%JP9::2D]0`^%#]8'PX2T85X`#MSU>KOGJ]6OI^
M-SZ6?37U+K^B'J$]3'KXQCT6Y=Z2+7X3DP98$E35U^.S31U,55AD%/+\RM9"
MB,K/31[]I&Y@HY.'8WO)F-OW]M:6*;E3D:IV!.."C$03_2,2,!-1OO\`Y3:/
M!MU^Y+(1,1MGJXSY"J6>E-)Z-NNN<*'IEEO_`(4.=>LN9FS5(F`Y>?/LN8,%
MI:NIJ?T4:)65=:L*,3:QDD2Y(`-SR7\S5G%FR7EY!;E*<3ITD@=)`!)]!0$L
M5V%PYH3FKD]"I$^I(^5;P>1\O2Y1R;D_*=1C51F2?*^%X?EZ;,6+N7J\0>BI
M(Z8U,S%F+22E-[DDW).OCS#:\N`\\MP)"0HDP-@DS`ZA4^VS6AM*29@1/3`V
MTKN,T]7_U]_CGJ]7N>KU$N_$+]5>*>B7T@=9/4Y@N38.H&)]+:.EQ2ERCB-8
M]!#6&HQ""B*M/''*4L)KZ*>W!=N+NRG.,U:LRO0'"<8F,"=E$>\>;FQLUOA.
MK3P]:I:]#G_"EGH?U[ZB?YM/5+D"'TN56/2QTN1\_OBIQ/+4T[D(*?$*AX86
MHG9C[DC@QGL67OR7=]/IUOK"W[VS<_,:9U)C2KS`_B'3!F@!N]VLVMV]W;Z>
MZG89D'S.$5L?9LS1_)NGV:,ZX)+!BZX3@U;FK")$D\RFJA!0O5Q$21$AHWVB
MS*=0;CF/EI;ZWTMJPE0!]L5*;[VEM2AC`)JB3\$W\7CK=^)MFSKOE_JUTQRU
MT]I^E>"99S-@T^0*C$IGJ9<<J:Z&5917D@*HI5VV\2;\FWMB[*+3=MIA3+JE
MEQ2@9`&P"-GG4?;B[ZO9NXZE2`G0!LZR>L]%;"*7VZ_T\@D5))KES=>K6U_%
MWH<%Z+^N3TE^M+U%>F?%?5;Z.<@95S#TXS+E_+N%C,,&2\SUE?%608U5X7,K
M0RQR0KY>Z0;04U.X*#/O9:XJ\R>ZR^UN1;W:UI4"5:=:0,4A6T$;8%1IO@VA
MF_9NGFN]92D@B)TF?NC9STQ1%?6?^(?^&GZZ^@>;O2YZ-/0QBW6SU']4J#^I
MO21<O=-*#+\V6L5J'"TU?_,*6,34\=*Y\QBA"6!W';?@UW3W`WBR2_3>7]XE
MJW0=2I<*M8XI@X&1AC0=SC>C*LS84Q;,%;IP'A'AZYZNCVX36V?Z?,I9OR%T
M)Z+Y(Z@XK_/,]Y/RM@.6<XXN65_F,2HL,AIZA]RZ-^D0^]X]^8OYY<M/7SSC
M8A"EDCR))`]E3!ES2V[=M*S*@D`^<`&AEX6TMK__T-_CGJ]7N>KU4^?CVW_X
M:>]7%A<_RG#-/^_[1<E;L1_Z>BU_QC_OIH%=H9_X3O>0^(K1^Z)?A9>HWU/^
MB[,OK"]/V'1]4(LD9GQKI_GCHUAD1_GPH\+I:6K%?AZN2E82*@AZ<6<6!3=<
MVS-SKM.R_+<X38W1T:T)4E9V22?"KHV?=[:QSRW<R[O<O-RSXX)!''`#$=,]
M%"WZ"?QC_4GZ(\N9EZ$YM^<ZQ>GG%:'%,FU?2G-E1+#BN59ZJGEI6;"9ZP%Z
M?RI'O)1RCRSKM$;:\*=]^R/+LY<3=-0U<`A04-BXQ\0&WJ4,?.C'=O?R\R]"
MF%^-J"(.U/D3T=&SHJSW_A)G":7JMZSZ5W#FERKD*G+C0$IB.,K<?=R./JE_
MXEL^C4OX)H8=BIEZX/4GXFMVSF'`K("F^O\`G?E*X8:(SB'E2?(?.;O)\_RS
MY>_9KMW6W6UMS:(U"=E:5,8;:U+<^>JC\?A/6CTR\ST9T$5;!E?,^$T71_`L
M=Q"7IQF.C6K0'$\2JS*8(:V&RFGCDD5F#=O#F3MENSN+_*'/\L.*T^(I'>)P
M^U(VE)XD5$-SFV\0OT#N,-*L`?">LXQ(X8T)/5GJE_PH*ZT=-LZ]&\O>A+(7
M0#&^J-!+E&AZO9&SHF&XSE_Y@A6KJ2:&M#J\0UW`-;V'MPORS+-Q;2X0^N]<
M>"#)0I$A749'&EEW=[PNM%";=*"K"0J"/?\`"ME+I+@.:\J=+NFN6,^X\<TY
MXR[@.$8'G#,K,SG$,4I:"*"JJ-[@,WF2JS7(N;W/,?LR?;<N7%-)TH*B0.@$
MF!4DV;:T-)"S*@!)Z3Q]]"/Q'2JO_]'?XYZO5[GJ]1,?Q"/2K7>MGT>];?3)
MA6;XLB8MU0PV+#<*S57TSUE/2U--60UT1EBC=&,;-"%8J;@&X!M;@MW%WG&3
M9JS>%.L-F2-DX11'O'E!O[);`5I*AM]]52_A#^BSK!^&/C_5+(?6_P!:W3C-
MO1O,]-)BN%=),LXHM--AN;):RG$V(-_-XZ>1`]/"T3J&L38D7%^27VK[XVN\
MJ&W;>S<2\DP5D3*<?#AAM,S0/W'W=N,HUH=N$J0<0-D&<3CU4Y_B:?A:>@SU
MZP8QU*R1UAR7T+]3TD9EBZEX+C&$?RS'Y$'N18[1P5"B:_85*`3*#W<`+QOL
MY[3,[R(I:6TMVV_H$'P_XIC#R^WR.->WOW+R[,P5I4E#W]*1!_QAQ\]M);\#
M#\,_/7H'S_ZC<Q9PZ^].NLT?4W!LLX+14'0[%ZS$Y\/?"ZW$9W>K6JIJ<*DG
MS($9%R2K7XK[:^T:WSQBW0TPXUH*CXP!,P,()V13'9WN>[E;CJEN(7J`^TDQ
M$]0K8[C)*BXL?9S'\5*=<^;KU:__`.(_U[SYZ+?Q"?3+ZM,[=,,_]7O2_0=/
MLV=+EP3HA!5XFF%YWKJV*IAGKL/BEBB;SZ=1''))?;9BHNMC-G9_D;&;Y'<V
M3;K;=R7$*E9`E`!!@D2()DQ4>[SYDNQS!E]2%*:TJ'AQA7"1UBJFL]^COKCZ
MD?2CZM/QA_5[U&ZD]!O42WS_`%)]'?3#)M57TDV5\)PI@N!4SX8(FJ&:JDV1
MQQ+L.S]*VXR&TI6F]MGEV9VN16+;3S&"7E&"%%7WG5LP$XXXX#90+7D%S>6S
MN97"UH=.+:08"0/M'3CZ=)VS6WIZ:L>SWFGT\]"LS=3Z8TG4;,64<NXUGJG<
M%67%:G"8)JG<"!9C(Q+"PL;CF*V?L,MW[R&3+:5J"?($Q[JF?*W'%VS:E_<4
M@GS@30X\*J7U_]+?XYZO5[GJ]547XVO6OJ=T`_#3]1_4+I%C%3EG.HH\.RM3
MYKP9S'5X52XQB=/AU34PN-4=8I6"N+%2;@@B_),['LGM[[>*V:?3J1),'88!
M(!ZI%`_?W,'K7*77&C"@!YXD##KKYU'1OTJ>I?U2U69:KH9T/S;UVJLMO$V;
M\4RE05N,-22U>YXA53G=9Y`K,`S7.I^/,_\`-]Y\LRL)%R\AK5L!(&S;`Z)Z
MJQ5L<FO;Y2BTVIP@XD8\S0[?\-/?B.:?].*]1M?^[;J^$G^RGN]_S.-_Z8?A
M1E_8?-_^99?L_6MEW_A-9Z/O4WZ8^J/JWQ3K_P!`,S=%L-SC@&3\.RQ79_PN
M;#X\0GH\1Q62=(3+]LQK,A8#MN',=?J'WORW,K:U3:OI<*5+)"2#&"8J7.R?
M(;RS=>+[:D`@1/';6V]&25U[W(MS%@5-E<^;KU4+_B8]4NON??6EZ5O0;TW]
M5Y]#?3_K!EO,/4_-/6R@CI1C.8:["JR&CAP'"9ZR2%$GVR&1EWJ6##[5MAF?
ML\RRQ:RBZS%ZU_-N-J2D(,Z4@@G6H#:,(V>S;0`WHN[ER^9M&WNY2L%15Q,'
M8#-$9R!ZOLU=)OP)_4IG?J#ZPL<P[U`Y4S5U)RAT?ZKXOCR3YOQ7&L%S7+38
M5%"M0\CS+,8@KQ@%/++?N\&E[NFS<[[6[35JDVY2V5("?"E)1XIC`1CCT]=$
M-EG:T9`XMU\]X%*`,^(D*P_`]5;+?IJS3G'//IYZ$YTZA4C4.>\V91R[F'.-
M+,`'7$JS"H*BH+`!0"78DBPL?#F/.?V[3-^\VUBA*U`>0)CW5)V5.K7;-J7]
MQ2)\R!-#GPJI?7__T]_CGJ]71['GJ]1`?Q2L\]&>G/H!]3V9O4#D6MZE])%R
MW/A&;,E9<FBIJ^M3$)HZ&$4\\]UADCEE219"#L*WL;6(W[-[&\N,\MD6JPAW
M5()V",3(&W#AQH.[V7##67.J>3J1&('&:T3/PM/Q9\U?AA8]UCP[`>F?^=[I
M3U8>EQ!LIXUBJX9B-'7X;YD%+5_-PTTZ.[4\@CG`B`8JI&VUN9K]IG98WO*A
ME2G>[=;$$A,@@[1$@[<1C@)K&_<W?E64*<"6];:N$P1'&8/`^NVKD1_PK#G_
M`.X)/OSR/_//R)!]+IC_`(M_WC_DJ'G^S7_S3'_3?\C5M'X3OXP3_B=YRZVY
M4?H1_F=/1[#,"S`M;_/QC/S_`/.JJMIMFWY*D\OR_E+WN;W\+<BSM2[)SNVR
MROO^\[PD?;$1!Z3TT-MR]^?YPMQ/=:-`'&9GT'15VZ?9Y#PJ0*Y<W7JHQ_&'
MZ9Y\ZPCIUDW&OPU4]>WI\H:.MQ_,&.9'S-%EW/V5,>$RQ1OA#;_/9)(=76)&
MWD`&UAR8>RG,6;4N+3F/Y1\D`!2=2%)_OL.GIV4!-]+5QY*$_E>_;QF%:5)/
M5QCI`VU4!Z;NF_X!717J=EO'?4;T3ZI^F_J9E>M6OP+)OK\H,R#`*'$(W$@V
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M_`U29D/_`(2_>CVAR-E&'K%UYSB>J!H*=\^296QO"J3"SBK1AJ@4<511;U@5
MR0F[6UB=>3'?_4IFZGU]PRCNI.F4DF.$F=M1W:=CU@&T]XXK5&,$1/LI5_\`
M+,5^'EX=>>H!^C,F"?\`G'Q&?J2S[_C+7^E/XTH_V'\J_IK]H_"C-_A.>E#\
M/OTA^HCU=]*O2-UUS'U6ZP98H<LX!UYRUG24U5-@L<<]=4T7R]3%14T$CNTT
M@?RY'V[0#8\#?:?O5GN;6%J_>LI0T2HH($3LG"28P'`4<;G9'EEA<O-6RRI8
M`U3PZ,8'SJ^--5![?#D*B:D2N?-UZJ2OQ8<Y^M;*F8.E]+T)];/2KT,]"<PT
M%?0=1NJ77NKPVFQB3&!51""+"EQ)6$A$#,UD*V(U.HY+O9C9Y0ZAPW-F]=/`
MC2EL$B,<51U[-M`C>^YO&]/=OH9;(,J41,\(G]/.JEH?29^%KU+CAS5^(A^-
M^OK2Q&A+5]7EO$.IN$87EZ*1P5D-/08?5U,ZJP^UY;@V]G)27O/O+:RC*\F_
M+`X2&B5>V!0(3E>37!!O,P[Y0X:P!/4)/NK;IZ?TF4Z'(N1J'(<L<^1J'",-
MI<E3T,IFA?"8Z...D:.1B2ZF$*0Q)N->8L7Y=-PLNB%R=6$8R9\L9PJ9[=*`
MA.C9&'1%+7B>GZ__U=_CGJ]7N>KU5E?C">IK/WI(_#T]0/63I9B/\EZC4E'1
MY3R9CZHLCX=6XY7PX8*I%D!7?"LS.A(-F`-N2'V5[NL9KGS%N\);))(Z0`3'
MK%!;?7-UV.6.O(P4!AZF*^;35X-ZC.I>6<\]=\2CSSU!RCEJLAI.I/63$JK'
M,1H*+$:]E\I*[$9961)9F<64FY)&@TYT-2_EMLXBU'=H6H>%`TC`="8X5B6M
M-Z^A3ZM:DC[E8G'K-/\`1>G?U78ETEGZ^X=TAZ@8CT-I8)<4J>K]#28W-EV.
MEIIO(FE:MC<QA(W&UV)LI[VXRK/\K3=?EBZV'MFC`*GA@>D5<99?ECO@VON^
MD21[:VB_^$IW2?J!AM7ZL^M^(8"T/3#.E)EK(66\UO54TGSN,X-6XE55\/E+
M*TP:):J(LTB@$MH3KS&GZGLVMUBUM@K]H@J)&.`4`![8-3)V,6#J0\\1X%0!
MYB?QK<>31>UO@.8E"IVKGS=>K5"_&_S1Z.NFGXCWH2ZA^MO+F)]5>B(RAFW`
M<U=+_E:F;#J,-4H]+B\(@GC^89)RL=33"Q*^6UV"E>9,]C-KF]SD-\UER@V_
MK00J0"=OAZA$D'SJ'^T*XL&<QMEWB2IO2K#&!U_B/6@/Q?UK?\)C(,)KYZ[T
MC3/0-!)YZCI]BB>:AC-U5GK4&YAV]X?3P[1N=VBE6%V)_P!L'X47IWCW4,?L
M/]XK;MZ75N4\3Z;=.L2R)0G#,CXA@6#UV3,-=#$:?"9:")Z.(H6<J4A95(N;
M>T\Q7S-MU-RX'3*PHZNM4F??4T6A064%/VP(\L(H0.(Z45__UM_CGJ]7N>KU
M50_C>=(\9ZS?A@>JK+67:1Z_'<`P:#J)AM'3AVDD.7J^'%9`BQ@DMY4+V')-
M[',T;M-Y+5:S"2K2?\X$?.@?O]8JN,H?2G;$^S&M;7\(V@P_U9_@^_B9>B#+
MZQUO4O##5=8,FX/"R?,UIQ+"X*RC95/@*S"/*)&H+#VCF0?:P^O*M[,NS%1A
ML^`GH@D'_>5344;B(%[D-W:)@KQ('3AA[Q1+_0=^-?GOT9>D#J+Z/<Q=!J'K
M3DS,HQ]<I28_B38?_)CF&%XZZAK*9J>7SJ=9G=]H(8%F4^'!EOQV,LYQFZ+]
MM\M*&F8$SIV$&<#''9LH/[M=H3F76"K536L8QC`$\#STU85_PE#S?G&BZL>K
M7IC!//5=.YLN9:SI7P%C\M38U'6U&'1RA23:2>`%3;N(Q?MP`_5#:,JMK1Z!
MKU*3/$I@'W'XT*.Q2X<"WT?P0D^LD?"MVQ3<<PZ%3_02=><7ZK8%T8ZI8ST,
MP&ES3UBPG`\0K^F66L;*BDK\:BIV>EIYBTL("22`*277OW'#')D6R[MM-PHI
M:*AJ(V@3C'I26^6ZEE9;$K`,#KX5KPUO6O\`X4?8V*:;&_0AT<Q2>)+1G$ZV
MFG,>X`L%,N+-;7O8\GI&4[@-R$WKX\A_R-1RN\WE5MMVSYG]:9,7ZK?\*/*C
M#:B'#_05T3CJ%5F@%2]%.C,JFRE&QA!J?CQQNPW`2<;U^/(C_0U1RYWF4([A
MOW'W:JV8NG\V9:C(N2)LZX?3X3G*;",-FS;A>%6%+38HU'&U5%#9F'EI*65;
M$Z`:GF/-\EH/K[HDHU&)VQC$^E2;;E>A.O!4"?/HI:<3T]7_U]_@Z`GGJ]2#
MZF]2\C]'.GV<>J?4S,E/D_(&0</J,SYMS-BS;*>BHJ6,R22/8$FP%@`"22``
M2>*\OR]^[?0RRDJ<68`'$FF+JY;9;4XLPD"2:KAZ9?C#?AV>H7H=U^ZMX)U=
M$O3/H9A_SG63#<Y8-B%%6181B#-112K0U$1DJ(*IV\I-@-V(4@7'!]F793G]
MA>L,*:_:.GP001(Q.(.!&TT%['?7++NW<<2OP(^X$&8\N,T0[H?^-7^!MZ;,
MMG*?0/#WZ18!+:2IH,C].<3H&J&N6#3R10"25A<V,C,1V&G!OG'8]OIF+NNY
M_:*_OG`8\L8]E!S+^T'=VV1I9(2.I)'RJK_U$9__`.$S7J,ZDX_U6Q?&NH73
M+-6;:F7&LU1]',&QK",/KZZ9M\M0U%4T-7#'(['<YA5`QN2"23R2-W[#M&R^
MW2PE+:TIP&LI)`X8R#\:!V:W>Y]XZIQ14E1Q.D*$^D1[*N^_!CZC_A85>`=5
M^COX;5!BJU&4TPO.75W,&>,.Q:+%\4;$'J*2DDJ*[%54S;?EI`L<>U(QV4;C
M>&^UW+]YN\;?S8CQ2$@$0(@F`-FT8[3TU(>XEWDQ0INPG""9F3ZFKRD^S[?C
MR&A4@4%767K?TC]/F3)NHW6[J%A?3#(=-44^$5&:\X5*TE"E55-MAC:1]`SD
M64>/#'*LGN[]_N;=LK61L2).%)+Z_9MF];J@E/2<**8?Q8/PVEL#ZU^GP)_Q
M8_3#@H'9GO#_`,R;G^E-$HWRRH_\Q"/:*9,5_&`_#$P3_DH^MK(<=T:H+TV*
MFH4(O>[4\;@$>PZ\>1V6[Q+V6;GLJO\`;7*MGYA'MJPO`L:PG,F#8+F/`JZ/
M%<#S!2T^.8+B=*;Q5%)5PK/#*A(!VNC`CZ>`5YE3:RA0A0,'S%"1"PM((Q!I
M[XW5Z__0W]SV//5ZB6?B'^F;'?6'Z+_4#Z<,KXW!EW-'4W`WPW+6+8F6%*F(
M4\\==`M04#,(I'A",0+@&_AP5[B;P-Y5F]O=+&I+:I(XQL,=<&B3>3*U7M@Z
MPDPI8@5J,]-_P6_7#Z9_0K^([C_47(,68.IW5K).#=)NF?1SI16)F3$\26FS
M=AV.U59:B]S042K$@)8@L2%\<J,R[8LFS'.\O2TN&FW%+4M0T@2DI`Q\\3LF
M*A/*NSW,+2QN2X/&M*4@`S_$"28\L-N%([IQ_P`)B?6[GW(64<ZXQU;R'T[Q
M/-=!38_5Y%S;_6$XKA+5,8E^6K/EJ!XQ/'NM(JL0&TN>_%]_]263,OK;2RXL
M),:AI@QA(DTBMNQV_<;"E.)23C!F1/3Y4MA_PE;]9?\`W$;TR^L9I_9AW$O_
M`$,UE/\`S+N_[S^-*/\`87O?^/(]_P"%75_@M_A&];_PTL]>H/-/5OJ9E7/]
M'U=PG+N`8%3].?YMYE++@]77U$K3_P`SI:<;6%6H7:3J#>VG(;[8NU2SWC98
M0RVM!;*B=48S'03T5(&X.X[^4..*<6%:P-D\)Z:V!T%EY!0.%2900=<^@O1W
MU*=/L1Z4=>.GF&]4.G&*STN)8CE#-41GHYJBBF%1`[("MRCJ"->&F3YU=Y?<
M!ZV<+:QQ&W&D=]8,W+>AU(4GH-:['KQR)^'#Z)^JG3+T^]$?P@\O>J[KIU3P
M;%>I]5D;)^&4=*F&9;P6Z35LL]9%4W]X/[JJ``I)(.T&>-R[O>#.;5RZN<V4
MPRA03)),J5L$`CVU&V\%ME=B\AIJR2ZXH$Q`P`XS!JN?'O4CT0J/3GB'J3PC
M_A-_@-7T%GP^3&9.J]3586<!.'^>:%Y7FI<.,D:"0%&>PV&Y:PX/6=WKP9A^
M3.\*N^F-/BU3MB"<<-G30;7FK!M1<C*T]WMG"`-DR!^ZMUCI#4TE;TIZ7UE!
ME^'*=#4Y=P2IHLK8=*LU/AD,F&PNE)%(NCI"I"*PT(`/,1,T!%VZ"K40HR3M
M..WUJ;[,@M(($8##HV8>E"3Q%2JO_]'?XYZO44/U]]5\Z]#/17ZGNK_3G$(\
M)SYT\R9C>9\I8I50I4)35U/2,T4ICD!5BC:@$$7[@\%6XV5LWN<6S#HE"UI!
M\B:(]Y;URVR]YU!A24DBOG<1?C:?B=K%$*CUKX\D[(CRJ\>"*P+`,;CY73OV
MYGN>QC=O_F3'M5\9K%\=HV<G'OS[!^%<O^'M?Q-?^XV<=_Y!P/\`\Y>:_P!A
MC=K_`)DQ[5?C6_\`9%SG_CY]@_"O?\/:_B:_]QLX[_R#@?\`YR\]_L,;M?\`
M,F/:K\:]_LBYS_Q\^P?A6R%_PG(]=WJI]8?4WU7X+ZBNNV(=8,,R'@.4<4RI
M1XV*`)05%?B&*13NGR<,1O(L"`W)[<QZ^H'<C*\HM[55HP&RM2YB<8"8VGSJ
M5^RS>6^OW'@^LK"0(V=<[!6UXG;^CF,8%3&*Y:<W6ZK-]4O2_H9TK]5/1K\1
M#J[ZA<&Z&85TMROF#H-G+!^HHHEPG,V#X_*E7%"L]5/$\4]/,C.HC1]X)!%A
MP?;N9C>W.7/96PPITN+2L%,RDIP.`&PC;T4&,VMK=FZ;O'70@(!29P!!ZST>
M^J`LN]!<Z>HC#.K7H"]`/XNW27'O0[UEQ+%\3EZ.8XHJ^H&!8%F&L;$,3PG"
MU%&344RL[;`E1$"&-PEVO.;^?,9>6LSS/*GA>M!(UC!M2DX!2L<#AQ!^%1RS
MESKQ7:65ZV;=1)T[5`$R0.D>RMO'I?D3#>EO3;I]TSP>IEK<+Z>8-A>2<.K*
M\WGFAPNBCHDDDL3[S"*YUM]7,6,PO%7-PMU0Q6HJPZS/SJ9K9@,M)0,0D`>S
M"E_Q+3]?_]+?XYZO46#UJX3T<QSTE>H?"?4)C]7E?HA6Y3QB+JCF#`"XKJ3!
MA2LU0]/Y<<K&7:+(`A)-A;@CW1<NT9HP;5(4]K&D'9/":*<]0PJS=#QAO29\
MJUF.A7XE'_">WH7TER)TFP+HCBV<\)R30QX139MZB=+J3%<=Q*Q+M4UM7-&&
MEFD))9B!\`!S(?.NSG?V]NEOJ="2HS"78`Z@)P%138;X;L,-!M*)`XE$GX4+
M?_#P/X`7_<-D?_JGL/\`^:.%7^Q+OS_Q\_ZJ?QI9_;S=K_C?_H/]*Z/XP/X`
M0_Z]K3ZNCV'_`/-'-_[$N_/_`!\_ZJ?QK?\`;O=K_C?_`*#_`$JS3\-'UI_A
MU>JS-/5W"/0YTO7I[CV2\/P?$NHU0F2J7*AJJ.MJ*N*C3?``9]KPRG:?LW^/
M(Z[0]S]X,K::5F+FI*B=/CU01$^7"A9NKG^5WJUBT3!$3X=-6[+VY%HH9BBT
M^K+U8]%O19T=Q7KOU^QJLR_TUP:LH,"Q3%L$PVMQ6:*?$9OEX+P4*2/M+Z%K
M6'CP0;L;KWF<78MK9(4X02`2!LQ.)HKSC.&+%@NO&$#H!/PK4>];WXD'X5_K
M1]?OI'ZC=:L[8[U<]'/2S+.9Z#-_3?$,M9AIJ*@S;43Q34%;543Q1R5D$Z#8
MXB!*E%W>Z2#E+N9V>;T91D=TU;H#=VXM)"M29*8Q`/`CKVSAC4,Y_O=DU[F3
M"G%E;*0J1!@*X2(Q!^0H//7WZF/P&<X]`<S9P]&&!3]#/6!TK2#/GIYSUTRR
M3F3+$QQW"ITJX*6IJ/EXH##*$*L9#IW!OW5[C[N;\-7P;OSWMHY*7$K6E0@B
M)B29'56L\SC=U;,VW[-Y)!24I(,SY1T[:W:^BV9L3SKT>Z29QQN59L:S;EG`
M,SXO-&H17JJ_"X*J4@"U@7<Z<Q`SFU2S=NMIV)6H#T/Z5.%@\7&6U':4@^X4
M*/"^E=?_T]_CGJ]1*/Q'\BYQZG>@[U8=/NGN6ZO-^=\X9(QO`<KY7P./SJRO
MK:BF*1PPH/M.QT`X,.S^]9ML[M77E!*$N)))V`3M-!_>JT<?RUYM`E2DD`=-
M:>_0#_A,9ZKNK'1[(74//76;`>A69\UT,>*8CTISIE[%JG%\%W:+!6M%4PJL
M^T7=%6RDVN>_,K\[^I3++6\6TTPIU*3&L*`!ZQALJ#['L<NW6DK6Z$*/"#A[
MZ&+_`)91_4!>W^V'DZ_L_JMC7_G?PK_Z&CLO^91?^G'^#2O_`&%;C_F83[#^
M--^*?\)7>MF"44V)8SZU<C81AU.#)45^*9<Q:GAC4=RSRX@J@?2>7:^IZU68
M39N$]2Q_@U5?8P^D2;A(]#^-62_@1^BKIOZ-^MWJQP#*OK3R#ZJ,V8O@65*/
M-67.BJ3.^75I,1Q4QM63BIJH=TK.RB,,'!0[AVY'/;9OF_G-G:K<LW&$!2X*
M_P"*0G9@,!TQ'70O[.MW&LO>>2E]+JB!.GAMV[?CZ5LRH++WOS'8'"I8I.YI
MRAE?.^$U&7\YY8P[-V`5+Q3SX'FBCIJ^CDDA<21LT-4CH2C`%21H=>/6]PXT
MO4A12>D$@^ZFW6D+$*$CH-4F?B%]9,S]+>L'2/T<>A/T4]/^L?JJZPX/B74J
MIKNH6"X/1Y<ROEC#9UHWK:MO+@#M),Q5!OL+=F+*IE_<3)VKFT>O\RNW&K9M
M03X22I2CC`],:`F\E\XR^BVM&$J=6"<0`E('$[)-$<Z@9S_&2](.3\3Z^>J7
MT>]`_4!Z=^G\`S-U=RKTMPS"J?',,P.#_>NHI!)#&'>",E]$D%AJ+7/!I96V
MZ>;.BUL[NX:?6805DE)/`&-DF@^\[GEDCOGV&5MC[@D8QQ.,##UK9ZZ69VRM
MU+Z:]/>HF1RIR;GC!<+S7E58TCC5,/Q"CCJH%"Q>ZNU'`L-!:W,<LQLW+>Y6
MTY]Z5$'S!(-2O:/I=:2M.Q0D>1QH0>)*45__U-_CGJ]2>S;FK+>1<L9@SGG'
M'*;+65,K4=1C^8\P8S*D%)145+&9III9'L%1%4DGCUO;+><#:!*E&`.DFFWG
M4MH*E&`,2:UX>OO_``IL]"/31JS#NC.7,T^H[&J=GCIZS+]$N`X'*5-@PK<9
M"RD'N"M,1R>,B^G#/+F%7"DLCH)D^4##WU&&:=KF6,F&@IP]0@>T_A5'?7[_
M`(4T>N_J8*W#NC&5\J>G?`J@-%#7T-))F/&@AOKY^)[8$:Q[K#H1R:<A^G')
M+:#<+6\?/2GV#'WU'69]L&8/?W)"6Q[3[\/=5+G5WU->JOU48U;K+UOSIUNQ
M'$W/D9;Q7$<0K*1W8"ZPX7AX2GL;?92&W)@RG=?*LL1^P80U'&`#[3C[Z`%[
MG=_>F''%+)X3\JVM/^$Q7I<]0_1'-7JEZ@=7>B&8^E&2NH>`9/PS(>+Y]PN;
M!UQ22BKL4GF%-#6".9D1*A#OV;#<6)YC%]1^].77S5LU;OI<6A2RH),Q(`VC
M#ATU-'9'DUU;*>6ZV4I4$Q((Z>!\ZV[T^SS%6IOI&9]ZE=/.E6!#-'4[/6$=
M.\LFHAPK^L6=\2H\*H?FJ@D11>?7211[W(.U;W/AQ596+]RYH:0I:HF`"3[J
M9?N6VDZEJ"1TDP*I"_$,R%T>]1O4#I-ZG?23^)3T^],7JZZ)46)92R]G6IS5
MENOP?'<OXFZSS87B<!K#>,2IO1MK@7-U.A$O;AYC=9>P[:7N7N/VKI!*=*@0
MH;%),;8H$;PVK5RXA^WNDMO)P!D$$=!Q_&JV,Z8/ZQO5;A<W1_UL?CC^GO+'
MIKQM%P[JQ@GI_P`P98I<9QW"$:]31O*[TH03*MF8OM'BK`6,B6;V496L/Y?D
MUPJX'VE85"3P,8S!H+/MWEV.[N;YH-<0E29(Z-@K;<Z89>R;E/IQT_ROT[,)
MZ?Y=P;"\%R/)ATL<\#X32T4<-(T<L7NR*T2J0XT:]_'F+E^\\Y<.+=^\J)/F
M3C[ZE^U;0AI*4?:``/(;/=2^XFI^O__5W^.>KU5^?BM@'\-SUJ@BX_S>YAT.
MO_(F>#SLOG^T-G'_`!Q/QH,;YC_A5<?XAKY<^3OZL-BV7%SK-B4&4'>G&8I\
MH)2R8JM(5&]J5*XB%I%'8.;'MSI1>%S0HM@:\8F8GK_$5AU;!!4-<Z>,?KA6
MS[Z!.F/_``F_S3+A4>>L_P"9\8ZE,@"8)ZR*J;+V&25+1D;1_)&CP\*&%QYE
M1;M]',:=^<Q[0V@="$I;.WN0%'_>I5[!4T;L6>Z:R`5$KZ'#'Z>^@2_X3H4>
M%G\5C.<=#3POA>'Y;Z@'`?)"R11TT>.01TQA;WK*(K!6!N5^!X;?4$I7]F&M
M4R5HGIG29GU\J+^RM*1G+@3]NE4>T<:^@&?X>/,&`362G&*S(++^WE@9%>HE
M'XAF1_3+G;TC=8Y?6!E>3./0'(F'MU.SG@%)-/!43_R$&NA6!J:2%O-:10J#
M>`20"0+\%NXMYF3.:M"Q7H?60E)Z-6'$'#THBWDM[1=FLW(EM(U$>7E%5O\`
MIS_">_".Z]^FSIOZA<O^@DX!@G4;`%Z@9;RMGW$,;CQUZ">-YZ4SK2XI,@>H
MB"R(`Q(5Q>QN.2#G_:EO58YBY:JORI2%:24A.F1MCP\#(]*#&6[E9)<6R'1;
M`!0D`DSU<>-49YZSW^&ST\RQF7-?43_A.YU0RCDK+2S-F7->/UN9:/#*:E24
MP--)4U$D:*A&H)([C7DS6-GO%<K2AK/VE+5L`"2?9%`&Y7E+$J5E:P!Q\0'M
M^=;NW1K%LHX_TCZ4X[T_I1A^1<7RY@F(9-P_<7^7PJ;#89*6'<2Q)CB*J;DG
M34\PZS9IU-TXETRL*5/G)FIXLE-K80I`A,"/*!0G\0TJK__6W^.>KU%O]8'0
MW$?4QZ7NNW0#"<PPY3Q/J]EO$LBT69,0@>I@HI*Z$Q"9XHV5G"WN0"."#=3.
MTY;F3%TI.H-J"HZ8X459YEQN[-QD&"L15/&0_P#A.-Z#V],W3/I/U;RM/B'6
MW+&%I19U]0?2W$\2P;$<7Q0AC)5""LEJJ<1W(VQO$0`+<E6]^H#/!F3C["X9
M4?"VH`@#HP@^PT"6NRK*S;);<1^T`Q4"9]_X54AZEO\`A+/UPRQ_,,8]*?7;
M".JN%)>6DR-U9IS@6*D6+"-*VD\ZF<]EW.J>T\E7=WZFK-R$WK!;/])!D>H.
M/L)H"9KV-/IDVSH4.A6!]HP^%48=2O3#Z_OP^\Z0YNSGTRS[Z=LQY?9EPWJM
MDN2NBHD6^IAQO+\CQ*C!;D-(NGVAR:\NWER#/F>[0ZV\D[4JB?\`2JX\BH[N
M<FS7*G-10MLC^(;/],*VK_\`A.1Z_/5CZO,Q>I'IYZC.K\_5[+_2K!<K8SD7
M%<?I*!<4BEQ2MQ*GJ!-6T<433J5IH[>8"PM>YOS&'Z@MP\KRENW=M&@VIQ2@
M0"8P`C`[-M3/V6;SWE^74/KUZ`(V=)Z![ZVHT^SKW\>8T5,=%;];70.J]4?I
M+]0OI\P_$%PO%NK&5<4RG@=?4';#'B$L!DI?-(!(C,R()"-0I/!#NAG8RW-6
M+J)#:P3&V)QCTV44Y]EIO+)UD&"M)%4*^BK\<'I#Z5.EN1_1I^(]DK,OIF]0
MGIYPRCZ4XC7XM@E55X-C='@D(H::MADHPS#?#$A9E5HV/O(UB`)NWO[&KO,[
ME=_E*TOL/$J`"AJ3)D@S&PGSZ:CO).T!FT:3;7R5-.H`$D2#&PX=/[J1OKY_
M%VZ>?B,=)<V?AZ?AN9%S!ZA>K/J6A7IQF?.4V#U=#@.6L"K)T6KK9Y*G:UA$
M"1(X5$%R22`I5[D]E5QD%TC,\V6EEICQ`2"I1&P83[,336>[[LYBV;2R27%K
M,$P0`.)K9DZ"=,8^BO1+I#TAAJA7+TRRW@N17KE9F69\,P^*D>12P!LS1DB_
MAS'?.LQ-Y>.OG^-1/M,U*=A;=RPAO^B`/8(H7^%M+*__U]_CGJ]71%Q;GJ]7
M$(!X\U%>%>V+ST5ZHM=AU!B=)/08E118A0U2F*IHJZ-)HI$86*LD@*D$:$$<
MLE129!@UI0!$'$4!'2WTH>F[H?G[/?4_HYT6R_TNSQU.IZ/"\_XSD/#XL+7%
M8J"::H@\^"D"0%U>HD8R!`S;M2=.'>9;S9A>,(9?>4M"#*0HS'J<>%%]IE%L
MPM2VT!*E;8$3YT8,"PM_'A'1C7$H";GZQISU>H->HG17H_U>I(:#JMTLR[U+
MHJ<AZ>DS[@N&XO&C#Q5:^&4#ZN&%CFMU:F67%(_Q21\#26YLF7A#B0H=8!^-
M2.GW2#I1TEP]\)Z5]-,`Z;87(2TF'9$PC#\)A8GVI0Q1`_=RE]F5S=*U/.*6
M?[XD_&MV]FRT(0D)\@!0AA0/X\0Q2FN7-UZO_]#?XYZO5[GJ]7N>KU>YZO5[
>GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU?__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c2aimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c2aimg001.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#__@`<4V]F='=A<F4Z($UI8W)O<V]F="!/
M9F9I8V7_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@
M)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_VP!#`0D)"0P+#!@-#1@R
M(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C+_P``1"`#F`40#`2(``A$!`Q$!_\0`'``!`0`"`P$!````````
M``````0&!P(#!0@!_\0`2A````4"`08+!@4`!P<%``````$"`P0%$082$Q4A
M5)$'%#%!45)3DJ'1TB)587&3E",R@;'!)#-"8H*RX18F-$1C<O%#<X.BH__$
M`!D!`0`#`0$````````````````#!`4!`O_$`"P1`0`"`0,#`@4$`P$`````
M```!`@,$$1(A,4$382)1<:&Q%(&1P04C,N'_W0`$`"C_V@`,`P$``A$#$0`_
M`/RN\"N**E7I\UA^FDT^^MQ!*>41V,[Z_9&XL%T:3A_!]-I4Q3:I$9LTK-HS
M--\HSU&9%TCS)?"AA2#+>BOSW$O-+-"R*.L[&7+S#)J74XM8IK%0A+-<9].4
MVHTFFY7MR'\A[MCO6-[1L\QDK:=HE6``/#T`````````````````````````
M``````````````````````````````````````/GVN\&6+9M>GRH]+2MEU]:
MT*XPT5R,]6HU#<F"Z;*I&#Z;`G-9J2RV:7$91*L>49\I:N<>\`L9=3?+6*V\
M(,>GKCM-H\@``KIP````````````````````````````````````````````
M````````````?__0W^``````````````)WX,62LEO,I6HBM<^@=6B8&S(\0%
MH"+1,#9D>(:)@;,CQ`6@(M$P-F1XAHF!LR/$!:`BT3`V9'B&B8&S(\0%H"+1
M,#9D>(:)@;,CQ`6@(M$P-F1XAHF!LR/$!:`BT3`V9'B&B8&S(\0%H"+1,#9D
M>(:)@;,CQ`6@(M$P-F1XAHF!LR/$!:`BT3`V9'B&B8&S(\0%H#Q3*B%-;B$V
MVIUSDR=9?J=Q;HF!LR/$!:`BT3`V9'B&B8&S(\0%H"+1,#9D>(Q6O2(J'EPX
M\8FU-K*[B5'K^`#-P'G1Z7!7&:6<9!FI!&9Z^@=FB8&S(\0%H"+1,#9D>(:)
M@;,CQ`6@(M$P-F1XAHF!LR/$!:`BT3`V9'B.;5.ALN$XVPE*T\AD`J``````
M````````'X:TI.QJ(C^)C\SB.NG>`Y`..<1UT[PSB.NG>`Y`..<1UT[PSB.N
MG>`Y`..<1UT[PSB.NG>`Y`..<1UT[PSB.NG>`Y`..<1UT[PSB.NG>`Y`..<1
MUT[PSB.NG>`Y`..<1UT[PSB.NG>`Y`..<1UT[QC,N8IO%\>SAYNR4&5]6NY?
MR`R@35!S-4^0OH;/]AX$2H.NXL<0IX\U[223?58B'JUUY":-)LHKFFW*`PZB
MG:LQ3_OC8@U]`85'J<!Q7Y7%)41W&?YQ'73O'9'(!QSB.NG>&<1UT[QP<AK>
MJ+RZI*5_U5%N.PV-G$==.\:\7&XQ'E3<X19+MLGIN8[`SV$=X$<_^FG]AYT.
MK.R*](AGD9E!'DF1:[D/U<A*,,FHEEE%'U:_@,);=>BK)QIQ2%&7*D]=@&S@
M'G4:;QJE,N.K+.6R5&9\MM5Q?G$==.\<'__1W^`XYQ'73O#.(ZZ=X#D`XYQ'
M73O`EH,[$I)G\P'(````````````!TO0XLA>6]&9<5:UUH(SM^HZ]&0-AC?2
M3Y"5VO0V)ZH;F62R,DWMJN8[ZG5H%&A',J,E$>.1D1K7R7/D(=B)F=H)G;K+
MGHR!L,;Z2?(-&0-AC?23Y#O:=;?90\TLEMN))25).Y&1ZR,AS'!+HR!L,;Z2
M?(-&0-AC?23Y"H`$NC(&PQOI)\@T9`V&-])/D*@`2Z,@;#&^DGR#1D#88WTD
M^0J`!+HR!L,;Z2?(-&0-AC?23Y"H`$NC(&PQOI)\@T9`V&-])/D*@`2Z,@;#
M&^DGR#1D#88WTD^0J`!+HR!L,;Z2?(894SCLXC,DMMDPVXG*2E)9-BM?4,XD
MO<7BNO6OD(-5NFQ#!XM)E5<G)2"(C4Z>49ZBUZS,AV!TP7XJ*T3K[:51C6KV
M#01E8[VU"O$R([50:1':;;3FB,\A))N9F?0.FN4]NFRFF6C499%\I7*9W'<<
M9RMUDTMFG)0A&49]!$1&#JB=#9COT5&9;+*)).>R7M:RY>D9-HR!L,;Z2?(>
M+B(LF?2_@X1>)#)`<2Z,@;#&^DGR#1D#88WTD^0J$%8GG3Z<X\G^L/V4?,<&
M)R:DRE^:R4&,I"C4AHTM)(T<U[V%KE.;8PBIY;"2?,R4:E)]HBRB(>)'CN.2
M(ZE)/)==(B.W+K*_[CQ*]PIOQL1U>ER(R7J:@S9;-HK+2HC+69\^NXFQX;Y-
MXIX>,F6N/;D]]=3CHIC[;[,1K)2DD.F@DF1W*]U#W/\`9UI^!&D(625)8NI*
M4WRSM<C\1J3$^>Q!)HM*IIYQ<U!/DF_)?DO\K&8RK`^-58>=G8>Q;,S+D-1$
MRXX5R(B*V3<B^1D)9TMO3Y1W^2+]17GQ\?-F&%F&)+#Z'XS#AH45C6V1GK^(
MR#1D#88WTD^0\'"<AJ2[->8<2XRXHEH6GD41F=C&4"K/=82Z,@;#&^DGR'3)
MBTN(PIYZ)&2A/*>93Y#T!C^*Y3:("8V5^(M1*M\"'!Z;4&FO-(=;AQE(61*2
M>:3K+<.UN!#:62VXC"%ER*2V1&0EP^LW*)&,^4B-.XS'I``````````````#
M"L3Q\Q5>,DXW[>29)RBRK_+EYAK?A6Q!(J;]/C&9MLI0:E-$>HU<EQOM2$+_
M`#)(^;60T'PNLMJQ@U$BMI0EB&2U$DN2YJ,_X%S0QOFC?PK:R=L4MHX"JT9S
M`U(.1,82Z3&29*<(C*QF1<_01#(])P-MC?53YC%^##(<X/Z;=)&:267)_>,9
MAFT=1.X5\T;9+?64V*=Z1]$^DX&VQOJI\PTG`VV-]5/F*,VCJ)W#P*G7DT^J
M)8)AM;1$669%K_01O;U])P-MC?53YAI.!ML;ZJ?,<HKK,N*W(;060LKE<M8[
MLVCJ)W`)])0-MC?53YB!K%=$>K#M*14&3E-(RUE?V2+5_:Y.<A@7#>^35%IL
M=%DFN0:CMJN1)_U&JX%4J,6M-8B,U*44HE.+YE'>YI^5A>PZ/U,?/=4RZKA?
MCL^H-)P-MC?53YAI.!ML;ZJ?,=K>:=:0XA*32M)*([<I&.>;1U$[A16T^DX&
MVQOJI\PTG`VV-]5/F*,VCJ)W!FT=1.X!Y-2Q'"@(:-#K3ZW%Y))0Z0M35("D
MD?'8Y7*]C=3J\1ICAFJ)EB&G,-%D'&0:R,NDS_T&;X,Q+$FX,?G(-)K84:5H
M7:Z3L5K_``,3WP37'7)\T-<T3DFGR9%6:E%.DR4-26EK4FQ$E9'>XXT.7"CT
M=AM<N.E=C-1&XDC+7\QI^OXZ5#K2FVD-26E%E/&E5O:N>HCY"L/RA\*M13B%
MHYZFD4H\I)LD@CS:<D\G7:YV.VOYB2NCRVKRV>;:K'6>.[UU8YFU3&=3H[RF
MG864I,<TD5T&D^8^<C*XSC"KL6.F0Z_(:;6HR21+61';]1HC#\U3N,FIKMD'
M(=<4?1=5_,?0N%&DZ)6I22,U.F>LO@0[K,<8[1$1X<TN2;TF9^:7$4N,](@J
M:D-.9#EU9"R.VLN4>_I.!ML;ZJ?,>+BE*4G",DD7XG,0R#\'+)O\/+,KY.J]
MA4673I.!ML;ZJ?,>%B>9'D16&F9#3EW+JR%D=BMSV&2YM'43N&`\(5;;H+C4
MO-)<-ILC0V>HE*,SM?<.TK-K1$.3:*QO+GC/'=-IF'9K=,F,/5)K)9)*%7-H
MU%^8OE\!Y.&<(TU/!W+AO3XJ:A5F"6XZMPCR#/VD$>OF.QF-81*#6\6U(ZBS
M#6M$V89..H3["%*.YF?017'TZU':990TA"<E"226KF(7<\1IZ12D]>\_LJ89
MG-:;6CIX?__2R;@]P9H"M.U2LU*&MUE&9BI1(2HK&5C5\-6HB^)CKQ5@9O$&
M.9-1X_#3`?CW-1/IRB<)&216OTD1C;>;1U$[@S:.HG<+'ZK)SF_GL@_3TX</
M#5/`[56T4^;$E2&T<7424FM1)U7/5K_4;.TG`VV-]5/F-5<'+S%,QSBJ'(4A
MMMMYP\I9D24DEPRN9F-HTZ?"JK!O1#2XV1VRB+48:J-LLS'DT\[XXB79I.!M
ML;ZJ?,8CBB2U)J:#9=0XA+1%E(41E>Y]`S;-HZB=PQ&KM(<Q`^DTD9$P9D5N
M?)$$)WI8?G1&:.TAV4RVLC.Z5N$1\H]9N=#=62&Y3"UGR)2X1F8\W#*4JHJ+
MI(SRE<I#V"0DCN22(_D.#D`````````````#0^)BTGCS%[W*B+!-!?`R2@OW
MN-Q8@KL:@TB7,><22V6C6E!G^8^8MXTIA>4JITG&U7F+1QB5&49\Q92C-1V%
M[25F(M?Z1]X5-3,3,4_?[,OX*L306,-+@2932.*-*?7<[9";ZS/P&QJ;58%8
MB%*I\IJ0R?\`:;5>Q]!]`^3HLUZ&W)0RJQ2&<RO_`+<HC/\`RC*<'8S=PI1*
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M(_UL6\8[/I=4HU1E4J*IQQ$A)91-$=EIO<K_`"&R.!^E0XL236IBB*6_=MLU
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M<B,[D8[>%Z<AW&31-+)26V4K(RZ3_P#`\SAQWSUBL=)AZKEO3%,V[Q+<V%CO
M12_]Q7\#VQC>%IL=JC$EQY*3-9G8SYK$/<;G1G5DA#R%*/D(C&;*^H``'```
M```````!J7A5J;=;J%-PK3U*>EJD$I]+97R=5B(]]_T&7U:AP*+P>52%!BM,
MH1`<(S2DB-9D@]:CYSU<H]M-#I:*LJJI@1RGJ*QR"066?-RC]KD8YM`J,4N5
MZ*XV7S-)D+'K1M2E>T?E!Z<[VM/>7R6V64Z@NDR&8XDPK*=GL.4V(DVW&R2I
M*")))472/,HN%YU6IQ5&*V2VF91-.W419)6(R/\`<;LIE%=GLQWDI2;1.&3E
MSMJU#0U>I].\<?=3TVGB])Y>S0\FCR8%1A1)#62\\23-!'?E69%R?(?3$6!_
MNIQ1:+*7&4DR,M?M$?F/#F\'<.7BZ#62>-MJ+8R8(KW,CN6L_B,T5K2?R%+4
MZCU8K/F%K!@].;1XEK/@3<)S"LMLR(\W*/Q(C&0\),A,3`%57J(UMDWWC(AB
M_`P>:;KL3LY1';>7\"KAEG&6'X-):UOSY)$2?@G_`%-(]WKOJ]O?_P!>*VVT
MV_LZ:'3F8'!M130PVAV1^*XM*2)2[W,KGSZCL-AU&$Q-HTJ&\@C:>84VHBU:
MC388[5(?$*#1H!?^BE#>Y)$,L45V3+I385<E^5YM[K-*[4BK2_!BVFD<(M2I
M2%*XNY&,TDK7<TFDR\#4-S/60PXLB+V4F?)\!I:AJXIPT03/4EYI:3^FK^2(
M>]PD\(KM%D2:#!:4F2IDC.22B]@U<UK='[BUEQVS9*\>\Q"OCO7%2V_:)EAF
M(<;(COR(<)M2G"-2%NF=B(^E-N@QX%)P]4JC4F43VI"8W]8M2S/61_/G,9UP
M;<'=/K5+17*TVX\;CJLVPHS)*DE;VCYSUW&VWJ3">9<;..A).?F4@B(]X]WS
MTP1./%'7S+Q3%;-//)/3Q#R\(1&HU%)+;:4(-9Y*2*Q$1:AU1HI*Q?(-;5TI
M(U%=.KYC(8T9N)'0PT5D(*Q#ML5[VUC/W7GYDIZI;@R4]4MP_0'!UNLH=96V
M9%9232>KI'S91L"U+$>)*C3(ZVV$Q'%9QQV]D^U8BL7.?\#Z7'!#+;:UK0VE
M*EG=1D5C4?Q%C!J+88GCY09L$99C?P\6#A6GP,.L4=A!-M-D1FM):U*YU'\3
M%\BDQ9,%N(M)YMNV29'8]0N`03,S.\IHB(C:'__3V9C7!J*OAR2Q3FK22;+-
MMD9$2S(R/69\X<&^$5X7PZ:9C2"J$E><>M8S27(E-_A^YF,S`2>K:,?I^'B<
M=9OS\OS)3U2W!DIZI;A^@(WM^9*>J6X,E/5+</T`'$TIM^4MP^:(3%^%AIFV
MK3%K?_*/ID?.\!B_#:ENW)5%*W&9B_HIVB_T4]7&_#ZO7Q]444'A2I]46T;C
M;!)<4A.HU$1GJ&,5R6>/,35*IQFSC(;BYTFUG<R)"2(RN7QN,BX8XJGL8P6T
M%[3[1)3\[V'K4S!$?#I5MI+RWWSI[I92BM;V+VM\Q/CR4QXJ7G_K;:/Y0WI>
M^2U8[=_LRG@KEKGX*8=>LIQ*U(,[<MM1>`S;)(N0BW#77`TZ1X*=(S_))7^Q
M&,S@5N+.;-9GF3R\@B697,QGYXVRVB/FO89WQUGV>F``(4@`````````"=^;
M&C+R'722HRO:Q\@Z]*P>W3N,6``QTX5`:IKT&$EB&VZO.*S+=O:OR\@NA2:=
M!B(CMR"-*><R/68]0!V9F>Y$;=D>E87;EN,-*PK?UY;C%@#@TO@"LQJ+6,7N
M.F>2EU2VR(KWLI8Q.FXBJ&)L<T=VL2LZVW*(TY1$1-I,[VU%R:A6:LQ6,:\U
ME.G_`/9?F)\(X=6M<.KY\B0DU&:+:[D9D0V)FE.=[=^FW\,R(M;C2OO^6Y:_
M4(LQZ$3#R5DARZK<W(/?TI"R;9\N3H,8908AS*LUK*S9Y:K_``&P!D--H&OU
M)J@<(=+JKB5J99/*42.4TW,M7Z#P,2R2Q;CB3(@9:VI"TY)Y.M*;$6OY#U^%
M1K(K3:O[SA>-_P"1T\&\%Y^9*>0@S2HDM%;G.]S_`(&OCM%,$9?,1M]V9>)O
MGG%XF=_LWC1),&GT.##SY%F6$(Y#YB%^E87;EN,4M(S;*$<F2DB',8\SOU:?
M9'I6%VY;C#2L+MRW&+``1Z5A=N6XPTK"[<MQBP`$>E87;EN,-*PNW+<8L`!'
MI6%VY;C#2L+MRW&+``1Z5A=N6XPTK"[<MQBP`$>E87;EN,-*PNW+<8L`!'I6
M%VY;C#2L+MRW&+``1Z5A=N6XQI.'FF^'<G%*(FCDK<)5N;-F8WP,,:P.I'"0
M>*3DI)M*#R62+6:C0:=9_(S%C3Y(IRW\Q*'-2;\=O$P@Q5!IM4Q+3Z@Y=PXB
M<I%C,B,[WL>XAVQ9G&I,]Z4I)*>C+2=BU7--A;B^Z9\=1=E;Q,=.%4DJHN$?
M(;1D(N4[1OX2\8Z^[%^"JJ1X>$*FRXYDN&^K(38SN9I'K4Y)NU",US&ZG5^H
MP/!+Z8T*JYY>2TR[EJ,^0B(CN?@+X.*I,G'5,9H:3FQ"4A3B$MGE*O\`FY2N
M5A;S8;7S6XJV++6F*N[>H``HK0```````````G?F-1UY"TOF=K_AL+66])&0
MZ])Q^SE_:.^D!8`CTG'[.7]H[Z0TG'[.7]H[Z0%@"/2<?LY?VCOI#2<?LY?V
MCOI`?-&+)#T;%E?CMJLA^2HEETD2KD-NT7#?%&J3$9:4EE;#;BCUF5S*ZM8U
M?6Z:]6>$V=%BL/.&Y+RE$32KI3JN9IM?5\A]#LSXK+*&D-RR2A))+^B.\A?X
M1HZVT<*5CZJ.DK/.TR[F($6,\IYEA*'%%8S+G%(CTG'[.7]H[Z0TG'[.7]H[
MZ1G+S%WZ+3JCBA^+5(34A*R4ILUE<T&97N70.O#>'H.',1*@4\G,R@E+NXK*
M49F72+G9;98N9D$E[(R+&1L+)7Y3+\MK^`19;98JDOFEXTY!D1$RLU<W]DBN
M6X>^=N/'?HYQC?EMU94`CTG'[.7]H[Z0TG'[.7]H[Z1X=6`(])Q^SE_:.^D-
M)Q^SE_:.^D!8`CTG'[.7]H[Z0TG'[.7]H[Z0'__4W^`CTG'[.7]H[Z0TG'[.
M7]H[Z0%@"/2<?LY?VCOI#2<?LY?VCOI`6`(])Q^SE_:.^D-)Q^SE_:.^D!8`
MCTG'[.7]H[Z0TG'[.7]H[Z0%@"/2<?LY?VCOI#2<?LY?VCOI`6`(])Q^SE_:
M.^D-)Q^SE_:.^D!CV,4V?BJYC2HO$O,=>$6S.<\OF2W;>8LQ%:I16BC,2ENM
MKY#BN%J/EUFGY"VG/0X41"4QI*'#26<,H;NL[?\`:.CY^BN''HF)2+4>=R-Z
MK&,@X$X2WL53)F3=MB*:;]"E**W@1C&')$=$+$;"GLAY<BZ&S0=U$2]?-JM\
M1O/`*847"M,;8BK;>=82IQ91EI)9VY35DV/>-;47]/';I_U/]0S<-.=Z^T?W
M++0`!D-(```````````````````!C5,P;&IF,*CB)$EQ;LQ&0;1I*R.2^OG_
M`"D,E`!ZM:;3O+S6L5[```\O3$,12'(=<9D-6):6]1F7S(?N&'G)5:D/NGE+
M4T9F=K<Y#EC!JSL9[I(T[O\`R.O!Y?TV0?0W_(Z,P``'````````````````
M``````````````!\DUNZ*_4TEJ_I+I'WS'U!A=O-X4I*;?\`)M?Y2'S'7D_[
MT5-%O^==*W^,Q]50&>+4Z,Q:V::2C<1$-3_(3\%(9^BCXK2H``&6T```````
M```$[\I3*R245]W5?*;(C+Q,=6D%[!+[J?4+0`1:07L$ONI]0:07L$ONI]0M
M`!%I!>P2^ZGU!I!>P2^ZGU"T`$6D%[!+[J?4&D%[!+[J?4+0`1:07L$ONI]0
M:07L$ONI]0M`!C=?;D5-AE+,&22D+N>422U;Q7!0U!-2VJ9+2XM)$LR)/-_B
M'L@`BT@O8)?=3Z@T@O8)?=3ZA:`#_]7>6D%[!+[J?4&D%[!+[J?4+0`1:07L
M$ONI]0:07L$ONI]0M`!%I!>P2^ZGU!I!>P2^ZGU"T`$6D%[!+[J?4&D%[!+[
MJ?4+0`1:07L$ONI]0:07L$ONI]0M`!%I!>P2^ZGU!I!>P2^ZGU"T`$6D%[!+
M[J?4&D%[!+[J?4+0`1:07L$ONI]0:07L$ONI]0M`!%I!>P2^ZGU!Q]>P2^ZG
MU"T`&B\#L1W^%"NG)@'))#SZDMFA*C2>=U'8SY2&ZFIBG'"0<.2@C_M+25B\
M1JG@\3;A7Q1_=>?+_P#4QN`6]9/^R/I"MI8^#]Y``!460``````````!.^^Z
MTO)1%<=*U\I*DD7B8Z^.2/=[_?1Y@+`$?')'N]_OH\PXY(]WO]]'F`L`1\<D
M>[W^^CS#CDCW>_WT>8"P!'QR1[O?[Z/,..2/=[_?1Y@+`$?')'N]_OH\PXY(
M]WO]]'F`L`1\<D>[W^^CS#CDCW>_WT>8"P!'QR1[O?[Z/,..2/=[_?1Y@+`$
M?')'N]_OH\PXY(]WO]]'F`L`1\<D>[W^^CS#CDCW>_WT>8"P!'QR1[O?[Z/,
M..2/=[_?1Y@+`$?')'N]_OH\PXY(]WO]]'F`L`1\<D>[W^^CS#CDCW>_WT>8
M"P!'QR1[O?[Z/,..2/=[_?1Y@+`$?')'N]_OH\PXY(]WO]]'F`L`1\<D>[W^
M^CS#CDCW>_WT>8"P!'QR1[O?[Z/,..2/=[_?1Y@-8\'Z+<*N+3MR/O>+IC;0
MP3#F&9U#Q=7*TME;K=06:T-IR2-%U&H[^U\1F34E];A)5"=;2?*I2DV+<8GU
M%XO?>/E"'!6:UVGYRI``$"8``````````````````````````'__UM_@````
M````````````````````````````````````````````````````````````
I```````````````````````````````````````````````````#_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>c2bimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c2bimg001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0`617AI9@``24DJ``@```````````#_
MVP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@)"XG("(L
M(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_VP!#`0D)"0P+#!@-#1@R(1PA,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C+_P``1"`#-`44#`2(``A$!`Q$!_\0`'P```04!`0$!`0$```````````$"
M`P0%!@<("0H+_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A
M!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%
M1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9
MFJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?H
MZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!`0$!`0````````$"`P0%!@<("0H+
M_\0`M1$``@$"!`0#!`<%!`0``0)W``$"`Q$$!2$Q!A)!40=A<1,B,H$(%$*1
MH;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::G
MJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W
M^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@#RZ^\<:IH_Q-UFTO+O=H=O;L(H#$@"2"V6;[^,\[7X)[U/X*\::E%X5N+GQ
M/--?:A_:WV"&*"&-7=S&C",`;5SDMR2.G6KWB+X9P>(KO5)Y]1:,7]W;W`"P
M\QB*(QLN=W.X$\]O0U:;P&!;W0BU`)</K7]L6TAM\K"^T*$*[AN&`>XZ]L4`
M22_$71UL+:[@AO;I)K:2[=((U+00QMM=W!88"MD<9/!QFJ/B'QQC4]-L-&DE
MW'4K&.YN!&C1-%.<^7DY()7G.!QWS2/\-%BTZWM;#53;N-/GTZYD>W\SSHIG
MWOM&X;&W$X/.,]#4T_P[0ZM%<VNH""V2YL;EH&@+L6MAM4;]XP"H`Z=>?:@"
MTOBM/$,<>FZ-)<V6H723%99(4;[.(91&Y89(R<_+P1R,XK1T+Q19^()IDL[>
M\$498"XDB`CD*MM8`@G!S_"P4D<@8YK"\'Z'-:>-O%>I20S16\EPL5H)(R@(
M.7D9<CE2[=1UP:TM!\(OH_B"]U>74?M,MRACPMN(L@ON!DVG#N/NAL#@4`<A
M;>+]7D\9RV2Z\)95U]K(:2;>/_CT`!,FX+N&.>2><8[UU%QX^M(HYMNF:@)#
M!<36GG(L:W7D_?VY;*X]6`XY&::?`N3*PU+#OKZZTI$'W<;<Q?>[A?O>_2J,
M/PQA34%NI-15W"W:/*+4":99P1^\DW'<4S@'&,<8%`#$^(D-O;6NJZE'J$*O
MHBZA)8QQ1,F#*J;U;=NR=PP,@;3DX;BMN3QQIT5Q<VCVMZMY!>0V?V8J@=Y)
M5W)M);;@J">2,8K#O/AE+?:9':3:TNZ/1AI(=;3'RK*KJ^-_7:@4C/)YXZ5)
MXD\*-#J%YKT<US++-J=G>)';VGFM`84\LDJ&S(,$D@<^@-`&A!\1-*NH;![>
MSU&5KQ972)(59U2.0QLQ`;GYAT7<V.<=<==7F6E>`]0U+P)INGW=V+(JLXD@
MN+-963?,SK(IRK1R`$<]O2O28(O(MXH=[R>6@7?(<LV!C)/<T`24444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!114-W=1V5L]Q*LK(F,B*)I6Y..
M%4$GKV%`$U%8W_"3Z?\`\\-4_P#!5=?_`!NC_A)]/_YX:I_X*KK_`.-T^5]B
M>>/<V:*QO^$GT_\`YX:I_P""JZ_^-T?\)/I__/#5/_!5=?\`QNCE?8.>/<V:
M*QO^$GT__GAJG_@JNO\`XW1_PD^G_P#/#5/_``577_QNCE?8.>/<V:*QO^$G
MT_\`YX:I_P""JZ_^-T?\)/I__/#5/_!5=?\`QNCE?8.>/<CU+6)+;Q18V"LR
MP"SN+VYVJ"65"BJ,8SU<GCG@51'Q`TN.WNI;RTO[(P6J7GEW$:AGA=MJN`&.
M!NXPV".X%5]3O;*\UVTOXDU>/%I<6<K)I=R&"2;2&'[OJ&0?G7-Z=X<L=-,\
MEO?7\5Q-IRV+R1>&[@>80X8R."IWLPX;/7/44<K[!SQ[GHEIK<5UHTNIM:7E
MO'"'+Q31?O/EZ[0"0P.."I(/8FHM#\1VVNRW4$=O<VUQ;+&\D-P%#!9`61OE
M8]0.AY'<"N<T9-.TGPS>Z.)M6_THRMYD&C742P^8,8B38=@'4#/6H/"5GIGA
M6ZOKA&OY&O(;>-UAT&YA7=$&!?&TY+;LGWR<\\'*^P<\>Y%H/BZ_NF$>HZC&
MB%8+BXFD,:+:XWM/$2`,!2L:\Y(\SKTKM]6UJRT719M6NI";6)5;=&-Q;<0%
M"^N20!]:Y?7'LM9EDF\W4XI%\@VQ.BW3K&T<HE)8;!N#%4!&1PHIES!H]SX%
MC\+LVL>5';Q0K.=(N=V8RI5L>7ZJ#C\*.5]@YX]R/7?&MQ<V>E+HR7=K-<:R
MNFW>Z.(R0$`EDPQ*[CP01D8SR#BM>[\7_8?&-UI%S921V-KIIOY;PD$*H)R<
M9SM`4C.,Y[`<GG8]+L!!:>9=ZHUS'K8UFXE70KH+-)M*E57:=@P1W/3WJ]JD
M6F:IK\^HO)JJPW6F/IES!_8UT2T9+'*ML&TY8]CG`Z4<K[!SQ[A>?$R`6UN]
MAI-Y-.]Y;026\NQ'"3\HX^;!+*#M&1SUQBMZ'Q99S:\FDFVNXI))98(9I458
MY7C&YPOS;N!SG;@]B:X=/#MDMKN.I:H=06XLYX[C^P+K8!;+MB4ICG@G)##)
M/:KEOI.F0>,(O$)GU)Y8KN>X`.A7/F%98RGEF3;RJDY7C@9&.<T<K[!SQ[EO
M3O%%V?@Y%XBU._N5N?)WRW-M!$T@_>[<JC`)TP.:VY_&VFVWB%]&EANQ,EW#
M9F4(IC\V6/S$'WLX(!&<=1^-<U_9>G_\*S_X0[[7JG^J\O[7_8=U_P`]-^=F
MW\.M%YI>GW?B676/M>J)YFIVFH>5_8=T<>1$T>S.W^+=G..,8P:.5]@YX]S:
M_P"%CZ(D'G31W<*"&XFDWHO[H0R"-@V&/)8@#&<Y[5*WCW38K69[BUO8+J&Y
MCM'LI5C6422+N0$[]@##H2V.W6N9F\/:+<S>)#//JYAUA-D<::+=+]FRYD8@
M[/FRY#=!T[TL6CV46B7=BDTD4MU.DDGD^$Y8[=D5<;&B"9(.2<[LYZ$=*.5]
M@YX]S3U#XEQZ;J<RW.BZBEA#IJ7SNT:I,-S[`#&S`@9X]<^V"=,>.].75QID
M]G?P7'VR.R;S$3"R2)OCSACPR@D'MCG%<;J'A:QN]/2TAU76$SI::;+)/H5U
M*SJLGF!A\HQSQCGC'3OI7FEZ?=^)9=8^UZHGF:G::AY7]AW1QY$31[,[?XMV
M<XXQC!HY7V#GCW-ZU^(.CW=O?SQQW7EVEG)?*2J_Z3!&2K/'\W(RN/FQU'8U
MGW_Q*@CBB_L_2KNXF-[:VTD3[%(6=0Z%?FP25/`R.>N*QM+\-:-I6F:I8P27
MH6[L9K&*5?#DZRHDF>9'";I",CNHPHX[TT^'K)1*\6HZHL_GV%Q"YT"Z*H]K
M&$&X8^8-C.,C'J:.5]@YX]SK+GQ8E\-8L-*CNUO+2.=%NS"&A2:-<[6Y)')&
M-P`89P370:;>IJ6EVE]'_J[F%)EQZ,H(_G7G=]9+_:^J:U;W>I2W<UK<16T7
M]AW$7,@PHD<1_.JD?+E<C)Y-=9IVM:9INF6EC%!JGEVT*0KC2;KHJ@#_`)9^
MU'*^P<\>YT5%8W_"3Z?_`,\-4_\`!5=?_&Z/^$GT_P#YX:I_X*KK_P"-T<K[
M!SQ[FS16-_PD^G_\\-4_\%5U_P#&Z/\`A)]/_P">&J?^"JZ_^-T<K[!SQ[FS
M16-_PD^G_P#/#5/_``577_QNC_A)]/\`^>&J?^"JZ_\`C='*^P<\>YLT5C?\
M)/I__/#5/_!5=?\`QNC_`(2?3_\`GAJG_@JNO_C='*^P<\>YLT444B@HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`SM5UJST:33UNRP^WW:V<3`#`D96*
MYYZ';CC/)%9%CXWM+]8IHM,U$64CVT1NV$6Q'G2-XU($F_\`Y;1@D*0">N!F
MK?B;0YM=BL(X9EA^SW#RF0_>4F"6-67@C<'D4\^A^AY_2/`=WI]A`9+D?;H;
MBP==EU+Y&R&*WCDS']PL1'+M)7/*\C'`!WM%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4450U35$TN*$_9Y[F:XE\J&W@V[Y&VLQ`W,JC"JQY(Z>N!0!?HJ&UN4
MO+."ZB#B.:-9%#J58`C(R#R#ST-34`%1SK*\#K#((Y",*Y7<%/KCO4E%`'G?
MA3Q)K.I7VF27]V[6\X@MBJ+&%>5K!;DLR[=P.2_(;'"C9R6%B^\2:C?>,KG2
M=)U&$+':RK]EC,1G\Q)("SC=G!*/(JA@!E"3D=.L_L'1RP8Z38[A;_9<_9TS
MY.,>7T^YCC;TJW);02RB5X4:0(T8<J-P5L;E!Z@':N1[#TH`XOPYXR@CL)9?
M$%[Y5P/+,TQ_X]U)6%?D(Z*?-B<D@`>=U^4X[FJ?]DZ;^_\`^)?:_OXA!-^Y
M7]Y&!@(W'*X.,'BN1^WGX<3P66H32S>&+A_*L)B&EFLI,$BW8#+21D`[&`)7
M&T\8-`'=5'//%;023SRI%#$I>221@JHH&223P`!WKS#4OB!K>K832+;^Q[0X
M/GW*K)<L/E/"<I'_`!CYMYZ<`US5S9C49A-JL]QJ<H+D->R&15W')VH?D3H!
M\JC@`5O##SEY&<JD4>IW/Q`\*VTD<8UJWN7<$A;(-=$`8R6\H-MZCKC-5Y?B
M7X5@C,DU]=1H,99].N0!G@<F.O/:Q_%'_(O7'^_%_P"C%K?ZHNK,W7\CU,_%
MGP4`2=7<`=2;*?\`^(KHK#Q!HNJSM!IVL6%Y,J[S';W*2,%R!G"DG&2.?>OE
M2FO&DF-Z*V.F1FNB66:>[(XHYEK[T3Z_HKYET+Q[XG\.1106.I&:TB^[:WB^
M;'C;M"@_?51@$`,`,=.37KGA;XKZ+X@N(;&\CDTS497"1Q2G?'*Q+8"2``9P
M!PP4DL`,UPU<+5I?$M#MI8FG5^%G?4445SG0%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`5DZY8WET=/N;!8'N;&Y-PD4\A
MC23,4D9!8*Q'$A/0],<9R-:N(GU0VWCB3S]1:(Q7A$D+W)6-+$66\RF,G:%$
M_'F8SGY<XXH`SY/!'B"2]U"YDN-,E>[@:.0[%19V,L3`LODMSM21?G,H!;A0
MI*UO0W6L>&-%TRTFT6?58;7346XN+"97E$L:J"!&^TL"`2""6)&-O3/.B0:G
MH>M7&A^*9I8K<J2QOVEERJR`RG:<IN<AEC4!6$(&`'..E\':JU[#>V<L!CNK
M2=_M#>9O#2M(^_M\OS*2%Y^1HSWP`#1TSQ)I.KW4UI:7?^F0?ZVUFC>&=!A3
MN,;@-M^9><8YZUJUFZMH.EZZD0U&S29X&#PR@E)86!#9212&0Y5>5(Z5AI)X
MF\+0".:%_$>F0J0)H2%OT4!S\RL=LYP$7*E6)R=K&@#KJ*S=)U[2]<24Z=>)
M,\+%)HB"DL+`E</&P#(<JW#`=*K^*/$</AC2/MDEO+<SR.(;:WCZS2D$A<]%
M&%)+'H`>IP")7`I^*_&5MX;:WM(H/MVJ7'S1VBR;-L><-([8.Q1R`<$D\`'G
M'E[I<W^I/J^KR)=:I+UD"_)`O.(X@?NJ,GW.23DFB".=Y[F^O6234+R4S7,B
M;L$D\*NXD[5&%4=@*GKT:-!15WN<TZE]$%%%%=)D%8_BC_D7KC_?B_\`1BUL
M5C^*/^1>N/\`?B_]&+0)['$T445Z1XH4C*KKM8`@]B,TM%#5]&"=M4=_X&^)
M]WX;%KI6L'[3HB919L%IK5>-O?YXUYXQN`/!(4+7O4$\5S!'/!*DL,JAXY(V
M#*ZD9!!'!!'>OD:N_P#AAXY'AO4!H^JW931+C/DM(,K:S$C^+/RQMDYZ@-@\
M`L:\?&8-17M*>QZV#QG,^2>Y[]1117EGIA113)IH[>"2>9PD4:EW8]``,DT`
M/HJO8WMOJ5A;WUI();:XC66)P"-RL,@X/(X/0U8H`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`0@$8(!'O2T44`%%%%`&-K7A?2]==9[B
M)X;Z-2L-_:R&&XAR&'RR+SCYV^4Y7GD&O'-2U+5=5UA=3O1_;%E9J;*UO;2,
M#=M?;)-Y*NP^<Y^9.2L8^4`UZMX\U.;3O"\D5I.T-]?R)96\BHS,A<_,PVD$
M%8P[@Y`!6N0M[>*UMHK>!=L42"-%R3A0,`9/M51DXNZ$U=6,"VN8;RVCN+>1
M9(I!E67O4M27WARWFG-W8/\`8;TN&>2-<I+R<B1`0&SN//7ISQ66]]<::\<.
MM01VI?Y5NDDS`[!02,G!4]<!AV.":]"GB(RT>C.:5-K8T****Z#,*Q_%'_(O
M7'^_%_Z,6MBL?Q1_R+UQ_OQ?^C%H$]CB:***](\4****!!2,H=2K#((P:6BA
MJ^C&G;5'MWPW\>:CJFA-I\^E:GJM]I^$EN8I(/G1L^66,CH2V`5/7.W).379
M_P!NZC_T*>L_]_;/_P"/UX)\.]6;1?'VES`OY5T_V*8(JDLLA`7.>@$GEDD<
MX!Z]#]+U\WBJ7LJKCT/H<-5]K34NIA_V[J/_`$*>L_\`?VS_`/C]3>)+.[U'
M0Y["R$?F716%VE7<BQE@'++D;AMW#`(SFM:N.U7Q'K&F:P]BRV9\\)]G/D2`
M1;[F&%2S%@)N)MS!=NW`4GY@U<YT&-=:7XVL9X(["'[1]DN=\<L<YAAG1IO,
M=2GG?(H5R@W+*<*<;2`S=-X,MM:MM/O5UOS_`#&NBT'GL"WEF.//'FRX^??Q
MO/L`,`9.J>,M2T_0DOB+*-H1?>?)+&VR:2VD*")!O^1I-K,"2VT*>&J=_%5]
M:^)7L=46.QLEE+1S>2WSH/,&S/.<@1R;@``N\'[C&@#LZ***`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHJIJ>H1:3I-YJ,ZNT-I`\\BQ@%BJ*6(&
M2!G`H`MT5GZ5JJZHER/LMQ:S6TWDS03["R-L5QRC,IRKJ>">OK6A0`4444`>
M?>-9_M?B[3;+;-LL;22Z?Y\1[Y6\N,XSRP5)QR,`-[UGU)J\LMSXWUJ60ILM
MQ!9QJJD':L?FY)SR29V'0<**CIB"FR1I-$\4J*\;@JRL,A@>H([BG44`<]/X
M=ELY?-T26.%#]^SF+&$Y;)*$9\LX+=`1TXXJK;ZB'N?L=W"UG?@`FWE8$L",
MY0@X<<'D>AR!75U6OM/M-3MC;WMO'/$?X7&<'!&1Z'!/(YK:G7E#T(E!2,JL
M?Q1_R+UQ_OQ?^C%J]<:=JND1&2WD;5+1%R8Y.+E0-H^4@8D/WC@@$^IK)UZ^
MMKWP]=_9Y0S1R1K(A!5T/F@893R#D'J.U=U.K&>QS3@XHY&BBBO7/#"BBB@0
M4444`,F3S(73CY@0,^M?66BZC_:^A:=J?E>5]LMH[CR]V[9O4-C.!G&>N*^4
M*^C/A7+)+\-M),LCR%?.C4NQ8A5F=5&3V```]`!7DYG'X9'JY;+XHG8UC/X5
MT:26XE:U<M.26_?R`(2XD+1C=B,EU5R4P2R@]1FMFBO)/5,5_">CO:"U>&X:
M`,Q*&\F^?<`'#?/\RM@%E.0QR2"229]0\/:7JLC27MMYK,4).]EX4.`.".,2
M2`CH0[`Y!K3HH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`K-\
M0:?+JWAO5=.@9%FN[.6"-I"0H9T*@G`)QD^E:5<GXHUC4M*U():W2`7&F7'V
M:$Q`@W7FP1PDL>Q:8#L!G)]0`93>#-9>?3Y5>SB6+4UO9(WNGG>-08,@321E
MW)$4F<[3\X7=M4AM/P;X;U+0;W4IKY[0I=)%M6V("F13)O?:(TQNW+U+MQR[
M8!IJ:CJ$W@&:]DO[R&^@EN(U:-8/-=DF>-(VRC1[B0JDJ,;NAQ69JFM:WX=\
M0VD>KWDLVEB,S.\4:`R+%"I8_+M(._S78'@JJA03D4`=KJ.M:5I'E_VGJ=G9
M>;GR_M,ZQ[\8SC<1G&1^8JC_`,)IX5_Z&71O_`Z+_P"*K2CTS3XM2EU&.QMD
MOI5V27*Q*)77C@MC)'RKQGL/2K5`'D[ZC8ZEXH\036-Y;W43743!X)5<$?9X
MAG(/3*L/J#Z5/5CQ-%%;>/[AA!Y;7FG0R>8(B!,T;R*Q+8P64/$.N<%>U5Z8
M@HHHH`***RM:U^TT:'#D37C@>3:HPWR$YP?9>#ECP,'OQ0!<OM0M-,MC<7MQ
M'!$/XG.,G!.!ZG`/`YKF[K09?&.FV^MW]JVG6+7%M#:!0OVF9))T3S&8@[5V
MN2JC.2=W(QEGASPW?^/=375=9DQI,/R*(@468]&2+G(7(^9\Y/W1C!QZ5XRA
MBG\$ZXDL:2*+&9P'4$!E0E3]00"/0BJBNH>1YOK/PHU6R5I=(NH]1CW']Q*!
M%*%W#&&SM8@$YSMZ<=<5Q-_87NE3B'4K*XLY&9E43QE0Y4X.UNC=1R">HKZ8
MJ&ZM+:^MGMKRWBN('QNBF0.K8.1D'@\@&NNECJL-'J<=3!4I[:'S+17L>L?"
MC1;Z22?39IM,F;D)'\\&2V2?+/3(.,*R@<8'KP>L?#[Q'I#R,MG_`&A;+RLU
MG\S$%L#,?WLXP2%#`9Z\&O0I8^G/26AP5<#4AK'4YBB@Y662)U9)8V*21N"K
M(P.""#R#D=Z*[8R4E=''*+B[,*^B?A/_`,DVTO\`W[C_`-'R5\ZD@`DD`#J3
M7TYX!M(++P!H,=NFQ'L8IF!8G+R*'<\^K,3^->7F;TBCTLM6LF=%1117D'K!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!5>YL+.]!%U:0
M3@QM$?-C#91L;EY[':N1WP/2K%%`%./2=-AC6.+3[1$01JJK"H`$;%HP!C^%
MB2/0DD4ZZTVQOL_:[."X!VY$T8<?*<C@^AYJU10`4444`</\1H?LL>E:[N=8
MK.<V]R=R!%AFPNYMW/$BP\@\`G@BL:O1M3T^+5M)O--G9UANX'@D:,@,%=2I
M(R",X->5:9<3E9K"_91JE@Y@NU&1EAT<`@?*X`8'&,'VH`OT4V21(8GEE=4C
M0%F9C@*!U)/85P^J^))]7V1:<T]K8@[FGSLDFP>`N#E5XSG@G(''.6(T]=\4
M"(R6&DL)+T,8Y)MN8[?&,\]&;GA1WZ],&GX3\(S>++R6_O))CI32$SW#'$E\
MPXV*1C$8Z$C'3:O<A/!_@\^)2KNC0>'X3M)4E3=D'E%/79G[S=^0.Y'LT,,5
MO#'##&D<4:A$1%`55`P``.@%5&-]6#80PQ6\,<,,:1Q1J$1$4!54#```Z`43
M0Q7$,D,T:212*4='4%64C!!!Z@T^BM"3&\)?\B9H7_8/M_\`T6M;%8GA2&*W
MT1X88TCBCOKU$1%`55%S*``!T`%;=8E!1110!E:OX:T77E/]IZ;;W#[0HE*[
M9%`.0`XPP&?0]SZUP.I_"!D0MHVK,2%4"&^4'<<\GS$`QQ_LGD=>>/4Z*TA5
MG3=XNQ$Z4)JTE<^?[7P3K<OB'3-'U+2[JV6^F1'D1D*B/DR8D!*[@B.<'GCH
M:^G:XS0+;^V_%=WK<L>;73-]A8;TZRY'VB4;D!ZA8@0Q'R2>M=G3K5IU6G(5
M*C&DK1"BBBL34****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHK&\4:K+HV@O>PS6T#">"(S72DQ1+),D;.P#+P`Q/4=*`-F
MN)\=:%=/+!XATN">XO+9?*NK6*3FXMAN.%4C!D1FW#&"06&3D"M70O$T%_;6
M4=W-&;NZ>987AB<13JCR!75N0-Z1EPI8G&<9QFFZMXBNO[5;0_#UK#>ZLL1D
MG>>0I;V2E3L,K*"2S'&$')&3E1S0!X/?:A/XC>*YO$1+4*&@M`VY02.68D#<
MW)`XP!]2:U_"OAK_`(2S4IEGD9=)M"!<[,@SN<_N@W0`#!;!S@@<9R-7Q+\,
MI?#L$%['J5S-I)8-JKPVZB2WR<O+"B@!8_50"4'(##./1-$BTN#1[:+13;G3
MD7;";=PZ8!(.&!.3G.3G).<\U<5<3+D,,5O#'##&D<4:A$1%`55`P``.@%/H
MHK0D****`,/088H-3\1I%&D:G4@Y"*`"S6T!8_4DDGU)K;K$L8E@\9:R(RX6
M:UM)W4N2ID)F0L`3@$K&@..NT5MUD]R@HHHI`%8FM:A=27MIH.CS1)JU[EO,
M="XM(`#NG90,'D!5#$`LPYP#4NI:RUMJ%KI6GVOV[5KGYDM@^Q8X@<-+(V#L
M0=,X))X`)Z:WA;PZN@Z<6N'^T:O=[9=0NRVXS2XZ`X&$7D*N``.V2<@R_HVD
MVNA:-::79)MM[6(1ID`%L=6.``6)R2<<DDU>HHI`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%4=7TQ-7T\VCSS6_
M[V*598=N]'CD612-P(^\HZ@U>KC]+73XO&.I7<6GWMK(NZ`R&PG_`-*9Y%W2
M-(5PZAMJJ,X50Y&$Z`%NV\$Z?;:SI^JBYNY+FR,C`N8R)'D,I=F^3(),SDA2
MH/RY'RC&W96]C`DSV,-O&L\K2RF!5`DD)PS-CJV1R3SQ7G3>'K?5=`U.33+6
MZTV59E:WMI;&6/<522-'?S`-\I:0N9.2I$9.=G/7>#9KU]"%O>V4EJ;1EMXQ
M(K*SJ(T.3NY)#%E+=&*[AP10!T-<GJ/A2YM=0FU7PW<I;7%Q,LMW83G%K<GD
M.W"EHY""#N7@E1N4Y)KK**`.)TSQ);7EPFGWL3Z;K&W+Z?=?*^06!,9/$J_(
MQ#)D8&3CI6U5[5M&TW7;!K+5+*&[MVS\DJYVG!&Y3U5L$X(P1G@UQ?A[2-4U
M*SEU;2]:N;.QN+MWL[:^5[M'M@NQ6/F;95+LOF##X`8<')K13[BL=-16>MGX
MM@DE1H=$O4W9CF$\MJ2N!P8]DO.<\[N1C@5!)=^)(%N$?PK+/.F?):TOH6AD
M^4$9:0HZ\Y!^0XQD9I\R%8BFB6/QS9RH75KC39UE`<[7$<L13*YQD>;)@XS\
MQK;K#O-%\476JZ=J"V&DQ2V;2`[=5FQ)&Z$,A'D`8W"-N0>4%78O#_B6Y2V^
MW>(+6UQAIUTZPPQ.T_*KRLXV[B#G8"<=LU#>HRS=7=M8VSW-Y<16\"8W2S.$
M5<G`R3P.2!6+%?:QXG")X>A>RL)%8MJ]];':04!4PQ,59R2P.Y@$^4_>Z5N:
M?X)T*PFBN7M&O[Z)8PMYJ,C7,P*$D,K.3L.23\@49[<"NAJ1G#:3:0^!_%!L
MKB42V6M[!!J%RSM.;F-$3R99#D-O`9TY7!WJ!TKN:HZSI-KKNC7>EWJ;K>ZB
M,;X`)7/1AD$!@<$''!`-<AXDU'6M)T32[2ZO)KC58GDNI)-.MI";J.`DJ&5`
M=F\F(-GY>6&<$4`=[17-:1XNCU?Q#+ID5N/),4LL%TC.5D$;JC<E`N<N/N,^
M,$-M/%=+0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!114-Y;B\LKBU,LD0FC:/S(B`R9&,KD$9&>,
M@T`<M:W-SXX\,ZI833+8BXD"++;J&,EG)M92`V<%HF9,]FR0.!75P016T$<$
M$210QJ$CCC4*J*!@``<``=JS=+\-Z5HEW-<:7:168FB2*2*!%2-MI8AB`/O?
M,1GN,>@K462-W=%=69"`R@\KGGGTH`=1110`4444`%%%%`%34M2L]'T^:_OY
MQ#;0J7D<@G`'L.3^%5X=4TZ?7)+%8YEU!(F):2TD0-&&`.V1E"L,LO0GK2^(
M-/EU;PWJNFP,BS7=G+!&TA(4,Z%03@$XR?2FQV5W'K%]J!$,C2^3!"AD("PJ
M<L3\IPV7<X'7:@)'8`QK'5_!6G$WUC!:6;%4B$L6GM$SQLI92"$!:(K$QWC*
M8C)SA>.EL+V+4;&&\@R89E#QL<?,IZ,,=B,$>QKEG\,WVKZ/J4&N6EE]MNY-
MRS07;R;<J8^,HNT*C$;>0V6S]XYUO"^F:EI6FRVVI723L)?W.QV8*@15QD@8
MRP9MO1=VT$@"@#;HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`(YX4N('AE!*."K`,02/J.:\ZMH=5L_^
M$"DFTK4#9Z;91F=HHPVQS:RJX>/.\,N$QA3G<1][`/I-%`'G^I:1?:MXWN'O
M;"ZAMGL9X$N'59;<QI);NBLH?)#%9-RD*65L<A21<\##4[!GTJ[LIU@2%)!=
M31L'<^7&%WM]UFVY0@<CR23]\5VE%`!1110`4444`%%%%`!1110`4444`%%%
<%`!1110`4444`%%%%`!1110`4444`%%%%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>c3aimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c3aimg001.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#__@`<4V]F='=A<F4Z($UI8W)O<V]F="!/
M9F9I8V7_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@
M)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_VP!#`0D)"0P+#!@-#1@R
M(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C+_P``1"`#\`40#`2(``A$!`Q$!_\0`'``!`0`#`0$!`0``````
M``````0%!@<#`@@!_\0`21```0,#``0+!`@$!`,)``````$"`P0%$082(=$'
M$Q05,5)459*3TD%1E*,B,F%Q@9&AL2-"4\$68N'P,W+Q)#8W1&-THK+"_\0`
M&0$!``,!`0````````````````$#!`(%_\0`+!$!``(!`P,"!@("`P``````
M``$"`P01$B$Q01-1(C-A@:'!(W$4,K'1X?_=``0`*/_:``P#`0`"$0,1`#\`
MZ9PK?^&MX_Y&?_=I^=]`/^_UD_\`=L/UK5T=-7TSZ:K@CG@?L='*U'-=]Z*8
MVGT4T>I*AE13V2WQ31KK,D93M1S5]Z+@)9@`!```````````````````````
M````````````````````````````,!II=JJQZ)5]QHE:E1"U%8KDRGUD3H_$
MY7HSPHZ2W32:W4-3)3+!/.UCT;%A<+^)V#2&RQZ0V.IM<TKHHYT1%>Q,JF%1
M?[&E6?@?MUGO%+<8[I4R/IY$D1CF-1%P;,%\,8YB\=67-3+-XFD]'2``8VH`
M````````````````````````````````````````````?__0[^``````````
M`/B5ZQQN>V-\BI_*S&5_-40DYPF[KK/E^L"X$/.$W==9\OUCG";NNL^7ZP+@
M0\X3=UUGR_6.<)NZZSY?K`N!#SA-W76?+]8YPF[KK/E^L"X$/.$W==9\OUCG
M";NNL^7ZP+@0\X3=UUGR_6.<)NZZSY?K`N!#SA-W76?+]8YPF[KK/E^L"X$/
M.$W==9\OUCG";NNL^7ZP+@0\X3=UUGR_6.<)NZZSY?K`N!#SA-W76?+]8YPF
M[KK/E^L"X$/.$W==9\OUCG";NNL^7ZP+@0\X3=UUGR_6.<)NZZSY?K`N!#SA
M-W76?+]8YPF[KK/E^L"X$/.$W==9\OUCG";NNL^7ZP+@0\X3=UUGR_6.<)NZ
MZSY?K`N!#SA-W76?+]8YPF[KK/E^L"X$/.$W==9\OUE,$KIH]9T$D*YQJR8S
M^BJ!Z@```````````````````````````````````````````3.KJ=M<VC5_
M\=S=9&X]@'O)(V&)TCUPUJ9535[;>):K21S6RN6GE54:Q>C")L_8S-\E2*S5
M*JN%5NJGXFL4].E!-9ZI$5.-7Z?XKN4D;P`"!__1[^````````````````#X
MDXSBUXI6H_V:R90FQ<NO2>!V\"P$>+EUZ3P.WC%RZ])X';P+`1XN77I/`[>,
M7+KTG@=O`L!'BY=>D\#MXQ<NO2>!V\"P$>+EUZ3P.WC%RZ])X';P+`1XN77I
M/`[>,7+KTG@=O`L!'BY=>D\#MXQ<NO2>!V\"P$>+EUZ3P.WC%RZ])X';P+`1
MXN77I/`[>,7+KTG@=O`L!'BY=>D\#MXQ<NO2>!V\"P&!@O-34W)U#%R=7-S_
M`!,.U=G2F,F2Q<NO2>!V\"P$>+EUZ3P.WC%RZ])X';P/6LJX:&F=/,[#4_-5
M]R&C5UW=-=^74V8U1$1N=N-F#):1S54LU/03+$JJY'(L:*G3E-N5/*IT4K(X
MT="^.5VQ%8U,+]^U21\UM9+=+=;8Y'YDDE<CE^["(OZE^D4+:6GMK6]$3T:G
MX8,);HJA;K!3(B(^*1=CDRB+[?V,UI-%6K0QR3+"YC'YS&U4Q]^5`V<&,HI+
ME/10RI)3+K,1?I,=G]SWQ<NO2>!V\@6`CQ<NO2>!V\8N77I/`[>!8"/%RZ])
MX';RB'CD9_'6-7Y_D143'X@>@```````````'\1R*N$5`/Z`````````````
M`````!XU<W)J.:?&5C8YR)[\(>QKU_O4,3*FWZC^,5B)K)T;=O[`>^CMQGN%
M-,ZH<CGM?LPF-F"N\5:T5KFE:Y$DU<,^]=AK^B=9#!+-!*_5?(K=1%3IZ26N
M2IOUVE=2QN=&Q4:F5QJI[_W)']T:UDOK%>BY<UR[?;L-X-9CB2#2^").AL"-
M_)ILQ`&*K+W3Q15K(W+QU.W&U-BNZ$Q^)E30)*2KN-RJ^31N>U95UL+LZ213
MH[KUE\22=RR*QBNR]<_[Z3=C`6"T36ZKJI)FHB+]&-<YRF?^AGR)'__2[Q'2
M4\4[YV1-;+)]9R)M4CT@;K6.J^Q$7]4,F0WENM9JM/\`TU4#YLCM:S4J_P"0
MR!B]'7:UD@^S*?J90````````````````#'WN98+/4O1<+JZJ+]^PT**HJ(7
M++'*]J]&LBG0+I;TN='R=9%C361V43IP:CII:*.S:%W.JCDF1[(L-^G_`#+]
M%%_4[I'*8K[HM;C$RV#1JX\LH.+DFXR9BKG*Y7'L,V<*X'J[-PKZ2HK7P,2)
M'L77QMUD14V_@=HYO<O_`)ZJ\:;CK/BG%>:.,63U*19:"+F]_;JKQIN,)I16
M,L=I?427*=OO1SL_1]O0A7$;SM"SLV@&MZ,S-O=B@K8;A4N8_*(J.QT?>AE^
M;W]NJO&FX3$Q.TD3OUA:"+F]_;JKQIN'-[^W57C3<0+01<WO[=5>--PYO?VZ
MJ\:;@+01<WO[=5>--PYO?VZJ\:;@+01<WO[=5>--PYO?VZJ\:;@+'*C6JY>A
M$RIIMMIV7R\U,M4BN:GTMFS[$_0^[M=.235%*E15.5K<:RR)C/V[#`W72"EL
MV@$ETM=T1U7(_BV)$]')QF=J*GV-.Z4M>=H<VO%(WEF;M3);+XR=%1(W_3:B
M)]7V8,QHK'JVM\JIMDD5<_8G^U.6Z+:17"_VV1USJG5$\$FJCG8SJJB+^^3K
M%NMBQVZG1M74,RQ%5K7(B(J[5]A.7'..TTGP4O%ZQ:/*2;9II"OOC_LIL1J-
M<QE+I+#QU9(QFIE97N1%3I]I)3:0<?<G,2XO=1I(K==KT56I[UP<;.F[3/XJ
M"23JM53!:*,S1U$Z],DO[?\`4QMWN4:L=3TM;4RN54155R*U4_W@JE6DT9T>
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MR%5<K>7U.LG2FNFX@7`BYO?VZJ\:;BB"%88]599)-N=9ZY4#U```````````
MYAPQWVGCLT5ABDUJZID8]8FHN49E<+[MJFV:<:1.T9T7J*Z)CG5#E2*'5;E$
M>J+A5^S8<\T1X.KC?*RDTFT@KG.5[V5$<2JKGN1%RB.ST)T;$->FI6O\UYZ1
MV^LLV>TV_CI'66OTL=/HWI[<**IF9"V*G9%K.7"*[$?]\G?*"=)J"F>KD57Q
MM7I^P_.?">W4X0+DJ;,JUW_Q0\K7I17_`.+[?<9*J=M-'411N;KJC48F&XQT
M=&35ETLYJQDB?#/CU$8IFFWE^CZN[6^AJJ:EJJN&&>I=JPQO=A7K]AQ_A=NE
M557UEFH\O_@:TC&]*HF7?V7\C&\*-[5G")!/32MEY"R-6HCLHCD7*H9/0F)^
MG&F]VOU0S4A9"YC&=.%>BM1/RR5XL$8HC-;MMO\`?P[R9O4F<4>_X\L_P-U*
MR6!\6LN&YV>["_ZG3#C?`S5NIKG<+-41NCJ(F.?JN3"_6:BIC[/[G9#-JJ\<
MUFC3VWQP^9)&0Q.DD<C&,17.<JX1$3VF`K=.=&[?;X*^>ZQ+35#G-B?&UTFL
MJ=.QJ+T'\T[K$H="+M,KM5>(5C?O=L3]S\Y6B@J+U*E`LKVQ0L?,U.E$543]
M\(6:?35R4F]YVB%>?/:EHI6-YE^J*.LI[A1Q5=+*V6"9J/8]O0J*>YSS@<N#
MJO0Q:=SLNI9W,3[$7:G[G0S/EIPO-?9?COSI%O<`,):[R^MNU53/U=1N5CPF
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ME7.HWIPGXHAM0!YU[VO.]IWEMK6*QM6`UCA$HG5^@-WB8U7/;#QJ(G^54<OZ
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MZICW(O\`M3A+.@`````````#XECBEC5LS&/9[4>B*GZA)(FHB(]B(G0B*A_9
M(V2QJR1J.8O2BIL4FYKH.R0^!`/S[PJQ*[A!JFQIK*^-BICV[#PM.CDUST#J
M:F)B+)RI>+][E:U-GZJ=@NW![27+2^WWI'QQP4[<2T_%Y214SC]S8Z6PVJBA
M2&FM]/'&F51K6)[3T;:R(Q5K7O&S%72[Y+6MVG=^>(M#ZMNC%UO%<JLEB8BM
MC=];*O;E57[M8ZUP24#;?H/#+(UL<M5(Z9<KM5N<-_1,_B;B^T6Z1KFOH:=R
M.^LBQIA3^MM-O8U&MHH$:FQ$1B80HRZNV6G&WNMQZ:N.W*/9S2C>VCX?:GZ2
M(VIIEVY_RHO_`.3JG'19QQC,_P#,<DOM+!1\-MH1L+&Q31M16XV+E%0RUPF;
M3RU=>C6,IHGNSE-B)M]GW(1GC?A/TA.'IRCZRT732X5VD_"-+98JN7DCJAE.
MD2/^ALZ5QT>\WJKLUNH;ER2V4D22)%'`Z9/K/U41$ROY?D:SP7I0S27.X5](
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M0Q9,DY+3:6RE(I6*P]HW11QM8U[<-1$3:?7&Q_U&_F3\UT'9(?`@YKH.R0^!
M"MT^+I145WMM1;ZQ6O@G8K'HCL+@\;':+;H]:X[?;T;'"S*[795RKTJJ^U2G
MFN@[)#X$'-=!V2'P(3RG;COT1QC??RHXV/\`J-_,<;'_`%&_F3\UT'9(?`@Y
MKH.R0^!"$IJ^S6>Z5E-5UM-!//2KF)[]NJ9'C8^NW\R?FN@[)#X$'-=!V2'P
M(3,S/23:(4<;'_4;^8XV/^HW\R?FN@[)#X$'-=!V2'P(0*.-C_J-_,<;'_4;
M^9/S70=DA\"#FN@[)#X$`UGA-1D^@%R:CVJK6M=T^YR*<ZX'K10UE3<:^JC:
MZ6F9JPJY?JJY%1?T.E:<VNC_`,$7=8Z:)KTIW*U4;M14--X%K=!466ZS30LD
M59FM:KDSC#5WF_%>8TMMO?\`Z8\E8G45_I@-!6K%::Y7*B,CJE;G/1]%-QE+
M+I+2WQ9X(:9\4D#LJ]SLZ[5V)L]AI4=]DLW/%LAI6O=-4/\`IYVL1,MPAZ:$
MU"4-Z6*I18UJHDXM7?S+G9^>TNS:;?GDG[?M7BS[<*1]W7;7_P!NK*&F?_PX
M555RNSISN-RHJ"FHW2OIT_XKLNVY0UK16@BJ7U$L\37L:B-:CDRF5_Z&V0P1
M4[-2&-K&YSAJ8/+EZ#T`!`````````````````Y#PF*ZFX1=':EBJURL1,I]
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M$-R/.")L$$<3/JL:C4_`]#S;VF]IM/ENK6*Q$0``Y=```__4[^``````````
M```DN=&EQM571KC$\3H\K[,I@UK@YT6K-%+!-25[HEGDG=)_#=E-7"(FW\#<
M`=QDM%)IXES-(FT6\PT%=`+99.=[HQ73U%4Y7IQB)_"1795$^_)I6G5%%1.T
M6N<<36/616/<B8RC7Y1/W.X2Q,FB='(U',<F%1?:<RX8Z2.'1NUR1,1C*>J1
M&HGLRG^AHT^2ULT<I[]/PHSTK7%/&/JZ':(^*M-,U6ZJZB*J8P6FJ:3Z8T5@
MT;;/)5,BKJBF5]+&J*JO=A-_M(N#*ZZ0WBQ25=[1'Q2.S33+A'/3:B[$]B*A
M3Z-N$Y)[+?5KSX>6\``J6````````/B65L,;I'YU6].$5?T0EYVI.M+Y+]Q:
M`(N=J3K2^2_<.=J3K2^2_<6@"+G:DZTODOW#G:DZTODOW%H`Y%PQTTUXI+7-
M;Z>>=*=TG&ZL3OHHJ-PO1]BF>X,J2/1[1".*KXUM34R+/(SB7?0RB(B='N1/
MS-_!?.>TXHQ>%,88C).1%SM2=:7R7[ASM2=:7R7[BT%"YJ.D]1!4QT\L*OUF
MJK5UHW)L7[T,';6,CN=-*YFJBR-<JHW:J(OV=/0;GI)`Z>S2:K5<YCD>B)_O
M[3XM%J@Y'0U,L:I/&Q<>SI55Z/Q)W%O.U)UI?)?N'.U)UI?)?N+00(N=J3K2
M^2_<.=J3K2^2_<6@"+G:DZTODOW#G:DZTODOW%H`BYVI.M+Y+]PYVI.M+Y+]
MQ:`(N=J3K2^2_<.=J3K2^2_<6@"+G:DZTODOW#G:DZTODOW%H`BYVI.M+Y+]
MPYVI.M+Y+]Q:`(N=J3K2^2_<.=J3K2^2_<6@"+G:DZTODOW#G:DZTODOW%H`
MBYVI.M+Y+]QS[A@K8*G0^)L:O54JV+MC<GL=[T.G'/>&5N=!<^ZKC7]'%^F^
M=7^U.?Y5F@:5TK]*-,+/;H)M1.;X6JY[78:FKE=B)D[A8Z6DH+-345$CN3T[
M$B;K-5%V)T[3A_!745%RX0:6:HD=(Z"D<Q%<N<-1NJG[GZ!+];,UFN/Q$*M+
M$6WR>X`#"U@``````````````````````````__5[^``````````````````
M```&@\,*9T#D^RHC7]S?C1>%U,Z`5*^Z:-?U+M/\VO\`:K/\NW]-(X#Z"22^
MW&O5B\5%3I$C\;-9SD7'Y-4[B:KP<0QPZ!6E6,:U7PZSE1,:RY7:IM1UJLG/
M+,N=/3ACB``&=>````````^)7/9&YT<:R.3H:BHF?S)>55O=K_.;O+0!%RJM
M[M?YS=XY56]VO\YN\M`$7*JWNU_G-WCE5;W:_P`YN\M`$7*JWNU_G-WCE5;W
M:_SF[RT`1<JK>[7^<W>.55O=K_.;O+0!%RJM[M?YS=XY56]VO\YN\M`$7*JW
MNU_G-WCE5;W:_P`YN\M`$7*JWNU_G-WCE5;W:_SF[RT`1<JK>[7^<W>.55O=
MK_.;O+0!%RJM[M?YS=XY56]VO\YN\M`$7*JWNU_G-WCE5;W:_P`YN\M`$7*J
MWNU_G-WCE5;W:_SF[RT`1<JK>[7^<W>.55O=K_.;O+0!%RJM[M?YS=XY56]V
MO\YN\M`$7*JWNU_G-WCE5;W:_P`YN\M`$7*JWNU_G-WFF<*<U3+H%6))1.B:
MCXUUED:N/I)[$.@&,TAL=-I'9*BUU3Y&138RZ-?I(J*BHJ9^XLQ6BMXM/B7&
M2LVI,0PN@\]7%H3:&,H'/:E.F'<:U,FT02221ZTL*Q.S]57(O['C;+?#:K73
M4$"N6*GC2-JN7:J)[RLYO/*TS":1M6(``<N@````````````````````!__6
M[^``````````````````````````````````````````/B5)'1N2)Z,?['*W
M*)^!)Q%R[=!\.OJ+@!#Q%R[=!\.OJ'$7+MT'PZ^HN`$/$7+MT'PZ^H<1<NW0
M?#KZBX`0\1<NW0?#KZAQ%R[=!\.OJ+@!#Q%R[=!\.OJ'$7+MT'PZ^HN`$/$7
M+MT'PZ^H<1<NW0?#KZBX`0\1<NW0?#KZAQ%R[=!\.OJ+@!#Q%R[=!\.OJ'$7
M+MT'PZ^HN`$/$7+MT'PZ^H<1<NW0?#KZBX`0\1<NW0?#KZAQ%R[=!\.OJ+@!
M#Q%R[=!\.OJ'$7+MT'PZ^HN`$/$7+MT'PZ^H<1<NW0?#KZBX`0\1<NW0?#KZ
MAQ%R[=!\.OJ+@!#Q%R[=!\.OJ'$7+MT'PZ^HN`$/$7+MT'PZ^H<1<NW0?#KZ
MBX`0\1<NW0?#KZAQ%R[=!\.OJ+@!#Q%R[=!\.OJ*8&S,CQ/*V1^?K-9JIC[L
MJ>H```````````````````#_U^_@````````````````````````````````
*`````````#__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>c3bimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c3bimg001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`#$`34#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H
MHHH`****`"BBB@`HHHH`****`"OBGX;?\%%?V,?B]\4OVC?@O\//CAI.O_$K
M]DF'Q1<?M">'7\+>/M&3X>6_@G5]1T'Q=<2:YK_A32_#OB:#PWK.E7^G:Q-X
M-U?Q%'8W4*1SLGVBV,WVM7^=9\2O"7Q8^&O[07[=7Q)^$&A1P>+/VV/^"I?_
M``4V_P""3GB_5YVN].U?3K+]JS7O@=XI^#&H01Q6!EU/31=V?Q#U."!]2TV0
MPWD.H:,UXL]V%"HQ4KW=G;3[^OE;\6C^[/\`9*_;._9H_;I^&6H_&+]E;XFP
M?%;X=:1XQU3P!JGB"'POXW\'R6'C#1=*T+7-2T2ZT3X@>&O"GB&&>WTCQ-H.
MH+.^DBSN+74[:2UN9@7V?4%?PJ_LK7FL_LR:!XA^#+_$KXD_LT?\$^'_`."W
MG_!2;X??M&_&?X5>,/%GPAU/PEX,^&7[/_POTC]GO1?^%G>"HK?7?!/@[7_&
MF@:CI5YJND:_I,,VK>'M/T&2>[$TT,/8:A^UO^W=>?LW_LU:U^U_\<_VB_@-
M8ZI_P3?_`&MOB/\`!GQOX7\4>.?A'XO^-W[<_A'X\>(]"_9?\$_$*^\)^&M/
MU/QGJWB3X26?PXUCP]\/_$6DS6OQ3;Q)J%YK/@2_EO)H+P&X:V3TOUM>WZOO
M;:Z[G]AG[17[1WP7_9.^$OB'XZ_M!^-H?AU\*/"=[X9T_P`1^,+G1/$OB"UT
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M$NDZ[X\\9ZOX;UG]D/Q)^RI:_#D?`#4=+U'4;S2M2^#5Q^TWKLFGW?P8O@WP
M]DLX;O6&T(3RVUE<`<NE[ZZONK)1?3K[Q_1-\+_B5X,^,OPX\"_%KX=:I=:W
MX`^)7A/0?'/@K6KS0]?\-7.L>%O$^FV^L:%JDF@>*M+T3Q'I(U#3;NVNX[/6
MM(T[4(HYD%Q:0N2H^-OVDO\`@J;^PC^R)\68O@?^T-\<9?A]\2W\&:'\1+G1
M1\+/C1XLTO1_`OB/Q%<>$])\6>)/&'@?X=>)?!7A;0I?$-L^FW>H>)/$.E0:
M5)):3:JUE;7]E/<?D'X0_:&^+?PQ_P""P]I\,(?CK\:_BU\/=8^._BSX06G[
M,O@B'6_AY8_!;X:ZU\.=*@\!WOC#]G'Q=\/[WP#KO[,WPPN=`OM9\*_M3?!G
MQ[X%\3:UKE[>:+XHMO&.F1P>%X/E#_@KK\//B_X[_P""FO[=LGPN\;Q>!]*\
M+_\`!"/Q7XN^*UI<?#__`(31_BI\)_#_`,;DUCQ;\%=%U9]4T\?#KQ%\1+?2
M3#I?Q!MK'Q-J&C0:+JEO8^&[F2\EU+2`%%-Z[-77WV6Z_P"'Z']C^D:MI>OZ
M3IFNZ)J%GJVBZUIUEJVD:KI]Q%=V&IZ7J5M%>:?J%C=0L\-S9WMI-#<VUQ$[
M130R))&S(P)\H^)G[0GP@^$-UX>T_P`=>+C::IXG\?\`@'X8Z9H_A_P_XI\=
M:W;^,/BA-JT/@6VU_1/`FB>)-6\)Z)KS:#K4B^,/%-GHW@[3K;2K^\U;7K"T
MM9ID_C1_;&_;G_:`\#_#SPY\3_V1]8^./P9TOX0?L._\$S_BY\$_AEK'QV\;
MV'P[A\+_`!AA\"6VI^#/AA^S]X`^&!\*_M&Z+I&CW.G^"OC%X^^.?Q)CN?"V
MIW!TSX?Z3I%]+;0ZW)^TAKWQ(_9W_P""S7[1<?@7XG?';X8ZS\:_^"IO_!'F
MQU"#3OB/\3/#]I\8OV<_B!X#^)4WQ?L-8ACU:UTKQC\+/"?Q&B\"?#O25D6?
M1_!VE^(KCX7V4D>AZQ<Z%0"AW:7EUWCIY:2T\TU:VI_<C17\:O[-'[2W[7$W
M_!8#PKX;UCX__M`:YX#\8?\`!5'_`(+*?`+6_A?XJ^(WB_6/A2?A9\%_@9\)
M?'O[/G@O3_`>OZE+X/\`#EGHNHZMJNI^#[K2K+2[Q[$W<NEWL=M<:I+=><?\
M$Z_VM/VW/B7\8_%7A_XK_M.?M,:3\4HO^"1'[</Q0^(^B:QHOC?XER?"#]J[
M0_VW/B/X)\/^*_#7[-LT46D^*/&'PY^$NE?"V;PA\--&T6Z$EI>MX>T"VM9_
M%NIVMT!R/NGHGUZW\O+\5W/[<:*_`'_@@U\??B7\7_!?[0WA;X@?$GXV?'2'
MX=ZO\'&TWXY^./&GB+XB?"/Q]K/B[X<C5O&9^$^O_$7P7X/^+'A'Q-::_!)=
M?&OX&>,)/$&E?`KQ_J,OP^\%WVE>']/AT*P_?Z@EJS:[!1110(****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"N<\.^,/"WBXZ^OA?
M7]*U\^%O$FI>#_$?]E7D-Z-%\4Z.EM)JV@:@T+.MOJNFK>6POK-R)K5Y5BF5
M)`R+T=?RE>#_`-JWXY?"?]C/]D#0?AS\0O'/P]^.G[5?[;'_``4@?X@:9X!\
M!?`WQ?X]\5^)/`'[1O[1'BOQ8L?C_P#:>\4>%?@9\+/#/A^WT&S&OS^)=&\6
M^+-6\.?8?#7@6PM=6MKGQ!9@TK_?_F_T/ZM:*_CO;_@K]^W=X^_8_P#V,/VF
M](^,'P8^&RZ_^S_\5OBS^T'X<\-^$?AIXW^*%X?@M^T[KWPB\1?%74?@S\2O
M%'PYG\7?`B]\#>"-7?6_#?P)^(/ACXM:'XZU];K2IM5T/1K;1]6_:C_@HW^V
M7K?PM_9A_9F^(?P2^*'B+X?:K^U7\=O@%\,/AYKWAOX7>!/%'CSQ/8_&;1]5
M\1Z=X>\*6G[0'B/P5\*/A=XIUK0[![NW\:_&:WUW0?")M)[;4_`7B+4[B'34
M!\KO;K=JW9IV=_ZV/U8U;5M*T#2M3UW7=3T_1=$T73[W5M9UG5KVVT[2M)TK
M3K:2\U#4]3U"\DAM+#3["TAFNKV]NIHK:UMHI)YY(XHV8<3X3^,/PE\>Z3X&
MU[P+\4/AWXTT+XGVFIW_`,-M:\)>-/#?B32/B#8:+%)/K%]X)U+1M2O;+Q39
M:5#%))J5WH<]];V*J3=21<5^0/[&'BSXG?\`!8/_`((EVX^.'C'1]`^)/[3_
M`,,?CQ\*?$7Q`T#P?]@TR.?0_B5\0?AIH'BR_P#`VE>(M-A:6\TSPUI&H>+?
M#^A^)-#L-2NIM8MM%N_#]G=VD=C\0V7Q<\:_\$X/BI\5O$MQX=^%WQYO?!]E
M^W;X\CU6:Y\8?LZ?"K0-8MM7M?VX_P!MS2O@\T^E?M`7^H:AJ=MX_P#V>/@W
M\+/`<]_`MYXH^#WQBU"\\3VT>EW_`(8TH#EU:^TFU;T\]C^J*N-\4?$;X>^!
M]2\):-XU\=^#?"&L>/\`74\+^!-*\4>*-$\/ZEXU\321^='X=\)6.K7UI=>)
M-=DB_>II&C17NH-'\ZVY7FORL_;V_:L^,F@?$;_@G+\'/A!\3)/V9_"/[:WB
MGXJ#X@?M%:CX5^'GB35OA5I/@+X'S?$[PGX4L].^*ECKW@&R\2^.]7N!8+<:
M]X=UF"*W\/ZK;6QMKN:!Y?QA^"OQW^-?[<?[9'_!N#^TM\;?$ITKQG\1/#W_
M``4=M[K0]#\'^#+'PM_:OP/TGQ5IVI>/M+L[[1]<G8_&WP9X=\/:?JUO:Z[?
M:1X3GL++Q3\+=0T/4))KV\`46_N;^Y2?X\K7EUZ7_LCKYE\-?LI?#GPS^UE\
M3_VRHM5\8:M\6?BA\)/`7P1NK/6;_0[CPCX0\`>`=9UCQ';Z;X)L+3P[9:[I
MTGB3Q!K,FL^*6U?Q'KEM>W]EI\FG6NE)#+'/_-[_`,%0?VL?VE?V/_\`@J#^
MU!\6/A5\5O&6N2?##_@CY;?%GX<?!G5E\/ZG\,;+5/$?[4'A/X0Z^S^#;VUM
MAJ+^%I+E_P!H'5_%5G?0>.[BV\"7G@^]U;4OAPI\+P^'?M:?M:_M9_$#Q'X=
M^`NI_M;^+]?\&_`S_@K[_P`$W_A1H_[4_@'0?A;X%TSXA>&?VB?@YK_Q4\06
MWQ$TGP=HX^'7BO3_`(%>+="A*^%]5T>V\!:^_B7PS/\`$#3/$^H^'[%;0&H/
M356:OYVTOIZM>OWG]IM>;>&_C+\(/&/P\O?B[X0^*WPV\5?"?3;7Q-?:C\3_
M``WXY\,:Y\/+"R\%W.I67C&\O?&NF:I=>&[6U\)WFC:O:>)KB?4XXM!N=*U*
M#5'M9;&Z2+^<_P"$?_!43]HOQ9_P5V^'?[-6G?%B;XB?L_?$']IW]N+]F?Q'
MX<UKX/?"KP-X?\):A^RE\(M#\;6UIX"U;0_&6M_'34?'7A_Q5JD.G>/_`!S\
M3[#P]\./B)I6KVT?PN^'>@-H.K:W=0_\$IO'6N_"_P#X-BM>^)?A==*;Q-\.
M_P!F3_@H5XZ\.KKVBZ7XDT-M=\)>-/VB]?TA=9\.ZW:WNBZ]I1U#3[<:CHNK
MV5WI>J69FL;^UN+2>6)P.1I)OJXV7^+FW[6<3^F#PIXL\+>//#/A_P`:^!_$
MOA_QGX-\6:/IWB+PKXM\*:SIWB+PSXE\/ZO:Q7VDZ[X?U[2+F\TK6='U2QGA
MO-.U/3KNYLKVUFBN+:>6&1'._7\0O[1__!5?]O[X)?"KX6:]\+/COI?A.Q\*
M?\$1_P!A?]MK4?"EM\$_@0_AGQ3\9?B7^UW\$O@5X[6[L(_AO;2^'/"?B/P5
M\3-1AD\,>";CPWI>AS:7ILGA*#P[-]HGE_5M?VU?VRI/^"F<_P"P3'\097N)
MOVF_"?[0EM>#P#\.T,G_``3^E_92U+QMK?P]TN<>%[F9]-O/VC-'D^'$OC"Y
M&H?%33[W4;2!?$]KI5W87;`.#2OIU[]+7Z>9_0\RJRE6`96!5E8`JRD8((/!
M!'!!X(X-?G[^S;_P3;^!/[,GQQU_]H7PWXM^-OQ'^)5_\,[_`."?A+5?C7\2
MI_B-)\,/@QJ?Q'U'XMWOPP\$ZE?:59^)+SP[)\0M6U#7H-1^(.O>.O%MA!-%
MX>T[Q+:>%K*PT2U_GB_9)_X*[_\`!2'XU?#/]HGXC^*/'7[/O@BUU7]DKXA?
M'/P!K'QWU/X%^#/"'P!^*'A?]J6Y^!^E^'T\(_#[Q?JGQPA^$.H>'8-3\/V?
MBC]HSP99ZE/\9?#<]])K?_"N=<TFWDXKXZ_M@_M-_&,?LH>$_$_[8GQ@\)>(
M_`?_``6,_8W^#?Q#\/R^"O@5X0\1>!8?BSX6UKQOH=]XP^*7P7_MK]GO]H3P
M%X7OO#[^+?`6F:?H.D:)>^%]2AL/CCX5USQ)8>']>M0.62;5UKH[._;_`#_J
MZO\`VJT5_$UXZ_X*Z?\`!1?1/BK^T+X1TG]H'2H="T7X^?\`!<WX<>#5N_@W
M\(KO4?!GAW_@G9^S=X<_:1^!W]EWB^$;:'5;ZYU+49O`'B:Y\567B`:GX->6
MYEBD\7FW\36OKG[3/_!8/_@H5HH_8QD^$,W@71-7\9?\$S?V:?VX?',.K6_P
M)\%?#?XL?$KXK?%/P9\/_&7@GQ=XN_:`\<>$3X8\`0VFMKI_AO0/@GKUS\6W
M\>>,?#%XYN_!VE:W;`#V<M-M?,_L)HK^3C]H3_@I=^W)\.?^"FGQ.^$GAGXS
M0V'P6\%?\%*/^"4/[,%C\']6^&?PIU/33\,_VU/@#\5?%_Q;TW4/%\?@^V^(
M4NIZ?XG^'MEJWAS5+?QA%?:?>7]Y;/=W&B);Z0OS'\'OVHOV[?A9X1_;-TWX
M2_MAVOB+Q_?_`/!6G]N'X::KH7Q3U#X(:O\`'#7],^#7PRT#4-!U_P"`GAWX
MPP^&/AK>:5=W<^BW7Q"^#]]XI\)Z5#X/^'K:-\![KP'J^MZ_=P`<CM>ZV3^]
M)ZZ=C^T+3_%GAG5O$'B+PIIFO:5?>)O",>BS>*-!MKV"75M!A\1VUS>:!/JM
MBKFXLX-9MK.\ETV:9%BO%L[L0,[6TX3H:_"O]A7]HJ#]HK]N/P+\8O!>M67B
M_P`/?M!_\$DO@?X^^+'BNU\+ZM\-?[2^(?PU_:2^*O@KP=J\7PQUS5/$>I^&
M]-\1WWBGXZQ:5!-XFU^"PL/"]O9V/B/Q782VNMO^ZE!+5@HHHH$%%%%`!111
M0`4444`%%%%`'R%_PA?[>_\`T<K^R%_XA#\9O_I@U'_"%_M[_P#1RO[(7_B$
M/QF_^F#5]>T5[/\`;N._Y\9-_P"(YP]_\ZSQ_P"P\%_S_P`X_P#$AS__`.>?
ME^?=GR%_PA?[>_\`T<K^R%_XA#\9O_I@U'_"%_M[_P#1RO[(7_B$/QF_^F#5
M]>T4?V[CO^?&3?\`B.</?_.L/[#P7_/_`#C_`,2'/_\`YY^7Y]V?(7_"%_M[
M_P#1RO[(7_B$/QF_^F#4?\(7^WO_`-'*_LA?^(0_&;_Z8-7U[11_;N._Y\9-
M_P"(YP]_\ZP_L/!?\_\`./\`Q(<__P#GGY?GW9\A?\(7^WO_`-'*_LA?^(0_
M&;_Z8-1_PA?[>_\`T<K^R%_XA#\9O_I@U?7M%']NX[_GQDW_`(CG#W_SK#^P
M\%_S_P`X_P#$AS__`.>?E^?=GR%_PA?[>_\`T<K^R%_XA#\9O_I@U?-_AG]A
M?X^>'=)US0+WXH_L->-M!U;XW^./VAM,T3X@_P#!/KQYXNTSP7\4/B)KEUXH
M\4:[X'M=2_;H*^'Y[OQ3J>N^(X;V(SZS;:MXBUJ2/5?L]S%;6_ZFT4?V[CO^
M?&3?^(YP]_\`.L?]AX+_`)_YQ_XD.?\`_P`\_P"M>[/S!U#]ACXG:MX?\!^$
MM5C_`."8.I^%?A7?W>J_##PSJ'_!+OQ!>>'_`(<:G?WEWJ%]J/@/1KG]N.33
M?"%_>W]_?7UW>>'K;3KBYO+V[N9I'FN9G?U#QG\!_P!K?XCZ%%X6^(?Q;_81
M\>>&8-0TK5H/#GC/_@GU\3/%&A0ZKH5U%?:)J<6D:Y^WS?:?'J&C7L,-YI5Z
MENMSI]U%%<6DL,L:N/NZBC^W<=_SXR;_`,1SA[_YUB_L/!?\_P#./_$AS_\`
M^>?E^?=GPIX&^!?[7?PP\.6_@_X:_%[]A3X>>$K2^UK5+7PMX&_X)^?$WPEX
M<MM3\1ZS?^(O$.HV^B:!^WSI^F0WVO>(-4U/7=:NX[5;C5-9U&_U.^DGO;RX
MGDX_Q%^R1\?O&&@6WA7QAXK_`."=?B[PQ9>.=4^)UEX>\5_\$WO'7B31+/XC
MZWXHO_&^K^/;32]:_;POK*U\8ZAXQU34O%%UXE@ACUB77[ZYU5KS[;,\Q_1N
MBC^W<=_SXR;_`,1SA[_YUC_L/!?\_P#./_$AS_R_ZF?E_5V?G]\3/V;?VGOC
M5X5E\"_&3XB_\$_OBUX)FN(;J;P=\3/^"=?Q"\>>%9;JV22.WN9?#WBG]O35
M=(DN+>.:5(9FLS)$DLBHRJ[`QQ_LS_M,Q:]\/?%,7Q`_X)]1^)_A)I&M^'_A
M3XCC_P""='Q`37OAEH/B6QM-,\1Z)\/=77]O(:AX+TC7]-L+'3];TWPY<:;9
M:K8V5I:7T,]O;0QI^@M%']NX[_GQDW_B.</?_.L/[#P7_/\`SC_Q(<_\O^IG
MY+^FS\_/%/[-7[3?CCQ+I/C/QK\0O^"?GC#QAH&B:]X:T+Q7XI_X)U?$#Q!X
MET7PYXJL+K2_%&@:3KNK?MYW>J:;HGB33+V]T[7M*L[J&QUBPN[JSU""XM[B
M6-^0C_8I^+T7PPU+X)17?_!,V+X,:S>2:CJ_PCC_`."8OB=/AAJNH321RRWV
MI>`5_;F'A2^O)98899+FZTF6=Y(HW9RR*1^F5%']NX[_`)\9-_XCG#W_`,ZP
M_L/!?\_\X_\`$AS_`,O^IGY?U=GYQP?LC_'JU\=6WQ0M?$G_``3CMOB99Z]=
M^*K3XB0?\$UO&</CJU\47_AJ?P7?>)+;Q='^W8NOP:]>^#KJY\)W>L1:@NH7
M/AJYGT*:X?2YI+5M;PW^S-^TQX.^'E[\(O"'C_\`X)\^%?A/J5KXFL=1^&'A
MO_@G1X_T/X>7]EXTN=2O?&-G>^"M,_;RM?#=U:^++S6=7N_$UO/IDD6O7.JZ
ME/JB74M]=/+^@U%']NX[_GQDW_B.</?_`#K%_8>"_P"?^<?^)#G_`/\`//R_
M/NS\OK_]A3XE:KI4VA:I!_P2^U+1+CX9^'O@K<:/?_\`!+G7[S2I_@WX1U>W
M\0>%/A+-I]Q^W%):2_#/PQKUI:ZWX>\!O"WA;1=7MK?4M-TJVO88YE]!3]F[
M]J"/XD6_QDC^(W_!/^/XO6G@M?AO:_%5/^"=GQ"7XD6WP[34VUI/`5OXY7]O
M0>)X?!::R[ZLOA:/5%T-=39K\6(NF,I_0"BC^W<=_P`^,F_\1SA[_P"=8_[$
MP?\`S_SC_P`2'/\`R_ZF?DC\Z=&_90_:#\./\0Y?#WBS_@G3H,GQ=NKB^^+$
MFC?\$V_&VEO\3[Z[MQ:75Y\0WL?V[H&\:W5S:`6UQ<>)#J<TUN!#([1@+7.V
M7[$/Q7TSX;K\&]-D_P""8^G_``A35;;74^%5E_P3`\26GPW76[*1)K/65\#0
M?MR1^&%U6TECCEMM1&EB[@D1'BF1E4C].**/[=QW_/C)O_$<X>_^=8?V)@_^
M?^<=/^:AS_IM_P`S/^M>[/S%3]A[XJ1ZC<ZNC?\`!,5-6O+WXHZG=ZHG_!+_
M`,1KJ-UJ7QPL8-,^-.H7-Z/VY!<SWOQ?TVUMM/\`BC=RRM/X_L;>"T\62:M!
M#'&NQ/\`L?\`QSNK?X6V=SKW_!-VXM/@;#9V_P`%+6?_`()I>,);?X/V^GZ?
M'I-A!\+8)/VZFB^'\-CI446F6<7A-=(2VT^..RA5+9%C'Z15\A?%K]K&U^%G
M[4'[-W[.)^'6N>);+XZQ^,E\5?$_3M7T^UT#X+7MCH&KZI\++?QAI-Q`]_J$
M'QGUKPIXT\'>%[VPN(([#Q)H%O9WB3G6+7RC^W<=_P`^,F_\1SA[_P"=8?V'
M@O\`G_G'_B0Y_P#_`#S\OGKW=_%]6_8Z^-^OZ_K'BS7=:_X)M:UXI\0^./`W
MQ-U_Q+JW_!,_Q=J.OZY\2?AA9-IOPT^(6L:S>?MTS:CJ?CCX>:<[V'@;Q9>W
M,^O>$K)FM=`O]/@8QG)\5?L.?%/QVWB]O&Y_X)B>,F^(.O:)XJ\>MXJ_X)?>
M(O$+>-_%'AD7`\-^)/%YU?\`;CO#XEU[P^+NZ&B:QK/VW4-)%S<"PN+?SI-W
MZ=T4?V[CO^?&3?\`B.</?_.L/[$P?_/_`#C3_JH<_P#+_J9^2/S3\#?LC?M6
M?#OXK>/?C%X7_:`_9%L/%7C_`,"?"[X87-K#^PY\4[3P_P"&?A_\('\87/@W
MPEX.TC3?V\[!-$T:WU/Q[XJU>\M6FNQ<7^I#RFM[.TLK2W]O_P"$+_;W_P"C
ME?V0O_$(?C-_],&KZ]HH_MW'?\^,F_\`$<X>_P#G6']AX+_G_G'_`(D.?]+?
M]3/R_J[/D+_A"_V]_P#HY7]D+_Q"'XS?_3!J/^$+_;W_`.CE?V0O_$(?C-_]
M,&KZ]HH_MW'?\^,F_P#$<X>_^=8O[#P7_/\`SC_Q(<__`/GGY?GW9\A?\(7^
MWO\`]'*_LA?^(0_&;_Z8-1_PA?[>_P#T<K^R%_XA#\9O_I@U?7M%']NX[_GQ
MDW_B.</?_.L/[#P7_/\`SC_Q(<__`/GGY?GW9\A?\(7^WO\`]'*_LA?^(0_&
M;_Z8-1_PA?[>_P#T<K^R%_XA#\9O_I@U?7M%']NX[_GQDW_B.</?_.L/[#P7
M_/\`SC_Q(<__`/GGY?GW9\A?\(7^WO\`]'*_LA?^(0_&;_Z8-1_PA?[>_P#T
M<K^R%_XA#\9O_I@U?7M%']NX[_GQDW_B.</?_.L/[#P7_/\`SC_Q(<__`/GG
MY?GW84445XQ[`4444`%%%%`!1110`4444`%%%?C7X\_X*-_%SP+^T]^TE\"=
M3\%_#NU\/>"_VJ?V%_@?\`/$\NG>,+F[\9^'?C!XV_X)\^'OVK+#QO)'KEMH
MEMX[\":%^W;X2U[X/SZ9>Z;'K,#W]WJO@W7].^&OBBY\0@TF]OZU2_7[KL_9
M2BOR9_8Y_;G^)/Q^_:G^*_P5\0>,OV=O&NA^$?$/[;NFZMX.^$NA:[HGQ5_9
ML_X9C_;%@_9T^#OA_P"/=[J?QE^(UKXGU_\`:2^'DFM_%3P]=P>`?@NNDV_@
M;5WT_0O$VB>(--U'2OTN^''Q-^&WQC\%Z-\1_A%\0O`_Q4^'GB/^T?\`A'O'
MOPX\6:#XX\%Z]_9&JWV@ZM_8WBGPQ?ZIH>J?V7KFEZGHVH_8;Z?[%JNG7VG7
M/E7EI<0Q@--?U_7]:K0[BBBB@0445Y7\7?CI\$OV??#=CXS^/7QB^%?P1\'Z
MGKEMX8TWQ7\7?B%X2^&WAO4/$E[8:GJMGX>L==\9ZOHNEW>N7>EZ+K&I6VDP
M74E_/8:3J=Y%;O;V%U)$`>J45^#'CG_@O3\)=6TW6)OV4_V9_C]^T5&;[P9;
M^"/B3XOA\,_LU_`;QKIOB2W\(ZQK/BB#7OBAJ,W[0MKX5\,^'?$>I2Q:WI?[
M+GB.W\5>(_#MSHOAA=0T>\A\51?+.L_\%</^"B/B'Q#X@U/P_P"%/V+OA%X4
MEOK./PKX(UGP5\<?VB_$-CIL.A:/'J%WX@^*5E\7OV6]-U:^U'Q,-?N[/3M.
M^#VC6^C:%)H^GSZGKVH0WNIS_39=P;Q1FL8U,%DN-G3G%3A5KQA@Z-2#5U*G
M6QL\/2J1:V<)R3V5V>7B<ZRG!MQQ&/P\91=I0A)UZD7>UIT\/&K4@UU4HJW4
M_J-HK^)K]L'_`(*C?\%1?"WP^\5?&'2/VK/!GPTGT"#X7^&]%\!_`W]FOX8:
M/X&N;K7?BA9>'_$GBGQ/)^T+)^U!X[U3Q!J&C>+;.PL(?#_CCPCX8TM?#.G7
M!\-WU[?:O<WOR[\/?^#D7_@IYX(\(Z7X8U^Y_9<^+^JZ;)JAG^(?Q-^!_BZR
M\<Z_#?:Q?ZC9)KUO\'OC-\(_AR)-%L+RVT"RE\-_#OPTMSIFE65SJD-_K<NI
M:M?_`%N6^"_B+G%.K++,CI8NIA_9?6,.LVR>C5H1KNNJ,IRQ..H4)J?U>HTJ
M-:K**Y>>,6VE\AG?BKP+PY6H4<ZSF>"6*A4GAJKRS-<33K>Q=)58I83!8BK"
M4'6A?VM.G&6O+*5M?]`>BOXFOAE_P=0?M(^'O#NK6_QI_8V^"WQ:\4#6+J[T
M;6_A/\7O&WP#T@>'3I6EK:Z'>>#/&G@S]HJXNO$$6LPZU,_B)/B)IFE7NGW^
MDV1\.Z7/I=[J>J_M3^SG_P`'"G_!,_X^ZC:^'?$GQ.\4_LN>+=1\0:MH>DZ'
M^U1X8M/AUH5_:Z3X5C\6'Q%-\8?#FN^.OV?_``_H^I6\>J:-HUIXL^+?A_Q/
MJ7B71;G0[?PZ;O5/#(U_Y[B#P]XWX6A.KGW#.;9?AH3G3GC)89XC`1G!R3B\
MPPCKX+WN2<J;]O:K3BZM)SI^\>KD/'O!O$\XTLBXDRK,,1.$*D<''$JACY0F
MH-267XI4,;[OM(1J)X=.E4DJ550J>Z?MY7XN^$/#'P\_X*S_`+1FL_&CQ[X>
M^%?QJ_X)U?LHZY\0/A3^S;X4\0:3XZ\<?#S]J_\`:+U+0_!NE?%C]JG4]"\5
M6^B?`SXB_"OX#)-\0?V:OV?M2LO"WQDT/6?'6H_'_P")GASQ_I`L_`T:^J?M
M[ZSXT_:8\:>'O^"8GPBOO''A?_A>_@>\\4_MM_&/P_\`#?2O$.E?!+]ASQ=I
M7Q.\%W^@Z'XP\<ZC8^!])^.'[5'CCPAJ?P0^%\-CX=^+/B+P=X+M?C-\7KGP
M%I__``@'AS6YOTR\,>&/#?@GPWX>\&>#/#VA^$?!_A'0])\,>%/"GAC2;#0?
M#?ACPWH-A;Z5H7A[P]H6E6]II>BZ'HNEVEKINDZ3IMK;6&G6%M;V=G;PV\,<
M:_&GV"T7F]O)::_/5+RUZIGRQX8_X)X?L`>"?$GA[QGX,_89_8\\(^,/".N:
M3XG\*>*_#'[,WP5T'Q)X8\2:#?V^JZ%XA\/:[I7@FTU31=<T75+2UU+2=6TV
MZMK_`$Z_MK>\L[B&XACD7RGXS?\`!._PW\:OBY\0_C[KOQ3\>:3\7K[Q+^S]
MJWP7U;P_XL^+GA_P)\,M#_9MU33?'OPZ\-_$'X/^%_C%X>^&7[0D=C\8]6^+
MOCV*_P#B!X<M1IFF?%.[\+Z+8Z?=Z1=>*?$7Q3^UCX8^/'BS]OO7/A?X/^,W
MQ'\1>#]7@_8M^)%Q\$]4_;4^(?[&&AZE8:_\(_\`@LIH&L_#WX7>.O@.FB_$
M6$:AXH^$WP=^*WC#P_X9TOQMXS\86OPKNM>\837W@+P%$OA'ZA^-WQ6N_BC^
MQ%^Q#^T5\%?'GQC^%/ACQ]\=O^"5?CW3-&7Q2G_"7>+_`(5_'S]J#]FCPK?_
M``S^,'B6]G\5^)==L=4\#_$ZX@\<Q:7XU6[\7:I9R:=XG\1>*?"VJ>(=)\0`
M]=/>>MOE>S[Z?A=+UM^IU%?SL^/?V@?C3^Q[^VC\1-6_:>^(_P`7KK]G^7Q#
MK7QR.F>!?&[^,8=0T7PAIO[>_P`1=!L8_`%[XJED^&'P8LOV1?#NB^,/$_AW
M0[WP?J?Q+^+'_!-OXLS>'_AEXS\0_%?3(?C=_1-02U;Y_P!/[M@HHHH$%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`>:_$;XS_``>^#W_"
M*?\`"V_BO\-?A;_PG?B:R\%^!_\`A8WCKPOX(_X3+QCJ6?[.\)^%/^$FU33/
M^$B\37^#]BT'2/MFJ76#Y%K)BOD#QE^Q-^RY^T+XS\8^()_''B#Q%XN\$_M^
M_`S]L?Q&O@SQYX8EN_AK^TE^S_\`!O\`9Z\(^%_AQK=CI>CWDFF^$]?^%WPS
M^&?B#QE\.?&\>H>(+]/&P\9Z/JN@277P^U#PSSO_``43NO">HVWPD^%OB/X1
M_$+Q9IOQXE\=?![XI?%;X>?LV_&OX^ZG\.?V8=>7P?KGQW^'AOO@C\*_B7J_
MA*7]HN\\-_#?X8_9O$4_@_P]+I#:[\3CK&HZI\&M.T'4NL_9?\&Z7\'_`(Q?
MMWZ')\,]:\%^%OC;^WA9Z]X`CT7X6>)(/!?BHZW_`,$^/V3M?\=>.YM0T'PU
M+X8TSPMK_P`0/`WQ5TG7_B1XANM-\)ZY\8K?4O`=UXAO/BAXAT_P_JH4M$WJ
MOR=G']=_D.^&7PU_9&^%?CWX3?%3PY\>]!O-8U;QM^WE\+OAA_;'Q2^&5QH_
MQ"^(W[8/[5^G_M*?M!?#KP_]AL-.NO%GC;X:_%[X0:OX1\*>$?#VHR:[X-T#
M1O&>@>-M/\3>)].NM=TSS3XB?L27$5_X_P#VG?\`@FM\>9OV=?CG\1]9\0_$
M_6_#-EXAD^(/["W[3_Q+U75/AK/X@U'X]?`Z9/$V@>&]9\?V7PHC\$^+?C]^
MS,?A7\=+-_&'B_QIKGB#XC:V9M"U/XXU[]A?Q-KW[*?@'1/A]:>,/@+XZ^&/
M[<O[7WACX1>$/#GPV:VT_0_A]X[_`."O_P#PT)\(?&>C^$KR70M%\*>`_`][
M\!O@1\:+3Q='HNM:?J7[-VD>//#'@+3HKKXF>&O%.C?HA_P37\=_%+QE^S3H
MVC?$W]GRX_9JA^%LOA#X6?#SX<3^$/&O@2/3/`?AWX-_"O4!X=L_#OC^&#7;
MFS^$'C;7/&O[/,?CNR2/P=\8G^#DOQH^'EGI7@'XA^&M&TX"[3;3O9V=]FKW
MV>Z;UM\S'^''_!0?2M-^+VC?LT?MH_#+_AB?]H?QA_:,OPBLO&OQ-\%^-/@'
M^TW;0_%*^^&NF6O[+OQ[MO\`A%/^%@>.+G[;\.=<U3X*?$+X>?!_X^:5;?%+
MPL;3X5ZSI"7VOQ?HO7E?QN\,?!+Q=\)_'6E?M(>'OA7XG^!EIH<OB?XF:;\;
MM)\):U\)[;PWX)F@\9S^(?'5GX\M[GP?#H?A&XT&V\5RZMK\:V&@S:+!KKW%
MH^G1W4/\0OBKQ9?_`+0MA)\#OA5\7/VB[_\`X)%?#S7-*N/V:_V>?COJ7AO5
M;_XL6'A3Q+KOB'P;K.J:M<?#OPQ\<V_8\\$OJ.AV'[-WP%_:&\?_`!2\2:QX
M;\!?#GQSX[ET33='\(>`-*]G(<AS#B+,*679=2YJD_?K5IW5#"T$TIXC$32?
M)3A=)))SJ3<:=.,JDXQ?#F&887+<-/%8F?)&.D8*SG6J/:E1BVN:;U=FU&,4
MYSE&,6U^PW[67_!:#QI\3K_7OA3_`,$VH=#70],USXB>"O&?[='Q$\,Z5XV^
M$Z7.B>&XM%M;G]DSP-9^-],O/C5KFF_$/6;J*+XK^.].L_@%;3?#+7H]!TGX
MZ:'XFTV>U_)>Z\#CQ+\2;SXV_%CQ=XX^//QSO?[2A_X7'\:M?_X33QIHFE:E
MKWC/Q!_PBWP_MOLFG>#_`(0^!["X\?>)['3/`7P>\*^`?!=GI6H&P3061-S=
M5IFF:;HFFZ=HVC:=8Z1H^D6-IIFDZ3IEI;V&FZ9IMA;QVECIVG6-I'%:V5C9
M6L45M:6EM%%;VUO%'##&D:*HO5_3'#/`62<.4Z5;V$,?FD5&4\QQ4(SE3JI1
MO]2I2O3PD(R4G"<$\3RR<:F(J1LE^5YMQ'C\SE.FIRPV#=TL-1DXJ<&_^8BH
MK2K-JW-&35%.*E"E%W;****^W/GSY!_;P_Y-<\>_]C%\(?\`U='P\K\3:_;+
M]O#_`)-<\>_]C%\(?_5T?#ROQ-K]0\,OXN??]>\H_P#2LU/Y]\;_`/>.'/\`
MKSF?_I>!"HYH8;B&6WN(HYX)XWAG@F1989H95*212QN&22.1&9'1U*NI*L""
M14E%?J\HQG&4)QC.$HN,HR2E&49*THRB[IQ:;33333L]#\*C*4)1G"4H3C)2
MC*+<91E%WC*,E9J2:333335UJ?6/["W[<G[2O_!-CQIXT\9_LF:WX'TNR^)7
M]B2?$_X7?$CP5:>+_AK\2I?".E>/[/P4NLW&GW7A_P")/A/_`(1?4OB'J^M:
M<_PX\?\`A.TN+R"QMO$.E^(M&@?1Y_[XO^":7_!7+]G/_@I9I'B#0O!FG>(/
MA'\?OA_X?T#7OB1\`?B%>Z'<>(K72M3T_1X]4\;_``UU_1;Z>P^*'PGTKQCJ
M5SX)?QE:V7AWQ%IFJV^D2>/O`'P_;QGX+M->_P`VRFPM>6&KZ%XET/5=8\,>
M+O"6L:;XC\&>-?"^IWGA_P`9>"O$^BZA9ZOHGB?PAXFTR6WU?P[X@T;5].T_
M5-,U73+JWNK6^L;6=7)B45_.GB5]'KAWB>A6S+A.CA>&^(8\]3V%&+HY)F<F
MKNGB<+2A*.`K-I.GBL#3A3O*I]:PN(E.%:A_0OASX_<0<-UZ.7<5UL3Q%D$N
M2G]8JR5;.LMBG95,/B:DXRS"BHMJIA<=4E4M&G]6Q6'C3G1K_P"L;\1_V?O@
M-\8K7Q%8_%WX)?"+XIV7C#3/"&B^+;/XC_#;P;XXM?%&C?#[6?$?B+P#I/B*
MW\3:+JD.MZ9X(\0>,?%VN^$+#4TNK7PUK/BGQ'J>BQ65[KFISW6XOPE^%26>
MJ:<OPS^'RZ?KGB_P3\0=;L5\&>'!9ZQX]^&L7@:#X<^-]4MAIH@U#Q?X`@^&
M'PTA\$^);M)M9\*Q?#SP-'H5[8)X2T`:?^$/_!%C_@M/IO[;&FZ9^R]^U#J>
MA^%_VU?"^AW,^A:[!;6/A[PG^U;X3\/6+W.I^-_!&F6R6^EZ!\7-`TNWEU3X
MM?"72XH+,V<%]\3OAC8CP`/%7A7X2_T/U_!>:Y5F.29CC,IS;!UL!F.`K2P^
M+PF(CRU:-6-G9V;C.$XN-2E5IRG2K4IPK49SI3A.7]R99FF`SG+\)FN58RCC
MLOQU&.(PF+P\^:E6I2TNKI2A.$HNG5I5(PJT*L)T:T*=6G.$?+/&OP-^"WQ*
M^V?\+(^$GPU^(:ZAK'A/Q#>1>._!'AOQC!-KW@-[J7P1K)@\1Z;J4*:GX/GO
M]0NO#%]'&ESH5YJ&H7FF26MS?7<LWJ=%%>>=P4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!117Q!_P43_:^M/V(_P!D_P"(
MOQIL(-#UOXHWG]E?#3]GGP)KEYHL,/Q)_:'^)5ZOA?X3>$FTW6/&GP_FUW0X
M/$5XGB[XB6.@^*+#Q'IOPG\*^/O%&EAV\/2[:A"=2<80C*<YRC"$(1<ISG)I
M1C&*3<I2;2C%)MMI)7$VDFY-125W*32C%+5N3>B26K;T2U9^(7_!6S]L'_AK
M'XJ>)/V"/A1XA\#ZW^S5\'-<\!ZS^V-XHL=)_P"$RN_B1\;?!_CAO&?A_P#9
M(T^^U_PQ<>`=)T/X7:MX,\&>//VA]0\-ZOXH\6W&M:UX6^"]T?`-SI7Q/T_5
MOB.N'^&_@^[\">"]&\.:IXFUSQOXBC_M'6/&7COQ/J6M:QXE\?\`C[Q1JM]X
MH^(/C_Q#J7B+6?$.M7.N>.?&VLZ]XLU9K_6]3DCO]8N(4NY(8X\=Q7]<\&<,
MT>&,GHX9QB\PQ,85\SK)WY\2XM^QB^:2=+"J3H4G#EC4Y9U^2,ZTT?C6>YM/
M-L;.HFUA:+E3PE-Z<M*Z3J-63YZ[BJDU*[A>-/F<:<6%%%%?6GBA1110!\@_
MMX?\FN>/?^QB^$/_`*NCX>5^)M?ME^WA_P`FN>/?^QB^$/\`ZNCX>5^)M?J'
MAE_%S[_KWE'_`*5FI_/OC?\`[QPY_P!><S_]+P(4445^L'X2%%%?7O[&G[!W
M[1W[>WBV;1?@KH7]@?#'P_XQTWPA\5OVB?$<6GOX"^&4MSIEWKFKVFBZ/=:M
MIFL?%/XA:7H]O9K%X'\(17-II&L^*/!0^(WB#P+X=U^/6T^:XKXNR#@O*:N<
M<08Z&#PL.:%"FK3Q6.Q*ISJPP>!H74J^)JQA+EC>-."3J5ZE*C&=2/TG"W">
M>\99K2RC(,%+%8F?+.O5=X87`X9U(4IXS&U[.-##4I5(\TK2J3;5.A3JUI0I
MR^>OA)8?%S5_C;\$M-_9UTW7=8_:0@^*G@OQ7\`[+POH7ASQ)K]E\3O`6N6?
MC3P]XIBTKQC%+X/70O!MQHH\2^,-5\:-:^"=(\)Z?K%YXOO[+P^+Z8?Z57_!
M.?\`;1UG]KWX.:C9_&/PKX?^#_[8_P`$-8;X=?M=_L[:;?ZA->_"KX@QSZB?
M#7B33;75U:[N_A?\:O"5C9?%#X3^*-%UCQSX*U/P_K-YX:\/?%#XAZCX+\1Z
MZWQO^Q?_`,$[/V8?V%-`N[3X.>$9-8\?:Q)K_P#PE/QT^(<'ASQ!\;_%FG^(
M-2TK4)?#>J^-]*\.^'DT[P5IR>'O#%II7@3PKI7ASP;`WAS3]<GT*Z\676M>
M(=5J_M&^*/%'['_QL\%?\%#?"I_M+X9^&/!VC?`?]N3P/*_Q@U:74OV7]3^)
MFD:WH/[0OA/PO\/1XNT>Y\<?L7ZQXE^)'Q(OX[_X6:O?>)/@9X_^.^C+XP\*
MWMMX=NE_SE\5_$&'B1Q&LYI911RK#X3#++\&N9U<?B<)3JU*M.KF5:,E0E7Y
MJM2=.E0IJ.&A4>&=?%^SCB)_Z%>%O`;\/.'7DU7-:V:8G%XEYABI<JI8##8R
MK2ITJM'+J4DZRH<E*G"=6O4<\34IK$*AA%5EAX?NQ1117Y<?I0445\"_M&_M
M;>,?@W^U#^S)\)-!\.^"]1^%/C*]0_M+^-M?U'4H?$GPSLOBIXITCX*?LL67
MA'3K*:.PGU#XM_M`ZZWAVZOM?$EA:Z'X6URTL89-:U#3YK4#<^^J*^<_A)^T
MMX7^+WQ3^-/P@L?!'Q0\$>*_@F=`O]1;XC>&+#PU9>-_!_BCQS\8OAGX?^(7
M@.*'7=3UJY\%ZUX[^`7Q8T;0[WQ7HWA'5/$.E>&].\>^'M'U7X:^-?`/C+Q3
M]&4!_7WA1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7\N7
M_!7_`.,%O\6?VY_A1\!-(UBQO_#/[(7P=O?BUXZT_1?BCJ5TD?QU_:5NM0\(
M?#S3_&7PMT2"+1-.\5?#/X(?#_X@:QH^J>-M4OM;/A/]IZQO?#OAK2=-U0Z_
MK7]1M?YU?[4OQ?\`VA-1_;=_;.\?6'Q>22_O/VS/VBO#VJ^&?%?P^\%ZSX*U
M#PU\'/&7B+]F_P"'&F&V\+Z?X#\9VMSX9^&/PH^&FFPZE;>.HYM5O?"[ZIXD
MBUS4]=UR\OOH^$\;EN6\09=F&:QK3PF#K>W<:%*%:?MXQ:PU1QG5I*,*%=T\
M1*4/:5/W7+3IRG)./FYO0Q.*RW%X?"2IPK5Z?LE*I.<(\DFO:Q3A";;J4E.D
ME+EC[]Y2233^W**_/KP_^UK\7-%_LRV\?_"'P[XQMCJ.JVVK>(OA/XQ&DZLV
MG_\`$VN-"U.T^''Q&@T[2K3='%HVEZU9O\9-3G@N;J[U73VO;:-=-3TW2/VU
M?@U)YT?C>V\??"6XAUS3M#9_B%X*U(:`O]K_`-DQZ;J]U\0?!3^,_AEI>AW%
M[J\6FSZAK/C73O[+O;6]76(=.MXH[B;^F<!QSPIF"A['.<+1G*R]GC7/`SC/
MEA)P;Q<:5.4DYJ*=.<X3FI1ISFXNWY5B.'LXPSES8&K42UYL/RXE.-VE)*A*
M<TG:]I1C**:<XQNCZXHKE?"'CKP1\0=-GUGP%XQ\*^-]'M;Z73+G5O"'B'2/
M$NFV^I0V]M=S:=/?:->7MK%?16M[9W,MI)*MQ';W=M,\8CGB9^JKZFG4IU81
MJ4IPJ4YJ\*E.49PDN\91;C)>:;1Y$HRA)PG&4)1=I1DG&2?9II-/U044459)
M\@_MX?\`)KGCW_L8OA#_`.KH^'E?B;7[9?MX?\FN>/?^QB^$/_JZ/AY7XFU^
MH>&7\7/O^O>4?^E9J?S[XW_[QPY_UYS/_P!+P(52U'4;+2;*YU'4KF.TLK2,
MRW%Q*3M1<A5`50SR22.RQ0PQ*\T\SI#"CRNB-Z?\(?@]\8?VA_B/8?!S]G_X
M;:[\6OBGJ>A:WXE@\)Z%>:'I%OIOAW0;???^)/%GBGQ1JFB>%/!GAI;Z73]#
M@UKQ)K%A;ZCXBU?1_#FCIJ>OZKI^F7/]B?\`P3X_X(N?`[]D]?#'Q9^-RZ/^
MT+^T_#H^@74^O>(]'TC5OA/\'?%VF^)#XO6[_9]\+:MX?MM1TG6-)U&V\,Z=
M;?%CQ7)J'Q%OCX.MM;\-'X9V7B;Q#X-?R/$_QNR'@%5LKP,(9YQ1R2BLNIU5
M'"994E"E.E4SBO%N<+TZRKT\%AXRQ&(C#DJU,#"M3Q1Q^&G@MGG'3HYICISR
M3ACGBWCZE-RQF9TXSJ1JT\HH27)-*=)T:F.Q#CAJ$I\]*GCJE&KA3\G_`/@G
MW_P0M\>_''?\3OV[=$\<_!KX3M;>%+_P5\`]/UG1M#^)_P`4+>^_X1_Q5J=W
M\8+_`$QM;UCX6>!KC1Y+CP+J'PXTV^\*?&RXU2^\32Z[J?PNE\-:1;>+/ZV_
M`/P\\`?"GPEI/@'X7>!O!WPV\":#]O\`["\%>`?#.B^#O"6B_P!J:G>:UJ?]
MD^'/#MEIVCZ=_:.L:CJ&K7_V.SA^V:G?WE_<>9=74\K]A17\#\3\59]QCFM7
M..(<PK8_&5+QIJ<G'#X.AS.4<+@<-%^RPF%@VVJ5&,5.HYUZKJ8BK5JS_NCA
MOAC(^$LKI91D&`HX#!T_>GR14L1BZ[BHSQ6-Q#7M<7BIJ*3JUI2<(1A1I*G0
MI4J4"N/^(?@'PE\5O`'CGX7>/M)_M[P)\2?!WB;P#XUT+[?J>E_VUX2\8Z+>
M^'?$>D_VGHMYIVL:=_:.CZC>6?V_2=0L-3L_.^T6%Y:W4<4Z=A17SQ[VVQ\9
M_L%_M`?\%$/$WP2U/X5)\*OV</CGXM_9+^)/C/\`9+\?_%?XU?M,_M-_L_?%
M;XCZI\'GT^+P+\4?'?P^\0?L7?M$QOX@^,WP2USX4_&JZ\7>'OCM\4?#GC=?
MB+'XIL]<T>[U2_\`!OAC[5_X3[_@I'_T:A^Q!_XL&^//_P!+*KY[_8^UW3O!
M'_!0#]N'X-CXC1SI\5_A%^RA^U_HWPMUN]\&Q:O:^+]0B^+/[+/Q?\7>![2S
MTC3/&^J>"X?!O[.7[,&G^*$U?4?%&D>%/%^LVMQ:76@OX_@TV[_6.L&K-KL=
M-UIHM4GUZI/HTNO8^=/A%XG_`&MM:\27UK\>O@C^SI\-O!\>AW-QINN_"+]J
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M+X=?"GQ=XO\`'7CO39O!/A[Q`5_&.WL_@G\1?V#OV1M*^-GC_P#87^&_A3X3
M_MS_`+3WQ?;P/\>]%E_:#_8VT#X(_$'QC_P4^^%O[*L%I8WD/PH\/1?LR:IH
M4^F)^Q_\4/'[?!/X5>--(^&G@O0OAC)#XLNO`_P]U!%)=4[:VT3?ZZZVT/V)
M_8\_X)[_``:_8H\7?&+QI\+O$/CC7M8^-ND_#G1?%LGC'3?A%9SR6OPOUOXL
M:[X=U75-;^&OPI^'/BGXE^/M2G^,/B.W\;?%_P"-^O\`Q3^,?Q!ATOPW=^-?
MB!KNL:?>:IJ/W=7\LWQ@@\4>$?''[.W[;?BCPAX4\`?#_P".OP!_9[^)7Q5^
M`>J^(M9^%O\`PI?P!J&O_P#!.O1_"/PB^+?Q!_X0;3-"^&W[-'[+O[2'@SPM
MXG\37'B;P_XDN9_@_P#M$_MRWD?PLT31/!?B70OB%_29\$_B9;?&KX-?"3XR
M6?AOQ%X-M/BU\,?`7Q,M?"'B^TCL/%GA6V\>>%=*\4P>&_%%C%)-%9>(M#BU
M5=,UNTCFECMM2M;F%)'5`Q"7W;OTOZ):>=ONVU[>FT444""BBB@`HHHH`***
M*`"BBB@`HHHH`*\K^.GQ=\-_L^_!+XQ?'KQG8ZYJ?@_X(_"OXA?%WQ7IOABV
ML+WQ)J'AOX;>$M7\9Z[8^'K/5=3T72[O7+O2]%NH-)MM2UC2;">_DMXKS4["
MW>2ZB]4KYT_;!^$7B3]H+]DG]J3X"^#+[0],\8?&[]G3XW?"+PIJ7B>YO[+P
MWI_B3XD_#/Q/X,T*^\0WFE:9K6J6FAVFJ:U:SZM<Z;H^K7\%A'<2V>F7]PD=
MK*#6ZOM=7.$\%?MR?`_5=,UYOC#J4/[)WB_PS\:M/_9ZUCX<?M,^//@GX0\4
MGXO:Y\.O`'Q<\,>"_#^L^#/BM\0?AOXYUGQ3\-_BAX'\5:)I_@'Q]XHOV@UF
M32=0M-/\1:3K6CZ=[_X:^,?PB\9^.?'/PO\`!_Q4^''BOXE_##^RO^%E?#SP
MUXX\,Z[XY^'G]NP&ZT3_`(3GPEI>J76O^$O[9M5:YTK^W]/T_P#M&!3-:>=&
M"U?S[?%[_@EE^W/XR\(?M`Z9\)=;^!/P5A_:+^%7Q)^&?B_P3K/[3GQ3_:;\
M9IXA^)/PQTOX9^-?B-JG[9G[57[&_P`7OC;K7@GXO>$O`7P,\%?&']G[PKX$
M^&6LW=E\`/A7XU^'_P"TMX(U[3O$6B^)_O[X#?LB_M,>!OV]/$_[07Q#\3_"
M:7X$:;X'_;$\*?"_P7X"N?#FC7.E7/[3?[1?P*^-MMK"_#_P]^S-\.]7T77M
M2M?AAKEU\;?$WC_]I+]H?4?B#\5]0E^(?@^U^&VE^,M?\&:.#:71]]/2WYMO
MJ]-;Z:_JE17SI\7?VP?V2?V??$ECX,^/7[4G[.GP1\8:GH=MXGTWPI\7?C=\
M-/AMXDU#PW>W^IZ59^(;'0O&?B?1=4N]#N]4T76--MM6@M9+">_TG4[.*X>X
ML+J.+RO_`(>:_P#!-S_I(-^Q!_XE?\!O_F^H%9]G]S/M^O\`+:^"]G:6/PB^
M&,-E:VUG"_@/PK>/#:P16\3W>H:+9W]_=-'$J(US?7]S<WMY.09;F[N)[F9G
MFED=O]$;_AYK_P`$W/\`I(-^Q!_XE?\``;_YOJ_SPOA#_P`DF^%__9._!/\`
MZC6F5<-WZ?JB*B:2NFM>OHST2BBBM3$XG6/AQX%UW4AKM_X8TM/$B7VE:G!X
MLTR%M#\966I:'<65SH^HZ=XQT1].\3Z;?:;+IUD+2[L-6MKB&*WCMUD^SYB/
M7:1KWQE\(><?!'QT\?6]N^N:=KBZ#\0FTWXMZ!)]F_LF'4M(NM0\:VUS\34T
M/6;+3)8I]/T;XF:+_9U[J-[J6CS6%Q-(LEBBNW!YCF&73=3`8[%X*;=W+"8F
MMAW*UOB]E./,FDDU*Z:T::T,JU"AB8\N(H4<1%*RC7I0JI;;*I&235E9JS70
M]0TC]JSXX:!YR^+OAGX!^(MFNN:=MU/X>^)-5^'_`(@7PU=?V3;ZE]E\#>-8
MO%>A:AKFD2OK.H0_:_BWH%AK5E%968_LB\\R2?UC2/VU?@U)YT?C>V\??"6X
MAUS3M#9_B%X*U(:`O]K_`-DQZ;J]U\0?!3^,_AEI>AW%[J\6FSZAK/C73O[+
MO;6]76(=.MXH[B;Y.O+RTT^TNK^_NK:QL+&VGO+V]O)XK:TL[2VB::YNKJYF
M9(;>VMX4>6>>5TBBB1I)&5%)'FOAWXC:I\5-9O?"G[._@#Q1\>/%6G7,MKJ@
M\,PC0O`_AV6(7<\+>*_B7XCCLO">AVVM66DZ\_A6\6ZOK3Q+?:0^FZ?.9KRR
M>;[3`>)_%6!Y8UL3ALQIJR4,=AH.7+I>U7"O#5IR[2JSJM-ZJ45RGB5^%,HQ
M-W##U,-)[SPU648IZ:N-;VU**[J,8+71H^R_VP?'7@CX@_LE?$36?`7C'PKX
MWT>U\8?"73+G5O"'B'2/$NFV^I0_&'X9W<VG3WVC7E[:Q7T5K>V=S+:22K<1
MV]W;3/&(YXF?Q3_@GQ_P3'^.W[>WB#PIXS2RUCX6_LD?\)#K4'B[X_3?\(^-
M5\8VW@V]TVUUOP?\"_#>KOJ%[XAUC6]5NKSPPOQ0U?PS=?"OPG<Z!XU=;OQC
MXN\*Q^`=6]B^&7_!+_PWXEU?4O'?[7UQX-^)7B?5-/6RL_!'PSL_$'@GP;X;
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M1C'^A+]DW]C+]GG]BKX<6'PY^`G@'2_#V[2])LO&?C^^L],O?BE\6-3TFXUB
M_C\3_%;QU!I]EJGC/76U3Q'XCU"R2[$&A>&$UR]T/P5HGACPO'8:%9?4M?RT
M?\,G_LL_]&U?`#_PS?PZ_P#F<H_X9/\`V6?^C:O@!_X9OX=?_,Y7XU*4YRE.
M;<I2;E*4I.4I2D[RE)O5MMMMMW;U>[M^FJ,(I1C>,8I1C&,(J,8Q22C%*22C
M%*T4DDDDDDMOZ9_'WQ#\`?"GPEJWC[XH^.?!WPV\":#]@_MWQKX^\3:+X.\)
M:+_:FIV>BZ9_:WB/Q%>Z=H^G?VCK&HZ?I-A]LO(?MFIW]G86_F75U!$_S;_P
M\-_8!_Z/D_8]_P#$F?@M_P#-M7X=:3^S+^S=H&JZ9KNA?L^?!#1=;T74++5M
M'UC2?A1X#T[5=)U73KF.\T_4],U"ST"&[L-0L+N&&ZLKVUFBN;6YBCG@DCEC
M5A[?2U\OS[>GG^#\A^[_`'G\U'MY2\]?30_5;_AX;^P#_P!'R?L>_P#B3/P6
M_P#FVH_X>&_L`_\`1\G['O\`XDS\%O\`YMJ_*FBC7R^[_@^O]+5>[VE_X$O_
M`)'U_I:_I7^S-^U5^SW^TE_P4[^'FC_`3XI>'OBVGPG_`&,/VR-)\:^)?`L>
MJ:]\/8-5\6?%[_@F_P"(M)TSP[\3K/3W^'/CO4(-*V2^(;+P)XI\27/A"ZGM
M=,\6QZ)JEW;6<O[JU_-!_P`$X/\`E)'X*_[,@_:U_P#5\_L'U_2_6,OB?]=#
M96Y8V[/=W^U+R04445(R(00B9KD0Q"X>)('G$:"9H8WDDCA:7&]HHWEE=(RQ
M17DD90"[$RT44`%%%%`!1110`4444`%%%%`!1110`4444`%?E%^W?^TG^T)^
MS=\1?B/XD\#>,_"L_@#PU_P2I_X*)_M*^%?AMJG@.VN0/CW^RSJ_[,U[X.\7
M>*_%S:P=;USPY+IGQ9U'18/!>@IX/LH87UN]UR^\37U]X;G\'?J[7DGQ!^!'
MPC^*VMKK_P`1_`^E^,K[_A4GQ>^!$\&N2ZA=Z)J'PC^/5W\.[WXN>!]8\-&]
M7PYK>E^-IOA3X#34)=7TJ]U"TM-%FL-*O;"QUK7[;5`::35]4?)'PJU[XE>(
M?`G[:WP?\>_M0_%/1=0_9@^.^F_#^P_:L@\-_LZV?QB_X0B7]G#]F;]JG5-9
MU_0YO@)>?L\"ZTU?C+XF^'$T\'P(6%O`&E6.H""/QYYGC"ORJ^)O[8'[?WP+
MT3]CF7Q]\5?B79>$_P!IWP!\$/"?_"QO%OPJ^"-WXCT/QC^T;K7[5'C+XA:I
M?1?#OX'7'A7Q+^U!^RW\.='_`&4]*^$_P0\)^#M-\.?')+[XQW%M\.OC'JVD
M7^J>!_V\M/V*OV>;;X:>+_A!/H/Q!UOP!\1/"7Q.\$_$C2O%GQZ^/WC/4OB9
MH?Q@L_"FD>.IOB7XJ\6_$[6O%OQ$\27'AOP5X=\%^&?&GC37=<\9?#[P!;7_
M`,/OA]KWA?P3KNO:!J?H'QA_9Y^$WQZT[1=(^*7AR[U[3?#?VJX\-PZ;XD\3
M^$;SPSKLD^DW.F>,_"NN^#=8T#Q'X2\?>%+G1[6[\#>//"^KZ/XM\$7\EQJ7
MA;6-*U*1;M`=UV_!>6J^>MMNAW/P_P#B!X0^*7A'2/'7@75QK?AC6Q?+97K6
M.I:5=PW>E:E>:+K6D:OHNM6>G:YX?\0^']<T[4M!\2>&]>TW3=?\.:_INI:'
MKFFZ?JVGWEG#V5<'\,OAGX,^#W@C1?AY\/\`3+O2O"VA-JD]K#J>O>(?%>M7
M^I:_K.H^)/$?B#Q)XM\7:KKOBWQ?XK\4>)=7U?Q+XK\7>*]<UKQ/XI\1ZMJF
MO^(-6U+5]1O+R;O*"0K_`#,_$'@/P_\`"#XC?&[X%>%M?U/Q)X>_9[_:#^/G
MP`\/ZCX@N]%O/%/_``BWP;^+WC+X?^"8_%LWA_2M"TI_$C^"-"\-W6J7%KH>
MCQZA)=+JD>G6\-]$#_IF5_#3_P`%L/A+X@^$_P#P4P^)OBC49M3U#PK^U+\-
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M,GECB3,CJI^4]5_:OL_$>KCP5\"?`?C'XM^.]2^T1:!9:3X?U6:VU#R-#O-6
MNKW3]$L(+GQAK7]B_9GEU/2QHFC>;866JW<>L6MK;0W=QZ;\'?\`@F1^TU^T
MCJ&C>._VI_&FH_#7PB_V*_M?#%RMI?\`Q#O-.NH/"]S/!IGA*S$'A3X8_P!N
M:*U[97EWK,<GBK1/%.B*/$WPTOQ*URW[L_`?]G7X1_LW>#;+P9\*O">GZ+%'
MI^GV6N^)9;6QE\9>-KG3I+^XAU;QKXC@M+6[U_4!=ZMJUS:1RB+2M$CU&XTS
MPWIFBZ)':Z7;J[?DN[W^[I\[FC5*GN_:S[1=H+U>[^7W+<_*_P"#?_!-+XD_
M&%]/\<_MM^--8TZUAUBYO+#]GGP1J6EVVC6<&F:S'+I4GB;Q5H&HZKITD&IZ
M=/XCTF>S\./<^,$\.:GHEV?BEIVLPW^AV'[`?#3X5?#CX-^%;3P5\+O!?A_P
M/X9M/(?^S-`L(K3[=>6^G6&D_P!KZU>X?4/$'B"ZT_2]/M]2\1Z[=ZCKNJ_9
M(9=3U&[G7S#W]%-)+U[O5_>9RG*6CT72*TBO1?J[OS"BBBF0%%%%`!1110`4
M444`?7O_``23T#0_&W[>7[3/CEO%]Y?ZK^SO^RY\&_AII'A#2[SPW+H>BWW[
M4GQ,^(?CGXD7/BR&'29O%">+)M(_9?\`@7<^&K*Z\0V.F:9X;U75-1.@7TGB
MFQU2V_I#K\?/^")/A'7(?V1?%OQTUNYO/(_:X_:#^)/Q_P#!NDWW@/Q)\/Y]
M*^%&GZ3X-_9^^#.II8^+;^XUW7;/XF_"3X$>"OC7IWBFXTOPS9ZQI_Q.MAI&
M@1:/;6&I:G^P=82=VV=%K)+LDOG;7\;_`#"BBBD`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!117B'[1/QSTK]G/X6W7Q/U;P7XX^(W_%<?"'X
M;Z'X%^'`\%_\)IXJ\:?'#XO>!?@CX!T;1I?B)XS^'G@>S^V>./B'X>34=1\3
M^-?#VE:9I7V[4+B^_P!&6"8#<]OHKY8^%O[97P$^)>G_``X@U#QKH'PH^(WQ
M2\4?%[P)X3^!OQ:\9?#GP[\9=3\>?`/XA^+?A7\9?"&B>%=&\:^)+'QSJ'P]
M\<^!_$VD:UJOPTUOQMX5N+>P36]&\0:IH-]8:G<[G[0W[6W[.G[*EAX4NOCQ
M\4]#\$ZI\0=<L/#'PS\#6UGKGC+XL?%?Q)J/B7PKX1@\/?"+X-^`]*\3_%?X
ML:Y!K_C?PG9ZGI/PY\&>)[_1H==L=2U>WL=+:2]C!V=[6=^UM3Z+K^:#_@X:
MU#X)_'OX)GX'?!.^USXP_P#!3+X`:YIOQ=^"?P;_`&=OAA?_`!^^-OA#PWK%
M_P##GP3\8+'XMZ/X&^''Q-UCX0?"OQ1\)_C)HGCB&V\>7WPPL/B+XM\-?"O5
M-!U/Q3-X:MM%NOO6WM_V\OV_(=6NKK5OBI_P2^_9)US0_#UOH6A6_A[X<R_\
M%'?C%H_C/X3^)Y/%>K:MXKD\3_%?X9_L4:'HWB3QOX,L_#WAZS\&>-OVH;;Q
M#\,O$^I:EXG^`E_JNE:5#]]_`']G#X,?LO\`@O5?`7P1\&_\(EH?B/QQXP^)
MOB^^U'Q%XK\<>-/'OQ)\?ZJ^L^,OB%\2/B/\0-<\4_$/XC^./$%XT$-]XL\=
M>*?$.O'2M.T;08K^+0]#T;3K$'I%ZV;[+5=-&]FFKII7[,_REO@C^P7^UI^V
M%JVG^//%B:CX-\#ZM]DNO^%E?$\7MK]MT"_N=)UG/P\\';8M7US3KC2/$]SK
M_A)K"S\/?#74_LNH:7:^,=)NE\H?T-?LZ?L+_LX_LQ_9]2\`^#/[9\;0>=_Q
M<OQU+:^)?':>;_;D'_$KO_L-CI'A3=I&OWF@7W_"%:+X:_MW1XK2'Q'_`&S<
MP?:W^U/VDOV8[_\`8#_:AO?A3X?T+7#^R3^TEKGBWXC_`+,&M:3\./#>A^!?
M@[\6/$.L?$?XG?&G]D>;5/`$MII>BZ'HNEVES\6/V?(_$?@7P=#<_#R[\:_#
MC2_$?C._^$$UU-DUK%*U]WUOW_K7N15J3;Y=(PMHHZ)I]^^VJV3O8****LP"
MBBB@`HHHH`****`"BBB@`KQCXM^$]?\`CE??#S]C?P!?:?:_$W]LWQ1=_`W1
MKB[BT'5)/"'PWOM`U36_V@OB_+X9UCQY\/+GQ%I_PB^".F>-/%5OINDZX;W5
MO&0\%>%8K2[NO$]G:W'H_BSQ3H7@;PKXE\:^*;[^R_#/@_P_K/BGQ'J?V6\O
M?[.T+P_IUSJVKWWV+3K>[U"[^R:?:7%Q]EL;2ZO+CR_*M;>:=TC;]=?^"0G[
M'?BSX?Z)XS_;6_:"\*:YX4_:+_:5T.R\,>%?AMXY\`^#O"OC']F_]F#PGXR\
M7:Q\+_AE>3:?>^*/&%EX\^*5OJ^F_&#X]:;KGBVS-KXMN?!7P]U3P'X5U7X.
M(+N9.R\WL:4XZ\SVCJO-]%\MW]W5'['^&/#'AOP3X;\/>#/!GA[0_"/@_P`(
MZ'I/ACPIX4\,:38:#X;\,>&]!L+?2M"\/>'M"TJWM-+T70]%TNTM=-TG2=-M
M;:PTZPMK>SL[>&WACC7<HHK$T"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"OCS]O'X$^.OVD?V:];^%GPW&AR>,)/BI^S3\1+"T\0_%'X
MA_!&PU6P^"/[3'PA^-GB+0[?XQ?";PYXM^)GPMUS7O#?P\U?1O#'C[P/X?O_
M`!)X3\2W^DZWI;65Q9+?VOV'7PQ\*KCQA8?\%"OVP_"^J_$GQ[XL\'3?LO\`
M[#GQ%\+^"?$FL6LW@[X<:SXN^)W[>?A#Q-;^`/#VFZ?IEAI$/B+3OAAX1NO$
M6J7R:KXHU^_TZV76/$%YI6D^'-*T,&M-5TL_Q1^=T/\`P37_`&O],E_9TT+P
MYXK^!'ASX?\`A?XS_!;XN_&G1].\6_VEXLU&P^&'_!2/QY^V[:_#[Q)\6/'?
M[)OCOXX?M00>!_!WC@>&?AUX_P!1^+?[*WB_Q)\8XOB7\7OC:/B3<?'?Q/I?
MA;]B?"?[-7P#\#_&?XF_M&>%OA)X'TOX]_&/[!#\1_C'_8EM>_$GQ'I6E^%/
MA[X+L?"W_"8:B+O7-(\#P:'\*_`3_P#"!:#>:7X+EU[0?^$NFT&3Q9JFLZWJ
M/\U4OC_]L?4?V2=)^(WPK^+_`,<?$EQI7[!_["/_``4.^,^J77QK^(^J^*+_
M`.,GQY_9L_X*%0^.+_PB^K>,/M,?PUT#]H/P)^R/\8?$W[(7PROO#GP\UCP'
MX-\7>!?`GPF\0Q_$)OA=XZ_;[_@G/\>X?B]\"_!^C:_)\1I?BE#\-OA_\</&
MFH_$6\EU1?&>D_M*7_C?QMHOQ&^'-_<>+_&FIV'P;\0^+-&^(V@_";P5XFO/
M#GBKX?>!_!^C^$[WP%X/T+3O#=C,%2NMWW3MI?X7KWZ?<NNWZ#4444$'S1^U
MK^R5\%_VU?@OK7P0^-^BZA=Z%=ZAI_B?PCXN\,:A_P`(_P#$CX2_$CP_]HD\
M'?%KX2^,8[>YN_!GQ(\&7=S//HFMP075E>65UJOACQ/I7B'P9XA\2>&]8_E?
M\2^&OC1^RS\:$_9._:Q?3[OXCW>GZOK?P*^.NB:1_P`(_P##?]KWX;^'_).H
M^+/">G":YM/!GQG\&6ES8CXZ_`HWUU>^$+VZM_&O@JX\0_"CQ#H6NV_]F]?-
M'[6O[)7P7_;5^"^M?!#XWZ+J%WH5WJ&G^)_"/B[PQJ'_``C_`,2/A+\2/#_V
MB3P=\6OA+XQCM[F[\&?$CP9=W,\^B:W!!=65Y976J^&/$^E>(?!GB'Q)X;UA
MIM/\UW!I25G\GU3[^:[KKZV9_,M13?VFO@G\?_\`@GOXD\2R_'Y=<^+'[)%[
MX\\/Z;\-?VV+.S\#:?%X)TWXD7^NP>'/`7[7/@WPQ)X=D^'NN>$_$EGI/@&W
M^/'A'P':_`KQJOB_X=77B*?X7>,-:U;PQ!1TG5M*U_2M,UW0M3T_6M$UK3[+
M5M'UC2;VVU'2M6TK4;:.\T_4],U"SDFM+_3[^TFANK*]M9I;:ZMI8YX))(I%
M8[)I[&,HN.^W=:I]=^_=;KJC0HHHIDA1110`4444`%9^K:MI6@:5J>NZ[J>G
MZ+HFBZ?>ZMK&L:M>VVG:5I.E:=;27FH:GJ>H7DD-I8:?86D,UU>WMU-%;6MM
M%)//)'%&S#SCQS\9?!_@C7])\!P0>*/B'\7O%&GZGJ'@;X#_``A\*:[\4OCE
MX^CTO0?%'B.8^$_A?X,L]5\3W6GMIW@WQ(9/$^HV>F>#=+ETNZ.N^)-)@AEG
MC_3G]E+_`()!>*/BOJJ_%[_@IGH?A?4]*73_``'>_#']AWP5\1?$?BSX0^#-
M1L+GP;\0M8\2?M/:]I%GX,\/?M%?$BS\;Z+'X1@^&=QIOBG]F[PQX8T/5'B7
MXNWOCB3Q#H,RDEYOM_GV+C!O5Z1[]6O[J=K_`)>9\_\`[!W[!VJ_\%!M5\*_
MM*_M*^%=0T7]A'1=0TSQ9\`O@%XLTRYT[5?VRM5TZYAU/PW\=/CIX;U.&&[L
M/V8+"[AM==^#/P9UVUBN?CK<Q:=\4/BAIL?PN3P?X/\`'/\`4]17#^"/B;\-
MOB9_PEW_``K?XA>!_B!_PK_QQK_PR\>_\(1XLT'Q7_PA'Q)\*?9/^$I^'OB[
M^P;^_P#^$;\<>&_M]C_;_A/6?L6O:/\`;;3^T;"V^TP[\FVW=FW2R5DMEVVN
M_5Z7?Z61S/A+X]_"#QW\7/B]\!_"'CO2=>^+GP$L?AUJ'Q@\$V4=_P#VCX$M
MOBSH^J^(/A[_`&O<S6<6F/<^)-#T:]U>"QL+Z\O;'3FL+O5+>QAU?27OO7J_
MGO\`&7[*G_!0OPSJ/Q5^-N@>%OAY\4M5_:NTW]I[X?\`Q1^`WA[2+?X;_$;X
M=>`_C9J^@ZAX$\5_$+XTV_[7_@?1?CAXV^!GPD^&.E_!OX6Z%\)M>_9ROKSQ
M-X]M--U/XO\`@SPPFH_&KX>^*^#?V*/VU-('[&)G_9,\!:-K_P`.OVAO#_BO
M5_'VFZ5\*X==^`/P<L_^"JWQ'^-NN?#[X.:&G[;NH>%OV-_`5Q^R'XDT73-1
M\*?L_:5^V3K7QB^%E['^RI\0=<\*:3\'OA[K7B)#44_M)?\`#>=OPOZG]/5%
M%%!(4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7#ZS\,OAMXCU6
M^U[Q#\/?`^O:YJG_``KC^T]9UGPGH.J:KJ/_``ISQIJ/Q'^$7V[4;ZPGO+O_
M`(57\0]7U;Q[\./M$TG_``@_C35-1\4^&/[+UR]N;Z7N**`/(_#/P!^!?@G2
MO%FA>"?@U\+?!6B^/?&W_"RO'6E>#O`/A;PKI_C;XAMJ6FZO-XY\7VF@:7IT
M'B7Q;=:EH^E7E]X@UI+[5+^73[7[;=3K"BC5^'GP<^$7PA_X2O\`X5/\*_AQ
M\,/^$\\4ZAXX\<_\*\\#^&?!7_"9^-=6V_VKXP\5_P#"-:7IG_"1>*=3V)_:
M'B#6/MFK7NQ?M-W)M&/1Z*`"BBB@`HHHH`*_&SXT_P#!$S]F/Q-?^)O%W[+7
MBGQY^PCX\U_0_$\<FG_L\VG@N;]G[6/&.I>&_!^@>%O%OBO]F#QWX9\2?"FT
MD\+-X%T66_;X,6?P0\6>-;34/%4'B7QQ<:IKT>NZ;^R=%`T[?Y/5/U3T?S/Y
M:/&?[!/_``4L^%?V9I?@]\#_`-J#0V\<>(-!;6/V=_C!'\./B3/X+/\`PE=]
MX.\>ZE\&?VD;#P/\//#GFV>G>%M#\9>%M+_:O\>ZKI&O>();_P`.S>*=#L;N
M6T^<UN/BS8SZGI?BO]D?]N/PCXDT37/$'A[6M`;]C/\`:,^(,%I?^'M;U#1)
M[C3/'?P7^'GQ.^%/C'0]3:P_M70/$_@'Q_XK\-ZYHE[I^I:?JTT=P5C_`+(Z
M*I3DO/U(<8OI;T=OSNON2/X<-)_;#_90UK2M,UBS_:1^"$-IJVGV6IVL.K?$
M[P?H&JQ6U_;1W4$>IZ%KNKZ=K>BZA'%*JWNDZQI]AJNG7(DL]0LK6[AF@3I/
M#?[0_P`)/'WB2#P9\)/$6J?'[QA+H>K^)Y_"G[-'@GQY^TSXDTGPWH5_H.E:
MGXA\1:%\`?#/Q'U3PQH<&J>)]`TV/5O$5KI=A>7^IP6=E<7%P)8X_P"VNBG[
M1]E_7]/^EJ<D?[WWK_Y$_C\T#X=?MF?$C0_%^M?!K]@']J/QA;>'[R\T/1K[
MXEV7PO\`V6+'Q-XD@\-Z3KT,5MX=_:C^)/PD^,,'A,76MVFAWOCFV^$>J:&=
M3LM?M]`_X22YT*[M3]D>#O\`@CO^UE\57OK?]I']I[P'^S]X%N=<UBQN_`O[
M'&E:SXZ^*VL^";KX>OI-G);_`+4/QL\-^%='\#:Y+\0-4O==N8?#?[*EUK6E
M:!X<T2S\/_$:RUK6K_5M&_H[HI.<GUMZ?U<:45M%>KU?3OI?3MUT/SX\'?\`
M!)[_`()I>"=`A\/VO[#?[-'BX1ZAKNK7?B?XO?"KPQ\=/B1KNJ^)=>U/Q+K.
MI^+/BQ\:;+Q]\3_&6H76KZO>R1WOBOQ=K-S961M=(L)+72-/T^QM>H_X=E?\
M$W/^D?/[$'_B*'P&_P#F!K[?HJ2KON_O9\0?\.RO^";G_2/G]B#_`,10^`W_
M`,P-?'W_``5&_:(\)?\`!-?]AV\^'_[*?B/X!?L?^/=;\+_&/4/@!81>'_A!
MX,\"^$Y/AKX)\8_'/QK_`,(/\*->E\.^$?%'BCXB>)[/2_A7X;\/>'?#WB?5
M9_BU\=?"WBW4/!OB/2[7Q+C]H*X?XF_#?P7\8_AM\0OA%\1]&_X2/X>?%3P/
MXL^&_CWP]_:.JZ1_;W@OQQH-_P"&/%.C?VMH-]I>N:7_`&IH>J7UC_:.C:GI
MVJV7G_:=.OK2\BAN(P:>JO=I.]K_`.=U^!\9_`;QG\6O%'[6/Q8TZU_:+@^/
M'P4TCP1>>(/$^FZ9X.^&FD_#OX4^+_B5XE\/^,_V:?AW\)?%'@W2&\9:]K-K
M^S7=7/C/X]W'Q,^(/Q%;Q->>/?@M\2?AY8?"GP7XWA\$R?D+;_MX_MO-^QEI
M/[0FC_%7XF:QXWD^#_P"_;!^+_A+Q1\"O@7:I\*/AA\5_P!EO]K+XF^&=1\%
M^(O`FB^(=/G_`&*?BI^TU\*?A9\&)M=^(GA>^_:2^"GPIT'XT_$7XB_%73M)
MUGPW\2/AW^\/@_\`9!^"_@'QA\0?'/A*?XUZ3K7Q1\>)\3/&=E_PU)^T_?>#
M[SQG_P`)_H?Q*N=3T?X>:E\8;SP!X2M=5\1>'M,T[7M"\(>&="\/>(?`!U+X
M4:[I6H_"W7-;\':CE?#_`/8?_9G^%GA/QKX'\"^`=2TOPQ\0+#P5X>\3:;JO
MQ`^)'C0-X!^'-]?WO@7X1>'[CQWXM\3W/@KX'^$$UGQ'IWA3X)>"IO#WPJ\+
M:5XK\6Z=X:\(Z3;^)M:6]`32Z7VZ+IO_`%Y*]]3G?V$?VB;/]H7X%^%]>U?Q
MW=>+OBC/H>F>/?B%IFH^&IO"TOA6#XM7^N^,O"?A_P`+Y\&^!M.\=_"SPII\
ME[\,OAM\8?#>FZUX>^*&E?#B]UO_`(3/Q?XFA\3ZS-]J5X/\$OV9_@Q^SM_P
MDG_"I?#.K:#_`,)3'H5A??VUX\^(7CW^RO#7A3^U_P#A#?A_X,_X6%XJ\5?\
M*]^%7@;_`(2'Q!_P@7PD\!?\(W\,O`W]OZY_PB7A/1O[8U'[3[Q02%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
'`%%%%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>c4aimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c4aimg001.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#__@`<4V]F='=A<F4Z($UI8W)O<V]F="!/
M9F9I8V7_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@
M)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_VP!#`0D)"0P+#!@-#1@R
M(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C+_P``1"`#F`40#`2(``A$!`Q$!_\0`'``!`0`#`0$!`0``````
M``````0%!@<#`@@!_\0`2Q````4"`@4("`0#`PL%``````$"`P0%$082%2$Q
M5-$'$Q1!45.3HB5A9(&1DI2A(G&QP3)BTB-"4@@6)#,T8W)S@N'P-D-$=,+_
MQ``9`0$``P$!`````````````````0,$!0+_Q``K$0$``@$#`P,#!`,!````
M`````0(#!!$2(3%!$U%A,J&Q!7&!P2(CD?#_W0`$`"C_V@`,`P$``A$#$0`_
M`,K_`)0O^Q4#_F/_`*(&#Y`O_551_P#J_P#Z(?H1;:'+9T)5;9F*X_B&FVSN
MAM"3]16`?8``````````````````````````````````````````````````
M````````````````Y?RR5";`C4@X<R1&-:W<QLNJ1FL2;7L>L8ODAJM1G5^:
MB9/E2$)CW)+SRED1W]9CK,VET^ID@I\&-*)%S03[25Y;[;7+4/F%1J73G%.0
M:;#BK45C4PPE!F79<B&RNII&#TMNONR3I[3G]3?I[+0`!C:P````````````
M````````````````````````````````````````````?__0[^``````````
M````/)^,Q)(B?:0X2=F8KV'CHN!NC/R$`K`2:+@;HS\A!HN!NC/R$`K`2:+@
M;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/R$`K`2
M:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/R$`
MK`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/
MR$`K`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!
MNC/R$`K`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!HN!NC/R$`K`2:+@;HS\A!
MHN!NC/R$`K`3M0(C+A.-1FD++8I*2(R%`````````````\G^D6+F.;OUY[_L
M/'TC[+Y@%8"3TC[+Y@](^R^8!6`D](^R^8/2/LOF`5@)/2/LOF#TC[+Y@%8"
M3TC[+Y@](^R^8!6`D](^R^8/2/LOF`5@)/2/LOF#TC[+Y@%8"3TC[+Y@](^R
M^8!6`D](^R^8/2/LOF`5@,9,ERX4=3SSD1"2V7S:S[!'0ZC4JE$6X:F#-*\M
MU$9'LOU`/G%-1D0FHZ8SJFUJ49F9=A#)466Y.I3+[ID;AW)1D5KF1C5L0JD3
MJLU#_LU/-IM9%[7/7U^H9#"[\QRGK89)DDLKM^.]]>OJ$H;0`D](^R^8/2/L
MOF$)5@)/2/LOF#TC[+Y@%8"3TC[+YAX2W)[,-YPSC$24&>K-?8`R)*(]AD8_
MHYI3YLAB='4EU7X7".RE';7MN.@>D?9?,`__T>_@)/2/LOF#TC[+Y@%8"3TC
M[+Y@](^R^8!6`G:Z9SA<[S&3KRWN*````````````!Y/R68Q$;SB49ME^L>.
ME(6\H`5@)-*0MY0&E(6\H`5@)-*0MY0&E(6\H`5@)-*0MY0&E(6\H`5@)-*0
MMY0&E(6\H`5@)-*0MY0&E(6\H`5@)-*0MY0&E(6\H`5@)-*0MY0&E(6\H`5C
MQDRF8C)NR'$MH+K,>6E(6\H&!Q7-COTUIMEU*U<Z1F1=EC`?.)YK,RD1G6%Y
MFUN'8]FP>N#%?Z')3V.$?V&LKD$Y2F(I7-:'5*L1=1D0SF$I;,4I:'W";,S3
M8E>^XE#W@)2_B^>Z9$?-D9%ZCU$/3".R>78X7[B:ARXZ*O4GW'4I2XH\IGUZ
MS'UAB7'CN3^==2@E.$:;]>T!M@"32D+>4!I2%O*!"58GG2TP83LE:342"O8N
ML>:JK`2DU*E-D1;3&'Q!5X4BD.-,24..+,K)3V7`5Q,20GXJ7G3-DS7DRGKU
MB3$M9;:9>IZ25SBT%=1;+'U#326HDDGJ([^\65>2F5/-U*B41H05R]22$[(W
M9&=3F8N'8,MM%G5*)2U7VW*_[#=8Z^=C-+_Q((_L-<J+L5["K<=+Z#=;:09)
M]9$5_P!Q;1JM&528Y.O)0M*<ID?JU`,T`DTI"WE`:4A;R@0E6`DTI"WE`:4A
M;R@!6`G:GQ7G";;?2I9["(4```````````,?6:@JF4]4A""6K,22)6S6/FB5
M-=4A&\XA*%DHTF2=@PF,Y"R7&CDHR0:36HNW78OW&)I5=D4IM;;;:%H4=[*[
M1*'0P$\&6W.AMR&S*RBUD1[#ZR%`A(````````````````````-9QC^*/$;+
M:IP_T_[C9AI,V>Y6:Y'C$T1)9>,DVUW*^LS^`02CPZUGKS!'_<,U'[B,6QGE
M1'*[D.RK';YCXCUH,53&*)2%)MS1*^YZABJV3D:L3$)49)<5K(NLCUB4-@PC
M$=:B/2'$V2[;(?:17'\PI_M53+L<3^JAEZ,CFZ+$296/FB/XZQB,+:I]5+_>
M%^J@&S``"$L-BATVZ&ZDC_UBDI^]_P!AH`V'%AJ=K+;2;J,FR(DEVF9C2,1U
M)NGT9XD/DB:M24M-E_%8[W/W6%F.DWM%8\J\EXI6;3X?_]+L\BBL3:,AE+;:
M'C;19S+K(R(A)1<-%%4XY.)#BC_"E&TK=HT+`N/)5)=C8?KL:6;CSUFY#RCN
MG-:Q&1E<ROUWZQF*]RH%2<9MTIMIA4!M:427S,S,C/;:VRWO&JVDRQ?A$;LT
M:K'-.4SLWVIH)5)E((M7,J*WN&IT"LO,O1("23S*E&2KEKN9F-N4XU-IRG&'
M$N-/-&:%I.Y*(RU&0YW33-JJQKZC)U)'\1F:'30`!"7PZZVPVIQU:4(3M4H[
M$0_J%I<02T*)25%<C(]1C"8L=R44T]XXE/[_`+"VAG>B1/\`ED`R````````
M`````##U6@-U6:V^X^I"4HR&DBVZS/;[QIV-J=&PUA>9+-YQQ;UF&"(B(TJ4
M1ZS/U6,=)'+N5^0J6JCT-@KO2'L]O*7ZF+]-7GEK$]E&HMQQ3,=WSR.NORZ%
M/C'*=0EA\C22;?WB]?Y#I'0WM^?\O`<PY''&H<FN0G'D$OG6TI)2B(U&6<M1
M=8V[_/J(K';>&&V,YJ29'()PK)6235EM[K;=HMU6.UL]N,?*O39(KAKRGX;#
MT-[?G_+P#H;V_/\`EX#W4^TAU#2G4)<7_"@U$1J_(NL8"MUY^FU-#*$)4UDN
MI/6=_6,>S7N]*?-74*A)BIDOIYG8JZ3S:[=@RG0WM^?\O`:CA:015M68[<ZE
M7QVC>0(2=#>WY_R\`Z&]OS_EX"L<=K7*\\]3)\>%'*-+)\FV7+YKMZ[J_/47
MQ%V+!?+.U(59<U,4;V=7Z&]OS_EX!T-[?G_+P'+^2W%,JH5%R#+>4M9D9E?8
M9<1UL><N*V*TTLG%DC)6+52=#>WY_P`O`.AO;\_Y>`K`5K$G0WM^?\O`.AO;
M\_Y>`K&`Q/BN%AE$;I*TYWUY4I,]=NLQ-:S:=H1-HK&\LFJ(Z23,YS^HOY>`
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M&Q"$@`````````):A/138CDEUMQ33:36M2+?A(NVYD.)X=JD[&/*=&J4IIQY
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ME;Q`BCT>3.D19#2&T'92LG\747\7:.`T+#DF:N+/42.BFX9JS'K,B/L&Z<K]
M;F/5B-A^.X?1S;0XXV1%=3AJ.Q?"WQ&U42AQ7J@J#D),6$V39)1JN9:K^\[F
M+ZVG3X=X[V_"BU8SYMI[5_+1X;K6&N5=KG&EM,NI;(DD17,UI+UVVW':.FN;
MA*\G]0Y)ROT[H=:IU78,R42$MFGL-)F9&.Q1WT28S4AL[H=02T_D97(5ZG:U
M*9(]MO\`BS3[UO>D^^__`%X=-<W"5Y/ZA\JJ"D$6:%)3?9?)K\P]9DV/`8YZ
M0O(B]KVOK&KXNE9W89-+N60W",C[=A_89&I_*+751WYARC>=0=UVN1Y;'KVG
M^@X_54U/&.(:A*94IQAMU1(4X=DH3<\I>^PV+$U2D4^D..1W3;==42,Q;;'M
M&PX4PPJF<GCC[BDF_*4F4=NI)%J+X7^(W8+>CCG+YGI']L6:OK9(Q>(ZS_3G
M3.',3ULF82DNKZ,1MLM/+M8MIDF_4.F84P"UARH'.<9ER%+C<RMHTHRD:B+-
MKS:RV_$5860;E<0H]>5"CN-]'C+K,EXX]H>L6DQTGEWE@*'2X.'8KL>FTF4T
MVZLUKN:#,S^8<\HQRL+<K3\-"'4Q:@:EFP66ZB,C-/7;4=^L=B',.4W#%:GU
MBGU:A,NK?0V;:U,JRJ09'<C^Y_`--?E>U;S]4>4ZBG&L6I'TSX>_*=BUV#22
MHT:.^W+G)L9F9$:47UVRF>L]GQ&E83H-3@ID5&=$?90Y9M"G4F1JZSV^X;;@
M?`=5;K)5K%"G'),>R8R'7B=/9M,[GLZB'0ZI36ZI$Z.M9H+,2B,A[R9:XL?H
MTZ^\O&/';)?UK]/:'__3Q%?PY.;ER9K#7.,+<N1-D9J+-ZOS$3,MZC,56FJ)
M1*DMH09&6PR._P"YCNL=MNFXJ=9+_5<Q8K^I)'^PURAX%:J^)O\`."2\1L-N
M7./E_B61;;]@ZF'71->.7M'_`*'-RZ.8MRQ^6S8)C/4;!].AK@2><YOG%F63
M^)1YO\7KM[AL'37-PE>3^H5@.;>TVM-I\NA6L5K%8\).FN;A*\G]0=-<W"5Y
M/ZA6`\O3%U%;DVFRHO0)/]LTIO7DZRM_B'!69&,</4>7$:;E1Z<VX9/9F2RD
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M)F.[7%ZS,Q$]GO2Y1+Q0B09V)QY1E?\`FOQ'0!KE"I$212HC[K=W$J-9&1VO
MKZ_@-C'F7N```0````````/)^,S)(B>;2LD[+]0\=%P=V0`Y5B?`Y2,8U%_.
M9MRD<Z24IUI,RUG]C&2I$Y^D18$1EY91XA923?\`B*YF=_B.@G2:>:LQQ&C.
MUKV&/J.&(DEFT1MN.[F(S41'8R[+"V^:]XBMIZ0JKAI29M6.LN:8UCI?PA*G
MJ*ZRF()*OSO?]2$W)1'75<9N5!]!&42+9)VU)49$DOMF&T\IE'B0,`.<RT7.
M(>;NL]IZ]8]N2RAPDX.:EN14&_(6HU+,M:B([%^XV4R1723[S.S):DVU4?$;
ML!6[0^7!EPSRI=)I5_\`I(OV'8;CC/*%&:@<I%(<903:'(Z;V[<RRX"U6,H%
M"JR6ZG'<>9?2:OPG<F]>K4*\M+9(IQC>=OPMQ7KCF_*=HW_+^4]R-/Y:*K,F
M*;YF(DTI-RUB-)$DON-SPE^-V>]MS++7\3_<<IPOFERZE5#;R)D.GD_*]S_8
M=2PG"CR(3ZWFDK/G+$9_D/&KZ7X^T1#UI>M.7O,RP'*_'YVC-.6_@(U7]Y<1
MM.!I?3<$TETSN9,$@_\`IU?L,+RCTZ.WA=Y3+*4*LJYEV6O^P^>2^-%EX'C+
M<90M27%I,S]1AWTW[3_1VU'[Q_;+8S=RQ([=]JS,_<0YG)QO'@U.,2"1,0A9
MMOI<S62G9J^_P%W*E5D(JC6'Z='-#QDG.I!_Q&K8G]/B**#R-6>YVO2R6WEU
M-1E6/-?K49;!;APXJ4C)FGOVA5ERY+VFF&.W>6OXEJ$+%N)F(-&_!3&4$9JR
MF68]JCL>OKL.RE')O"1,)*Q%%(B+W#7)')[`ITQIVB0N:SED=,W358M6O\1C
M;BI$$FR0<9!D16UEM%&?+6VU:?3"_#CM7>U^\L)@QJT>2\:=JB21^[6-H$+=
M&I[*,J(J"+WF/O1<'=D#.O5@)-%P=V0&BX.[(`5@)-%P=V0&BX.[(`8#%\0D
MDS.09DN_-J,NSJ_<97#L-<.D-I<(B6LS69%Z]@]W*/3G4Y7(;2D]BBN/O1<$
MO_C-_`!6`DT7!W9`:+@[L@!6`DT7!W9`:+@[L@!6(*XR4B@5%DROGC.%Y3'I
MHN#NR!\.TB"XTM'1D?B29"8G:=T3&\;/SQ@.BQ:]B^+`FI4J.:5K623L9Y4F
M9?>PV>A3(6'N568Y+=1&BMM+(U*U$7X2L(N2BGHD8V?2^V2DL1W#-)]1YB+]
MS$O*93T,8^>CQ6\I.H;-*2[3*P[F3_9GG',].+C4_P`,$7B.O)C,85`JOBJH
M5&*KG8J'2)#B=F7J^.L;O3Y*9E/8D)(R):".QC'0<)L0L+8B4:^?<Z(2TF:;
M9<IWU"G`[93Z7`84HR)2S09EU?B,9-3:E\433M6=OLTZ>MZ99Y][1O\`=UB@
MIRT.(7\E_N8R(CB4R+#2V3;19T%8EGM,6#FNB```````````/)\Y!$7,):,^
MOG%&7Z$/'-4>[B^(K@`K`29JCW<7Q%<`S5'NXOB*X`)L04*-B.CNTV6IQ#3A
MD>9L[&1D=R%-+IS%(I<:GQ2,F8Z"0G,>L_6?K#-4>[B^(K@&:H]W%\17`>N4
M\>._1YXQRY>7,>59DU8MPT:+9W%<V1G_`,:>(T7'L=^'B0XTA))6AI.HCO:X
MWGE47(:K>&9$@F$$V\HR4E9V+\2#UF9:M@G<BE6N6=;4AB+)1T<S-"C-3:BY
MO5KMZQU-/;C6MY\1/Y<S/7E:U(\S'X9'D_PRZ_0:>\^@CBNH4LS)5CUF=ATJ
M)#8@LDU';)".PNL31V)<2.W'CQH;3+:<J$(6HB2786H>N:H]W%\17`<S)?G>
M;>[I8Z<*Q7V8+'S?.X8?3VDHOBDQHN$:PY2^1^KR&5FEUEQ24*(]:5*L1']Q
MO^)V9LBB.I=;8R$9&9H49F1>\A^=&:I.C4V534/+*)(MSC1[+DHC(_SU#=HL
M?JTFOM,2Q:S)Z=XM\3#<^3.G.UO&#=0J!*D)83F);JC,\Y6R_G8=['->3V.\
MTS'YA#>=$8LQ+,R+7;L(;_FJ/=Q?$5P&;599R9)GQ#1IL48\<1[JP$F:H]W%
M\17`,U1[N+XBN`SM"L!)FJ/=Q?$5P#-4>[B^(K@`_]3OX"3-4>[B^(K@&:H]
MW%\17`!6`DS5'NXOB*X!FJ/=Q?$5P`5@),U1[N+XBN`9JCW<7Q%<`%8"3-4>
M[B^(K@&:H]W%\17`!6`DS5'NXOB*X!FJ/=Q?$5P`5@),U1[N+XBN`9JCW<7Q
M%<`&"P_@J-0,0U2K-2%+.:HS2T:;$V1JS&5^O6,-C2EQ%XCCU!3"3D$P226?
MJ,QNV:H]W%\17`13Z6[4LIR8\52DD9)43JB,K^X63EO,\IGJ\1CK$;1#5J5'
MZ52:VS:^>(I/V,:UR7NQ(]'E5&>\34>GK4M1F7:16_4;;0VY#;=5;:2V9I:-
M*LZC+MV6(<H@O.,\GE90FQ)7,;2K7K_\U#5IZ>ICFGS#+GOPR1:/:70(W*A*
MJ&-VX--B=,I3F5)9&S)PKVNK\B,QU`<XY,\%OT%":N\\TZ<V,@TDFY&VA1$J
MVS6>SX#HXIU/I\^...D+=-ZG'ED[R``#.T````````/)^5'C$1OOM-$K9SBR
M3?XCQTK3M_B^,GB`K`2:5IV_Q?&3Q#2M.W^+XR>("L!)I6G;_%\9/$-*T[?X
MOC)X@.8\MR?]&I"^Q;A?8AC.2=N94\7.U1U!&S'B$P:RU$1D24I+\[)&7Y8#
M;J5-IA0G6Y"DOF1DTLE6N6J]AF^3RE1L+4)QB9/A=*>=-:\CZ3(BM8BO<=.,
MM:Z.(\SO'W<Z<5K:N9\1M+>@$FE:=O\`%\9/$-*T[?XOC)XCF.B^*PG/1Y9?
M[LS'%L04-51GT]R,RTAMLK/&16,_Q7N?:.RS:E3W($ALIT8S4THB(GDZ]7YC
MG(MQ9;8YY55Y<=<D;6;[AJF,0Z>W);S<X^VDU7/47Y#-C$TNHP&J5%;7-C)4
MEI)&1NI(R.WYBO2M.W^+XR>(J6*P$FE:=O\`%\9/$-*T[?XOC)X@*P$FE:=O
M\7QD\0TK3M_B^,GB`K`2:5IV_P`7QD\0TK3M_B^,GB`K`2:5IV_Q?&3Q#2M.
MW^+XR>("L!)I6G;_`!?&3Q#2M.W^+XR>("L!)I6G;_%\9/$-*T[?XOC)X@*P
M$FE:=O\`%\9/$-*T[?XOC)X@*P$FE:=O\7QD\0TK3M_B^,GB`K`2:5IV_P`7
MQD\0TK3M_B^,GB`\=&1H;,YUA)DI]*C7<[]1\1^7W)3[;<B(EPR8<<S*1U&9
M'J,?J)^J4XX[I=/BZT'_`.\GL_,?F!I@I-;0P1E9R1EO?58U#J_INVUM_AS/
MU'?>NWR_4E,9Z/2H;-K<VPA%OR21"H3-3X3RTMM2X[BSV)0X1F?NN*1RYG>=
MW2B-HV``!"0``````````````````````!\.ISLK3VI,ARH=8&MQ<(1VS4<A
MU3AY[IRZK%V&)A$LW3TFBG1DF5C)M)?84C^$1)(B+86H?T0E_]7OX```````
M``````````````````````/ETKM++M28XWR3P8[^*ZN^\RAQR/<VE**YH,U&
M5R'93*Z3+U#E')(BU?Q$?8LB\RAKP3MAR?PRYHWS8_Y=8``&1J``````````
M>3[;KA%S3YM6VV21W^(\>C2]_7X2>`K`!)T:7OZ_"3P#HTO?U^$G@*P`2=&E
M[^OPD\`Z-+W]?A)X"L`$G1I>_K\)/`.C2]_7X2>`K`!)T:7OZ_"3P#HTO?U^
M$G@*P`2=&E[^OPD\`Z-+W]?A)X"L`$G1I>_K\)/`.C2]_7X2>`K`!)T:7OZ_
M"3P#HTO?U^$G@*P`2=&E[^OPD\`Z-+W]?A)X"L`$G1I>_K\)/`.C2]_7X2>`
MK`!)T:7OZ_"3P#HTO?U^$G@*P`2=&E[^OPD\`Z-+W]?A)X"L`$G1I>_K\)/`
M.C2]_7X2>`K`!)T:7OZ_"3P#HTO?U^$G@*P`2=&E[^OPD\`Z-+W]?A)X"L`$
MG1I>_K\)/`.C2]_7X2>`K`!)T:7OZ_"3P&OX=P46')=0D1JDZI4QS.J[:=17
M,[?<QM8#U%[1$UCM+S-(F8F?"=IB0APE+EJ<26U)H25_@*``>7H`````````
M!Y/R$L$1J0ZJ_=MFK]"'CI!KN97TZ^`K`!)I!KN97TZ^`:0:[F5].O@*P`2:
M0:[F5].O@&D&NYE?3KX"L`$FD&NYE?3KX!I!KN97TZ^`K`!)I!KN97TZ^`:0
M:[F5].O@*P`?_];NFD&NYE?3KX!I!KN97TZ^`K`!)I!KN97TZ^`:0:[F5].O
M@*P`2:0:[F5].O@&D&NYE?3KX"L`$FD&NYE?3KX!I!KN97TZ^`K`!)I!KN97
MTZ^`:0:[F5].O@*P`2:0:[F5].O@&D&NYE?3KX"L`$FD&NYE?3KX!I!KN97T
MZ^`K`!)I!KN97TZ^`:0:[F5].O@*P`2:0:[F5].O@&D&NYE?3KX"L`$FD&NY
ME?3KX!I!KN97TZ^`K`!)I!KN97TZ^`:0:[F5].O@*P`2:0:[F5].O@&D&NYE
M?3KX"L`$S<UMQPD$U((SZU,*(OB9"D``````````````````````````````
E`````````````````````````````````````````````'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>c4bimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c4bimg001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`#5`24#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H
MHHH`****`"BBB@`HHHH`****`/SI_P"'G?[.T'[?/C3_`()V:II/Q*T/XQ^!
MOAF/BGJ?C;5]&\)6_P`(;[11X,T[X@2Z/I&OP^-[CQA=^)H/"=Y?:O+ILW@.
MUMS:>'?$5Q%?RV^G+-<=)_P3R_X*'_!7_@I;\&O%OQR^!'A?XJ>%/!_@_P"*
MFL_"2]LOB[X?\->&_$-_KFC>#O`OCEM9TNP\+^,?&UI)X:U#0OB%H3Z9=WNH
MV&I3SI?";2+>WCM;F\_G1_X*9_LH_MC:Y^VM^W_^TG^S7\%_BKJOQ`MM4_8G
M^&OPE\4Z3\.?'%[IGB_P5\<_V0_VJ?V8_C=JO@SQ!I'A_4H=>T_X1ZS\3/`/
MBWX@3:/!K6G^%?[$L9_%,>FJEO<1]GX7_8Q^+OPL_9B^,7PED^!'Q?UG]GKP
M!_P7ETCQS\6OA1:_"_XA>)=5^._[!7@_X)_"SP'<ZAX6^&EEH.H>)?CM\-]0
M\3Z3X5U-]/\`#6F^(;'Q+!X.U>6U_M:XT.ZLG"^56]4OD]+JW6_,K:VO?Y?U
MVU\W?M)_M1>`/V6[/X)7OQ`T?QCK$7QZ_:2^#G[+OA!?!VGZ+J$FF^/_`(W:
MY/X?\*:QXD&M^(/#RV?@[3[RW>7Q#J&EOK&M6EJ5?3?#^K2DPK_)[XQ_90_:
MVMOV8?V>M`_:7^`/Q]^.$5I_P33_`&V/AU^S7X.\-_#GX@_%GQ5^S_\`MS^/
M?V@KSQ1^R+XK\96'AW2+O5?@UXC\&?`6Z\#>$="^)OC&YL-%^%DGA77/#U[K
M>A2Q2S:MZ]\=_P!F7]KN_P#VZ/@3XG^+OPD^+GQ;\::7\;?^"$>L:)\6_"7P
MU\<^/?`_A7P/\%]>^(*_MI2:C\0_#7A5_!O@VRL?C#?^&OB#XPL]<O=)N+O0
M[G3O%X@30M)OGTH$HK35/6WW-+\4[^A_4Q\=_C!I_P`!/A1XK^*^I>"_B!\1
M8/"ZZ+%!X%^%>AV'B/XA>*M3\1>(M(\+:+HOA;1]5UGP]I5SJ%[K&MV,32ZK
MKVCZ796IN+_4M2L[*UGG3UM&+HC,C1,RJS1N4+QE@"4<QO)&60G:QCD="0=C
MLN&/\R?_``2R^$FL:;_P4N_:I^%&I:;=?\*\_P""9T7QX\`?"6_=HH=.>X_X
M*#?M!:S^TS!#8V0,HCF\*_#CP]I7A^<V<Z?Z5K.IW6HVMM%J&AQ)W?\`P3?^
M'OQ*^#O[=WCS2M"_9U^/\7@;Q_H?[0EU\8?C#^T1\,OB)\,OB%X"UZ'XRGQ1
MX`TKQ!\8['Q3J/[.?[<-CX[M=4^R?"_QWX6T*\^+OPE^&FC:?X-UWQ=8>%[*
M7PE0#5M/*_R=K?A9_.VY]Z>+O^"KWP$\#_MC:Q^QIXC^&GQ]L_$&@?&3X'_L
M_P"K_&M/"_@"X^`NG_%W]HSX:Z?\4/@]X-O?$$/Q.?X@6-YXRTB_;0]-O+WX
M:VVF3>*[&\T>*]D0V=Y=_I1X@U_0_">@ZWXI\3ZQIOA[PUX:TC4M?\0Z_K-[
M;Z;H^AZ'HUG-J.K:QJVHW<D5I8:;IEA;7%[?7MU+%;VMK!+/-(D<;,/Y:/C;
M^S=^T1%_P5B^.?[1VD?"O]H+QA\-+?\`X*3_`/!*6XL/!UIX#\07/P.\;>!I
MOV:-,^'7Q%_:-N)M,\'2:OXRN?V7-99KFU\0Z9XMG\`_#CQ%-J-WXST4ZK:V
M>H:/X-K7[._[7?Q@_:.\9^,-1_9=\9^&HOV@/!W_``5S\(_''P)<?`;XLA!X
M@U'P-+!^S!X5^+'[17Q+\3ZQ\./C_P"`_$OB?PKI7C;]G"+PAX0\$_"_X17/
MBG6?!F@:OXCU+Q%J4&F`-+36VB^^R;6O6S]-EYO^KGP/\=="^)?B/P/;^`?"
M?C?Q7\,?B/\`!'2/CKX._:%TFS\.O\%-:T+Q'?:.GAGPG;:M/XF@\:OXW\1^
M']:M_&^E6:^!&\.MX2@N;F[\36FK?9M'N?;J_CE\!_LP_%>Q^#NGZ/X#_96^
M.'@NSL_^#6[]I[]G+6/#D_P!^)'@Z[N/VOM3^(&GOX^^&J:)J'A2PN=1^*_Q
M-^)5MXV\=:%HMK;SZ[\4;#6A\0O#%OKNA>(;+5[SE;3]F_\`:.\-^"/C+X<\
M0_L]_&O_`(4-JW[3W_!"WQU\7?@[_P`*J\8+I_QG^%6A?LU?#.3]LKPYX/\`
MAI<:+;1?%#6[KXDV2P_&KP?X3L+[6M2\2Z/JFD^+;634+*\L:`Y5WZM;=FEW
M\[G]HE%?PXW/PK\1_$']G7X\:G\)_@!\=?B./!W_``5C_P""IDOAKX%:/\&?
M%?Q.^%^I2:O)X&M?"/PN^/'A'X?^(='^+'P=\:7,]K;:7\'/VB?!&K:=??LW
M?$/2K[Q9J?BKP[$(M3;^U;X90:G;?#;X>VVM:#<^%M8M_`_A.#5O#%[XCOO&
M%YX<U.+0;"._T&[\6ZI<WNI^*;G2+I9=/G\1ZC>7=]K<MN^IW=S/<74DK@FK
M=;ZM?<=Q1110(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`/)_B!\9/"WPY\:_!7X?ZM9Z_J?B?X\>.=<\"^#+30;"WO(K&X\,_#G
MQI\3_$'B/Q/<W5]8Q:/X4TKP_P""+RQGU-3>7,WB/6_#&AV>GW-UK41C]8K\
M\OVC]+O]/_;W_P""<'CR\(/A%H?VP/@\0UA;RI!\1_B%\)_"GQ%\&7CZI.`^
MFY\(?`OXIZ3%!;RB?4[G6((!#+'%(\/X=_L0?!']J73_`(^?'_7?&?P#^./P
ML\!_&3_@G7^VIIOQ!T3P%\,_BEX#^*=U^TP?VF--.C:-K7[17QD\0WNE?';]
MH74/`'B74KKX$_&.QE\'?#Z3P+)I7ACP%:7WA7X9:GK$`.R[VT^_?]/7U5['
M]:-%?@]_P1[\)_&'X.?L\?M1I+^S9XR\,:EH6NZ7?_"J_P#'7@?Q[^S9XG_:
M6UG1/@YHSRZCXK_9]\<ZWJ7A/X3?$(^+K?\`X0?XE?$KX<:%X:\#?'+QM#J_
MQ<6UUJZU*Z\0ZI\Z_P#!';X3_M(?#S]K_4/%'C;X4>/?AA\*?BE^P'X0\4>-
M+'4O@+\;_@_I-E^TV_Q]\0:OXC\(_%;Q5\:/%/BS6_CC^T'X'\*^)V\*:E\=
M9QX,3XE^`=&\.Q>&O!Z^%?"%AK-^!;?7;ON]5I;\?EK9Z'ZRI_P4A^"EUXN^
M,7@BP\*_$JXUKX6:=\69?#US)9>"DTCXUZ]\$_BQX<^`?Q&\)?"I[3QS?ZX^
MN^'OCEXR\(?"N=?'OA_P+97?B7Q%82Z5=ZCHRW.J0?H*N[:-P`;`W!264-CD
M!BJE@#P"54D<E1TK\&/VN?V,_$WPN^(GBWXM?LG>'/B/\1OC!HWP\_:Z_:@\
M&>"_$VC>#_$'PG\-_%'4_$>B?%_1?AUX.AM/"/ASQ!?^)?C/^UQ<^`?C]_8G
MB'QIXMOIM2^!,^E:5<>%=%U:*PU7JOC+!^W1^T)_P1H_:9T70HOB:_[4'B;0
M_CQX9^%.H>)O!4?P9^-_Q+^#V@?&OQ'I7P]U[Q/\.;/PUX//P_\`BW\6_P!G
M72K*?4?"]IX,\`W,'BGQ&(K3PSX(GNH;#2@+;:I:I?\`!U_'SVT/T:_:U_:T
M\`_L>>`/!_CGQSX7^(?CN\^(WQ=^'7P)^''@'X6:/H.L>-_'/Q4^*FJRZ/X*
M\+:-'XK\3^"_"EC)J=Y!.KZEXE\5Z#I%LL>V:_6:6"*7V'Q'\6?AKX0\?_#;
MX5^)?&F@Z-\1OC`/&+_#'P7>WBIXA\:P_#W1K;Q!XXNM#TY0TUS9>%=)O=/N
M]<OF5+.P.IZ7;SSK=:II\%S_`"8^)_V-==^(FKQ2_"[]C;XF^&OV)=8_X+%_
M\$V?$_P)^`WC/]G'QSX,U7X:?!_1_AUX8\._MH?$"^^#GBWPC;>+/A3\(O%7
MC.R+^-/$FMV.B^&];6RUW7;MH=)UJ;4=;_2;_@JC^S5XW^(/[:W[`OQL^&OP
M9U+Q;XA\,_"[]MCX8P?%?0_AMJ/CO_A6/QH\6?#KP?=?L>>(?&&IZ+X=\2W7
M@/P]X0^+I\4^*=+^)&O6=CX/\!W*ZW<ZOK=A-K=K8ZR#:7?OT[)-+?OIZ]['
MZ@MX5_99_8CT;]H#]H'5;O2/A#HGQ9^(VG_%/X\?$7QCXS\6:Q:Z[X_\1MX;
M^'/A^YDN/%NNZ]_8R7TW_"+^#?"7@OPE!I>A0W=QINC^'/#T-U>K#/\`55?P
MN^(_V%?C5X__`&3_`(L:-\./V.?C+X=T?PG^PW_P3KM?CE\//'OP'\<:%XF^
M+7_!1CX4_M0Z7K?[3_QJ\">#?%7AN?6?CAXF7X!7?Q%TOQ9\3?A_:^)(?BGH
MWB.+PSH,GC:^NK?3[;[=\7?#7]HOQ-_P4`^"'QF^%'[,?Q'^$'@WP-^WC^R;
M\/=)M[']F[X\P^*-/_8>T;]GV?PZ/%D'QHUG6]/^&WPN^`NO)K^F^&_BY^RQ
MH7PO36?"?Q%\$Z5XV^*7B7PWK'AVVTV_!N*UUVOZ-)1MU\[?<?T&_L^?MB^"
M?VGOV3H_VNOA%\/OBOKGA2_T[XQ77A[X:7&D>#K7XN^*=3^#/C?QW\/=6\,Z
M%I"^.9_!;Z_XL\3?#_4[7P5%J/CS3=,O8]3T237M4\.M/?QZ;]->%M;F\2^&
M/#GB.YT#7O"EQX@T'2-;G\+>*8+"U\3^&IM5T^WOY=`\1VVE:CK&EV^O:,]P
MVG:O!INK:I80ZA;7$=GJ-];K'<R_@-^S!\%?C)X?_P"#=KXY?!+7OA+\3-$^
M,^K_`+-__!3;0M*^$>K^`_%.F_$_4];\??$?]J>^\"Z/I_@&\TJ'Q7>ZKXTL
MO$.@7GA/3[;29;OQ':ZYH]QH\-Y#J=D\_P"9/C_]C_\`:$O/@[^W?XHL/V:?
MCG)\6-)^`?\`P;[#X`:MIGPF^(T?C>+QK\+;;PKH/QY'PMDL=#35[GQ3\,?#
M\FL:5\4O^$;$VK>`M,EU2V\3_P!CV\MXK`N6^SZM?BE^O]=/[3:\?^.7P$^$
M_P"TAX%/PX^,GA9_%7A5-?\`#WBS3X[/Q!XH\(:_X?\`%OA'4X=:\*^+?"?C
M/P1K7ASQEX.\5^&]6MX=1T+Q-X6U_1]<TJ\C6>QOX'R3_-5X#_8Z_:OT_P#:
M6_;V\"_#KX=?$/P5I/[*/PB_X*3:G^P9\1]8T/6-!\,^,_B__P`%&M.\`_$K
MP2WPP\<ZWH=AX)OS\,/$.E>+?".NSZ+J^K/H-Y/HL/B,65W'?B\\A^`'[(7Q
M9TG]B+X[:3\0O`?[5]CX&\3?$']@S5+SX.?#3]B#7/`^G>'?B!\+O#1LOVB/
M%^O?LR_%#XP>/OB%^U_\-?&&JGPY#^U!9Z9X=\-Z7\?M5T/5_%7PR\.>([37
M+ZWT\#EV][6ZMO?5[_<T];=5NC^G;X+Z!^S#^S;K>E_LC?"*Z\.^$O&FH^&/
M&OQ^/PVG\4Z[XL^)/B70;_QOIFE>._C'XTU_Q=J_B+QSXNU#7O'WBNPL]:\=
M^.-?U77O$NN7<ZOJ>HRZ=>FS^G:_C'^&W[-WQDUCXI0?$;X@_L$>/?!ZR?\`
M!*#_`(*$?LX_`;QAX=^"WQNUVXU+XM6GC#QP_P`-/%>L:)\2)?B#\9_V<-9^
M*GP$O_&_AKX:_#/XR>*OM>AZ;XOMO@]X'N8_^$GT;P9'Y1I'[$'QZT?]D+]J
MZ'2?V3OC7HOQ(\+?LZ_\&_\`XH^`]EI'P4^(.D^+M-^-^CZ#\.M#_:\\1?#;
M3]/\.6VJ2?%7P[I&FS:)^T!J^A6\WB[PWI6EC2O'MQI]CIJ6]N#Y?/73\9-/
MKT?](_N/KSSXK?%GX:_`WP#KOQ1^+WC30?A]\/?#)TI-=\6>);Q;'2-/FU[6
M]-\-:%:R3$,\M[K?B+6-)T+1[&WCFO-3UC4[#3;&">\NX(7_`)0]4_92_;(U
M']K[]O;QOXG\,_%U?$.JW/\`P5&G@N?#/[+_`(NU33_CC^S7\5/@%J/AG]D[
MX;ZO^U)/\4H/!OCO3/#^L+X*;X4?`KX9?"+Q)\1O`WC3P]XK3Q9/;6GC"?4K
M;P"S_87^/VM_L+?MM?#6\_9/^*DEU;_LO_\`!`GXA?#KP'K7P5\6Q'5/BW\,
M/AUX9T[]KS5?!?@_4/#8D\8?%WPSX'L=?\(?&/1/#NDZY\1+BWAM/A[K.DWN
MHOHGAZ0$HIO?^79:ZNSWMM^.A_;Q<RO!;SS16TUY)##++':6S6ZW%T\:,Z6T
M#7<]K:+-.P$4375U;6X=E,T\,8:1?./@O\6?"GQX^$GPW^-'@9=6B\)?%#P9
MX>\;Z#:^(-.?1_$6GV'B'3;?48]*\1:/))-)I'B'2'G?3->TF2:5]-U:TO+)
MY9&@+M_/%\'/AYK_`,*?^"E_A+XA?!3]E;]H63P=XV^)EY8:_>_&[X(?%+X6
MZ1\$/V=-9_9ZT'3]&\7?#C]I'P_KVE?"J]^!_@_^PK7P]H7[#W[0'A34/B%\
M,?'VI:]JW@[P[X'\127>N2_JW_P2DAU%OV!_@3K=]/)<67CN;XL?%7PB9+2"
MQ-M\-/B]\;?B1\4?A3IR6UJSVJPZ7\,_%_A/3;=[9WMYX+2.>&1XI5<@FK?-
M)_??_+O_`,#]#Z***!!1110`4444`%%%%`!1110!\A?\,0_!G_H=/VO?_%@W
M[>__`-$K1_PQ#\&?^AT_:]_\6#?M[_\`T2M?7M%>S_K'Q#_T/<Y_\.F._P#E
MYX_^KV0?]"/)_P#PV8+_`.4>2^X^0O\`AB'X,_\`0Z?M>_\`BP;]O?\`^B5H
M_P"&(?@S_P!#I^U[_P"+!OV]_P#Z)6OKVBC_`%CXA_Z'N<_^'3'?_+P_U>R#
M_H1Y/_X;,%_\H\E]Q\A?\,0_!G_H=/VO?_%@W[>__P!$K1_PQ#\&?^AT_:]_
M\6#?M[__`$2M?7M%'^L?$/\`T/<Y_P##ICO_`)>'^KV0?]"/)_\`PV8+_P"4
M>2^X^0O^&(?@S_T.G[7O_BP;]O?_`.B5H_X8A^#/_0Z?M>_^+!OV]_\`Z)6O
MKVBC_6/B'_H>YS_X=,=_\O#_`%>R#_H1Y/\`^&S!?_*/)?<?&]U^PC\"KZ2R
MEO?$_P"UE>2Z9>#4-.DNOV_?V\;B33[\6US9B^LGE_:1=K2\%G>7EJ+F`QS"
MVNKF#?Y4\JO;_P"&(?@S_P!#I^U[_P"+!OV]_P#Z)6OKVBC_`%CXA_Z'N<_^
M'3'?_+P_U>R#_H1Y/_X;,%_\H\E]Q\A?\,0_!G_H=/VO?_%@W[>__P!$K1_P
MQ#\&?^AT_:]_\6#?M[__`$2M?7M%'^L?$/\`T/<Y_P##ICO_`)>'^KV0?]"/
M)_\`PV8+_P"4>2^X^0O^&(?@S_T.G[7O_BP;]O?_`.B5H_X8A^#/_0Z?M>_^
M+!OV]_\`Z)6OKVBC_6/B'_H>YS_X=,=_\O#_`%>R#_H1Y/\`^&S!?_*/)?<?
M(7_#$/P9_P"AT_:]_P#%@W[>_P#]$K1_PQ#\&?\`H=/VO?\`Q8-^WO\`_1*U
M]>T4?ZQ\0_\`0]SG_P`.F._^7A_J]D'_`$(\G_\`#9@O_E'DON/D+_AB'X,_
M]#I^U[_XL&_;W_\`HE:/^&(?@S_T.G[7O_BP;]O?_P"B5KZ]HH_UCXA_Z'N<
M_P#ATQW_`,O#_5[(/^A'D_\`X;,%_P#*/)?<?(7_``Q#\&?^AT_:]_\`%@W[
M>_\`]$K1_P`,0_!G_H=/VO?_`!8-^WO_`/1*U]>T4?ZQ\0_]#W.?_#ICO_EX
M?ZO9!_T(\G_\-F"_^4>2^X^0O^&(?@S_`-#I^U[_`.+!OV]__HE:/^&(?@S_
M`-#I^U[_`.+!OV]__HE:^O:*/]8^(?\`H>YS_P"'3'?_`"\/]7L@_P"A'D__
M`(;,%_\`*/)?<?(7_#$/P9_Z'3]KW_Q8-^WO_P#1*T?\,0_!G_H=/VO?_%@W
M[>__`-$K7Q1_P5JN/BQX[A^"?P<^!/PD^*GQF^)'@N[\9?MCZ9X=^%WB#X:^
M&K>P\;?LXZ?91?L[?\+-U7XF?$?X:VB^`+C]H+QOX+\;7&E^$-1\1^/-8F^%
M-S_8_@GQ9HNG>)='N/U?^&WQ`\+_`!9^'7@'XI^"-1BUCP7\2_!7A;X@>$-6
MMWCD@U3POXRT*P\1Z!J,,D3R1217NE:E:7,;QN\;I*K([*02?ZQ\0_\`0]SG
M_P`.F._^7C_U>R"R?]B9/_X;<%TM_P!.;KYI;:7Z?.__``Q#\&?^AT_:]_\`
M%@W[>_\`]$K1_P`,0_!G_H=/VO?_`!8-^WO_`/1*U]>T4?ZQ\0_]#W.?_#IC
MO_EXO]7L@_Z$>3_^&S!?_*/)?<?(#_L._!:5'CD\8_M=R1R*R21O_P`%!/V]
MG1T<%71U;]I0JRLI*LK`A@2""#4%E^PI\#=-L[33M.\4_M:6&GV%M!96-C9?
MM_\`[>5K9V5G:Q)!;6EI;0?M)1P6]M;P1I#!!"B10Q(D<:*B@#[&HH_UCXA_
MZ'N<_P#ATQW_`,O#_5[(/^A'D_\`X;,%_P#*/)?<?(7_``Q#\&?^AT_:]_\`
M%@W[>_\`]$K1_P`,0_!G_H=/VO?_`!8-^WO_`/1*U]>T4?ZQ\0_]#W.?_#IC
MO_EX?ZO9!_T(\G_\-F"_^4>2^X^0O^&(?@S_`-#I^U[_`.+!OV]__HE:/^&(
M?@S_`-#I^U[_`.+!OV]__HE:^O:*/]8^(?\`H>YS_P"'3'?_`"\/]7L@_P"A
M'D__`(;,%_\`*/)?<?(7_#$/P9_Z'3]KW_Q8-^WO_P#1*T?\,0_!G_H=/VO?
M_%@W[>__`-$K7U[11_K'Q#_T/<Y_\.F._P#EX?ZO9!_T(\G_`/#9@O\`Y1Y+
M[CY"_P"&(?@S_P!#I^U[_P"+!OV]_P#Z)6C_`(8A^#/_`$.G[7O_`(L&_;W_
M`/HE:^O:*/\`6/B'_H>YS_X=,=_\O#_5[(/^A'D__ALP7_RCR7W&/X>T.R\,
M:!H?AO39]8N=.\/:/IFAV%SXA\0Z_P"+M?N++2;*"PM9]<\5^*]3UKQ1XGUB
M6"WCDU/Q#XDUC5M?UJ]:?4M8U._U&YN;J4K8HKR)2E.4ISE*<Y2<I2DW*4I2
M=Y2E)W;DVVVVVVW=ZGK1C&$8PA&,(1BHQC%*,8QBK1C&*LE%))))))*RT"BB
MBI*"BBB@`HHHH`****`"OG3]L'XN^)/V??V2?VI/CUX,L=#U/QA\$?V=/C=\
M7?"FF^)[:_O?#>H>)/AM\,_$_C/0K'Q#9Z5J>BZI=Z'=ZIHMK!JUMINL:3?S
MV$EQ%9ZG87#QW47T77E?QT^$7AO]H+X)?&+X"^,[[7-,\'_&[X5_$+X1>*]2
M\,7-A9>)-/\`#?Q)\):OX,UV^\/7FJZ9K6EVFN6FEZU=3Z3<ZEH^K6$%_';R
MWFF7]NDEK*#6ZOM=7/Q3^(G_``5?^)]CXK^%OA6?Q[^R3^RSIFO6_P"SYX7^
M-?Q._:!T;Q)\0O`/P+^,FO>'?^"K]A^T-\/]4O+3X\_L\Z?KB>'?C3_P3X\&
M_"/X=7EYXD\+7LU_XK\27U_I_B34-<\+Z#HG['?LP_%'Q%\</V:OV>?C3XO\
M,KX*\6?%_P"!OPF^*/BCP:BWR)X2\1>/_`.@>+-;\,HFJ1Q:DBZ#J6K7.E*N
MHQ1WRBT`NXTN!(H\(L_^">_P-TW]K37OVR=,U?XCV'Q-\2_$'X8_$W5O#L/B
M+1Y?AR_BGX5_`']IO]G31Y;'P]=^&KG4]'L-=\&?M6_$3Q!XMT_1]?L(-8^(
M.F>&_%T?V.ZN?'$'C7Z#^"?P[\!?LY?"7X%?LU>%_$ES<Z3\*_A+X.^%7P\B
M\7ZQHTWCCQ-X3^#_`(0\/>#H-5OH]/LM#MM9U:VTFSTBY\37VAZ#IVFPWU^L
MR:=IEM=6MJH.3CT7;\M?ZZ[Z:W]FHHHH)"BBODS]H_\`;M_8_P#V2)H-,_:$
M_:"^'?P_\7W]GX9U'0OA=_:DWBOXV^+=/\9>+?\`A!?#5]X&^!?@BU\2_&+Q
MY9ZKXK2[TF*Y\&^!]=@A;2M<N[IX+#0-:NK`"S>RN?6=%?CIXD_X+7?L[P^)
M)]"^%OP#_;+^.6EV6AZ1JVI>,_#?P4T7X*^&[*_U>_UZS7PQ!:_MB_$']F3Q
MAX@US3[?0X]5U>X\)^%/$'AO3[#7=!CF\0_VI=W.FV7S+\2?^"Y/QC\,3ZEK
MOA;]@.WMOAX_Q!^&'P\\*7'QK_:N\/\`@#XH:Y>_$OQ#X`\"VNO:MX%^#OP9
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M4_7^O`OV@?V@-*^`&C>!;J;P#X_^*?BKXG_$"#X9?#KX=?#5OA_:>)_%?BUO
M!GC7XBWMK%KGQ7\??"WX9^'K/2_`OPZ\9^(KK4?&7Q`\-6=W_8T>@:++JOBS
M6O#WA_5OS:^"?[6W[1?_``50L->\<?L0?%/X5_LT?L6^&_BIXB^'DG[1K6>A
M_&S]K_XMS?#SQ+\)=3U4^`?@3XKTH_"C]D[0_&N@7'Q,TC0]<_:6TOXR?%B^
M\':W\._B3+^S1X$LO$^A:A+ZUXS_`."7'PYN/@)X=^#G@?QG>^+M6L/C5X8^
M/GQ&\3_MN6WC;]N;P]^TS\1M!^!:?L\W.J_M0^!_'_Q2\%7'Q'LIO!-AX4\3
M>'?#'A7QA\-_!/@/XH_#?X9^+_"/A73=+\))X6O_`"CKM9^]OU7;U_R5WNG9
MGM7Q$_;C\.^$?V<?A)^U3X$^!GQU^/7PD^,'@?P)\0]&N_A5_P`*0T?Q%H/A
MKXH:=X3O_ARVO>&OC=\;O@[J5[K'C.;QGHVCZ+X=\%1^,->.N-)IM[IUG)+8
M->Y/PA_X*`_#7XZ?M)^)?V9?A]X+\>IXK\#GXPZIXM\0>*K+3=+\-/X*^#7Q
M>\4_LYZYXR\+WOA^_P#%B74.L?M"^!_'/PU\.^%_';_#?QGK5EX`\;_$#2?#
M^H>"-/\`#^K^*-K0?V2?$EC\+?V9O@EXE^+L/C7X:_LU^-/@1K4":]X$N;OQ
MM\4O#/[._P`(M$TOX?67Q(\5W_CO4K"^\?VW[2_AOPY^T=<_$31_#&D6K6_A
MGP[\/(O!4>L6>H?%+5O&?B[_`,$U="^)/[5WAW]JGPQX[T7X4Z_IGC_X/>)_
M$VD^%?AU#]K\:Z7\)/&WA3XCC5)]=TOQ3X8;2/C!XPU#1?$OPA\5?%74=-\7
MRZQ^S)\1?'_P;U+PY?1ZYH_B#PJ"5O\`@]MM^_5;;_A^H%%%%`@HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*_F3\-?"3X!ZXS>/
M-/\`V0?CQI'[,R_M4^`[?]H[]F7QG^PE^UMJE_X_^!O@#]GK]M?P5\*?C)\3
M_A[\2?@SJGC+]LGXX_%+]I[QY\//BU\5_B-H6G?%3Q_X6T'3_@#J7QOU.UU_
MX83^,+K^FRB@:=N_WV_I]NSU/QR^'WPV^)>I>'O^"+<OQ"\+_%K5_C?^S#XQ
M\)^`OVDM:UC2OB8^B^&_$.L?\$G/V@(/'_BG7=3O+:#P%XUTJ\^)_B?P#X,E
M^,NFOXAT2T^)>LZC\*K+QE:>-IO%_A-?F[]GWX,_'+]B']KJRT#X:?#GQ9\:
MOA)\0?BAJ?PV;Q[JWPG\6VL/@V&32/V0=#^+_BS2-?\`#6K:IH/A"?XR>'[:
M+XV_&[XV?%6:'0OC1^T?^QM\<;?0M`TGQK^T[\.+3P[_`$/44`W]UK6^=_P;
MT^[76_Q!K/[<?@OX;_M-WW[-?[0'@;QQ\"O^$T\<?#CP7^RU\;/%.CZKJOP#
M_:>U7XB?#_4?$4?@S0?BUHND3^!_AA\<-'\<>#OB1X#A^!GQ4U[PYXT\;VVE
M>`O%'PS/C3_A95GH.@]!^V!^W/\`L\_L/^$]`U_XV>(/$%QXF\=_\)=:?"7X
M0?#?PCKWQ'^,WQDU[P5X5OO%^MZ!\.OA_P"&+2[U"[^R:?:6MIJGB[Q%-X;^
M&WA+4M>\,P>._&_A6#Q#I5S<_&__``5=_;0^'OPK\+1?LB6'[/OPW_:Y^/7Q
MX^&^L^._#?P6^+X^&>O_``#\%^&?!OQ%^'>@Z/\`%O\`:?\`"7BKQ$/&=U\-
M])\9Z^GBCP/HW@CP)XH\0_$CQ%\*?%7ASPUJG@_5=#N/%_A_^?/]G?\`9B\$
M?L_>'-&CBN;SX@_$^#PGH'A'Q)\:?&BMJOQ!\0:'X;\/>&/"N@^%+/6-1N-3
MU/PU\,_"?AOP7X0\+>`OAIIFJOX;\(^%_"GAW3H4O]1L;G6;^HQOZ=6*4HQ2
M;6O\J>^F[?1/YWZ:;?8OQ>_;(_;Y_:W\A?&OCS_AB?X07/\`8^H?\*+_`&7/
M&FI7OQGU?R?^%8^)O[,^+'[8']F>&_$]A]@\3^&_&VB7FA?LT^%_@_\`:O"G
MBNXT'6/BC\0-/3[3/\_?"_X*?"/X*Z4VC_"CX<^#_`-I-I^BZ9J$WAO0[&PU
M77;;P];3VNCR>)]=6(ZWXJU"SBN[UAJWB/4-4U6>YO\`4+RYO9KN_O)Y_3Z*
MU22V7SZF+G*6E[+LM%_P?5W85X'^TC_R3[PQ_P!G!?LF?^M4?!JO?*\#_:1_
MY)]X8_[."_9,_P#6J/@U79@/]^P7_87AO_3T#&M_"J_]>Y_^DL^E****_JT_
M*SR#7O@EX2O_`!;K?Q,\'ZQ\0_@G\8M>\)ZUX,O_`(V?L]?$OQQ\"_BQ>:'K
M,/AU/LNO>+OAGKGAVX\<6>DW'@_PG?Z)HOQ#@\7^&]/O/#FE[=$DM8Y[6?Z4
M^'/_``73\7_L7_%OPE\"_P#@H5XOC^/_`(#^(FE7>K^"/CO\*OAEI&D_'GX9
M0R_%"XL)[_\`::^$_@2^TWP?XI^&=AX/\36%KX=^)_P0\!^#O%%Y/\*O%6C1
M?!#Q]XDUF36=.\J\6^*M!\"^%?$WC;Q5?_V7X8\'>'M:\5>(]3^RWM]_9V@^
M'M-N=7UB_P#L6G6]YJ%Y]CT^SN+C[+86EU>W'E^5:V\\[I$W\JGQ.^+/B[X]
M_$GQ5\9?&UI_8^J^,O[*BT?PE%J6M:E8^`_!NC60MO#?@^S?6)5Q<VOGZAKG
MB2XL-,T&QU/QEX@\2:K!HNG1WJVT?'A?#/+O$'.*>6QH0P%7EGC<SSG"T8?6
M,)A()QA*I!2ITL5B,=B52PE".)<IQI/%8NDJBP-2F_&XI\1I^'V1RS*=L=6J
MU(8/*LJKU91I8K$.4)5G[11J5*&'P>%=3$594HJ,JOU;"S=-XN%1?ZK_`,$?
MC=\)_P!I'X3^!?CE\#?'6A_$GX4?$G0XO$/@SQGX>EF>PU6P>:>SNK>XM;R"
MTU31=<T75+2^T+Q/X8UVQTSQ)X3\2Z9JWAGQ-I.DZ_I.I:;:^J5_ET?L*_\`
M!07]I/\`X)U?%+2OB#\#?$>L>(OAQ<>(-1UCXL?LP^(/%NLV7P=^,-EXAMO#
MVG^*;Z/1V;4=$^'WQ@FTWPKX?/A/XSZ%H+Z_IE_HFGZ5XKMO%_@&_P#$W@_6
M_P#1T_8Y_;&^!'[=GP(\,?M"?L]^)Y->\':])/I&N:'J\$&E^.?AKXYTN"TE
M\2_#/XF^&HKN^?POX\\+O?6G]I:;]KOM,U33+[1_%GA/6/$G@CQ)X9\3:S^&
M^(?AMQ!X<9K'`9O"&)P6*]I/*\XPL:GU+,*,&N:*YTI8?&48RA];P51RE1E*
M,J=3$8:I1Q-;[W@#Q$R'Q#RN6/RF<\/C,-[.&9Y3B90^NY?6G'1OD;C7P=:2
MG]4QM-1A7C"4:E/#XFG7PU'ZCHHHK\]/O`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"OSP_P""D?[<MK^Q/\%M-F\%+X'\
M5_M0_&CQ!9_#?]EWX1>,KWQ.+/QKXTO=2TBV\4^./$6F>!](UOQ8WPG^!?A/
M5;OXI_%G6+>+0=*30M&L?!DOC;PEXF\>>$;Z;]#Z_D!^,?Q]_P"&T_VOOC!^
MTMH^O?VU\#_AQ_;O[+'[)_\`9>O_`-J>%-<\">!/%1_X7K\<='_X1OXH>.?A
M]KO_``O3XW:!+I/AOQAI>@^%=8UWX,?!7X-7][:DW\_F.*N[??Z!=).3Z;+N
M[Z+]7Y)GF7@#P!J/AO4?&OCWQ[XUUSXO?'?XO:Y#XO\`CC\<?%\-I#XL^)OB
MR&T6PL?]!L%72_"'@/PAI:Q^&OAA\,/#4=KX.^&W@ZUL_#WAZS!%_?ZCZ711
M6Z5M$8-MN[U?]?U;H%%%%`@KP/\`:1_Y)]X8_P"S@OV3/_6J/@U7OE>!_M(_
M\D^\,?\`9P7[)G_K5'P:KKP'^_8+_L+PW_IZ!G6_A5?^O<__`$EGTI117SK^
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MA>3-!:6EO';V5HMO8P`06T8#J_IS@'A?_5K)4\52C#.<UE3QV;N]*I*C5]E&
M&'RV->FYQJ4,MH_N5[.I/#U,7/'8VBH_79I_Q/XD\8RXPXAJUL/5G+)<M4\#
MDL&JM.,\/&HY5<PE0J*+AB,RJ_OYN=.%>&&C@\)6YOJ<+%?='_!-W]O/QI_P
M3@_:E\/?';18O''B3X0^)?*\+?M.?!WP3JNE6LOQ6^'B:=K-IH>O66B^(+.Y
MT/5?B3\(=<U:+QMX`F6^\):YK-I:^)/A>/'OAKPQ\0_$4LGPO17I\7\*93QK
MD&.X>SFESX7&0O3K0C3>)P.*@G[#'8.=6%2-+$T)-\L^5J=.52C44J-6I"7A
M<)<59KP9GN"S_)ZO+B<).U2A.518;'86;7M\%C(4ITY5<-745S1YDX5(TZ]-
MQK4J<X_ZV'PR^)'@OXQ_#;X>_%WX<:S_`,)'\//BIX'\)_$CP%XA_L[5=(_M
M[P7XXT&P\3^%M9_LG7K'2]<TO^U-#U2QOO[.UG3-.U6R\_[-J-C:7D4UO'W%
M?QU_\&S'[?5Y8W_B/_@FO\3==T.#0M,T/Q/\6?V03-I_A/PW>>1/XJUOQ9\>
M_@T-03Q!IFJ>--3L]4\6P_%[X>:38>"M8\0V7A/_`(75/K_BS_A$_!'A/2-(
M_L4K_+#B7A_,>%<]S/A[-:7LL?E>)EAZR7PU(.,:N'Q-)W=Z.+PU2CBJ#>KH
MUH-I-M+_`$ZX=S[+^)\DRW/\JJ^UP.9X:.(HM_%3DI2I5\/55DE7PF)IUL+7
M2NHUJ-2,6TDV4445X9[04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!17B'[3?QE_P"&<_V;?V@_VA/^$;_X3'_A1'P/^+'QE_X1'^V/^$>_X2K_
M`(5AX#U_QO\`\(W_`&__`&7KG]A_VY_8?]F?VQ_8NL?V9]J^V_V7J'D?9)O#
M/@E^VSX.\6^,/$WP4^/NJ_!'X#?M)^'?B[JOP@TKX2Z?\?\`1_'%K\6-4T[X
M9_#3XL2:W\"=5\8>#_@SX[^)^D:9X=^*6C:!XM%O\*-&O/"WQ`\/^-/"T]O?
M6VA0:YJ@.SM?^ONWZGW%17"_#[XH_#/XM:->^(_A5\1/`OQ,\/:;KVK^%M1U
MWX?>+M`\9Z-I_B?P_<"TU[PY>ZIX<U#4K&UU[1+HBVU?2)YX]0TVX(AO;>&0
MA:[J@1^:'_!7S]I/_AE__@GY\>_%FD^.?#_P]^(?Q)T?3/V>_A%XHUOXJ_\`
M"F[KP[\2?CYJMK\,=,\?>'?&MM::AKEKK'P6T/Q!XA^/-W#X8LGUZ/PQ\+/$
M6IV]]H%GIM]XET;^>_X5/\./^%<>"[+X0ZOX?USX9:'X?L/"W@K4/"WB.+Q;
MH7]A>$HAX8M+&Q\21:CJ_P#:_P#9/]D/I-U=3ZG?7GVRQN([^XDO8[@U]/\`
M_!QE\4'O_B5^Q%\`+#Q]I@LM.TWX]_M&^-?AC87'A:X\0?VWH-IX"^#?P;\:
M^([>:RN_&6B^&KC1_BC^T1HOAQK.\T7P_P"+=;T_7#<C6[WP,D6D?S9O\,O`
MR:[;^*]+T&+PMXOM=2OM7@\:>!+W4OA_XU34=4L]1T_5+@^,?!%[X?\`$S_V
MK9ZMJ,&J0R:J\&HK=RF]BG?:R_KO!WA)F?&/#LL]P.:X'"U98W$X2C@\92K*
MG4IX>%%^WEBZ#KSIN=6I5INC]3GRQI1J*I+VG)#X+B+CS`\/YM'*\5@L56@L
M-2Q%3$8:=-SA.M*HO9+#U72C-1IPIS53ZPKNHX<BY.:7[V45^.7@_P"-O[3_
M`,-(K*TTCXEZ1\8O#]A;>$-.7P]\<-$@3Q*VG:'>26^N#3_BO\/[70=3BU?7
MO#\T22Z]X[\%_%+46UW2[75+I[C^T=66X^B?"_[>EI;WR:=\7_@QXY\#1W&L
MS6%MXM^'L[?&[P1'IX\/#5[2_P!2B\.Z-H7Q7L9[G4X+_P`.20P_"*^TJTU!
M=+N9M=^PZHT]CX6<^&_&N1<TL;D&-JT(V_VK+XQS+#\LN:TYRP3K3HPO"2D\
M1"BXMPYE'VM+G]'+N+N',SY5ALUPT:DKI4,5)X.MS+E]V,,2J2J2]Y65&512
MM/E;Y)\OZ"45YA\+_C7\(_C5I3:Q\*/B-X/\?6D.GZ+J>H0^&]<L;_5="MO$
M-M/=:/'XGT)91K?A74+R*TO5&D^(]/TO58+FPU"SN;*&[L+R"#T^OASZ1IIV
M::?9Z,*\#_:1_P"2?>&/^S@OV3/_`%JCX-5[Y7@?[2/_`"3[PQ_V<%^R9_ZU
M1\&JZ\!_OV"_["\-_P"GH&=;^%5_Z]S_`/26?2E?S0?MG_M"6O[2OQQ.I^'C
M'-\+_@_'XF\!?#F\2^\-ZQ:^*-<FUQ[3X@_$O2-0T6VNG30_$SZ!H&A^$U_X
M235(+OPWX?'B..UT>;Q9?:;#^H'_``48_:9F^$GPYL_A1\/?%TFA_&CXK26U
MO;SZ!J;6?BOP)\,H;BX?Q=\0()(M%UE-)DU--.E\`^%;^YN/#VI'7]?N=?\`
M"6K-J7@G439_@K9VEO86EK8VD?E6ME;06EM%O>3RK>VB6&&/?*SR/LC15WR.
M[MC+LS$D_P!W>&O#BSO.GG&(][+.'ZZ]G#3EQ6?<M*MAHSO&7-2RJA4CC9Q7
M(_KU?+:E.JWA<32?\B^,W%[R7)H\-X.7+F7$%'GQ<U?FPN1\]2G446I1<:N:
M5Z<L*FU./U&CCZ=2FOK5"K&S1117]'G\FA1110!['^SK^TAXT_8[^/\`\'/V
MJ_`$/]H>(O@)XXM?'5QX>:ZTK3XO&G@N32]5\,?%'X?2ZMK'A?QE;:#_`,+!
M^%OB+QGX+@\36WAV_P!5\+W>NV_B/1?(U;2[.XB_UA:_R$YH8;B&6WN(HYX)
MXWAG@F1989H95*212QN&22.1&9'1U*NI*L""17^@'_P2@_X*?_L5?\.Y/V0/
M#GQE_:C_`&4_@)\2_AA\'-$^!GB?X9?$+]IWX3Z+XNTZ;]G^[O\`X(Z;XFU3
M1?%6K^$-?T:/XCZ-\/\`3OB3I>DZAH43:9H_BVPL8-1UZU@@U_4_XA^E5P]#
M#9SPWQ-1IV_M3!XK*\;.-[>WRV=*MA)3N^53JX?&5:<>57<,(^;X8W_M+Z+^
M?3Q.3<1<-U:EWEF-PV9X.#MS>PS*%6CBHPLN;DHXC!TZDN;13QGN_$[?O37E
MOQO^+6@?`;X0?$KXS>)])\3^(M$^&?@S7_&-YX9\#Z5%KOCCQ6^BZ?-=V?A+
MP1H4][IL&M^,_%5\EMX>\)Z//J6G0ZIX@U+3K&6_LX[AKF+YR_X>:_\`!-S_
M`*2#?L0?^)7_``&_^;ZNU_:[^!/C;]H_P'X%^%WA7Q]??##09?C3\,?'OQ&\
M<^'+G04\?Z%X:^$.LR?%KPE)\.M,\9?#WXF>`/$7B"[^-/@GX4Z?KGA_X@^'
M)/!]_P##N[\<-J2ZO/!9^%O$'\FG]3VLU=-*_6^W4]S^&7Q#\+?%WX;_``^^
M+'@:_&J^"?B?X(\*?$/P=J@"`:EX6\:Z#8>)/#U^!%)-&!>:3J=I<`1S2H/,
M^21UPQ[>OPB^!7_!-?\`:V^%7[7'[,OQ,\8?&?X??$WX._LR>*OB]HW@WQ!<
MS^$?"GQ3E_9X\7>!?VE]!\!_"_Q#X2\,_LL6-]K?C+2O%?Q9^'>O^,=>\)_M
M'_"SX!:[I7@K0;.V_97@\6_"OP%XYU#]W:`:ML[]?^!_204444""BBB@`HHH
MH`****`"BBB@`HHHH`****`/$/VF_@U_PT9^S;^T'^SW_P`))_PAW_"]_@?\
M6/@U_P`)=_8__"0_\(K_`,+/\!Z_X(_X23^P/[4T/^W/[#_MS^T_['_MK1_[
M3^R_8O[4T_S_`+7#^3GAW_@C?XKT+QEX,\1V/[3/A/P9X/T?X_\`P'^/^N?`
M/X(_`SXA_`W]FW1-7^`OQ>^&'Q-T[PQ\%_@AX'_:JB\$^%O#7CV+X:BX\9Z9
M\>K#]J+2]`^+7BGQ7\</@SIGPD\6>*_&UAXMU/\`@LU\6OB/\'/#O@+Q/X)\
M=^,=!O#\%?VJ$^$O@SP%\<[[X)>)/%W[8]A;_!?5_P!EO4ETVV\6^!X_VBM.
MT4:?\5?#3?LJ0WOQ%U;XT:U\0-!M[/X$_$+3/#^N>*/AK>^/?CGQ3XO_`."A
M_AKP?\%OVF?M,OQN_9S\4_L]>%/!O@WX@?&F]LOV?/B%X/T7_@H5/\1/VLE\
M#>'_`!A9?LT?$F7X>_%[X7?#+]G/XHZ)XJ\(^-_B%\-/B9<_#32O$_B/X,7M
M_P""?#WQG"U=+1]W;TMOV_KN>W?LP_"OX<?\$K?@Y\29_P!JO]M#X<7UC\9?
MCYIOBR/XP_'#7K?X(Z9=^((O@#\)_A+H?@EM5^+GQH\?6NJ^*;[PS^S]>>,3
MI/AGQ#X7\&Z3;W.K>&OA1\)_AG\+/!?AWP?H7L?_``\U_P"";G_20;]B#_Q*
M_P"`W_S?5^=G[`'QS\;?#_\`:CO?V=_C(-<^)?CGXAV?C72/AI\2;SXK>._B
M-<:!\#OA_P#&#]KO4O#GA/3+WXJ:/'\1_BWX;^$/C?P+\3OA!\1_VG/$]_HV
ML^,]%UG]AK6?$.CZU=_&K3#X-_?*@3\T_*UDK=.A_#I_P6%^.GP2_:"_;_7Q
MG\!?C%\*_C=X/TS]CSX!>&-2\5_"+XA>$OB3X;T_Q)9?&K]K?5;SP]?:[X,U
M?6M+M-<M-+UK1]2N=)GNH[^"PU;3+R6W2WO[627\VJ_7G_@O%_RDCT__`+,@
M_9X_]7S^V37Y#5_=7@W_`,FWX<_[K'_J^S0_F+Q$_P"2QS>W;+O_`%58'T"B
MBBOTX^*.(\5_#7X?>.?.?Q?X,\->(;F?39-(_M'4M(LI]8M].D^TG[/8:UY2
MZMIODR7=S/:S:?>VL]G=3R7=I+!<GS:]!\+^.?CU\.[Y+GP)\<_%=_I3ZS-J
MM[X.^,L4WQI\-727'AX:)+9PZYKVJZ5\7M-@BO+?3_$-G::?\5X-%M=7@O3_
M`&-+::O?VTG-:_XF\-^%;./4?%'B#1/#>GS7*64-]K^K6&CV<MY)%-/':1W.
MHW%O!)<R06UQ,D"N96B@FD5"D3E?+S\9UUFTGN?A]\/O'WCJ)M$M=6TS5#I=
MIX&\.:C-J45Y)I=K#JGQ#OO#&H7EM.MK#<7>J:!H>OV=G87]G<+]JGF2T;\\
MXRPWAJX-\8T\@IUJEYJ5>4,/FU1)+F=*>"E3S6<+3BYJE)PNZ;DN;V;/K^':
MW&?,O]7I9K.E"T6H1=;+X-O15(XI3R^$KQ:BZB4K*2B[<R/N7PW^W/\`$[PM
M;.GQ?^"*^,K2RT_Q+>S^+?@!K-K<7][)8:K'+H5O+\)?B/J6A7VEM?\`AN>7
MSXO#_P`3?B)J$NOZ5);6FG?9]8LULMWX\?MF_LQZ[\+3?VOQ<T*PNO!OQQ_9
MOU?Q!X6\26'B'PA\0[?2O"?QZ^#GCOQ!J=C\,?%>C:+\1-;T^P\(QSZX+S0_
M"^I6]Y:6E\MC)=7%A>0P?`'P5\!_MB_MO?$+4?AC^R78^"M>U#PYJ6BW7CWQ
M/X4O+:\^'?PG\*^(K*WT;1?$7Q"^-/CO25\-ZR+CQ'?WOB)?AW\-_AIXA^(^
MO>%?!/B^'PRMUJ/AS6HU_HP_9%_X('?`WP1X9U37?VZ/$#_ME_&#Q18:C&(-
M6O\`QEX?^$_PBM_&7@JZ\/\`CKP[\,O#ECXDT]M7OY=4UO6)]'^)VJ:7X:U3
M1CH'PZ\2_#GP1\(_&/A:35;_`/D_BN7A_A\6JW!-;/JE6CB:=6,<PH4I91.%
M.2LL-5K5:&;04N7VG^U4*LVVX-PY_P!Q^[9#'BF5%1XEIY7",Z37^QU:BS!2
MFK_OZ<(5<`[7Y+T*M.-FI)3Y;5/Y-/B=\6?%WQ[^)/BKXR^-K3^Q]5\9?V5%
MH_A*+4M:U*Q\!^#=&LA;>&_!]F^L2KBYM?/U#7/$EQ8:9H-CJ?C+Q!XDU6#1
M=.CO5MH^*K]5/^"FG_!*SQK_`,$_+BP^)WP_USQC\7/V1]7_`+"T2\\>>+%T
MF_\`B'\$O&%REEH]OIGQ>O/#6B>'M'U3P-XVUAHSX.^*%GH.D6FF>(M4C^'O
MCFVL]6N?!GB7Q]^5=?Z`>%'$G"O$/".!CPM6JJCEL?J^/P6,5.GF>%Q]:=3$
MXFOCZ-*=2GSYEB:F(QT<10E+"UY5:RI.$Z5:A0_S\\5\@XKR7B_'U^*Z=.>(
MS6?UK!8_".I/+<7@Z4*>'H4,#5J4Z=3ERW#PP^!GAZT(XFA&E1=13IU:->L4
M445^EGYJ%%%%`!7]Z7_!LS\3O$GC?_@G)KG@37;?0X]+^`7[3GQC^&/@RZTF
MRO[2_P!1\-^+[#P3^T==7'B=[S5M2M[[7+3QA\>O%>C6][I5OHE@_AO2_#T$
MFDG5+?4M4U/^"VO[NO\`@V(\#>+O#'_!/7X@^+O$6B2:3H'Q?_:T^*OCGX<W
MDM_H]XWB/PCX7\#?"7X'ZMK8M=,U&_NM(CC^)?P@^(.@PV&O0Z5K$\.AIK":
M=_8VJZ1?W_\`+WTJXX1\&</2GR_7EQ/".&7--2^J2RK,GC;03]G**K1P'-*4
M7.#<5!J,ZBE_3'T7I8I<7\01A?ZD^&IRQ#Y8./UN.:Y:L'>;7M(R=&6/Y8QD
MH32DYIN%-Q_</]HO4M0T7X)_$'6[#XRV_P"SY'H>D0:YKGQEE\)Z+XWN_`7@
M[1M3L-3\=:KH/AWQ+'>>'+CQ=/X,M=>TSP7J'B'0O&6@Z!XMO]%\0:Q\/?B/
MIVEW/@/Q%^?>DS_M?FY_8(TGQ5^TI\;/#'Q0^)7Q+\6ZG\2?AC=>"?V2EM]:
M_9N\!:S\0/BK_;7Q]L$^`][KNF?%.3X<3?`_]G;XKWW[//C'X>^#M+^+/Q$C
M\1>"_#>C:8K:E!^F_P`2/AE\-OC'X+UGX<?%WX>^!_BI\//$?]G?\)#X"^)'
MA/0?''@O7O[(U6QU[2?[9\+>)[#5-#U3^R]<TO3-9T[[=8S_`&+5=.L=1MO*
MO+2WFCP?A_\``CX'_":S\):=\*_@U\*?AGI_@#0?%_A7P)8_#_X=^$/!EGX*
M\+_$'Q-I7C3Q[X;\)6WAS1]-@\-Z#XW\8Z%H?BSQ?H^CI9:?XE\3:-I6O:S;
MWNJ:=9W4/\(']PIV_P""EV[_`*;'X_:K^TK^VC\5?VM/VAOA[\$/&7B.'X2Z
MOX8^/%G\`8M,\/?`"#4=6C_9$^,_[$?P(_:7N?@Q<?$#1KG5+#X]^"OB;XR_
M;%\"N_[5!M/V?O$NJZA^RMXF^'NE^(_`MC\8M>;V7_@F/^U]XE^.%KK7@?XY
M>(M9U[]H_4-`\/\`C#Q7=:1'8R_`V9?"/P=_9M&OCX%WEE?1S3>%_%/AOXR?
M!7]I:XO+[PQHEC=1?M4Z7H.A:MK5YX,\4^'O`7Z!>`OV9?V</A5>>(=2^%GP
M!^"WPPU/Q;X6T#P/XHU7X<?"_P`$^!-6\0^#/">BV_AOPIX4UG5/"NB:3?ZC
MX=\+>'K2TT/PUH]U<2V&@:3:6NGZ3!9VMM#$G6>&/A#\)_!/B74_&G@WX8?#
MWPGXRUOPWX9\&ZUXN\-^#/#FB>*-8\(>"K9[+P;X6U;Q!INFVVKZEX=\)V<D
MEKX:T6]O)]-T.WDDATRVM8W92`VNW:WK_P`-^.NEVCT2BBB@04444`%%%%`!
M1110`4444`%%%%`!1110`5XA^T3\<]*_9S^%MU\3]6\%^./B-_Q7'PA^&^A^
M!?AP/!?_``FGBKQI\</B]X%^"/@'1M&E^(GC/X>>![/[9XX^(?AY-1U'Q/XU
M\/:5IFE?;M0N+[_1E@F]OKX\_;Q^!/CK]I']FO6_A9\-QH<GC"3XJ?LT_$2P
MM/$/Q1^(?P1L-5L/@C^TQ\(?C9XBT.W^,7PF\.>+?B9\+=<U[PW\/-7T;PQX
M^\#^'[_Q)X3\2W^DZWI;65Q9+?VH-6NK[75_0]>^`7QA\-_'7X8:;\0?"_AO
MQ)X+LU\3?$?P!K/@KQ?;>';7Q-X+\<_![XE>+OA!\2/!NM#P?X@\6>#[J]\*
M?$+P+XG\/R:GX1\5>)?"FL+IRZKX:\0:SHE[8ZC<^RU_/=)_P2W_`&IH?&7[
M'>OZ3KGP"TFQ^`WQ?\._%/6KR+Q=)KOQ"\"Z5JO[>GCC]ISXM_#[P_\`&+XA
M?LH>/_CG\:!XI^!_C#3O@]JWQ(TCXM_L@^./CCXNT+Q;XS_:EE^,^D?%B]\-
M^!_UJ^)'[='[$GP<\::S\./B[^V+^RQ\*_B'X<_L[_A(?`7Q(_:#^$G@?QIH
M/]KZ58Z]I/\`;/A;Q/XNTO7-+_M30]4TS6=.^W6,'VW2M1L=1MO-L[NWFD!M
M=G>]]MTO/_AD?@-_P<9?"][#XE?L1?'^P\`Z8;+4=-^/?[.7C7XG6%OX6M_$
M']MZ]:>`OC)\&_!7B.XFO;3QEK7AJWT?X7?M$:UX<6SL]:\/^$M;U#7!<G1+
MWQRDNK_S<>*OB3X%\$S0V?B7Q/IFGZK="P-CX?BDDU+Q1J8U341I.GG2/"NE
MQWOB/5Q=:ANMHSIFEW?SPW#-MCMKAXOZG/\`@MY^T!_P3M_;`_X)W?&#PGX2
M_;2_8I\??%'X47&C?'OX6>%]._;'\"Z9K7B#6/AT;R/X@^#/#-E\.?&6JZYX
MG\7_`!1^!&N_%WX1^#_"EUH6M:7K/BCQ_I,4MOIE['8>(M$_D_\`!.C>`[+2
M;;7/`/A_P[HNE>*=.TK5H[K0/#]GH']K:?/;->:3<7<%O8V%R^RVOY)((KZ%
M9[7[3,ACBD>53^Q<&>+>-X.X:J9%@\IPV-Q/U[%8K#XS%8BI'#T*>(IT%&E4
MP=&G"KB6J\*U24UC,/[DX4TKKG7Y]Q)P%AN(,XIYIB<=7PU'ZM1P]7#4*,'5
MJSHSJ-SAB*LY0HIT9TX1B\-5]Z$I/1V*O_"S?%>L?9O^$0^%'B66WN-2O[7^
MV?'VIZ7\/]'&G6']HQ?VI]@SXD\?P_VA=V=M'I=EJ/@+3YY[74(K^[:PMT_>
M9/\`PBWQ(\2Q1'QU\2KC38)+;0FN_#?PJTX^#=.-Y8WCZCJD,_BO4;G7O'5S
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M$VL:?HNFW;:A-_03^R/_`,$'?'_CV]TGXB?\%*?'>CZWX;N='N)H_P!COX.Z
MQXET/PE;WNL>'_"T^FR_%7XL>&M?T77=9UCP?KJ^(9+WP;X-U#7/#\/BW1_#
M_B'P]\8-;\(W.L^#M5_>#]D?]BS]G/\`8A^&6E_#']GWX>:/X7@BT?1M,\6>
M.+C3]*N/B;\4KW19M7O+;Q%\4?&MKIUAJ/B_6%U'Q%XAO=/@N%M_#_A6+6KS
M0O!&A>%_"T6GZ#9?55?`3E.K.=2K.52I4G*I4G.3E*<YOFE.<I-RG.4KRE*3
M;DVV]6?4IPIQC"C%1C"*A%V2Y8Q248PBO=IQBE:*CJEHFEH<?X!^'G@#X4^$
MM)\`_"[P-X.^&W@30?M_]A>"O`/AG1?!WA+1?[4U.\UK4_[)\.>';+3M'T[^
MT=8U'4-6O_L=G#]LU._O+^X\RZNIY7["BBD08_B+P[X?\7^']=\)^+-"T?Q1
MX6\4:/J?AWQ+X:\1:99:UX?\1>'];LI]-UG0M=T;4H+G3M6T?5M.N;FPU/3-
M0MKBRO[*XGM;J"6"62-OX\_^"JW_``1V7]E71[[]I+]C_0/$.K?LW:'H]J_Q
M@^#+:MXD\;^*/@99:+I\-I<?%3P1JGB+4-=\7>*_A*UI:+?_`!+\/ZGJ>L>(
M/AE="]\<Z3<7WPTN-?T_X8_V245]#POQ3G?!^;X7.\AQD\)C,-.+E!N4L+C*
M-_WF$QV'4HQQ.%K1;C.G)J46U5H5*->%*M#P>)>&<FXMRG$Y+GF#AB\'B8-*
M5HQQ.%J_\N\5@J[C*6&Q5&24H5(IQDDZ5:%;#SJT9_Y>UI>6E_;QW=C=6U[:
MR[_*N;2>*YMY?+=HG\N:%GC?9(CQOM8[71D.&4@6:_J9_P""OO\`P2"O?%][
MXO\`VR/V-_"$EW\1;N2\\3?M!_L^>&;,;OB\V&N-7^+/PFTBW54C^-T:+)>^
M-?!5E&D/QNA276-'B3XQI/!\5OY:;F&ZL=2UO1-4T_5-%U[PSKNK^%_$WA[7
MM*U'0?$7AKQ+H%]-IFN>'?$6@:S:V.L:%KND:A;S6>I:3JUE:7]E<1M'<6\;
M8S_HCX8>*^2>(V7J,)4<MXCPT&\QR.I7C*JXPY4\=EW/RU,7E\W**G.,'4P=
M62H8I)3P]?$_Y_\`B7X69UX>X]RE&MF7#N)FEE^=PH2C34I7:P.8*'/3PF/@
ME+DC*:IXRE%U\,VX8BAAF4445^K'Y:%?Z1__``0]^&/B3X3?\$IOV,]!\5W&
MAW.J>+/AYK_QMM?^$>O;_4+"U\-_M'?$?QK^T%X,TRXNM2TG1;AM<TCP?\3M
M"TKQ/#'8M86OB6SU:UTK4-7TN&SU>^_SO/@E\#/$7[4'QM^#7[-'A276+36_
MC_\`$_P=\)SK.A^#=5\?7OA'P[XKU:&V\>?$.?PKI%[I5QJ6C_#+X?1^*OB-
MXA:YUG0]*LM`\*ZG?:OK>DZ9;75]!_K`>&/#'AOP3X;\/>#/!GA[0_"/@_PC
MH>D^&/"GA3PQI-AH/AOPQX;T&PM]*T+P]X>T+2K>TTO1=#T72[2UTW2=)TVU
MMK#3K"VM[.SMX;>&.-?XF^E9Q#"OFG#/"]&<6\OPF+SC'*,J<_WN85(87`TY
MI0=2C5HT<'BJKA[1>TI8VC4G2LJ,Y?V;]%[()T,KXDXFK0DEF&+PN48)RC4A
M^ZR^G+$XVI!N:IUJ5>MC<-24_9OV57!5H0J7E5A'<HHHK^2#^JPHHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"OS6^%_Q5^+0_;VN?AG?_'"_P#B
MU\%_B)\'?VIO'VB0?V+\"K?X;^&O&?P$_:'^"?PEF^&_P:OOAA;ZK\68=>^"
M%I\0-9\#?M2-^T9XQOKGQ%\6-2\,77P>T3PS8:%\3/`_@;]*:\8B_9O_`&>(
M?%WB_P`?P_`7X+Q>//B#K7@GQ)X]\;1?"[P/'XN\;^(OAIXAT?Q=\.=?\7^)
M$T(:SXEUKP!XK\/:!XG\$ZKK-[>WWA7Q#H>CZUH4]AJ6F65S`#5M;_U_7_`T
MO=?D]^T'\<OV^/#'PU_;R\0_"3X@VGB_7_V4_P!LZ^1(='\$_"[0+VV^`$7_
M``3D^#GQ^\+?#72=&\8:=XBA\1:*G[2GQ6\&+\4+U=0U?XX>(?@W>?$O3_@W
MJMM\1V^&OAZQ^Y/^">GQ_P!,_:`_9Q\/:DVO>)_$WCOP+'X4\,_%SQ!XGL9K
M#_A(OB%XT^%/PX^/7_"8>%+>7Q)XN-K\.OB!X)^,W@OXA?#?1)->GU#P=X(\
M5:%X&U_3?#?B7PQK7AC1?K&?X<^`+E?%*2^"O"N/'7B?1/&OC<QZ#ID#^,_%
M_AO3O"6C:#XG\6206T<GB/7=)T3P%X(T&RU366O;R'0?"'AK1%F_LK1-.L[=
MO@7X:_#KX7:;J>B_#/P#X*^'>CZWXCUOQAK.D^!?"NA>$=-U?Q;XFNS?^(_%
M.IV.@6&GVM_XC\07Q-[K>MW44NIZK=DW%_=7$QWT`VNW;[[*_P"3^\[6O\]:
M;_@GW<^+OVX_B/\`LD?L[7?Q@G^#WA;]H?XI'X2^*?&WPH^(OPL_9FMOV=/@
M5\8/AI;_`!ZT.]^.WB7XR1_M%?M*ZA^SC\0M:\2?L)M\+/V?KGX1:MXLU2_\
M&?&G5?VL/!OA:#5O#+_VE?\`!0+XX?$GX.?`-?#OP#B\_P#:C_:.\<>'/V8_
MV6O.TC7M6TK0?C/\5+;5_+^*7BG^Q?AI\6;.Q\#_`+/?P\T+X@_M'^/9_%/@
MV[\*7O@OX0Z]H6J7-M+J]GYG@/QB_P""7O@*S_8__9W^"O[*%IX'^'7QR_86
M@\'^(?V,_B[XYTG4=.?2_&GAB[T:Y^(NC_%?4_@K+\-]8U3P=^U[H]AXC\'_
M`+5"Z-82:5XSG\?ZQ\2M1\`^*/%WAWPW8Q-.S_.W8:T5[+5^ZVDTFOM6?:]N
MV_8^//V%_P#@E)^S%^P_'8>+M(\/Z'\4?CZNA^!]+O\`XZ^*?AY\.?#NO:+)
MX.^%UA\++B#X5>'_``;X9TC2_A?I7B;2TU_4?%^HVD^N_%'XE:EXKUK4?C5\
M5/BMKDD6M)^G%?.O[+O[0=G^TC\+Y?%]SX8_X5U\0_!OCCQ]\'?CC\(+KQCX
M/\=:U\&?CG\)?%.H^"OB9\-M;\1>"-4U30]4_LO7-+;5O"^M(=-E\7>`-;\'
M^.%T72+/Q/:6,/T56RM;38YY.3D^:_-L[^7X6[6T"BBBF2%%%%`!1110`5^%
MG_!6K_@DK9?M:V6H?M'?LXZ?H_AW]KCP[H]O!K>B3W%GH7A?]IGPOH5FMOI_
M@_QAJ%PT&G:'\4=#TZ"/3OA?\4-1DAM?LL-I\._B)=_\(/\`\(YXC^&7[IT5
MWY7FF89+F&$S;*L76P&8X"M'$83%X>7+5HU8W5U=.,X3BY4ZM*I&=*O2G.C6
MA4I5)PEPYEEN`SC`8O*\TPE''9?CJ,L/B\)B(\U*M2E9V=FI1G"2C4I5:<H5
M:-6$*U&=.K3A./\`F0^-_!GC3X8>/_&WPH^)WA'7?A]\3?AQKLOAWQMX'\30
M6T&MZ%?B)+NQN"]C=7^EZMH6OZ7/::[X6\4:#J.J^&O%7AZ_L-=\/:MJ6EWD
M%T_.U_>-_P`%&O\`@E[\)O\`@H)HOAC7)]>_X4_\?O`/V;3O!GQQTCPQ#XHN
MY/!4NJ&^UWX;?$#PK_;7A?\`X3[P->_:=1U3P]83>)-%U;P+XPN3XD\+:U96
M>J^-O#_C/^53]F#_`()6?M2?M#_MV:[^PQXH\)7GA]O@AXT\&/\`M??%KP-X
MELX?!'P[^"NN'2/$UMXH\!^/M0\.>([>3QW\;/A]=RM\!/!FK^$IO&*:W>7>
MH^.O"_AG0OA]\0]4\-_V[P5](_(,;PYC:O&$EE_$.48&OB)T<-3:P_$'L?9Q
MH0RQ2DXTLRQ52I"E/`U9QI0:J8R%:G@XUXX/^,N,OH[Y[A.(<'2X13Q_#^;8
MVAAU5Q-5.OD'MG.5>>9-14JV6X:G3G5IXVE"5:2=/!3HSQD\/+&_M%_P;$?L
M10^)/$'Q)_X**^/]`CN-)T6/6?@1^RM/J^CK)#<W4_V9_CU\9_#$GB#P)&[1
ML\>D_`_P3X^^'GCZXMI%LOVCO`_B+33'=Q$_V5UY7\$?@C\)_P!F[X3^!?@;
M\#?`NA_#;X4?#;0XO#W@SP9X>BF2PTJP2:>\NKBXNKR>[U36M<UK5+N^UWQ/
MXGUV^U/Q)XL\2ZGJWB;Q-JVK:_JVI:E=>J5_%/$_$68<6<09KQ'FDHRQV;8N
M>)JQAS>RH4[1I8;"4.=RFL/@\+3HX3#J<IS5"C34YSDG)_V1PWD&7\+9%E?#
M^5PE'!95A(8:E*?+[2M.\JF(Q5;D48?6,9B:E;%XAPC"#KUZCA"$6HHHHHKP
M3VPHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`K\^O^"A7[
M4OB/]EGPM^SYJ>B?%S]GGX!Z5\6OV@;WX5^-/C/^T]X8UKQ=\+O`'AFP_9N_
M:*^-%M=2Z-HGQF^`T\WB'Q1XO^#WA3P#H)N/'\4;7/BU[>RT/7M:GTK3Y/T%
MKYO_`&D/V<+3]HJR^%31_%GXJ?!3Q5\&/B?=?%?P)X]^$47PIN_$ECX@U'X2
M?%;X):OI]]IWQG^%GQA\#:EH>J^`?C)XTLKFWNO!S:C;W\FF:GIFJ:?<V`:4
M&K7U_K^O1^C/G#X*_"+QS^T/\<?V;/V^_CSH>A^'I_#/["_P^T_X.?`Z:V\.
MZ[?_``&_:"_:/DG\6_M>^)9=:U+X?Q>)TUP^"O#7P)^#W@7Q'HWQ!BCC\-6W
MQNTC4/!VF0>-)K_6_P!'Z\M^''@OX;_L^?"_X1?!7PI/:>%_`OP^\)>"/@Q\
M+](US73/>RZ1X)\*V^@>$_#=KJ.LW3ZCX@UJ+PWX<#'?-=ZMJ$=A>7TWG-'<
M2CU*@&[_`*?UK_PY^5'[9G[&?Q(L_B1>_MR?L-V6AV/[5MCH>D:-\;/@GK.K
MP>$_A=^WI\+O"<#PZ1\/OB#J\R/I?@7]H3P-I;W-K^SE^T;=6TDGAJ20?"OX
MJ'6O@QK7_%$8_P`!OVE/!?QZO/B?X5M-`\:?##XO?`[QI/X"^-OP&^+&G:)H
M7Q<^%>N2B>]\+7WB'2?#GB'Q9X:UCP7\2/#4<'C/X6_$CP-XJ\6_#OXA^%;L
M7WA?Q3J-UINNV.D_K?7QC^U%^P?\!OVJM9\%_$/Q%9:Q\,/V@_AAK'AC5_A9
M^U1\&XO"7AC]HKX?6_AC4-=NCX0TWQQX@\)^+M.\3?"_Q-IWB[QOX>\9?"'X
MB^'?&OPL\3Z1XU\0S:EX.DUV33M:TVHR:].W^1,DI;Z-;2W[63\DMNJ\UH8M
M%?G]J7QB_:L_8E\/IIO[?'PJUCXH?"SP?H]^=0_;]_9;\*ZO\0O`M_H/ARR^
M+'B"Z\<_M,?LU>$]#D^,/[.&L1>`/A[X5UCQYKOPX\,?&O\`9XTKQEXZ>W3X
MD^`M#AMM'L?KCX7?&7X0?''P_>>+/@K\5OAM\8/"VGZQ<>';_P`2_"[QSX8^
M('A^Q\06EEI^I76A7FL^$]4U;3K;6+;3M6TJ_N-,FN4O8;+4]/NI(%@O;:27
M5-/9_+J92C*.ZT[K5/;K\UH]5?5)GI-%%%,D****`"BOG7XM_M8?`+X)>-/!
MWPQ\<^.9[OXN?$',O@CX*?#?P=X\^-/QS\4:8FE>+];G\1Z-\$O@UX8\>_%:
M]\'66F^`O&$VH^-8O!Y\):;+H%]9W^M6UZL5O)Y9X1^$7[<'[=EOJ6J>*M7^
M*'_!-/\`98UK1]`BT'PS9Z#\/)?^"A'Q<T;QA\+/$<_B35]7\43^(OBC\.OV
M--'T;Q'XR\'6FA^'$\&>-?VE8=>^'/BJZU76_@3?ZAI%BJ<DM_NZEQ@Y>2WN
M]%\N_P`OG9%_XC?'OXH>/?CYI?['?[&FC>#O&7QXTS_A$_%_[1'Q-\?:;K?B
M#X&?L=?!_6[E;ZSUOXLV7A?Q#X2UCQG\:/BKH]IJ%E\!OV>?#_C'PMXH\3Q-
M=?$_QGK_`()^%/AZ77==^[/V&?V,_"G[$?P>UKP!I7B[7/B9\0_B?\3/&?Q^
M_:&^,'B&RL]"O_C'^T+\3VTZX^)'Q%M_!.B/_P`(G\.-#U.72M+TOPQ\/_"%
MO#HWAGPWH^DVEY>>)/$S>(/%_B'UO]GO]FKX!_LH?#;3/A%^SA\)/`_P<^'F
ME_8IO^$>\$:);:7_`&SJMEH.B^&/^$I\7:MB77/''CC4=#\.:'8Z_P"/?&6I
MZ]XT\3?V7:7/B+7M4O(_M!]OK%R;_0U2459?-]7Z^79?F]0HHHI`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'Q5_P`%!_"VJ>,?
MV8=6T2S\(ZYX_P!"3XS?LH:[\4/`_A[PKJWCZ_\`%WP$\)_M8?!+Q5^T7X<N
M/AUH&G:WKGQ,T/6/@-HOQ&L/$_PPT;P_XFU7XE>&Y]6\#:?X5\47?B"+P_J7
MXG_$KX))KWP0^#GC&P_9T^,OB/XB_LZZI_P4VTC]CGX->+_^"?U[\3?@[:ZQ
M\7_VB?A[\??V%?A=X\\'_%7X4:AXB^`?@6[^"6C?![P!HGQ'\+>%?AUX/^!&
MA:=\5_@W\0?VA?V=?B3\/KKP7J7]0M%!2E:WD[_I^5_Z1_/#\9/@S\<OV3OV
MS?&_[1/P#^'/BS]H>S\4>-M#\1Z[X<E^$_BW7=/LOB7\1-)_:^\5>%_$8U7P
M1JUWKGB/XEZ)IOB;4?V-KOXT^(+/0OAO\#OV?_VCOV9)_'.GZEX'_9C\:7'B
M7^AZBB@3=_Z^[^OZ91110(*^-?C/_P`$^/V-_CWX\M?BWX_^!7ARP^-5GKEI
MXA3X]_"O5_%OP%_:%N+^Q\$:C\-K>WU'X_?`KQ#\./C)JNA_\('J=QX4G\,:
MIXWO/#=WHT&EVMWI,ZZ)HQL/LJB@+M;.Q^(7[5/[)?Q6_9!_91_:+^._[/O[
M=/[4CS?L\^!/BQ^T=X0^$_[0,?P3_:+^&FK:'\/KC7OC3KGP3\5^,_&/PDT[
M]J_Q#X+\0^'M.UGX7^'?$VJ_M0W?Q$\"Z-J&AZI#XIU\^%X-)U'Z'_X9@_;^
M_P"CO?V/?_$`OC3_`/3(J_-67]N71?$7C3]NOX;?&/2?C;\9_`G[;GA_XA^%
MOV>?V:O'W@']KCPQX5\=>&?AOXR\4_LN?%;0_P!G#QI\,/@5\0_%WCGX9?%#
M]G&[^$_[4'BBZ_9/\&?%KQ#\/;+6/BC\0]=%KK.J7":+]W_!'_@JMI?QL^-'
M[+'PYTKX-W=CX._:E\!_#[6-+\96NM?$O7-1^'7Q%\?_`+'MQ^VO;?#KQ[=V
M_P`!;3]GZRN['X306Z'1;7]I>?XX74^N>&/%J_`2#X6ZY#X_A:DUU97+I?E3
MZMN*VLGU6NM]>OGJ='XB_9-_X*%ZUX?UW1M-_;?_`&5?"&HZMH^IZ9I_BSP[
M_P`$^_B3<^(/"][?V4]K:^(M"MO%G_!0;Q1X6N-8T2>6/4M,@\2^&O$7A^6]
MMH(]9T+5M.:YL+CJ(O\`@FKH&O>)-.UWXQ?MA?MV?&G2]%T/7M)T?P9-\<O#
MW[-?ANUO]?O_``W>3>)]1NOV$OAM^R9XP\7ZYIMOX<.E:#;^.O%?BCPWHMAK
M_B22P\/0ZIJ8U*W_`$FHHN^[^_L3HMDEYI)/[[7/G3]G/]D/]E[]D7PV_A3]
MF;X"?"OX)Z7=Z'X1\/:[=>`?!VCZ+XD\9V'@2PO--\*7'Q$\9QVS^,/B3KFD
MV^IZM(OB?Q]KOB3Q)>7^M:YJNH:M=ZIK>JWEY]%T44@"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"OGGX[_M5?`O]FJ3PY'\9?%VJ>&F\3Z7XL\26C:1X`^(WCV+1O!7@!_#<
M?Q`^)7CB;X>>$O%4/PX^$WP^?QCX3'C[XM?$&3PQ\-?!'_"2:&?%/BK25U2S
M,WT-7P=^WW\"_C_^TA\*IO@W\'[KX8V'ACQUH7BK0?&NN>-OB!\5/A]XD\!^
M)+N3PZ_PX^*/AVT^'^A>*_#'QO\`#7@.6#Q7=>._V6?BUHNB_#KX]C4/#6B>
M*/B)X4\,Z/XAT;QB#5KJ^QB:;X__`."<'QV^"'B^SU#P5\&?$O[/7[+_`,.]
M.UW4=`^*?[.]SX;^&'@'X(Z%ILOB+PKX\^'7A?XI_#;0]!USX!W&F?"B75/A
MW\2OA;IFM_";Q)%\-GF\#>(M4?P@?[/\3TG]I7_@DMX1\=Z-XU\,_##X=>%_
MCU\(/`NJ>&/"EB?V+_&'PN_:#^&.C?#7X)^,M<\-?!BTL?&WP9\#^.?@_P")
MO$/P"T3QS)\"?@]XFF\#ZS\4?A39^)IOA)H'B3P/;:S<0Z7[*?[)O[6/[-7A
MF^M=.;]GB3QCX=_9*_9G_8A^&FN7OC?XD^*O#(\$_L<^!?VH+CX4?'[QUX5@
M^%W@#5+WQ5\1OB9\:/"&D_$/]GW0/&.F:1X0\"V/B3Q#X;_:*\4>(+33/#&K
M>#>(_P#@EO\`%;QYX4\<^*+QOAE\,?VBO&/QN^(_QS\#^,]/^+GQ?^/8^`_B
M"R^`$OA3X%K:?%/XB>$_`?BKXX>(?"G[2$<OQ=T[Q;\4/AFUU\*O@U\0/BQ^
MRU\.+6/X7ZZ\>N`]%>S=O7NENK??Z=[7_=FVE>>W@FEMIK.2:&*62TN6MVN+
M5Y$5WMIVM)[JT::!B8I6M;JYMRZL89YHRLC35X;^S;X.^)W@#X+>#?"?QB\0
M6WB/Q_I;>)7U*ZM/%_B?XBPZ1H^I>+M>U7P;X,_X65XVTCP_XU^)\OP^\%WW
MA[P)<_$_QEH.B>+?B1<>')?&_B72=.UK7KZSA]RH)"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
*****`"BBB@#_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>cimg1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cimg1.jpg
M_]C_X``02D9)1@`!`@$`E@"6``#_X1')17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````=````<@$R``(````4````CX=I``0````!````I````-````"6````
M`0```)8````!061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:``R,#`X.C`W
M.C(X(#(P.C0X.C,R`````Z`!``,````!``$``*`"``0````!````?Z`#``0`
M```!```!E0`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$``!"3````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B
M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H``R`P$B``(1`0,1`?_=``0`
M!/_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`]1R+ZL;'MR;CMJI8ZRP@$PUHWO.UON=[
M0L+_`)^?5L4-R7V9%>,X-<,A^)DMJVN^@_UCC^GL?N^GN6GUW_D3J'_A6[_S
MV]<KTM_UMS?J;A].Q.F8C*LCIU5%>7=EEPV/I;7ZUN*W$_.K_P`#ZKTE/3'Z
MQ=''5\?HWV@'.S*?M.,QH);95[SO9<T>C]&FU_TT_6.O]*Z*VAW4;O1^U6BB
M@!KGESSVVUM<[^VN'ZUTY_2NI5_9_P!8R/JWT;`RJK)],N;AWY%>6/S]K<C!
M=DM])'^M]E75\G+S6GU,7I#>GT8K]HVF[-RL/,R+JK?Y."S!9_Z$/24]Q3U+
M$OS\GIU;R<K#;6^]FT@!MV_T?>1L?N]-_P!%6ESO2O\`Q;=?_P#"^!^3*71)
M*4DDDDI__]#O_K9F#!^K74LHU^JUE#PZO=LEKAZ;H?M?M]K_`-U<)T7_`!B]
M1I^KU[L3I](P^@4XM+FVWO=:]ECOL5!:YE#*M[=GZ;^;_P"#7<_6_$&9]6.I
MXY>:P['>7/#=Q`:/4=M9NKW.]G[Z\SZ7]7GU=!S/2S&6X?4\K%P\FNW'<VUK
MZ[&WT%IIS0UE#G6?IG[GV>G_`#7Z1)2>[_&-<WJ#.LOZ0VV_.P?0=5ZSS6*&
M77'WUNPQOL>_U/?7==3Z/_">HJ8^L9Z3TJWZLNZ#=77595EY!.5ON!!IS<=U
MUM>(^GT_0IHK^A_1:_\`2L]17QTK.IZ=GY+,RG$IZ<+>GY.(,4DFNV^S)-+<
M>W*R,:VKU\I]=#W>]E-?_74?]@?6#J;\MF+D@6-.+9F.HJ=2^FVO%^R5XU=K
MLQKKLG]GY'Z_CMM^SLW[/7]3U:DE.?U#ZS9F53=]:FUY?3G95U6#;1BYGI;]
ME3\K&R/TW3[MU7I.L_PB[O\`Q=9]G4?J\<NVW)M<_(L$Y=PO>-NVO8VUE&)^
MC]N[9Z2X;K6!DYG3L>JW,;;3U"T95;J,)[;=V'4WHVQ^._*K;3OK9N?2RK^>
M_P!%_,KN?\7/3_V?]6:ZM[WA]USP;*S2X2[9[JB^W]S]])3U"2222G__T?1/
MK%K]7^IC_NI?_P">WKSZ]K<.O'Q]I#.IU=+SJ@.!8PBG*']9W\XY>D=3QK,O
MIV3BUAA??4^L"W=L.X;-MGHNKMV_\6_>N8R_JUUO*IP:K,+IC_V>TLQINRQL
M#;&FAN^N++F_9Z:-_K_]J/\`@[$E(.N]*K?];Z,$&,3K#JLC+K'#G8OJ.[#_
M``S&K-S_`*J=>S>L]2ZQ]4.K_9!;DOKSL9]CZG"^D['L=Z0OJM:_^?H]:O\`
MF[UTN7TCK]_6*.IFGIUEF&+FX]SG9+'@.;:*/T+'NH^DZKU_4W_X;TO\&@_\
MWNM-R;\BNG"JMR=[K[<>_,QW6.(L?4;O0L_2.;D.J;ZCO?7C^OZ'H_HTE/,U
M9?5\ZCZOY&0&8G51=FTNOAK*O5KN:VS*L96QU.ZRQUOK[?T=F1ZB]"Z)]O\`
MV<S]H9-69D[G[KZ8V$;G;`-C*F^QGL^@N:SOJKU?+QJ*'=.Z26X@=7C5B[+I
M8RMSB[;LQA^D<YK:-^[_``OK+?\`JWTZ_IG3?L=M%&,&6/=55C/LL9L>?4W.
M?E?I?4<]S]Z2G522224__]+U5)5\_).'@Y.6&^H<>I]NR8W;&E^W=#MN[:N<
M9]:/K,[H]?6F]"JLPWT-RMM>;-OI.:+BYM3\2MKK&5'?Z7JI*>K27.Y/UL==
M9@8G0\0Y^;U'&;G,;:_T:Z<9\!F3EV[;7>ZQVST*:[+/YS_KA,'ZP9]?5ZNB
M]<Q*\3+RJWV85^/:;:+_`$H=D5,]2NB^FZIC]^Q]?T/\(DIWDESF#]=,2WZK
MX_U@S*30[*>^JG"J/K6V7-MLQJL;%&VIU]U[JO8WT_\`H>];/3;<^[#KMZCC
MLQ,EXW/QZ[/6%<\5NNV5-LL;_A/3;Z?^C]3^<24VDDDDE/\`_]/T?KO_`")U
M#_PK=_Y[>N7Z']7.K]1^JW3J;NOY+,#*P:&OQ:J<=A%3ZF?H*\GT77>UGZ/U
M/IK;^NF5?A_57J>3CNV6UT.+7$-<.P,LL#V.W-_>:O,>E?6CZRO^KO5\P=3M
MI=T=F&W#JJ90RIK;K?LKV/I;C_0KJ'Z'9Z?II*>[P&X70?KG=@VQCXV?@8M?
M2W/)#(P]^/9@UVVGWW;;:KO3W;UL6_6"K_G#C]"Q*QE6NKLNSK&/`^RL:!Z!
MN;!WOR;7>FRK?ZG^&_FUY3E]3^NO6.GTTV7?;F.Q+,W)Q\BK&L,577XA?1C/
MQ?78^KTO3?Z?JV[_`-)O])Z<9'UPZ`[(Q.F9^-C85#JMU[*<;&KLMNQ_VBRO
M?;3[[?L[7MWWV?Z.O_#5UI*=?ZM=)ZGC?5KIWUNPK'Y^1TVS(-737!OIMPS;
M?7GU8NF_[?9^DR?M6_U'_P!$]*[^;L]+Z=U##ZG@TY^#8+L;(8'UO;X'\UW[
MKV.]EC/\'9[%Y+;UCZV]$^K7J'-=AY=.=7C_`&:FK'94RK(QCU,!V/7BL8S(
M<]^]^W]^S\]=K_BORK<OZK^O<*Q8[)NW^E772TD$>[TL9E56[^PDIZY))))3
M_]3T'ZT44W_5SJ5=[=]?V:QSFDD`[&FP!SJRU^W<S\U>;]/Z5TFOI%EU==F-
M>[.Q:,JBN^]M;ZK"VW&O=4ZUV^VO=8[&]3]&RS]*O2_K&0/J_P!3)T`Q+]3_
M`,6]>?\`4C]D9TE\@4=7Q>G/+NQMQ75MW-T_T5U;45(L[HW3:L3JWVYM]O4>
MFY+::*W9%Y98,BQUU%KF66OM]2Y[\C*_1V_SEB)B]$Z!U'J6?TW)SVX^5A&F
MFZJ_)N<<FVNL-]0-NNJVXN*Y]F)B>DZ[*J^G9=^F].SH.N8^([Z^](8\`')9
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M'YBW$DE.,_ZN/=>;F]5ZA6#ZD5-N!8/4#V_GUO?^A]7]![_9Z57]M?\`-Q\D
MCJN?!#H:ZUKH+FOKW#?6[^;=9ZU?[EM5/_7-E))3A/\`JQ>YA8.M]3KW.W$L
MMKGESMNZVBW:WW[/;_@ZZEI=-P7X-#JGY5V87/+_`%<@ASQ,?HV[&UM]-GYB
MMI)*4DDDDI__UO55QG1Q]:.N7]6M9UZS"JP^I96'32S&QG@5U.'I>^VKU'>U
M^WW+LB0!),`<DKS_`.K_`-4OJWU;(ZWE=9PF6Y!ZQF-J?8Y[":][7LV;7UM>
MSWN]R2FY3]8^L.^I_7LA^2RWJ'1;<C%KZA4QH;::6L>S)]!V^EEGZ3])7_-+
M2Z!UO.R>E9N)U%S6];Z2TLRG,#=K]S#=AY]6W]'Z>73^D^BS]+ZOZ&M+ZT86
M'A_4CJ6#TZEE-->)8VJBD``2)T:W\Y[CN=^^]5OK#@WT8^+]8NGUF[+PL8T9
MN,P@.OPGMW7TMW#^?Q7_`*WC>[_2U_I?524BS^O=7J_Q;4=;KR-O4K*<1[LC
M8P^ZZVBNX^DYGH>YEK_\&NQ7`=3KL/\`BEQJ`QQN&/@_H@"7Z7XT_H_IKO@0
M>#/9)2Z2222G_]?M?K_'_,WJT_\`<<_E:O'.CLZ=;]7NO5V?9W9KA@MP18:_
M5DWN&0W%=:=[?T'](]+_``7\ZO<_K"2.@]1<)W-Q;G-CF0QSFEO\I<#CVV#I
M3JLAF_*IS,&T7N`+W8V7LL;2;'-WNI]KO4K_`)?II*>+?TKI3J,=EN?C8U^/
MB6D.JV/:_(9DY%3:K<C&]2SWUM9=3E/J?7]F]+]+Z?I*?4NC?5RG)R[<;,VX
M]/V;T::7,NM_38OVFS)WO?4VVFK.;]FMV6?H?6_XFNWN.H5OP'=4Z(VH/SK\
MFC]E7EH-@JR'?1JN<S<QF.UGH_YZJ.Z]]7.E=?ZCTGZP8][/LCZZL"VMH(:Q
MM=<Y+V4"NY^5E/\`UJS)M^T^KO\`2_1^G^E*GE>I8W1\+ZMNIQ\K'R\H=0HL
M^TL+/5=7;A>KD>G_`-J6XM>4_P!!_J?X>O\`2?I][%Z1_BD+?^:#0V(&3<-/
MB%C9AH?3T6UN<TX^8W(==U/&K:P/9ZOZ&ZZJNNK]-77LKMQ]GZO;ZE2[?ZKU
MXM71JFXN6<^K?8?M);L+CO=NW-_X/^;04ZR2222G_]#T7ZP-W="Z@P%H+\:U
MK=SFL$N8YK=UEI94SW'Z5CEQ'4^E96WI%F-Z3BW%QL?J-?VBANQ^)8P^_?:U
MMCJW>LS]#ZG]'7HEM5=U;JK6"RMX+7L<)!!Y:YI6>[ZL_5QS6M=TO$<UH(:T
MT5D`.=ZKF!I9]#U?TNS_`$GZ1)3C=4]+(^N'2LZI]%F+CUVC(N]:D;2UMKAN
MK?9Z[]F[_!L_1($X6;=F5]<Z;C]7K%MYP,IKL6VP8Y<ZP8[C==7;C^E+_3>U
MWI5T?SWH/K726="Z)9:Z^S`QGW/W;K#4PN/J;A=[]N[]+ZMOJ_Z3U+/WTQZ!
MT,DN/3\>7`@GTF:AS75._-_T=EE?]2VW_2V)*>"9T._!P.DLQL>C.;AV9-V5
MC'*H=4PY%C+*<&VW)<SU=E5>U[_3_G:[%W/U<L-G2V%V'1TY[7O#L3&?796P
M[B0=^-^BW6L/JO\`ZZ=_U8^KE@BWI>)8)GWT5NU)+OSVG\][W_U[+/WU;P\#
M"P*C3A4,QZG.+RRMH:TN=])^UOYSDE-A))))3__9_^TY<%!H;W1O<VAO<"`S
M+C``.$))300$```````''`(```(``@`X0DE-!"4``````!!&#/*))KA6VK"<
M`:&PIY!W.$))30/J`````")F/#]X;6P@=F5R<VEO;CTB,2XP(B!E;F-O9&EN
M9STB551&+3@B/SX*/"%$3T-465!%('!L:7-T(%!50DQ)0R`B+2\O07!P;&4@
M0V]M<'5T97(O+T141"!03$E35"`Q+C`O+T5.(B`B:'1T<#HO+W=W=RYA<'!L
M92YC;VTO1%1$<R]0<F]P97)T>4QI<W0M,2XP+F1T9"(^"CQP;&ES="!V97)S
M:6]N/2(Q+C`B/@H\9&EC=#X*"3QK97D^8V]M+F%P<&QE+G!R:6YT+E!A9V5&
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M:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X
M5#`W.C(W.C`Y6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I
M8VME="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^
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M="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X5#`W.C(W.C$V
M6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YS=&%T
M949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)"3PO9&EC
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M93PO:V5Y/@H)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^
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M<&QE+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V
M+3$R+3(X5#`W.C(W.C`Y6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R
M:6YT+G1I8VME="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN
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M9V5296-T/"]K97D^"@D)"0D)/&%R<F%Y/@H)"0D)"0D\<F5A;#XP+C`\+W)E
M86P^"@D)"0D)"3QR96%L/C`N,#PO<F5A;#X*"0D)"0D)/')E86P^-S8W+C@X
M,#`P-#@X,C@Q,C4\+W)E86P^"@D)"0D)"3QR96%L/C4X-RXX.#`P,#0X.#(X
M,3(U/"]R96%L/@H)"0D)"3PO87)R87D^"@D)"0D)/&ME>3YC;VTN87!P;&4N
M<')I;G0N=&EC:V5T+F-L:65N=#PO:V5Y/@H)"0D)"3QS=')I;F<^8V]M+F%P
M<&QE+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)"0D)"3QK97D^8V]M+F%P
M<&QE+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P
M."TP-RTR.%0Q-3HQ.#HQ.5H\+V1A=&4^"@D)"0D)/&ME>3YC;VTN87!P;&4N
M<')I;G0N=&EC:V5T+G-T871E1FQA9SPO:V5Y/@H)"0D)"3QI;G1E9V5R/C`\
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M;#XW.#`\+W)E86P^"@D)"0D)"3QR96%L/C8P,#PO<F5A;#X*"0D)"0D\+V%R
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M/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^
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M97D^"@D)"0D)/&%R<F%Y/@H)"0D)"0D\<F5A;#XP+C`\+W)E86P^"@D)"0D)
M"3QR96%L/C`N,#PO<F5A;#X*"0D)"0D)/')E86P^-S8W+C@X,#`P-#@X,C@Q
M,C4\+W)E86P^"@D)"0D)"3QR96%L/C4X-RXX.#`P,#0X.#(X,3(U/"]R96%L
M/@H)"0D)"3PO87)R87D^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC
M:V5T+F-L:65N=#PO:V5Y/@H)"0D)"3QS=')I;F<^8V]M+F%P<&QE+G!R:6YT
M:6YG;6%N86=E<CPO<W1R:6YG/@H)"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT
M+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P
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M<F5A;#X*"0D)"0D)/')E86P^-C`P/"]R96%L/@H)"0D)"3PO87)R87D^"@D)
M"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T+F-L:65N=#PO:V5Y/@H)
M"0D)"3QS=')I;F<^8V]M+F%P<&QE+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG
M/@H)"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YM;V1$871E/"]K
M97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^"@D)
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M8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR
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M:6YG/C`P+C(P/"]S=')I;F<^"@D\:V5Y/F-O;2YA<'!L92YP<FEN="YT:6-K
M970N<')I=F%T94QO8VL\+VME>3X*"3QF86QS92\^"@D\:V5Y/F-O;2YA<'!L
M92YP<FEN="YT:6-K970N='EP93PO:V5Y/@H)/'-T<FEN9SYC;VTN87!P;&4N
M<')I;G0N4&%G949O<FUA=%1I8VME=#PO<W1R:6YG/@H\+V1I8W0^"CPO<&QI
M<W0^"CA"24T#Z0``````>``#````2`!(``````,``DS_]/_T`PP"6`-G!2@#
M_``"````2`!(``````+8`B@``0```&0````!``,#`P````%__P`!``$`````
M``````````!H"``9`9```````"``````````````````````````````````
M`#A"24T#[0``````$`"6`````0`!`)8````!``$X0DE-!"8```````X`````
M````````/X```#A"24T$#0``````!````'@X0DE-!!D```````0````>.$))
M30/S```````)```````````!`#A"24T$"@```````0``.$))32<0```````*
M``$``````````3A"24T#]0``````2``O9F8``0!L9F8`!@```````0`O9F8`
M`0"AF9H`!@```````0`R`````0!:````!@```````0`U`````0`M````!@``
M`````3A"24T#^```````<```_____________________________P/H````
M`/____________________________\#Z`````#_____________________
M________`^@`````_____________________________P/H```X0DE-!`@`
M`````!`````!```"0````D``````.$))300>```````$`````#A"24T$&@``
M```#20````8``````````````94```!_````"@!#`&\`=@!E`'(`;`!O`&<`
M;P!S`````0`````````````````````````!``````````````!_```!E0``
M```````````````````!`````````````````````````!`````!````````
M;G5L;`````(````&8F]U;F1S3V)J8P````$```````!28W0Q````!`````!4
M;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG```!E0``
M``!29VAT;&]N9P```'\````&<VQI8V5S5FQ,<P````%/8FIC`````0``````
M!7-L:6-E````$@````=S;&EC94E$;&]N9P`````````'9W)O=7!)1&QO;F<`
M````````!F]R:6=I;F5N=6T````,15-L:6-E3W)I9VEN````#6%U=&]'96YE
M<F%T960`````5'EP965N=6T````*15-L:6-E5'EP90````!);6<@````!F)O
M=6YD<T]B:F,````!````````4F-T,0````0`````5&]P(&QO;F<`````````
M`$QE9G1L;VYG``````````!"=&]M;&]N9P```94`````4F=H=&QO;F<```!_
M`````W5R;%1%6%0````!````````;G5L;%1%6%0````!````````37-G951%
M6%0````!```````&86QT5&%G5$585`````$```````YC96QL5&5X=$ES2%1-
M3&)O;VP!````"&-E;&Q497AT5$585`````$```````EH;W)Z06QI9VYE;G5M
M````#T53;&EC94AO<GI!;&EG;@````=D969A=6QT````"79E<G1!;&EG;F5N
M=6T````/15-L:6-E5F5R=$%L:6=N````!V1E9F%U;'0````+8F=#;VQO<E1Y
M<&5E;G5M````$453;&EC94)'0V]L;W)4>7!E`````$YO;F4````)=&]P3W5T
M<V5T;&]N9P`````````*;&5F=$]U='-E=&QO;F<`````````#&)O='1O;4]U
M='-E=&QO;F<`````````"W)I9VAT3W5T<V5T;&]N9P``````.$))300H````
M```,`````3_P````````.$))3004```````$`````CA"24T$#``````0KP``
M``$````R````H````)@``%\````0DP`8``'_V/_@`!!*1DE&``$"`0!(`$@`
M`/_M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H``R`P$B``(1
M`0,1`?_=``0`!/_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`]1R+ZL;'MR;CMJI8ZRP@
M$PUHWO.UON=[0L+_`)^?5L4-R7V9%>,X-<,A^)DMJVN^@_UCC^GL?N^GN6GU
MW_D3J'_A6[_SV]<KTM_UMS?J;A].Q.F8C*LCIU5%>7=EEPV/I;7ZUN*W$_.K
M_P`#ZKTE/3'ZQ=''5\?HWV@'.S*?M.,QH);95[SO9<T>C]&FU_TT_6.O]*Z*
MVAW4;O1^U6BB@!KGESSVVUM<[^VN'ZUTY_2NI5_9_P!8R/JWT;`RJK)],N;A
MWY%>6/S]K<C!=DM])'^M]E75\G+S6GU,7I#>GT8K]HVF[-RL/,R+JK?Y."S!
M9_Z$/24]Q3U+$OS\GIU;R<K#;6^]FT@!MV_T?>1L?N]-_P!%6ESO2O\`Q;=?
M_P#"^!^3*71)*4DDDDI__]#O_K9F#!^K74LHU^JUE#PZO=LEKAZ;H?M?M]K_
M`-U<)T7_`!B]1I^KU[L3I](P^@4XM+FVWO=:]ECOL5!:YE#*M[=GZ;^;_P"#
M7<_6_$&9]6.IXY>:P['>7/#=Q`:/4=M9NKW.]G[Z\SZ7]7GU=!S/2S&6X?4\
MK%P\FNW'<VUKZ[&WT%IIS0UE#G6?IG[GV>G_`#7Z1)2>[_&-<WJ#.LOZ0VV_
M.P?0=5ZSS6*&77'WUNPQOL>_U/?7==3Z/_">HJ8^L9Z3TJWZLNZ#=77595EY
M!.5ON!!IS<=UUM>(^GT_0IHK^A_1:_\`2L]17QTK.IZ=GY+,RG$IZ<+>GY.(
M,4DFNV^S)-+<>W*R,:VKU\I]=#W>]E-?_74?]@?6#J;\MF+D@6-.+9F.HJ=2
M^FVO%^R5XU=KLQKKLG]GY'Z_CMM^SLW[/7]3U:DE.?U#ZS9F53=]:FUY?3G9
M5U6#;1BYGI;]E3\K&R/TW3[MU7I.L_PB[O\`Q=9]G4?J\<NVW)M<_(L$Y=PO
M>-NVO8VUE&)^C]N[9Z2X;K6!DYG3L>JW,;;3U"T95;J,)[;=V'4WHVQ^._*K
M;3OK9N?2RK^>_P!%_,KN?\7/3_V?]6:ZM[WA]USP;*S2X2[9[JB^W]S]])3U
M"2222G__T?1/K%K]7^IC_NI?_P">WKSZ]K<.O'Q]I#.IU=+SJ@.!8PBG*']9
MW\XY>D=3QK,OIV3BUAA??4^L"W=L.X;-MGHNKMV_\6_>N8R_JUUO*IP:K,+I
MC_V>TLQINRQL#;&FAN^N++F_9Z:-_K_]J/\`@[$E(.N]*K?];Z,$&,3K#JLC
M+K'#G8OJ.[#_``S&K-S_`*J=>S>L]2ZQ]4.K_9!;DOKSL9]CZG"^D['L=Z0O
MJM:_^?H]:O\`F[UTN7TCK]_6*.IFGIUEF&+FX]SG9+'@.;:*/T+'NH^DZKU_
M4W_X;TO\&@_\WNM-R;\BNG"JMR=[K[<>_,QW6.(L?4;O0L_2.;D.J;ZCO?7C
M^OZ'H_HTE/,U9?5\ZCZOY&0&8G51=FTNOAK*O5KN:VS*L96QU.ZRQUOK[?T=
MF1ZB]"Z)]O\`V<S]H9-69D[G[KZ8V$;G;`-C*F^QGL^@N:SOJKU?+QJ*'=.Z
M26X@=7C5B[+I8RMSB[;LQA^D<YK:-^[_``OK+?\`JWTZ_IG3?L=M%&,&6/=5
M5C/LL9L>?4W.?E?I?4<]S]Z2G522224__]+U5)5\_).'@Y.6&^H<>I]NR8W;
M&E^W=#MN[:N<9]:/K,[H]?6F]"JLPWT-RMM>;-OI.:+BYM3\2MKK&5'?Z7JI
M*>K27.Y/UL==9@8G0\0Y^;U'&;G,;:_T:Z<9\!F3EV[;7>ZQVST*:[+/YS_K
MA,'ZP9]?5ZNB]<Q*\3+RJWV85^/:;:+_`$H=D5,]2NB^FZIC]^Q]?T/\(DIW
MDESF#]=,2WZKX_U@S*30[*>^JG"J/K6V7-MLQJL;%&VIU]U[JO8WT_\`H>];
M/3;<^[#KMZCCLQ,EXW/QZ[/6%<\5NNV5-LL;_A/3;Z?^C]3^<24VDDDDE/\`
M_]/T?KO_`")U#_PK=_Y[>N7Z']7.K]1^JW3J;NOY+,#*P:&OQ:J<=A%3ZF?H
M*\GT77>UGZ/U/IK;^NF5?A_57J>3CNV6UT.+7$-<.P,LL#V.W-_>:O,>E?6C
MZRO^KO5\P=3MI=T=F&W#JJ90RIK;K?LKV/I;C_0KJ'Z'9Z?II*>[P&X70?KG
M=@VQCXV?@8M?2W/)#(P]^/9@UVVGWW;;:KO3W;UL6_6"K_G#C]"Q*QE6NKLN
MSK&/`^RL:!Z!N;!WOR;7>FRK?ZG^&_FUY3E]3^NO6.GTTV7?;F.Q+,W)Q\BK
M&L,577XA?1C/Q?78^KTO3?Z?JV[_`-)O])Z<9'UPZ`[(Q.F9^-C85#JMU[*<
M;&KLMNQ_VBRO?;3[[?L[7MWWV?Z.O_#5UI*=?ZM=)ZGC?5KIWUNPK'Y^1TVS
M(-737!OIMPS;?7GU8NF_[?9^DR?M6_U'_P!$]*[^;L]+Z=U##ZG@TY^#8+L;
M(8'UO;X'\UW[KV.]EC/\'9[%Y+;UCZV]$^K7J'-=AY=.=7C_`&:FK'94RK(Q
MCU,!V/7BL8S(<]^]^W]^S\]=K_BORK<OZK^O<*Q8[)NW^E772TD$>[TL9E56
M[^PDIZY))))3_]3T'ZT44W_5SJ5=[=]?V:QSFDD`[&FP!SJRU^W<S\U>;]/Z
M5TFOI%EU==F->[.Q:,JBN^]M;ZK"VW&O=4ZUV^VO=8[&]3]&RS]*O2_K&0/J
M_P!3)T`Q+]3_`,6]>?\`4C]D9TE\@4=7Q>G/+NQMQ75MW-T_T5U;45(L[HW3
M:L3JWVYM]O4>FY+::*W9%Y98,BQUU%KF66OM]2Y[\C*_1V_SEB)B]$Z!U'J6
M?TW)SVX^5A&FFZJ_)N<<FVNL-]0-NNJVXN*Y]F)B>DZ[*J^G9=^F].SH.N8^
M([Z^](8\`')9ZEC?WG4>K90_Z/YC@LKJ?U>^I_UCZGU#(ZK>[I'4L>ZVNPBQ
ME=5S*SZ5.:UF6RQEOZ-K*LGT'5_IJ_TB2G/ZC]7F%O3NGG%M;?G/M+L')RLA
M];;<=WV''=4[?3N_5&;*LA[/Z-Z7I?HEWGU.Z,_HO1&8=E#<:WU++'U,>ZQH
M+G';M?8Y[O=6&?G+S_TFX?2/J]C]8R'B@?:PVPL<V[[(+:QBOKKN8^UFYGZ2
MFMW\W196O0OJD>F'H=/[*MMNP]]NQ]XBPGU'^IN]E7T;-VWV(*=E))))3__5
M]0RL<9.-9CFRRKU6EOJ5.++&S^=78WZ#ED/^K%SVM;^V^IMC=+FVU@G<]UTG
M]!])F_T6;?9Z'YBW$DE.,_ZN/=>;F]5ZA6#ZD5-N!8/4#V_GUO?^A]7]![_9
MZ57]M?\`-Q\DCJN?!#H:ZUKH+FOKW#?6[^;=9ZU?[EM5/_7-E))3A/\`JQ>Y
MA8.M]3KW.W$LMKGESMNZVBW:WW[/;_@ZZEI=-P7X-#JGY5V87/+_`%<@ASQ,
M?HV[&UM]-GYBMI)*4DDDDI__UO55QG1Q]:.N7]6M9UZS"JP^I96'32S&QG@5
MU.'I>^VKU'>U^WW+LB0!),`<DKS_`.K_`-4OJWU;(ZWE=9PF6Y!ZQF-J?8Y[
M":][7LV;7UM>SWN]R2FY3]8^L.^I_7LA^2RWJ'1;<C%KZA4QH;::6L>S)]!V
M^EEGZ3])7_-+2Z!UO.R>E9N)U%S6];Z2TLRG,#=K]S#=AY]6W]'Z>73^D^BS
M]+ZOZ&M+ZT86'A_4CJ6#TZEE-->)8VJBD``2)T:W\Y[CN=^^]5OK#@WT8^+]
M8NGUF[+PL8T9N,P@.OPGMW7TMW#^?Q7_`*WC>[_2U_I?524BS^O=7J_Q;4=;
MKR-O4K*<1[LC8P^ZZVBNX^DYGH>YEK_\&NQ7`=3KL/\`BEQJ`QQN&/@_H@"7
MZ7XT_H_IKO@0>#/9)2Z2222G_]?M?K_'_,WJT_\`<<_E:O'.CLZ=;]7NO5V?
M9W9KA@MP18:_5DWN&0W%=:=[?T'](]+_``7\ZO<_K"2.@]1<)W-Q;G-CF0QS
MFEO\I<#CVV#I3JLAF_*IS,&T7N`+W8V7LL;2;'-WNI]KO4K_`)?II*>+?TKI
M3J,=EN?C8U^/B6D.JV/:_(9DY%3:K<C&]2SWUM9=3E/J?7]F]+]+Z?I*?4NC
M?5RG)R[<;,VX]/V;T::7,NM_38OVFS)WO?4VVFK.;]FMV6?H?6_XFNWN.H5O
MP'=4Z(VH/SK\FC]E7EH-@JR'?1JN<S<QF.UGH_YZJ.Z]]7.E=?ZCTGZP8][/
MLCZZL"VMH(:QM=<Y+V4"NY^5E/\`UJS)M^T^KO\`2_1^G^E*GE>I8W1\+ZMN
MIQ\K'R\H=0HL^TL+/5=7;A>KD>G_`-J6XM>4_P!!_J?X>O\`2?I][%Z1_BD+
M?^:#0V(&3<-/B%C9AH?3T6UN<TX^8W(==U/&K:P/9ZOZ&ZZJNNK]-77LKMQ]
MGZO;ZE2[?ZKUXM71JFXN6<^K?8?M);L+CO=NW-_X/^;04ZR2222G_]#T7ZP-
MW="Z@P%H+\:UK=SFL$N8YK=UEI94SW'Z5CEQ'4^E96WI%F-Z3BW%QL?J-?VB
MANQ^)8P^_?:UMCJW>LS]#ZG]'7HEM5=U;JK6"RMX+7L<)!!Y:YI6>[ZL_5QS
M6M=TO$<UH(:TT5D`.=ZKF!I9]#U?TNS_`$GZ1)3C=4]+(^N'2LZI]%F+CUVC
M(N]:D;2UMKANK?9Z[]F[_!L_1($X6;=F5]<Z;C]7K%MYP,IKL6VP8Y<ZP8[C
M==7;C^E+_3>UWI5T?SWH/K726="Z)9:Z^S`QGW/W;K#4PN/J;A=[]N[]+ZMO
MJ_Z3U+/WTQZ!T,DN/3\>7`@GTF:AS75._-_T=EE?]2VW_2V)*>"9T._!P.DL
MQL>C.;AV9-V5C'*H=4PY%C+*<&VW)<SU=E5>U[_3_G:[%W/U<L-G2V%V'1TY
M[7O#L3&?796P[B0=^-^BW6L/JO\`ZZ=_U8^KE@BWI>)8)GWT5NU)+OSVG\][
MW_U[+/WU;P\#"P*C3A4,QZG.+RRMH:TN=])^UOYSDE-A))))3__9`#A"24T$
M(0``````4P````$!````#P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`
M<````!(`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'``(`!#`%,````!
M`#A"24T$!@``````!P`'`````0$`_^$7_FAT='`Z+R]N<RYA9&]B92YC;VTO
M>&%P+S$N,"\`/#]X<&%C:V5T(&)E9VEN/2?ON[\G(&ED/2=7-4TP37!#96AI
M2'IR95-Z3E1C>FMC.60G/SX*/'@Z>&UP;65T82!X;6QN<SIX/2=A9&]B93IN
M<SIM971A+R<@>#IX;7!T:STG6$U0('1O;VQK:70@,RXP+3(X+"!F<F%M97=O
M<FL@,2XV)SX*/')D9CI21$8@>&UL;G,Z<F1F/2=H='1P.B\O=W=W+G<S+F]R
M9R\Q.3DY+S`R+S(R+7)D9BUS>6YT87@M;G,C)R!X;6QN<SII6#TG:'1T<#HO
M+VYS+F%D;V)E+F-O;2]I6"\Q+C`O)SX*"B`\<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TG=75I9#HY83$S,6-F92TU93<X+3$Q9&0M.&(P-BUF,V,R-3@X
M8V4T96,G"B`@>&UL;G,Z97AI9CTG:'1T<#HO+VYS+F%D;V)E+F-O;2]E>&EF
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M+F-O;2]P9&8O,2XS+R<^"B`\+W)D9CI$97-C<FEP=&EO;CX*"B`\<F1F.D1E
M<V-R:7!T:6]N(')D9CIA8F]U=#TG=75I9#HY83$S,6-F92TU93<X+3$Q9&0M
M.&(P-BUF,V,R-3@X8V4T96,G"B`@>&UL;G,Z<&AO=&]S:&]P/2=H='1P.B\O
M;G,N861O8F4N8V]M+W!H;W1O<VAO<"\Q+C`O)SX*("`\<&AO=&]S:&]P.DAI
M<W1O<GD^/"]P:&]T;W-H;W`Z2&ES=&]R>3X*(#PO<F1F.D1E<V-R:7!T:6]N
M/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2=U=6ED.CEA,3,Q8V9E
M+35E-S@M,3%D9"TX8C`V+68S8S(U.#AC931E8R<*("!X;6QN<SIT:69F/2=H
M='1P.B\O;G,N861O8F4N8V]M+W1I9F8O,2XP+R<^"B`@/'1I9F8Z3W)I96YT
M871I;VX^,3PO=&EF9CI/<FEE;G1A=&EO;CX*("`\=&EF9CI84F5S;VQU=&EO
M;CXQ-3`O,3PO=&EF9CI84F5S;VQU=&EO;CX*("`\=&EF9CI94F5S;VQU=&EO
M;CXQ-3`O,3PO=&EF9CI94F5S;VQU=&EO;CX*("`\=&EF9CI297-O;'5T:6]N
M56YI=#XR/"]T:69F.E)E<V]L=71I;VY5;FET/@H@/"]R9&8Z1&5S8W)I<'1I
M;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z.6$Q,S%C
M9F4M-64W."TQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.GAA<#TG
M:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+R<^"B`@/'AA<#I#<F5A=&5$
M871E/C(P,#@M,#<M,CA4,3DZ-3,Z-#<K,#4Z,S`\+WAA<#I#<F5A=&5$871E
M/@H@(#QX87`Z36]D:69Y1&%T93XR,#`X+3`W+3(X5#(P.C0X.C,R*S`U.C,P
M/"]X87`Z36]D:69Y1&%T93X*("`\>&%P.DUE=&%D871A1&%T93XR,#`X+3`W
M+3(X5#(P.C0X.C,R*S`U.C,P/"]X87`Z365T861A=&%$871E/@H@(#QX87`Z
M0W)E871O<E1O;VP^061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:#PO>&%P
M.D-R96%T;W)4;V]L/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C
M<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z.6$Q,S%C9F4M-64W."TQ,61D+3AB
M,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.GAA<$U-/2=H='1P.B\O;G,N861O
M8F4N8V]M+WAA<"\Q+C`O;6TO)SX*("`\>&%P34TZ1&]C=6UE;G1)1#YA9&]B
M93ID;V-I9#IP:&]T;W-H;W`Z,S@Y93,P-#`M-64W,2TQ,61D+3AB,#8M9C-C
M,C4X.&-E-&5C/"]X87!-33I$;V-U;65N=$E$/@H@/"]R9&8Z1&5S8W)I<'1I
M;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z.6$Q,S%C
M9F4M-64W."TQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.F1C/2=H
M='1P.B\O<'5R;"YO<F<O9&,O96QE;65N=',O,2XQ+R<^"B`@/&1C.F9O<FUA
M=#YI;6%G92]J<&5G/"]D8SIF;W)M870^"B`\+W)D9CI$97-C<FEP=&EO;CX*
M"CPO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H\/WAP86-K970@96YD/2=W)S\^
M_^(,6$E#0U]04D]&24Q%``$!```,2$QI;F\"$```;6YT<E)'0B!865H@!\X`
M`@`)``8`,0``86-S<$U31E0`````245#('-21T(``````````````````/;6
M``$`````TRU(4"`@````````````````````````````````````````````
M```````````````````18W!R=````5`````S9&5S8P```80```!L=W1P=```
M`?`````48FMP=````@0````4<EA96@```A@````49UA96@```BP````48EA9
M6@```D`````49&UN9````E0```!P9&UD9````L0```"(=G5E9````TP```"&
M=FEE=P```]0````D;'5M:0```_@````4;65A<P``!`P````D=&5C:```!#``
M```,<E120P``!#P```@,9U120P``!#P```@,8E120P``!#P```@,=&5X=```
M``!#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W;&5T="U086-K87)D($-O;7!A;GD`
M`&1E<V,`````````$G-21T(@245#-C$Y-C8M,BXQ```````````````2<U)'
M0B!)14,V,3DV-BTR+C$`````````````````````````````````````````
M`````````````````````````%A96B````````#S40`!`````1;,6%E:(```
M``````````````````!865H@````````;Z(``#CU```#D%A96B````````!B
MF0``MX4``!C:6%E:(````````"2@```/A```ML]D97-C`````````!9)14,@
M:'1T<#HO+W=W=RYI96,N8V@``````````````!9)14,@:'1T<#HO+W=W=RYI
M96,N8V@`````````````````````````````````````````````````````
M````````9&5S8P`````````N245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C
M;VQO=7(@<W!A8V4@+2!S4D="```````````````N245#(#8Q.38V+3(N,2!$
M969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="````````````````````
M`````````&1E<V,`````````+%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO
M;B!I;B!)14,V,3DV-BTR+C$``````````````"Q2969E<F5N8V4@5FEE=VEN
M9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ````````````````````````
M``````````!V:65W```````3I/X`%%\N`!#/%``#[<P`!!,+``-<G@````%8
M65H@``````!,"58`4````%<?YVUE87,``````````0``````````````````
M``````*/`````G-I9R``````0U)4(&-U<G8````````$``````4`"@`/`!0`
M&0`>`",`*``M`#(`-P`[`$``10!*`$\`5`!9`%X`8P!H`&T`<@!W`'P`@0"&
M`(L`D`"5`)H`GP"D`*D`K@"R`+<`O`#!`,8`RP#0`-4`VP#@`.4`ZP#P`/8`
M^P$!`0<!#0$3`1D!'P$E`2L!,@$X`3X!10%,`5(!60%@`6<!;@%U`7P!@P&+
M`9(!F@&A`:D!L0&Y`<$!R0'1`=D!X0'I`?(!^@(#`@P"%`(=`B8"+P(X`D$"
M2P)4`ET"9P)Q`GH"A`*.`I@"H@*L`K8"P0++`M4"X`+K`O4#``,+`Q8#(0,M
M`S@#0P-/`UH#9@-R`WX#B@.6`Z(#K@.Z`\<#TP/@`^P#^00&!!,$(`0M!#L$
M2`15!&,$<01^!(P$F@2H!+8$Q`33!.$$\`3^!0T%'`4K!3H%2058!6<%=P6&
M!98%I@6U!<4%U07E!?8&!@86!B<&-P9(!ED&:@9[!HP&G0:O!L`&T0;C!O4'
M!P<9!RL'/0=/!V$'=`>&!YD'K`>_!]('Y0?X"`L('P@R"$8(6@AN"(((E@BJ
M"+X(T@CG"/L)$`DE"3H)3PED"7D)CPFD";H)SPGE"?L*$0HG"CT*5`IJ"H$*
MF`JN"L4*W`KS"PL+(@LY"U$+:0N`"Y@+L`O("^$+^0P2#"H,0PQ<#'4,C@RG
M#,`,V0SS#0T-)@U`#5H-=`V.#:D-PPW>#?@.$PXN#DD.9`Y_#IL.M@[2#NX/
M"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F$$,081!^$)L0N1#7$/41$Q$Q$4\1;1&,
M$:H1R1'H$@<2)A)%$F02A!*C$L,2XQ,#$R,30Q-C$X,3I!/%$^44!A0G%$D4
M:A2+%*T4SA3P%1(5-!56%7@5FQ6]%>`6`Q8F%DD6;!:/%K(6UA;Z%QT701=E
M%XD7KA?2%_<8&QA`&&48BABO&-48^AD@&449:QF1&;<9W1H$&BH:41IW&IX:
MQ1KL&Q0;.QMC&XH;LAO:'`(<*AQ2''L<HQS,'/4='AU''7`=F1W#'>P>%AY`
M'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@%2!!(&P@F"#$(/`A'"%((74AH2'.(?LB
M)R)5(H(BKR+=(PHC."-F(Y0CPB/P)!\D321\)*LDVB4))3@E:"67)<<E]R8G
M)E<FAR:W)N@G&"=))WHGJR?<*`TH/RAQ**(HU"D&*3@I:RF=*=`J`BHU*F@J
MFRK/*P(K-BMI*YTKT2P%+#DL;BRB+-<M#"U!+78MJRWA+A8N3"Z"+K<N[B\D
M+UHOD2_'+_XP-3!L,*0PVS$2,4HQ@C&Z,?(R*C)C,ILRU#,-,T8S?S.X,_$T
M*S1E-)XTV#43-4TUAS7"-?TV-S9R-JXVZ3<D-V`WG#?7.!0X4#B,.,@Y!3E"
M.7\YO#GY.C8Z=#JR.N\[+3MK.ZH[Z#PG/&4\I#SC/2(]83VA/>`^(#Y@/J`^
MX#\A/V$_HC_B0"-`9$"F0.=!*4%J0:Q![D(P0G)"M4+W0SI#?4/`1`-$1T2*
M1,Y%$D5519I%WD8B1F=&JT;P1S5'>T?`2`5(2TB12-=)'4EC2:E)\$HW2GU*
MQ$L,2U-+FDOB3"I,<DRZ30)-2DV33=Q.)4YN3K=/`$])3Y-/W5`G4'%0NU$&
M45!1FU'F4C%2?%+'4Q-37U.J4_940E2/5-M5*%5U5<)6#U9<5JE6]U=$5Y)7
MX%@O6'U8RUD:66E9N%H'6E9:IEKU6T5;E5OE7#5<AES672==>%W)7AI>;%Z]
M7P]?85^S8`5@5V"J8/QA3V&B8?5B26*<8O!C0V.78^MD0&249.EE/6629>=F
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MD`:0;I#6D3^1J)(1DGJ2XY--D[:4()2*E/257Y7)EC26GY<*EW67X)A,F+B9
M))F0F?R::)K5FT*;KYP<G(F<]YUDG=*>0)ZNGQV?BY_ZH&F@V*%'H;:B)J*6
MHP:C=J/FI%:DQZ4XI:FF&J:+IOVG;J?@J%*HQ*DWJ:FJ'*J/JP*K=:OIK%RL
MT*U$K;BN+:ZAKQ:OB[``L'6PZK%@L=:R2[+"LSBSKK0EM)RU$[6*M@&V>;;P
MMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;O16]C[X*OH2^_[]ZO_7`<,#LP6?!
MX\)?PMO#6,/4Q%'$SL5+Q<C&1L;#QT''O\@]R+S).LFYRCC*M\LVR[;,-<RU
MS37-M<XVSK;/-\^XT#G0NM$\T;[2/]+!TT33QM1)U,O53M71UE76V-=<U^#8
M9-CHV6S9\=IVVOO;@-P%W(K=$-V6WAS>HM\IWZ_@-N"]X43AS.)3XMOC8^/K
MY'/D_.6$Y@WFEN<?YZGH,NB\Z4;IT.I;ZN7K<.O[[(;M$>V<[BCNM.]`[\SP
M6/#E\7+Q__*,\QGSI_0T],+U4/7>]FWV^_>*^!GXJ/DX^<?Z5_KG^W?\!_R8
M_2G]NOY+_MS_;?___^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0(!
M`0$"`@$!`0$"`@("`@("`@,"`P,#`P(#`P0$!`0$`P4%!04%!0<'!P<'"`@(
M"`@("`@("`$!`0$"`@($`P,$!P4$!0<("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("`@("`@("`@("`@("`@(_\``$0@!E0!_`P$1``(1`0,1
M`?_=``0`$/_$`:(````&`@,!``````````````<(!@4$"0,*`@$`"P$```8#
M`0$!````````````!@4$`P<""`$)``H+$``"`0(%`@,$!@8%!0$#!F\!`@,$
M$04&(1(`!S%!$PA1(F$4<8$RD0FA(_#!0K$5T1;A\5(S%R1B&$,T)8(*&7)3
M)F.21#6B5+(:<S;"TB=%-T;B\H.3H[-D52C#TRDXX_-'2%9E*CDZ24I76%E:
M9G1UA(5G=G=HAH>4E:2EM+7$Q=35Y.7T]9:7IJ>VM\;'UM?FY_;W:6IX>7J(
MB8J8F9JHJ:JXN;K(R<K8V=KHZ>KX^?H1``$#`@,$!P8#!`,&!P<!:0$"`Q$`
M!"$%$C$&0?!180<3(G&!D:&QP0@RT13A(_%"%5()%C-BTG(D@L*2DT,7<X.B
MLF,E-%/BLS4F1%1D154G"H2T&!D:*"DJ-C<X.3I&1TA)2E976%E:969G:&EJ
M='5V=WAY>H6&AXB)BI25EI>8F9JCI*6FIZBIJK6VM[BYNL/$Q<;'R,G*T]35
MUM?8V=KCY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`W^.>KU>YZO5[
MGJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7
MN>KU?__0W^.>KU>YZO42/U`_B2>A#TJ9_7I7ZC/5/E#H[U$?#J7-J90SOB0I
M*TX;6RSPP5`0J?<D>FD"GVJ>>K8230(?\/;?A,?]Q]].?_'VO_-'/5[2:&;H
MS^)G^'YZALPT^4NB_K!R#U`S162?*4.7\'S#0K65$Q`(CABJ'C:1S?14!)YZ
MO$4=^HJ(*2GGJJF404],C5%1-)HJ(BEF)/L`%^>K55Z=-_Q:OPUNKW43+'23
MIGZT<B9SZE9TQ`Y5RKDW!<81ZVNQ(%U^6B1E6\EXV`6^I'/5O2:L1YZM5Z_A
MSU>JO'J/^+-^&STAZBYFZ1]2_6?D3)O4K)F(#*N:LF8SC")74&)%D3Y:9%5M
MLMW`*WN"=>>K>DQ1\L3S+@.#9;Q'-^*XK#0Y8PFAES)B6.5#6IX:""`U4D[-
MX(L:EB?9ST5JBZ>FCUO>DGUD+G%O2WU_RWUS7I]\@,ZGI_7"L_EG\T%0:3S[
M*-OG?*R[?;M/LYZMD11I^>K5>YZO5[GJ]7N>KU?_T=_CGJ]71[']G/5ZOG.?
M\*,NGN6NK/\`PH#],W2S.5/)4Y2ZEY8Z/Y!S1%A\@@J6P[%<X9AI*@12E6V/
ML<[6L;'PYL&G4&`:V#3_`,)0/PDM;9:SZ!X*N<+`?1_H7/$U0+/356GXKW_"
M7;T[]!O2YU.]3WH@SKF?+>=NA.%U'4G'>GG4#$H<3I,5PO"HOF*LT59#3TT]
M)511(TL9)<,PM[NAYJK)</&K+/\`A-G^(3U.];WX?/4W)76[,D^=^IOIDJ'R
M!%GK%W,E?C.6J_!OG<*FJY&):2>)1)`\C>\X16.I/-Q55B#7SNNF&'=1L@39
MK]6G30-38AZ8>H.`8T^(42E6HZVOQS$JR@F=U^S&TV'>3\2X'-Q3IZ*^R3Z9
MNN.6O4MZ>>B?J!RC4+49=ZQY8P;J%AQB-Q'_`#.ACJ9(3H/>BD9HV'@01RM,
M5(]1?6G+/IRZ"]9>O><:J.DRUT@RUC'4/%I*EMB,F%T,E4L=[C61D"*/:0.>
MKU?&^ZGX=U%Z@8MDWU>=2X'EG]5O43,F8*+$:Q4+U-?A.8<+J<2:]O>"28M'
M$I`M[C#PYL4H$8U]A'K8+^CCJX"/=/3+'Q_ZRT_-_P`5)N%:=G_"*Z.-*?\`
M$2V(J7/2W=L`%_\`F*_9RM/.\*WK>>IJO<]7J]SU>KW/5ZO_TM_CGJ]7N>KU
M?.K_`.%#^<\L=-_^%"?I7ZC9XQ9<`R3D#+W1O.6<<>F221*'"\.SEF"IJ9V2
M%6=A&BDD*"3X#GJ=2DE)%;1;?\*1_P`%Q68#UMX*X!(#)A&9+&QMI?#QS4U7
MNS53/XP7_"EKT*9N]''6KH#Z.L[5/7'J=UOP.LZ:S9LI<,K\/R[@&&8O"U)6
MU<]3B<4)EF6%V6*&-268@W`!YNM]V:'S_A+GZ)\_^F/\.7JEUBZG8!4Y3Q_U
M4U+YURGEG&X'IZZ#*F$X0V'X9/41RJ'1JHM+.BM8^6R$BYYN:JHR:UT/P(_2
MM2^M7H7^-9Z;Y:<5.+9XR-A>)9,=@"\.8L&S/C&+87(A(-F%3`@[=B>;!X4X
MX=E;%7_"2KU9UO5CT*YY]+&<*KR\]^D+,E1@-'A=6[F>++N.RRXA`FV0DA8*
MQ:J'PU'8<TH518QIW_X5D^K*LZ.^@3*WIERA4L^??6'F2ER?+AM!):HDR]@D
MD6)5D85/>_TBH--`.P;<R^/-5YL2:US/QVO2[!Z,NA_X&?IQ%.E-B^0\AY@J
M\XF)%0RYAQC-&7,9Q21MH%R:JID&NM@!?3FQ3B#MKZ'?6O\`ZLWZM_\`A,\>
M_P#86GYOC2<[*T[O^$6/^0_$2^GI9_#-?*T\[PK>JYZFJ]SU>KW/5ZO<]7J_
M_]/?XYZO5[GJ]7SJ/^%$>2LM]2_^%!_I;Z;YSP_^;Y-Z@Y=Z.9+S;A/F20_-
M8;B.<LP4U1#YD)5UWHQ&Y2"/`\]3B3"36SZ?^$UGX-A)(])Q4']T9MSC8??B
MAYX&J:C0N]%_P%_PFN@N=,+ZA9$]'.7ZS-N!2K7X'B>?9\4S*M'4(P9988<>
MJJJ)7!&AVZ>'-DU[4:M9S3%'#E',D42".*/#:R.*.,!5512N``!H`/#FJT*T
M-_\`A'`H/J)_$.N-P.%8$"I[?\Q-C'/4\X-E+/TT3#\*/_A4)U<Z%U&[`NB/
MKO\`-_JO3C<E)YV;2V8,+V@64F'$X:BF4#10_ARRJI'AIT]6!?\`%0_X4^=$
MO3S3#^L/1'T'Q4U?G*.-C)1B?+ICS)B>\J-OZ7$):6E8=[QD7Y6MC!/G2#_X
M6."WJ/\`PV1X?RS-NG_B49:YNK-\:W2.M?\`U9OU;_\`"9X]_P"PM/S?&F#L
MK3N_X18_Y#\1+Z>EG\,U\K3SO"MZKGJ:KW/5ZO<]7J]SU>K_U-_CGJ]7CV//
M5ZOGM?CS46(2?\*0_1+/%AM5/3O0]$=M334M1+'^CSQCI>[QHRC;N%[GGJN#
MX37T)+ZVM]?/52N^>KU)[-U_ZJYGT_YQU;V_[QGYZO5H>?\`".6FK*?U%?B&
M+54%11WPK`+-6TT\().9L8.AE10?H'/4ZX=E''_X5G>G_-&7,M>C7\1CI51S
MP]0?39FZER7CF,87$\\T%-55:8]@\[)`I<QPUU$RL;V_2@:7YL"JMG&N/_"3
M?H+F_-V">LS\2#J]3SUW4?U+9NJLGX7F#&('AGJHJ:I;&\8J5290P6:MK%4,
M-"([:[=-5Y?`44/_`(6+P551ZD/PV%IZ*HJR,-S:&^2IYY@/^-/ELZ^2K6T%
M]>>BK-G;6Z%UK#'T<=6U569CTSQX*BJ2Q/\`5:?0#O?X<L-M,U\RC\%3\97$
M?PA:?U$*WI<K^OK=?&RN6_W]UN6#A)RP<66VN"8IY_G_`,S_`-3;L\;Z5BE)
M3J`J];_ELXQ'_N6C7_\`JQJO_P!P[GHZZKW775LOX/OX_-7^*SZ@L_\`0N?T
MC5/0%,CY3FZGKFNMS7/CJU9BQ6DPWY402X#A04GYK?O\P]K;=;CT51:8K8T!
M/CISU4KOGJ]7_]7?XYZO5CD8JH(T.Y%^HL!SU>KY2G77\</\4++76GJE@6$^
MJ"L3#\OY@Q3"<'^:PK"9YJ>"GK9$B1)9J=I%"#[-FT\..E1!BKI;!3-/'I[_
M`!F_Q3^M?6;('27&/7+C>34ZA8A3Y6P[,*X=#6"*MK9E@A#QQ1.VPLPN;:#G
MDJDUI2`!1_\`\4SU7?BV_A:]1LL=(,[_`(D=;U-ZBYIPJESQ24>7<%,%`F'5
M%5/2@M-4P(/,#4[76_:W/%6%:0B313O1U^*1^.3ZV>N&`>GOH9ZHVQ+/^8Z>
MLQ2BCS,,*H:58*&$SREIJO8OV1VO<^%^:"B:LM``H"L[_CD?B^],,[9OZ?X]
MZDEP3,^3,0JLL9CAP+!L#C7YNBF:*0>;01*)1N!(-R#W'/%1KP0DTFQ^/Y^+
M16CY:3U/5&)));_0JS!<.K(W*FX_1312*2.XN-/#GM9JW=IJ=3_\*"/Q;L(+
MTD?J7DH0GVJ(X#AM,L?B;11PQJMR;FRW/-%9K?<IFN%1_P`*$?Q8JQ4%9ZCJ
M:N*&\,F)9;P6J=-03L:IAD*WMKM(YO750V*SI_PH5_%LFFC6?U22K#*X28K@
M^'L%1C[UE*$'3P(MX<]WE>#8JUSK7ZN?Q2NGOX:W2C\2C+?KFP_,V3.JV-09
M.PG(<F0LOT=92R/3U,TC2L:!5.UJ<@6/CQPJIL#&JB7_`!]?Q4B-O^T+1C][
MW<J9<OWM_P`HG&N\-/J:%;9O_"7_`->?JC];LOJPF]2W4"GS[-D"/+*Y3DIL
M(PO#6I!738B)P&H(8F8/Y"7!-M.>49%-+0`<*VW>4JM>YZO5_];?XYZO5BF^
MP/\`B:?\KCGJ]7Q-_4F?^G@NMG_@TXW_`.5\G+JVT\C[:67HE_ZO$],7_@[Y
M>_\`+E%S:-M5<V5L1_\`"O8_]5`^CFMA_FWPZY_[_.(\J=E>:VU6=^"=Z4<K
M^J_UP]/^A^?L=S9TO.<\(Q3,^5NIO2_$I<&Q>DCHJ4RWIY0MV26Q4D:<VBO/
M'KI7^FW\*?,'JU]3GKGZ5=(ZF#J%F7TTXQ54>4^GF=,;&&XEF:$XG)2O.]44
ME+O&J[W`7WCXCC@2)JFN`*.KZ)_0;A/I7_&"]"/23KEZ<L>R7BF>(JR;-.2N
MIKT6+8#4XHOF@2T,KP[*NC$6T[64,K'4\WIZ*JI1(QHL?KG](J^KO\=GJOZ1
M.@N!PY#Q;/N=YLN5,LPB&%X?300":>H@IZ../RXX849O+\;=QRBQB*NVK2FA
M:Q?\&?H1#ZL/4QZ*L5ZHGI1C/0W+CY@R1ZB>HN+8=387F#'::E$\E)-12S1L
MD<IN([-N'C?EBD15.](HJW03\+BCJ/PWO4Y^)=UNQ23$\E]%<3?(O3WICE>8
MPMCV(03TM//535;*0M,IJO=V@DE3J!R@2`,:=[TDP*L\]3R9>J/^$LWI,GRM
M)4?R:/J`DT-)BFTS4I-)B0,)="0X0FP:PO[.6(P]*HE)U5J-G4M?N-.,TJ/&
MMXW_`(1IU(_F?K@I=K%OELFR[KZ6-3BP[?5S?`4P[]U;U?-4W7N>KU?_U]_C
MGJ]6*474?\20_P#)XYZO5\8CU#]#^M5?UZZS5E)T@S14TD^9L:FIYX,"Q%D=
M#7R$,"(M0>.*02:>0I(`QIQ],N2L\]'^O/3/JGU#Z(9YK\O].L4I,XC#<LX'
M6I55%305"5$49,L0`1BEF/>W/)21P-:<4",#5M_XGOJ_Z=_B@^HG(G7KJMZ4
MNK?3FCR=@E)D2JRSE/#Y9?GJ*EKJBM9Q-+"/+=Q4%-`;`7Y8#J--"0.%*?HA
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MI'UDK/ZX=/LYY(P2M-?EC$GEI)7@\B=1'+2O\H+`D%22;\\02-E:(`(QI;]4
M/6W1Y\_"<Z9_AJX+Z5L^Y?J^EF*)FS#>HTE#55"8E5QI41[IXC$OEAQ4:A=!
M8<\!U&O`8S(JD)>C?5]M@_S5YC+MWVX-B!U^'Z+C?=GHI074]-;K/_"/+)^;
M\I9G];<6:LJXEEEZFBR:*<8_15%)YFVIQ>^WSU7=:XO;V\VH0-E,*()VUO,<
MI5:]SU>K_]#?XYZO5T?Z.>KU:'?K[ZQ^K_+?K+]1>`Y%ZZ]><L9/PS,V(4N`
M9?Z:Y4RQ+@5+3+)[J43SP%VB'[K,;GBM*<*;)JW[\"#K!G;JW@O6OIGZ@)\]
M=4LU9<GI,WX#G#U)9:P*BECH*C_17I*62AB7?:0;B"-.4>$#"MI-$5]9_4/U
M$Y<_%#Q+)^2^K_6++'2ZFSCEK#X>GF0LFY?J<F&BEG@$T*RRP%VIG!(D8F]K
M\LE/AKRC0>?B4#UA>G#U==3<MY-]2W6@9$S-+#U`R)A/3#)>7,1P3#L/KXTF
M_E\$\]*&/DFZ,-;'3GAC6IK:(]/N?NG_`%)]'V4.ON*]-EAKOZKR9BQ^BS#E
MW#:;&'K,/HV,^^ECCV"5WC)"C0DVXR9FK`UI_P#2[J1ZV?4KZI<"R/EKU%]:
M\A8'U3S3+_+\-K,@Y<I,(P;#*FO:40F1:5C'#'#[H;PX^I(&/150JC\=7?6]
MU1]</XE>%_A6>B7.&&=",@]+Z:2D]0_J:H<$P:MS)BDV$Q%JM,*WP,D3,8PG
MF?XF)[:<;!C$U<BK6L7_``A$P'+<53T8]9'4W(_5>B05*9WS=7X=F/#Z^L1=
MP-;AE=2B)HG<7=%(TT'*ATU72*K2]&WJD]<^/?C#X-Z$?6MDO*.`X?TSR1CV
M8)9>FN"T5/A&>1(!\GC+I/3`KM,1"HC65KCFR<*W$4"'XP_5'U$].?6UF/)_
M1;JYU-Z99*I\#P>HH\I=%<D8%7X(D\D),CI-/3EF=SJVO?ET@17B:K`?U#>N
M&*,M/ZD/4,"MMTD'33`&C[^!6C//0*K-;2WX#6;^J^=NA?6#%NK^<L\9[Q^F
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MBMPG!LX2Y2I?Y'5QE:F6HG#*C")MK78]N-M*QBK*%4X>GOU@KT__``N?5)Z>
MIZ#!J7-6,8G!A&2,KU_5NDJ\2KL)S!'$M9/!B9EWP-"Z-87X[H\4U2<*-Q^`
M!Z:J[$<Z]4?4OC^4<3R_1Y?H3T[Z?8E_G%?.6%UM15N)JV\,;LJR0B..Q/\`
MB/*/&!6TBM)C$_43ZA_0'^)%U5ZT=.<2;+'6?IIGC,4E1!CD<CP54537SB2G
MJXK@O%-%)8B_8Z<:484:5!,IK9_Z/?\`"QZ,85AU'UW](A.-QJD>*XYTWQAE
MI7;LS1TU7'*X'L&_FH%-E!JU;T4^KGT4_BJ^O;HSZTN@_5V/*75SHQDG'^E.
M<O3SGBC-+F*MH<1<U,53!(2$DAA:5R=I)]H'+2`(JA&.-5G?CCQ5DGKXS,:;
M*51BI.`8*BU]/U8ARH-WRQ[8?)*A3_B5O>X\@8"FU;:ML_"[]>GHTZ)>C+IK
MTYZS>H'*G3#/N"3XH^)9,S;G2+,==3)/7/+&7K27WAU:X%S;MQMY)FK).%7.
M]#O4?T$]1^#8OC_03JI@O53!,!J!A6-8EDJJ2JAIJDKO$<A0"S$:\9(-6!H<
M.:K=>YZO5__2W^.>KU>YZO5H;^H_.^"X?^,3C]#_`%JR/28K'U;HH8*+$>EV
M+5>+K)_,`+'$XXC&TW_'X-O'BQ)$139&-+W\9_",*]+7K]AZFX1B^1,BP9V@
MP7K!@1Q'IKBV-XJ*NA2&*LF:OH4=#-+/`[CQ&X7YYLR*\0!0/^J7K7D/J7^)
M%D?J!A^;\BE.H.-9!S-2)F;I=CE;C$[U7RE_].CBV+(7OM<Z)X]N;P`BM5O:
M9QR3EKJ3D+'<BYOP6DS)E?-N'28'C6"8S`)Z.JIZB'RV26)]&4WU'$DXTY7S
MB>N6&96Z']:>I?17$\U]%X<5R%CM9E)H5Z,YKJ%'E5)CC4RP(R/M%@6!(\1Q
M6E0BFR*WTOP].B&6>@/I%Z.96P+"L`P^JQ?!Z7.V9L0Z;83)@N%U]=BL(K6J
M(Z2<F2.Z2*MFUTXF<5)JZ1A6O+^(?^"+Z=?QE:C$?6MZ#^K.&=/NI6*5F(9.
MSZ^/4=;%@68<6P:I:FFDF$:/)#4*WN,ZQD/I?GE==72HC96NWU3_`.$O?XK?
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M&8\?P=O3;@M=@M`*=*?RC\VE>B,\M^Q&EN4<7-62(JUKC56KW/5ZO__3W^.>
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M1JN+]%).RF&$`,3<?#CGG6PKPD49W\;=,[4GK5JZ7*E+UR7"X<LX%1PCT_X[
ME'#L``CI]@58<8!F\S3WCVOVY9.RJ13YZ1OQANL_I-Z'9:Z(P^@[JOUH3+4U
M;5C/_4S-64OYO5"LJ&GV2?*L([1[MJV';X\\I,UX5L"?AS^NK-7KLR#GO.F:
M_3OBWIVJLFXJF6X,OYMQ.@Q.6M5H?-,RO0$JH';:=>-K3%;!JQ;E*W7N>KU?
M_]3?XYZO5X_=SU>K4HZVY^_!'P7U`==/4[ZD/1=G;IWUJZ.8QF[J+C.?LZRM
M2G'\V=/WPRLQ&FPF"BS(\536A<7II8HO+59%8V^RP#F->H]_J`_$P_#OZ_>E
M[IK@?JNZ99FH>A_JZH<R3Y+RMFV/#2V)TN4L.I,882SY<Q>H%+-4"I6.FC>9
M)#*"C!#:^D@UXBJ?J3%O^$WG1Y.FW5S&_1EFWINN)5D>;.CF.XI75]2^)R81
MBM-2&HCAHLS51A:GFFB:2&K6.0*P)2QY837B(K8+S3^+ET`R1GP='ZSI1U'J
MNJ1P_+6.X+D+#<N0255?!G&FPW^KR0S/6K3A\2JL0-%"))5VSP3K)L$>XTTF
MO50CZ@NKW_"=#,75S-_5SU`>DS.R9GS5F&GH>I'43%8\:@AH<W5H:HJ*2LHZ
M3'EFA>"1#')*M/\`+M*-D;NQ`-AJKVFKV<?_`!0.@70;%LD^GREZ#=2%S1A?
M3"BZVX7TYPG!\+>LP[+=-@U17I1NU;BL8DJ8*.AD,WEO(L;`1NXE95-8)K55
MUX1U]_!SS/T:?I+B?H/S+)E'J)5G$LD99S/E&DJ<3S5GC,<F&8G+@>%XBF)3
M.,6\G&J*I<-41Q1QRC]("KJMSJKT4#N4\C_A,X_'ZC<E9?P+U"Y3RIZ/LK8Q
MU:]1?I[KLU9KPJCRK187A=/B:4%12SXTLHGJQ-)!301R%6:&7<50!VV516@*
M.;T2_$?_``^_1M@G2WH3T4](&>^E^8.MM'AV<>E/3'(^7\#Q7$,UT^,35%!2
MU"XG08S5TLTDE12BF;SZO>LC*K`"Y%"":W1??5CU`_`[]5&<^L/7GU7=!\UX
MOU:Z,Y>SE5=4L$S'_.\&S'A='TS_`)-3U5)-A-#BT#1SS-CD2T89!YY22S>[
MKL3%>HF&`9=_X359LSC2=.NGGI)SKU"ZGXY)6T65.G6!UF9DQ#%I,/HL-Q*0
MTYK\?IX0II,1,_F22(H6"8,0RA6WXJ]5X7X368_0+@.+=;>CGH#Z#9AZ69,P
M2KCQW/N/YIJHS1UF+K#3H8HZ7$\8K,31U6HL7>F2)BK;6;2]53QKU75`W[<I
M6Z[YZO5__]7?XYZO5T1<6YZO57]U>_"Z]$'7>'J-!U6Z*TV<(^J<N;L1S;_,
MJRO)-7GFDPFBQBII2)KTL\T>"4H66':\>TE"NYK[DUZD=A'X0?H,POI1@/1.
MIZ1SYCZ<96IL=P?+6`YIQK%J[Y"ES$N'"LC@DEGWKKA5.\;7W(REE(+-?TFO
M$TB#^!]^&[48)_5K%NALV8<`AGQ"NPK"L>Q[&JF.@;%6B>J%,6J0R"1H(R=2
M;JNNG/:C7B:-_P!8_19Z>>N^+YDS%U"R?/49ES+@F7,A/F7`,4Q+"L0H*3*.
M.5>8\'FP^?#IH7I*JCK:Z6:*HA*R`D#=8`<])KU%BG_!B_#CJVIC7>GFFQ+9
M/'B&*?S/$\6J3BLJBA9SB+3U#M5B63#XII%F+*TNZ2V]V)V%&O4))_#'](4^
M9>G&;L2R5BN.8YTGR=/T+R-4Y@S-F"N6DP"?!ZO+UMM35N&J$H*Z:F2H/Z01
MM;<;`CP4:]2=QC\)GT-8U68IB$W2NKH:W$,&P7)V'U&#9AQZC.#M@%/04E)B
M>%BGJT%#BGE852))7P!9Y%A0.YMK[4:]4C`_PH_0]ENASO0X%TKJL-'4W+>8
M>DW4BMAS!CQJ\?P'-&$T.#U]/B,[U;25.Z/#HGC>5F:.7=(A5W8G14:]05O^
M"'^'M-3Y2\_ISC\N.=/S2IT^SE'G3-$&-8!!0K4?+4^'5=-6QO30Q/522JD=
MAYI$ANX!Y[4:]2JQ7\&G\.G'*-J#%_3]#B%/65^(9BQ]ZG%\;:HQB?%:W#,0
MJEQ*I^;\^KBDEPBG8QS.RBS``!VO[4:]2'I?P)_PQZ#`\#P/#/3])A?]6(,Q
M89EO&Z',68DQ2AILTXRN.XC#%6&L,VQY@R*I8A(G>);(Q7F]1KU&,]*WX;?I
M,]%F;L;SEZ<LC5F0:W,&$T^3,2PM<9Q.MP]J*E6G2*T%;-*`ZBF0!O#6W<\\
M5$UZCW@6Y6O5[GJ]7__6W^.>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[
MGJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU?__7W^.>KU>YZO5[GJ]7N>KU
M>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU?__0
MW^.>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>
MKU>YZO5[GJ]7N>KU?__1W^.>KU>YZO4&N:^L_1[(>*C`<\=5\M9,QPPQX@,&
MS7CN%X=5_+RLRI+Y-9/&^QBC`-:QL?9SU;BDU_M->F[_`+B#R/\`^I9@/_G5
MSU:I892ZL=+,_P`\M+D3J5E_.M3!<S4^4L9P[$G0*`3N6CFD(M?QYZO4O^>K
MU<))(XD>25Q''&#)))(0%50+DDGL!SU>HB?4C\3_`/#LZ18[)EGJ3ZU^FF4L
M?B=J>7"L2S;A!FCD4`LKB*9]K"XN#SU>BC#='O47T#]0>&S8ST-ZS98ZN8=2
M@/5U'3W&\/Q;R0;6,BT<LC)>^FX#GJ]0TWYZO4'S=6NE29O3I\_4S+Z9]DD%
M)'DAL9PT8NTIC\X(*,S><6V>];9>VO;GJW%"#SU:IDS%F7+F4,'K,Q9LQ^BR
MOE_#@LF(8[F*K@HJ.!68(#)-4LB*"2`+GOSU>I,Y.ZM=*^HE978=T_ZF9?SU
MB&%QI68E0Y.QG#L3FIX9&*(\J44TC(K,"`6`!//5LB*$'GJU7N>KU?_2W^.>
MKU>(N"/;ISU>KYPO_"D_I;@O6W\>KT^='L?JY,*PKJOD[I-TWQ/&J**.:HHZ
M?&<VYAHI)H4E(4NBO<!M"1KSU.H40#5I/_+&1Z3KG;ZML[A?`-@>`$_>".>J
MO>&B`?B"_P#":CJY^''T3S/ZR_0SZKLR9FK.A4/]?\XY:$9RSF.CPZA"M/7X
M96X)4!)7IU!E>*15)0&Q)TYZK)5.VMCS_A/-^)GGG\2'T68ABO6NMAQ+KQT!
MQ9.F/4;--,B0+F"D:BCKL.Q=T0!4EGA8K-M`!E1B``>>JBTP:UW/Q.?Q'O67
M^,=Z[*W\+C\.7&JW+_1'!,6KLB9GQ[*]=4X<F:I,'F$6+XOC-=3`/%@M#(A6
M*)3^E(!.XNBC<5=*1M-6+=#_`/A';Z*L"R70Q>H?KSG[J1U%GCCFQK%>F%1@
MV6L*CJ"+R+##6X?B<KH#H&=PQ&I'-5H.&JX/Q#_P!.OGX2&6Z_\`$`_#/]2>
M:JO".B\BYGSW@$[QT6:L$PF-]LE:DV'".GQ2EB!'S4$T`_1W.UE#6V*]K!VU
MM-?@D?B7_P##GOHOP7JOFNEI<(ZY].JU^F/77!,'4QTQQBFA2:+$*>.YV05T
M+K*JW]UMZ]EYJJJ3!K5,S32T_P#RV)97G\A/-/4"F(EVC=?_`#<RCOS:MOI5
MQ]E;_P!U.ZG=/NC73_-_53JIG"@R%TZR%0SYESAG#,M0E-14%#3(7DEED?PL
M+`"Y8V`!)`YJFJ^>EZR_65ZQ?^%*WJTH?1?Z),OXAE+T8Y,KX\2K\4QQ)Z7#
MYJ"&<Q'-&:2E@L9`)H*"Y8FQL7)(]3H3&VMU?\-K\-#TX?AC]!L+Z.="<N13
M8]7I%7]4>K6)T\`QW->+;/?J:N9!=8E:X@@4[(ET`O<GU-DDU8@.>K5=\]7J
M_]/?XYZO5[GJ]7SP/^%`.,X-EO\`X48>CW,68\7ILOY=P#">BF,X_C^-3)3T
M=#1T^=L?DFJ)Y9"%CBC4%F8Z`:\]3@$I-;K[?B9?AVJS*?7'THNI*FV?,M$:
M::$5FO/50)-4Z?C4?C>^@WI]Z(?4!T;Z1=>\N=>^N?6_+6)]+,H9*Z58C3XU
M%2+CE(]#/7U]51,]/#!3Q2,QN^XM8!3?GJV$F:JI_`NZ?=1O19^!#^([ZU\5
MII\M-U:P+&L8Z-U-2LD<M1A>7,OS8)2XF@)!V2UE1*8F`]Y4#`V(Y9-;<5)I
M8_\`",OH=@KY.]97J8Q.DCK,WRXK@70_#L8F]ZHAIHL.3,5>JGP\^6KA9S?4
MJ/9S1K;E;QXT`'LTYJFZ36<LGY<Z@93S/D3.>#09BRAG/#ZS*N:,!Q%=\%;A
M^(4[TM1!(+BZR1NRGX'FP:]16/2#^'YZ0O0709WPGTE]&*'HUAO4>6@KLZ4.
M`5.(315T^&12PTTCK6SS`-&DS*"MM#KSTX5ZM&[K/GS)?2S_`(5JR]2NH^::
M')&0<B9Q7,^;\VYDJ$I:&@H:7IQ,\DLLDAL`!H!W)L`"2.>4,13J3X#12_Q@
M_P`:S&/Q8^N^5O3_`)2S[+T`]`F#YCP_":?$<=AG9\4CDK4ISF?'J2F/F-#`
MK&6GHSHBV9O?)(]6TI@5]!'\-OT'>F?T`>F;)W2CTSTT.,X'CU-2YOS5U<D,
M,^)9UQ&JIU?^:U53#<.LBL/(13LCCLJ::G5-$S1_U!`-^YUYZM5RYZO5[GJ]
M7__4W^.>KU>YZO5\Y3_A1_TYP+K%^/IZ=.D&:99X,K]5LI](NG69)L+=(ZI*
M#%\WYAHYC"TBNH<(YVEE(OW!YZG4F$FKLC_PCS_"\N=N=NIZK^ZIQO+QL/#_
M`)PG/57O#0R=%?\`A*5^%#TCS=AV:L>ROFWK53X5*M=39.ZJY@CDP.61&#+\
MS1X-2T"U"W&J2EE/B#S9-:*R1%6E?B0="Z///X9WJXZ$=.\MT^%451TQS#E[
M)64<MP)24T"X?A+S4M+30TH140>0J(J@`:#MSP-5K64_X1A]7,(JNDOK0Z%S
MU,469,.S!EOK##ATC*LS4N)X,,$F8+W81RX<JM;[)(O:XOJG'*W=0;@$<]3=
M(7J?U&RSTBZ;Y_ZJ9RJ_D<I]-L&Q//69:LM&I2APJCDKIB#(RK?9&0+D7-N>
MKU5<?A4?C&='_P`6JGZQXGT7Z)YWZ8X%T7?"*''<:ZM1X"D-958S'/-##3#!
ML0KB66.`LX?;8$<]6R(K2$_$V]+F+>MC_A1SU4]*&"9GILEU_6[..!Y8;-F*
MPM4PX?30Y6@KZF;R4UDD6*G;RUT!8@$@7/+*VTXV82:V9_7?_P`)M?3-F3\-
M+#_3WZ0<F18'Z@N@B5W4;IGU!QXQRXQG7')Z=1B5'C565!D&)K$JQ_N0NL>T
M!00?`U0+,T2C_A+S^++B94?A6>J/%JG!\^9!:OPOTVU^<F:*L6/"WD^?RI5-
M/[PJ:)D=J4,;M&K1BY50=5M:>-;MH-_[>:JE>YZO5[GJ]7__U=_CGJ]7N>KU
M?/*_'LJZ:'_A27Z)8YJF*&1Z'H?LCED16-L\X]>P8@GN/OYN*O\`PFOH:7UM
M;FIJE=\U->J/4PP54$U-4Q+44U0C4]1!(`RNCJ592#W!!U'-UZOG0>LSTU^K
M3_A.7^(]6^NOTJY0GSCZ0.HU=7RK&(ZF?!8L'QNK6MK\K8ZU,A-)Y<P\RAJ;
M;19"+LK*?4Y,BK\.CO\`PK._"NSYDR@QOJ77YVZ)YL:!)<5R?B.4\4S+%'/8
M[TIZ_*\5;%*@(]UW$1([J#<#U>+9JFC\57\>7.GXLN#4_P"'+^%UT@S9F7!^
MLU1!@_4/,M10>3F#,=$DHD.&TU%`\OR5`Y4-55%2Z,47;M12Q;=>2F-M;4OX
M+_X;]'^&/Z*,I]%<9J*?%NL.<:J7J?UUS!AQ5X9<Q8A#$AI()``6IZ*&-((S
MV)5G'VN:-4)FM2W-%;1#_A8IEFE^=A^9_P`X%*II?-3S+GIU*;;;WO\`5RRN
M%70?`:^AP;V]GARDTW6AQ_PIP_"ZS)T(ZEX9^+=Z38ZK*-1!B^&8YZ@&RDOD
MRY>S+23Q?R[-4/D[=B32(D=8WA)M<DAVM:G$$;#6Q;^"3^+!D?\`%,]*F&9M
MK,3P_#O4?TM2FRCZALA87/&3%B*Q[8<4IHPQ)HZ]4,D;#16W1]UYXBJ$15S@
M-Q?FJU7?/5ZO_];?XYZO5CD;:H/M95_Y"8#]O/5ZOEY^I3\>?U08CZELW9HS
M?T#Z,]0>H/33&ILO9(ZG9YR!AF)YBPZEP7$9I*%8*^H#2IY#NSQV/NLQ([\<
M)`PBKI1(H>NBG_"EK\5CK;U0RCTIPG-_3_+>.9VJH\#P&OS)@R0TCUM1(L4,
M+.74`NS``\LD@G955(@4</U[_C#?C9_AOYIP/('J(SETK'4+,-#!FC#<FY7H
MXJVI;#)YY:=:@M#*0%WPN"+>'-$B-E:2F319O3W_`,*-?QH/4]U+PGH[T*Z=
M98ZG=1L<BJ*[#<M8#@4TE2\%)$9YI-J2:*BBY)YX$'A5B@#C02Y^_P"%0'XG
M5#79LZ9]3<@9"J)L.FJ,KYTR/G/+?S4/FP.8IJ:JIJMF1@&6Q5AS1/56P@=-
M5*Y]]='33J3F.;-V;OP]>B?\YFF-=*^7L(QG!J4RL_F$BFPRNAA`)%[!;<]K
MZJN$=='@].'_``H&]0GI)P.HP+TV>EWHSTAH:W2OK,E95--7U*D@[9ZSS#/*
MMP+!G('LYI2AT5HL]=&5?_A6;^)8RV7+61(V[@C#*L]M>QFYO4.BJ]WUT!;?
M\*)/4?6]6Z;KI/Z4^A:]<Q4I71]<)LC4[9HAG\GY03C$2WG;UA/E[MU]NG-$
MCHKP;PJXKJY^,C^,GTQ]$?3_`-?YQKI1F'H1U*Q.#*V6'P"@G>MDJ9J>><^9
M&U2Q0)\NP-QQPQT4V!-5>YH_X5,_B(9VR_C64,Z9)Z<9PRCF.GEP?,>5<TY>
M^?PW$**H4QRT]33U#LDD;J2&5AJ.4"AT4[W776P'_P`)C/5A2^KO'/5+F7$O
M3)TJZ%X_T_H<O8'AV,^GC)]#EFKK*+$:FMDE@JY*0`RQAJ5&16[&]N_-*((J
MJTP:VXP+:#E*K7?/5ZO_U]_CGJ]6*;[`_P")I_RN.>KU?$V]2?\`U<%UL_\`
M!IQL?^1\G+JVT\C[12S]$G_5XGIBMI_QM\O7'_?RBYY.VJN'"MB3_A7M_P!G
M`^C@/;_-OAS'_P`?.(CFCLKS1QJKS\$GH9GWU`^N3)G3KI+U_P`=],?5VOPW
M%L4R=U9R=215GRT%/2&2HBDBG=`ZRI[OCS:*\_37T\_#7ZW>IKK_`.M?`\I+
MC77#$_3/C=5#GG^J_P`H,QYAGJ,1DI?FDCJYHE`+`O(=UQX`\OIQJJEP!1I?
M0)Z"NCV7?Q2_1ST(Z\97Q_&\(ZE1U5;GOH]U=P!L/FI*]/-1**=EG*30A%$@
MFB=KW`*CF],&JJ<D4"GKZ]&F'=2OQB^JOHW](&5%PW$LSYR;).5,DK`E#AF$
M612WENCS$P1("[L1?0Z'E5HV5="X3-"?3?@;YKS%ZB_4'Z.,G=1YIO4#Z>\N
MOGNNQS,='\EE+'IZ:F$]104E4]V5EN0CE/>MK;GBWA7OS!HJO0G\,G/&=O1;
MZB/7_P!6L6ER+T#]/==_4Z;#,&2.HQK'L;62GCE@ID+*B1Q&J0M(7UU`!YK0
M!MJW?'A5S7JAH,*I?^$LWI'BR_C'\\P://Z3T57)&T4RQ/28GM2=#<"1;V:Q
M(]AY8[/2FQ]PK4</C\.UN-"E1&VMX[_A&E4(,0]<%+N;?\ODZ3;;2QJ,6YN(
M2*9=VUO5#E::KW/5ZO_0W^.>KU8IOL#_`(DG;7]\<T:]7Q//4C3U#^H+K6R4
MTK(<T8TV\1N0?]/D\;<<4,:?;^T4H?23C^4,@^I#I!U"ZD8O599RCT_QN@SK
MB=?04,U7-*,.JDJ/(2-%)#2!2`3H.>3`K3B215U_XR/K1]%OXJ'JGZ<=:\$Z
MH9BZ1Y0RMERBZ?8[08KER>LK76GQ&JJI)X/+79JE0%`8]QRZ0GIIGQ#A2C]*
MOKR_#W])_P"))T6Z^=,8\RX?Z</3]TWI.DF&0UF#C^?YBQEL,-)5UTZP1!4+
MS,7;=<VTOSQ*1Q]U;T*HI73?UHY+Z.^IGUC]?^B/J#SAT4ZC]5<=&;NA_4;*
MU!(:'Y>NKI*FKH,=H9$)EA,;;=RBX.J\\".GW5K22*-3E#\:3$,X>M/\//K?
MZMLSCJS5>E'$<:K<_P#6')F`OAU3B%%BT8BA@$#1B65:?;NNVI)-N;*A&%>T
M&@<ZR_B*=&>CWXQ2_B0^F"MQ/J]AM;FRIS[C&$YEP^7!XS@^(T_R4]!$LJ;_
M`#?+9SYA%KD<JJ*LA)(VT%OX@'JJZ2>J?UF=4?5KDOKAG#*73_JB*7,%3T?P
MAL;PS'H*H4:I+A[5=&\5/Y7F`@..Z^%^>D=/NKP2<<*$GH!^)ET^JOPE_5/^
M&%U8HJO(E7GW$GSOT4ZG105.)4D+35%%42T&(QQHTK?[RL5E!O=M=.;P(KQ2
M00=M*GJYZ]_2MFO\$WI#^'9E+%L?CZO=+L;3.V*8UC6&.,.Q.=$JHW6$QK[B
MMYZ[=VNFO-81MK0U:ME:]_E3GO3R7:Q-D<ZGZN-Z:4DX5N]_\(U+IF7UQ(ZF
M-_DLEW5PRG_>G&+=_HY96P4PYMK>YY2J5[GJ]7__T=_CGJ]71U'W'\^>KU:"
MOKO]374KI=ZP_4+T_P`CYXZ2Y0RGE7,V(87@N6\7Z"RXY54D2S']'+7KI4."
M3>3Q/%:$R)FJ%45:]^"=C717UEY<ZOY4]0N3^G'67JAD:JI<=PW$LK=+CDZ*
M'!*H>2JR1U*LDK"8$777V\TZ2!@:\DS1'/5]U&JNF/XDV(]!,EXQT?RIT>HL
MVY>RJ.E^-=%I<4K_`)&MF@2HIFQ6)=I>42$"0:+?ED[-M:)QH,?Q`LT=8?2)
MZL.J72^DS)T0RIE"GJ(<U=-,!Q'H<V+U4&7*^-*BGBFJZ,%7D"W#'O\`7RI-
M:FMFCHAT+]`/5STOY1]1L?IUR'78+BF6SG/&<7I\JK2P+)2TC2U1%//'YJJK
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M,PUZ5-3"6D=ZN!"I#G4`=N6!D3-5V&JUO]L?J=$/TW4'H#32@B\;]!*K3Z]H
MYO4>FO$UM/\`X`6>9^J?1GK9GC':O(F/9IAS%!EV7,G1')#Y)C:CAI3-'!50
MR`&9D:1BK=M3QIVK)K8"'CQJK5WSU>K_TM_CGJ]7N>KU:&WK$P+J+G[\3KJO
MTZAQ7K!@^"9SS_+EF+$\I56"IA%/%4RLJO3+*-_D@@;0==>+4;*:.VAB_"BZ
MD=3O3S^(CA_3;/0ZK8C@^8ZC&.DF.IU.J,(CP*&J66T%5,(2KDJT=T!]O-.B
M4UY)QIR]<^)=3$_%>QR##9.KBX&N=<KI$N2Z;`Y,N>29Z;=M>=#*L/\`CN;]
M[<\#X:V1C5JOXZ70?-^8.C.0_4!T]Q7.]/C/3>>/`\TY>Z'T.%U6(5V&UR&T
M]1\XC';"ZJ+@V`/&F3C6U"B%^FWUAY[RG^%#ZHNG^*85U5J\_P"7<03)V3,0
MQZ/"4S;\IF2.(_,8=''^C:.G;>""NESQS1XIJLX4J/P(NBF>\[]8^HO73.]?
MU,AP+IKAG]7<L8-USPO!X,.K\3Q&3>T]-+20AO-IEAMH=`_*NF!%;2*TZ^G_
M`*Y>N7X?OXH/5+U/9;I!CV?,MYTS-0YSRKF625(L7H*FOGAEIIG<%E)C:Z-;
M0V/&E'Q$4JTRD5N)]'?^%=?H6S?A.&#JUTLSATIS)(JKBD%+%38M00R&V[9-
M$T;,H^*<UI'33121PHY7I_S#Z:_Q`_Q(.B'XC/I!ZOY7SGEK(/3_`!_HUU@R
M['4)29KCFJ96JJ%YJ!]LQC4U#`R,MM+`Z6Y?8,:IQJK#\;+%L]4/KOS(F74Z
MM>1_(<&\ENDN$X+58/O^7)]R6LB:0M_B!.AXZV<!55"KD?PM3Z<<5]%G36HZ
MWT^`39_,^*1XL_J0I<GP9K*+7/Y9JD9%(7;;R]POMMQIR9K::MWZ9KT@3#*Y
M.CRY:3!Q-?$EZ:#"Q3>?M_W487[F^WMUXT9J]"5S5>KW/5ZO_]/?XYZO5[GJ
M]6AMZC9LI4OXQ6/U+Y5Z6S8Q3]7:*1<1QK/>,TV.>=_,!^D?#T0QBH!U\H&U
M].+4$131VTIOQ8,AY>]*?XCU7U/P7(_3G"(\R5>"=<<`Q_J/GW&,+Q.:HVP2
M8A.:*-&C"_,I+M`[BW-)5(QK9%)+U>YPZ?\`43\3S+_4+"\*Z88U3YXS%D/-
M=+CF(]1<9H,3F-7\F^^.@C0QE@QLB=FT]O/1`%>K=^ZI],,J]:.DV;^E.=L,
M_FV4\]X1-ES&L-2>6G\R&HAVV6:$ATUM9AJ.)9@U>OG-=3NG&!]'NHV?NC^/
M=+^D-#C63,6J,J5V&8EUMS!!.9*6I:.%98S`=K@6N/`WXM21%4(PK>P_#&].
MF7O33Z.^EF6<+RS194Q7-M&G47-^'9=QFKQ[#OG\505.ZGK:P!Y(_**6-AQ*
MZJ559(PK6._%S_X3^#UU=0LR>MG\,_.N`9TQ3/%550]4NG-1BD,%!6XY13&*
MHFH:MAY:27TEB8_:&G?E5=>VG$+BM8CJC^"A^*AT>HL0Q+.?HUS'48;A2O-6
MUV3S3XQ&D:"[,#2-J+"^G-:#3O?)H,_PX/4WU8]$7KGZ#]2LHU-9EC$:#,^'
M92SWEBM22):[#<1J!A]32U4#;;V62XOJ".;&V*TL`B16UM^-Y79)KO75BE97
MY)Z<XO-B>5,NXR,3ZE]3L7RKB9CGHA*JO0TD3HH`;W6!UX^E4`4G.-%=Z/?A
MG^JOU&9!PKJST3]"G3/J=T^QQIX,)S9@_7'%/)GEI93#*@\V'=='4@CGB[50
MFMH#\%?TF=</27TEZMY7ZX>GW`_3[B^9<?BQK!L%R-G"?.,5?3K2^69I9YU4
MQ,#H$'&W5@Q5DB*NGXS5J]SU>K__U-_CGJ]7CSU>K1-]2<KC\7_&0<P8Y&PZ
MKT02DI_3]28I3*#B`]T9B-*2RZ?[TEKCO?BI--D5;/\`\*&^C='7=(.C?7^&
MN.%39-Q,9(S%48/TKP_J3B571XK"X@0P3032PQ1R78D>[<Z\;0>%;4*UJ>D6
M?*W,/7_H?)CW4#,>-8@F9<M8;228YZ6::G<4\.(Q)%$*V2BW4Z*-!(+!!J+6
MY>M17TEJ0'Y6DUO^CC^T+?NCP\.)S3E?/4]=F+81%ZX/4+%/GJOPZ:/.M9'\
MC%Z7Z3,:+_I@T7%VH7^9'_'MS?O?BBFZWUNAA5^A72(K(9U;*N!,LKT0PPN#
MA4.II`%$!/\`Q4![O;PXPO;5Q6JI_P`)Z?Q*NF&7.IOJ@_#JZL9HI,JYPPCJ
M1FS.G1.MQJJIZ:GQ6GQ'$96J:",RLI$L;1!HT_>!-M>64)K<16X00"-I]X,-
MI!%[BWQXV:]7SX_Q)/1[ECU<?\*/>E?1CTUY>I5@@BRKGKU$XIE.F0T&$UN%
MUM3B%745;42E(Y&IXH5;=9BQUN>.P,#6PHZ2*-K^.6N!81ZW:JA.:Z[`6@RK
ME^B2CP_T^0]2(_+AI?+4G&)*28DV`_1[O=Y<50BA_P#0?^-AZ<?2#Z:\G]"<
MY=)^KG4;,&6:G$:RIS7D'HGB&6,-G6MJFJ$$=!1PQ)&5#68A;L=3WY529KPP
MK8`]"7K\Z8^O[)><L\],,A9QR%AN2\23+5?1=8L`JLOU<\SQ>;O@BJ@"Z#MN
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M+C.$Y5I,<Q*+^9_RE))<$:*GJ8XE+2TCR>9&`=P!Y<$UK35ZC?B1^ASHG@F2
M.E>(=5,7EQ'!NGN$]4:#!:K+^8<0QV/*1PF2II*S$(:>B,L4LU'1RU&R5%8H
MC-M%K<;.VO`53+1=#_\`A.YG3ICF;!:O&*[$<PEY>NE-U2J*/,>'YYDKLQXC
M3U$,.%31X?":BNW5U.T5%%#),(YHV*;7!XX2:]%+O)6'>FW%\H9XR9TY_&<Z
MU3=&>CN6L8ZF]3,K01TLN-9:RS@6&TF)538A75.7Q/36@KHUBCEC\R1]RIN9
M&`WJBO48;TL^H[\''\/O!IL&Z=YHQG*/4CJLM+FRMKNJF6\V5'4;.:8C#,])
M5+'58<E55)/\JZQ>5$%9[*!N87H=1KPH+?5WD/\`"G]:V;\V^JK/GKGZB]/J
M#*^7LRUF9HNEV8<1R]@]#AW35<+3')9*.IPF619J0XS2"52=S-)902#:P)KU
M$F7TJ_@G"JJ*'#?Q,^MV;<;2:HPZDRED[..(XKB]94TJX9)+%245!@,LU1(8
M\7II0L:,3&Q<>ZC$;DUZ*NO_``J<"]%_25NL/1GTB]9^H?7BE@KDS+G3-_5X
MXQBV'4=<D$*M14N+56'45/YJ+4(9*=6+J;W`L>45->`JXL&X_IY2MUWSU>K_
MUM_CGJ]7CKSU>JHGU)_@K^D3U60]3(NK.(9IK_\`.5B&?<W&3#\2H8VP;%NH
M6'X%AU=68?OHGV24Z8!":;S?,"EY-P<%0MM1KU(EOP)_23BW0WIOT#SMG7.N
M>\J=(J;,>&].L8QFLP"EQ3"QF-<+$DT<V$X32+Y\!PM3%*4+'S)%D+JP4>UF
MO4%^._\`"<WT1YORG@V2L[9ZS]FO`LK3XQ69/6MKLMT\^&#&YJ6HJ$CFH<%A
M>3WZ*(JTI=AM[V)OLK-;-6"=:?PZ^B'6;J#B_5A\6QOIWU+J<"R+DS+.<>G;
MX535.`S=.<RUF:<$Q"C6MH:J-ZB&HK"C+4++"T:(ICTN=:C6J(UF;_A/'Z$<
M[BO7.N+9US8,Q8@F9\\_SS%\-F..U@FHZR22I/\`+@8R]32-/>G\LJTTJH50
MJB[UFO31F\9_"KZ39IZE]-.K.<.M'4#-><^F73ZL].]'BF+XC@0FQ/#JW`:W
M+C5M?-3X3%++4_+US,RAU@DE5)9(FD7=S6HUZD'B7X+WIPJJS#:W#.J'4'+L
MF4(\%QKI9#A.,82T64\X8/AV#84<T8>E5ADP?$JJGP"D2H6I\VF(5ML"EVY[
M6:]4K`?P:_3OEZJ]1>+TO5'J#6YI]6F5<P=)O47F_&,8PFJQ'-='CN#TF%)5
M5LDN&$-5T+4\D])(%&R2>4,&C8(/%5>H+&_`@Z"-B?1O-*^I+JO2]0?3W!AN
M#=&,]89B.4*6HP+#L)J:G$J:ECI(<O+12(*RI-4S2P,[2*MVVC:?:S7JGYK_
M``%/1WG6JSOBN8\\]1*_,G5:LQO$.L><&S'2C&,V4V8*_!L0JZ/$*L4&_P`@
MM@J*GE;&59)`&U4K[6:]0:Y9_P"$Y'HKR7792S/E'JEU/P#J3D>#,V&Y=ZJ4
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MXYZO5[GJ]5<?XO>+8M@7X8'KLQG`L6JL"QC#.FF9JW#<9P.IGHZRFFCH&99(
M9Z9DDC<'LRL".>K8VU\^G\*'\+GUW?BQ]-.I?47I;Z_L8Z2472G%,/R?B^&9
M^S-U$KYJR:NH#6K-$V&XI&JJ`+$'6_PYZGE$`U:S+_PE7_%$2*1HOQ5::690
M6BA?&.JR!V`N%+?S=MH)\;'Z.>JNL=%%AZ<^N_\`%C_X3[>L?)/0?UV9XQ;K
MMZ<,T&GK,1P3,>,3YDH*W+516"CEQC+>)UR_-0STK7:2FE.MMK+JK<\*]I!V
M5]%O+F/X3FS`,"S3E^N7$\!S-1TN8,#Q*GOY=11UD*U,,J]M&1P1]//4U7RB
M/Q5/4'ZF>GOXNOK-Q;I5ULSS@6)=,NHM9G'*V'Y<S-F(T.&K@T=/B'FFABJO
M(%-%LW2JT>S9<'2_+*VT\V!IKZ,GX3?XAN3OQ+?1IT\]0.$-3X;U#HT&2NN6
M2:-QNP7-E!$BU:".Y84]1<3TY/>-P+D@VK31$58YC1*X-BS*Q5EI9RK+<$$1
M-J+<V-M:-:&O_"5'J7U+SI^(WZ],)SIU*S'G/"<,RCB4V&85G',&,8M2TSKU
M`C@#0PXA4S(C!!MNH&FG8GGE;:<4/"*WTZXD4580;$12$$:'[!YJFC6@%_PE
MRZF]3<Y?BR>LS!LY=3LRYRP2@R'GJHP_!,X9AQG%:."2+J;@<"/%3XA4S1HR
MHQ56500I(\3RRMM.*'A%?0&'CRM4KOGJ]7N>KU?_U-_CGJ]7N>KU5J?C(:_A
M7>OK_P`)AFG_`,M[\V*VG;6O/_PC7Q3#,.]+_J]6OQ&GH6DSGEPQK5S11E@,
MOOV#L#S57=VUN.UN<,I4---65N:L-HJ2F5IJBJJZZECCC11<LS.X``]IYZFZ
M^=]_PJQ]6_1CUE>ISTN>FOTT9EH.L>;NCU+CN5LR8WT\EBQ*GGS%GBOPRCI,
M(IZFE+QSS1?(JQ$;$*TFTG=<"X&RG6\)K?S]+_3[&.DWII]/72S,4CRY@Z;9
M'RID/'9*B02N:S","I:"<LZZ,=\1U\>4.VFJT%N@N1\I]3_^%8/7WIKGW`X,
MSY&Z@XYU;R7G++>)H'IJ_#,2R!-2U$$BGNKHY!^\=N77MIP?8*]Z<\X=0/\`
MA-5^,IF3T_\`4[%:NI]#_J0FI*1<S5P;Y6;*^(5;18/COBOS6#SN:2LMKY99
MCH5Y6O?<.NOH?XA6T>(Y:K:^@JHZVAKZ&6LH:RD=9(IH9:<R(Z.A(964@@@V
M(YY.VFC6@7_PDL_[.4_B`_\`@GXG_P"S%3GCMIY?VBOH$5W^\-9_RZD_Y4/-
M4T:^>5_PE-_[.[^M;_P0<_?^S1P'FU;:<5]HKZ'_`#5-U[GJ]7N>KU?_U=_C
MGJ]7N>KU5J?C(:?A7>OG_P`)AFG_`,M[\\*V-M?/F_!G_`MQ#\6KI1U7ZB47
MJD?H`.D>+X9DM\&ARO)CW\P^>PXUWG&1,6P[R]NW;MVM?O<<]3ZW(.RKE?\`
MEC!QMK+)^)#*\9(WH>G,I!'B+',Y'/54NX;*N!_#3_X38^C?\/KJ-@G73,69
M<4]3'7+*<C5F0\U9_I*3#\'R].5VBIH<*I&D3YH7.V>:1V6YV[3KSU44LFMB
MT"W-<:I7SSO23_VE]]2__!QZF_\`L#R<<5MIP?;6SC^/)^%YA_XEOHVQS#<F
MX7"WJ5Z'K5]1.@F*NH$E;4)!_IN"2.-3#B$2;%!T$H1M!?E*JE4&JZ?^$R_X
MGE=Z@O3IFWT"=><5FI/45Z4L-J\/R4F9G\O$,8R52$T*T\BR^^U5@\P^6F!.
M[R_+-M&/-C;7EBJQ/^$EFGXE7X@(_P"[/Q/_`-F*G/';5U?:*^@17?[PUG_+
MJ3_E0\U31KYY7_"4W_L[OZUO_!!S]_[-'`>;5MIQ7VBOH?\`-4W7N>KU>YZO
M5__6W^.>KU>YZO56E^,@;_A7>OH>/^;#-/\`Y;VYL5M.VM??_A&7_P!6N^L'
M_P`'3+@_]9]^:J[NVMS7GJ;KW/5ZNOV\U7J^>=Z2?^TOOJ5\<X=33_ZP[\N3
M3L0@5]#"Q[V\;VY6FJT*OQ[_`$E=3OPM/7?TC_&4]&]`,#RKF_,,:]8\$H8F
M7#*+-E9"\%0M9'#8&@QZGWI,#H)Q?NXYL4XG$107?\)#,:7,OXA'K?S*M+\@
MN9>GSYC^1W;Q!\_GF"K\O=87V>9MOXVYXUM>P"OH.UU_DJRP_P!RD_Y4/*TT
M:^>9_P`)3K?\.\>M;7_G@<_#_P!>C@/+*VTXK[17T/;\U3==\]7J]SU>K__7
MW^.>KU<)#M6]KW*K][`<]7J^>!ZU/^%.G5+JYE?U'^D3J1Z7,&KNF>=H\=Z/
MYHK<OXW64.*289+(]'(\$^V18Y2HT8H0">W'#`JR4$B:*S^$O^,%F#T2RYD]
M.WH=]),6)XAUQQ6CQ^KP[J[G:?%9ZG$:2F^0@BIIC3TH3<KVV6-S[.;3!.RM
M+!VS5ROJA_X40_B9>BZ?#Z#U->@[+'3+&L6CBKL,R]BN.RFOFII7>-9EB1B?
M++1LN[M<'GB$BM`2:+KD3_A6_P"J_J/F&BRAD;T0X=G7-6(AVP_`,K5M=554
MHC4NY6*)&8A1J=.:\/15BCKIBK/^%A_J!PZLJJ#$/1W@M%7T,CTE91UN*U4<
ML4L;%61T905*D6(/-2FMAHU4GD'\7?H_TW]?V,_B5Y;]).,-ZE\>Q'&,S5Z8
MGGV2;+/S6/8:V$U.S#A0H54Q,=@$NAUUYLJ3T5ONSLJV^D_X6/=9PK?-^D'!
MIM1L-/C<JZ`:]T/-2FO=R:!SU&_\*FI?5;T1ZD>GCK=Z%<'S7TOZK8;-E;-6
M$-F!XY1#*`5FII1$3%40N%DAD`)1U!\.>PK7=GIJOW\.W\6OH1^&/U+SQU,]
M+GI!Q]LV]3<$@Z:X])U9ZB-CM*N'QXC%B*F*./#Z79)YD0NY)&V^GB-C3-64
ME1K8SZH_\*&OQ!NE_IMRWZL\T>@[+L/IYSM518!EK/M#FAJF"MJ*F"655CV1
MCL(FO?L1;ERD4Q!FM<#T-_BY=&?P\>OW4KU*^G3TD8RW4SJMA6*9.S8O4?/[
MXSA8HL9QNDS!4?+TR4-/Y;_,4<>UMYLMUL;WY24GA3Y28VUNR_@=_C&Y]_%?
M/7W^NG2/#^ER]'EP-Z#^2UDE6:LXK)6(^\.!MV?*BWT\TH#A3120:V`_HY2O
M5[GJ]7__T-_CGJ]6*;[`_P"))_RN.>KU?$V]2?\`U<'UK/>V:,;`O_WGR<NK
M;3S?VBEEZ)U5_6'Z85=`R_UWR\=K"X_Y*47MYY&VM.G"MB'_`(5[1Q_\.#='
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MN'9O]3WI^P'_`#A]1ND6&K(G^AI")YX:2LEVPRU$(-F4.;G[-^>+6&VO=\.B
MB\]#OP_NLG5[T[=;_5WC@7IOZ:_3[,F$9]ZAYAAD9I<4=HD^1HZ>,-)+,IGC
MWV6RAM3RH1TULN^M7[>J+!1@O_"67TB4%+B5-C5!3Y^CDH,6PQ@T4].])BFQ
M]IU1C?56`(]G+D8>E-#[A6HX?$>RUK^'&:4D;:WD_P#A&E,GSGKAA\P>9Y&3
M7\HC6QGQ;6_+'8*:=VUO2\K35>YZO5__T=_CGJ]6*;[`_P")Q_\`*XYZO5\3
M3U)RQ?[076RTBW&:<;N+C_E/D^/+JVT^W]HI8^B_$,LX/ZINAV:<VYOP_).6
M<EY@PS.6.X_F*393I2X=61U$BKM-S(RJ=J^)YY%:=28V5?=^/+UN]+?XF/K%
MZ7]4N@GJDRIA.0L!RI09`Q_&,[--2R4U5%BE942R+"#ND18YU(M:YN/#EPD1
MM%-`D<#4_P!!_6'\/+T0_BD]"<_9(]0&%570#HKTS@RIG[JR]-+32YCS=784
M8JR:&G=V=@9V(NQT47YX@=-:4%=!HOOIZ];^(^E?U=^O3KWZ=/5/EW*.:^HF
M/G&^G67\X4:XCE+/.$8CB,L\M+7-)=::6*-MR2,"%;FP1->()`HT>6?Q:NDW
M5W\1;\-[U#>I#"LD]+,^]&<1QL=?>I?1B.-L&J:"MB$6'BHDB5!))$02S`6`
M//$[(KVDT!'5WUK>GWTQ_CM?\.`Y+ZAX5ZA>FF)9UJ\VU]+D`"6.FP#$J0T#
MR)+4>ZU5&'9PH[6^/-*CIJR$$B*3GKW]:F8<\>OSK7ZIO2[ZV#TSZ(=5H8<7
MI\7R)704.:Q03T*B;#'H=C2"7==&#.5/?MSRB`-HK03AL,TH_3W^(1T0SS^"
M=ZP?PX,SYD@R#UNQ[&I^H72W,.=98J>@S-3U-503RQU-6ND=8ORSDE@0PL!S
M4@C;5M)21A3WUI]4GI:Q?_A/_P!#O1+E/KEAF.^H/IQF-<[YNRM)&]/&%6.L
MCDBII')$NTS)M/CKSW#:*J"2K96M")8R+[@+@-J?;QJ*5$UO`?\`"-!U;,?K
MB"N#_H63&V@C_E)Q?V<L=@IAW;6]W[>5INO<]7J__]+?XYZO5TP!&OM!_/GJ
M]7SVO6SC70_I)ZL^OW3G+WHH],.*8/E7,N(X=1XCU*S/C\&/5`\]G:2NBISL
M28D^\HT!XJ`J@55DWX2OI$_#K]?V4>I\76;TC]&\+ZE9!K8&@P/T]XUB6*4T
MF#U*62>H2MLZ-YEUN"0>:<.D858&B:^J+H]Z7.COKWK/2]E/T1>G.KZ5469<
M"R6:S.^:<7H\X&CQ*6*.=C3Q/Y:U`$A\M?HY8#PS6BJ@M]9'2KI3Z3O4GU.Z
M.5?X?7IKILNY7K5J<AU?4#-V/8?BN(9>JD2:EJIX1(5#R(3J/NYX5K56Q/TL
M_!\_!YZJ="LJ==:'TQ93FRWCV!)G.LK\%Q.>HPR$+2^?.JU(8`QQE6!8@6`N
M>-*4=5;%:PN&T/1'J+US_P`TW1O\/+TVYIP[,N8Y<I]/%_KQCE3B=91-7&G@
MD:*&4!I3&`[!1;CQ3-5U&K!O51T._#,R?ZH<A_AZ^C#\/+*7J)];.9Z6&KS[
M%BN+XA1Y/R2PA,M2]?-&X:3RPCL45@0+=R;<;!QQJT&*'O%_P%L_9"RW#G*#
MTJ>G[KMC*(*_&NC^'T^9<N2,%3S)*>AQ.:JD7S--B-(MB?9S8=%:(-%M](.1
M_P`*+U=^N_`_1(OX7O\`F.S=E_+^.YAZWX-U6GKEQ3",9PU5,%+0M$XCGA;4
MM);46MS2B:W!H+?Q*NB7I)]&_JBQKHITE]!W0C'<H89A.&XY!BG6+-V+8;C3
M3U<1:0/!!*`J`_8/LY<`D<*J3C1"X\\]%=B2?[`/I;1B?L/G_'MW_27GM-;F
M:VH?^$^F`]+L1Z8]=^I.3N@?3?HCF?$L:H\HXR/3=CE=CF'5]'1025,'S+5K
M,8Y8VG?0>!XT[PK8K8D'&:M7?/5ZO__3W^.>KU>YZO5H$>MW^89Y_$SZU]+\
M-SO2X+6YNSY4Y8H?G>D5/BJ033R-M\RO>(^<`5L9-;\6HV4T:,A^#%UXQ#HS
MZ^VZ/YHSJ];#U$CQ3IGBV`X'TQ&6TFQ:BFWTSSUT2*!&CHQ%SX\HZ/#6TG&F
MCUY9P@HOQ;L<PM\TX70,,\95A7#JSI.V+U%VJ*;3^;*AWDW_`,K^[]7+#[:\
M=M64_CX]!H:/)/3OU3X)/E_+?\E>#(W4C%<7R$N;L1K8*F(_*-[JLR)&4V:]
MK]^-M'&*V10%>E;U\T67/P?_`%*8?7=1II\W=+)Y>F>6LP4'3ZIH*:B3,D,9
MHU7![#SX5\QU8C37FRCQ"M3A01?@4=&\/ZU^HS-O5W$,1RUG#+/0W#5GI</'
M3(97K$Q[$93\I44]5,!<Q+%)N`_Q"_/.G"O)36LKZ?\`\2//GH7_`!<>JGJ^
MS9@$W462;-V9L!ZGY>GD05M9AE373TC>1)(;++$MF2Y`)%CWXV522*4:)2(K
M>8Z._P#"EC\*?JQA>&5.)=9*[I?C5:J&JR[U!PFI@EII&M[CRTWG1&Q[D-;E
M=%-D$<*<,G='.GW7O\6KH3^(]Z5:_`NHW1G&.G&8>EW6'J1D3$*::,8RDCST
M0J8D.XS,DX6Y%[`7\.7B`9K1.-4U?CCYPR_@/K\S3#5YPP3!Z]<OX(_R&-=+
MY\T3`FG-BU<@LX([+X=N71L%45MJV_\`"^]#/HF]2'HRZ;]4NJGI_P`F]4LY
M8[/B=-BN<ZG*4F7I*H4U>\:7HF<%-@`&ZPO:_&W%8X5M(PJZ/HAZ<NA?IOP/
M%<M]".EV$=+<!QNH&+8OA>4:?Y>&HJ@FSS'%S=K:7XV3-6`H;.:K=>YZO5__
MU-_CGJ]7N>KU:.7J"3'Z;\7?&J^'(?4&MI8.K%%+%B6'=1,"IL$=?Y@"'7#Y
M9A,(`.\1%[:6XL3B*:C&IOXB&3<V>E;\2G%L_P"6,F]2,PX15XW@W67!L7H,
M_8)A6"3"M6"KK8XZ.LFCD$$4SR1$6U"\VGQ"MQ63UCX]F;,WXGM'FK+V7.HM
M=E[-&9<DYAI\0R?U$R]2X"(:H4DAVT<LXD,2[B'4"[6-N_-1&%:VUN+];>E.
M&=<>BN>NE&,8A7X/0YXP>?`WQ;+=0M/B5*\D/N202D$+(K6(/$P5!IROGYYJ
MRUU@Z<8WG+IEBN0NO<-7@]>^!XWAYZI9/C%1-03LD+F.2K5@6L"+B^O%,FFX
MK=2_"NZ`UG0'T>]/J#'),S)FC/Z-U$S-A75K$Z;%\7P^?$/>2F>IHR8V58PI
M&TD:\3NJDU=(K4/_`!O?^$_76[,O7+/'J^]`^75ZZ=/.J-3/C^?NF>39J2;$
M\'QD2$5!HTCD"S1.;$J#N4WOS2L:=0L"M6+/_H[]6?2M*J3J9Z8,]9*IZ+=\
M[+CV6\0V1A>Y9H4E`'*P:>UIHWWX0GKRZJ>@_P!:O1C-&4<?JHNGF<L?H,C=
M5LARSS+08CAN)S"B;S(0;"6)I`ZMMN+<LGHJCB0<16U5^-%-CM;ZX,6J<"RI
MU3QRAK<M8#BM-B?2K/>6\"P=HY:02>Y2XG/'*K@$;B18^'%"50D4FXU7QECH
M1ZNLY8'39CR+Z6O5;F[+%=N-!CF3NH&7ZF@F*.4<1R4U9L)4@@V['GBYTULU
MM`_@:=.^LG3OHYUAP_K+TGZI])\6K,PPU&%8;ZIL8I,8Q&J@%*09*-Z264)"
M#H03>_&G2#$5I(J\KC-7KW/5ZO_5W^.>KU>YZO5H)^IQNDX_&6QPU^9.B$.8
M_P#.[1,U#F/^O(S5YYQ`6604\XI&JK^(79?OIQ2DTW5J7_"CWT_=/:O)O0_U
M*YEH.FF%PX-.W2[-N;>OC9GCB>EKHFEHZ>!LNU$1UE)^V";=CRC:JL:UR>F7
M4?I3U`]1W0K%LR=0O3=CV9*?,64\`PR?#9NHXQ$PT>(0PTZ4X:J6)I54`(9`
M1<"]^7FJQ7TQ:/;\G1V(MY<97;>WV!VOX<3FG*^<WZ]QT2;UV>HT8MFGTY4N
M,+G>M%=1Y_Q#J+'CRRFM!(JTH*M8!-<Z[`%OVXHILBOH%]!5IO\`,%T<6B:C
M>C_JE@(IGR^9C0-'_*8-IIC4%I#$1]C>2;6OKQA6VKC96NC_`,)V/79DK-W^
MU'Z&,XY@6CZO])^HV;\V9+H<3E8OB^`XCB,DC"G:1B7-,T9W*-;&_8<VN*V$
MP*V?,4P;!L9HZB@QC":;%:&J5H:JCQ*"*>*16%F5EE4@@WU!'*ZC6HKYROXH
M?H*R#CG_``H-Z'^F_P!*63Z3`DZDS92ZD9YRMEM/*H<(JX<2J*JME\I;B&,T
M],DA`LMV["_'(V&KA9TD4=W\>#!^CN%^NBII,TYFZ&83B]-E#+F'_*^H"NSM
M3Y@,-/1B%&*8!4Q4XBL/<LM_;RXIJC[?AH_C&?AC>D;TC9$Z'=4/4MD3*F<L
MM56*UN)8+T:I\S5F`1K6USU"-!-BBU$S,RL"^Y^_8<HI,FMIV5?EZ0_75Z7_
M`%UY5S-G3TO=3H.IV6\GURY=S!B5#3U-.M/5O'YHC(JDC)]W6X'**3%;!HW?
M*UNO<]7J_];?XYZO5T>>KU:P>=/2[Z<>K7J_ZB>IG+GXR.&X)AG3_'Y^MO4+
MHW04N49Z+`L,P6K1JR"LK9ZY)H8(2ZI+*Z@IN%P"1=WO#6HJT/U.YN]*GKF]
M+^.=-,H>LC+.2L/SX*Y\H]6\M5N"8JT%1EB&'$:^>DBKI4CG^5@F1YBK>XC!
MB0.428K9%4:=,/PX_3]AF=<O9YP_\=+#\W0=,L:PW%\8PZ3!LBQ03O1UR$4[
MRIB-PLKKY>Y+Z]M>7UFM`5LTUWK%]*&7L.K*O&_4ADW#Z;`J:6MQ2HQ',&&P
MF.&DPRDQ:61E>4&PI:^GFT&J2H1?<MVZW6NEUY]!WITZW>I'..>Z+\:[!LAU
MW4^OI^I&`],J##\C5:TU%BSK5TL4-14XBCR*Z:H2`Q7WK6XYK-5TU?M@WJQ]
M)/2+IYTWROFSU59/M!D[#LRX1F/',:PVD;%\!IZ-85Q=(Q+M\F98FE#*2NT$
MJ2H)XV<35JU[<N_A)_A#28)G/JKE#U[TF7O41EZIK_4A6^I_ISFO",.K\&PO
M%\5?Y:IFIHJE@U&DA\I"TH#DC_$`;ZNJM11R<O/ZNSE)<H9:_&QZ7YJR+AN$
MXEFZKZKUN5\)K\TQ8!@]#38A75\LL..F'934U;#++.SA5#H3WYN16L:5_HBR
M/^%MZ/:[/WJ/J/6EE7KCU\ZD,:KJ1ZF^K.9L'_G5<C4TDPCITDF9H(#%3R,$
MC9@0K6-AI4DFM@4'WK?]'72SUK=7,7]163/Q4\&Z+Y*I<`J)*K`LM8?D_,&&
M4])E6*E_FE<]=65\9"4_ST!J+Z1>8ER-PYL+PKU$<Q;\+KI?EG#L6QO,7XZ&
M#X;@V""8XI75&6L@!:?Y>:C@E\PC$R1L?$:8'V>:G^(<MJZJ\:N3_"QZ5=)/
M31%U8Z#97]=6&^L;/U754_4'&(,/IL#HJW!:*6"-$#0X'45*&-_.1@S,#[P]
MO*K)->`JWX<;K=>YZO5__]??XYZO5X\]7JH5]4OX$V0/4W#UU23K_BG3.7K1
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M.DHJBF5X28J:.TN@"^"ZW5>F>O\`A,WTIZE45=AN<?4]B]7A^8<P#J9F6CPK
M+,&'PIBS_*O+485%28JD5!*2E3&D@21A3S"%S((PS>UUN<*.EFK\(6HSWUGZ
M>]:\W=?<.J,Q99Z5R>FO/$6`=/*##5S.PRKB>5H*ZI$>+/$L,2XCYZTK12,D
MB[89H8G:/G@NM4$]5^!)@%/7Y=K,L^HF+!X^G9R_G+IC28AD#"ZU:?.>#X9E
MS"ZBLQ=UQ*!\3PFH3+4+QX46B$+N[+.QV[?:Z]%/.3/P0J7)E3ZP<6I/4KY^
M/^M[)&9.CW6JH@R+AU%AZ/C&"T>'T-=A=!0XG%#0_)5$,\SP0V2=)%C<AH4E
M/BJ:\*"O,'X"6<\TYV]/G5;'O6A18MU2]-5!@>4\A8QC?2\8MAM;AF`5M7BM
M.F+08WFJMK*R4U-2MW-<JB%/)5%4W'M=>J5G#_A/MA.<*'JC33>L#',(DZX3
M9UI>J=/@N5,.@PB7",^8CEVNQ.CPK!DKQAN&M*N`^7+)%3L)1(IE1O*`;VNO
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EGJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>cimg2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cimg2.jpg
M_]C_X``02D9)1@`!`@$`E@"6``#_X1/-17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````=````<@$R``(````4````CX=I``0````!````I````-````"6````
M`0```)8````!061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:``R,#`X.C`W
M.C(X(#(Q.C`Y.C`T`````Z`!``,````!``$``*`"``0````!````Q*`#``0`
M```!````4P`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$``!*7````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B
M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`1`"@`P$B``(1`0,1`?_=``0`
M"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`]5227G'^,W=@YN-E8V?EU9&8'"S'9<YM
M+:Z@!ZK&5EGIO<][?^,4F+'[DQ&ZM;.7#$G>GT9.O&_JM]8.IX/UBPOM67D/
MHNM%&15?8]S=MOLK<YESG;?3L?79O7;_`.,BBT="_:-&5D8UV$]NUM%CJVO%
MKZZ7MNV%KG;/I5I\^7,<D8&7S[26QRB43(#Y>CUB2\U^J'VSJWU:ZYCY.?EM
M])S+*K6VN]1A:SUXKL>7.:RQ]?Z1BJ?XN>K=0L^L`;DYEUE#\6Q]K+K7O9[?
M3>'Q<YS6[/WT3RQ`R>H?J_!0RCTZ?.^JIUY7AX/4K_KA7FT]=Q+FVY?J-O9F
MM<^RDOW_`&5F%NW;G4?H/LVWT5Z9EY^#@UBW-R*L:LZ!]SVUB?ZUA:F9,7`8
M@'BXA>@71E=V*HMA)9.+]:OJYEY`QL?J6/9<XAK&;P"YQ^BVO='J.=_(5C-Z
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M<+J?U>RG_5GJHHMZ4QN2\8X+9J:U[1C^YHV,?^;M_P!&J'U`^LN4[%ZOD]<S
MWV8N'Z#Q;?KL%GJ-?[F-W>[;6K'Z$I#%`")`X)"7NZ[>IC_2`,Y:C<?*Z/U9
M_P`8G3^KWLP<ZO[!G/.RL$S58_\`T;+';'U7[O\`M/<S^IZJZ]<%]:ND=#^M
M73<CK/0;*[\_#'Z?T=#<U@W&FUOM?Z[:_?BW?]:6K_B_^L-G6NB[,E_J9F$X
M576'4O81OQ\AW\JROVO_`.%KL4.7''A]R`,:-3@?T"OC(WPDWUC+]Y__T/5%
MY#];\AO7?KH[$-C:\:JRO`]1Q#6M:UV[,L<YWM]MC[F_];7J76>HU]+Z5E]1
MLC;C5.L`/=P'Z-G_`%Q^UB\C^J'U<_YS=0OHRKGUUU5&Z^Y@#G&RQ_M8?4W-
M_2.]:S^PK?*`1$\LC0B.&_-AS$GA@.IO[$OU^KQA]8[LC`OKNJRZJ[F.I<UP
M98P>@6363M=^@KL_MKL?K;U!O4_\7?[0;'ZRS&L<!V<;*O49_8LW,7,?6_ZD
M4?5S`HS<6^R]EEPJN%@8-NYKG5O;Z36?G,V)8G41?_BUZE@.=+L#)JVCPKNM
MKNK_`/!?M"F(C*&&43Q"$XQOPOA8[(ED!%<4272_Q=?\A_6#X#_SPY9'^+)K
M7?62IK@"TXE@(.H((J6M_BZ(_8?U@^`_\\N65_BP(_YS4Z_]I;/_`$4E+_P3
MY#_HJ'^1:EN/CX_U\&/CUMJIJZM6VNM@`:UHLK.UC1]%NJZ_Z\=#^K%W5J>I
M]:ZF<*:14<:L!]MFUQ<RRK2ZQC?<YC]E']M<IF$?^.$[7_O7K_\`/E27UML:
M/KOENZDUUE#,BGU:Q])V*&U.].K5OTZ_4_MIQB93QU(QK'>GS'[5`@1GI?JZ
M[.7UQO0/6+>AV7W8HK/J?:@`X6#_`$<!GLV_R?IKL_KW77?]3^B=1N8U^<_[
M,UV21^D+;*7VVL-GTMC[/>N9^MG6.D=5RJCT;%&)A8U+JJP&-JWN)W/<*J_H
M[/H_OKH_K=E8^1_B^Z(^BUMK6V8U;BT@P]E%K+*W?NOK<-KV)2N\!((/%^E\
MW^$@560"MNCC]$^J+>J_5S.ZU;E.K&"+_L^.UH+0ZIOK6.?O^BV[_@MBL?XM
MZGY74.I8;7^FW+Z<YKM)&XN;76]S?SO3]9ZV/J:1_P"-YU?_`-#?_/2QO\6>
M2S&ZIFY+@7-HZ<^QS6Q)#'U/("$I2E'.+OA-12`!+'XC5;ZR_5;H?U9Z5CT/
MNLR^M7B&;2&5M:T^_(=1#OT;/YJMOJ?IK5J?XK^@W&^SK]GLHV.Q\5L?SDD>
MO=/^B8ZOTJ_WW^JN0RNJLZWU@]1ZS8]E.0X&X4C<]E(_F\7&;[?S?T>_]]]F
M0O3OJ[]=OJ_U+*HZ-TRF^DMJ(I:^MK:VLJ`]FEC_`,U-S>['#PFYREKDE^C$
M?NIQ\!R7H*TB.Z7_`!A6.K^J&?MTW"IA^#K:F._Z*R_J[2RO_%?D.:!NNQ<V
MRP^+CZ[=?[+&KHOK1TU_5?J_G8-8FVVHFH>-C/TM3?[5C&KBOJAUFJ[ZD=9Z
M2]VV_#Q<FVMAT)IM98\G_K.0ZVNW]S]&H,>N"A^CEC*7]T^EDGI.^\"!YN-]
M5?\`D/ZS_P#IO;^2Y+ZO_P#B3^M7_%8OY;%'ZIO8>A?6>'`QT]L_=<E]7K&'
MZI_6HAP(%6+/^=8K<]\G]_%_ZC88_H?W9O2_XIOYKJI[^K3_`-2]5_\`%P/L
MWUJZU@U:4,%@#?\`BKWUU?YK;7H7^+SJV+TOH_7NHWN!JQG5.@<N=M>VJIO\
MNVS;6Q7?\56#<X=1ZSD"79#Q2Q_BX%U^6X?R?6M8S_K2ARZ?>"=CP1']Y?#;
M$/,_1__1]/R\/$SJ'8V92S(H?!=5:T/8=IWMW,=[?:YJ%@])Z9T[U/L&)3B>
MK'J>C6UF[;.S?L#=VW<K:2-FJO3LJD&7A8F=0<?,IKR:'$$U6M#VD@[FG:^6
M^URJU_5WH%=-U%?3L9E.1M]>MM3`U^P[ZO49MVO]-_N8KOKT>O\`9_4;ZY;O
M%6X;]L[=^SZ6S=^<B)<4AH"1U10:>)TCI6%5;3AXE./5?_/,JK:QK]-GZ1K1
M[_:H8?0>B8%POPL#'QK@"T655,8[:>6[F-5NN^BUSVU6,L=4[;8&N!+7?N/V
M_0<B)<4M=3KNJ@Y[OJ_T)V5]L=T_&=E;Q;ZYJ87^H#N]7U-N[U-WYREG]#Z/
MU)[;.H85&58P;6/M8US@.=NYPW;5:LOHJ?7798QC[B6U,<X`O(&XMK:?I^W]
MU$1XI:&SX*H-"_H/1,BFFB_`QK*<:116ZIA;6'?3])FW;7OCW;4CT#HCL1N$
M[`QSB,?ZK<<U,],/,_I!7MV;_=])7TD.*7<_:JAV:N/TKIN-BV86/BTTXMN[
MU:&,:VMV\;;-];1M=O;])!Q>@=#PR\XO3\:@VL-5AKJ8W=6[Z53]K?=6[]Q:
M"27%+74Z[JH=G*'U4^K`$#I.'I_P%?\`Y!&Q.@=$PKQD8>!CX][00VVJIC'`
M'Z0WL:'>Y7TD>.1WD?M50[++S_ZU_5#JF#U0_6/ZL[C<7&V_&K`+VO=_.VT5
MN]N15D?]J<3]_P#FO^#]!21QY#C-C6]"#M((E$2%%X'I7^-'II8:.L8;L7('
MLM=0W>PD?2WTNVY5/_%;+E;R_P#&9]5J*G''KNR'.'T!5Z8D?1]1^3Z3=O\`
MGKIL[HO2.HG=GX5&2Z(#[*VN<!Y/(WJMC_5/ZLXS_4IZ9C->-0XUM<01W;O#
MMJDX\!U,)#^J)>E;63]X?8\$*_K)_C`RZR:_V?T6I^YKFC]&T_1-E;G!CL[,
MV>QEFS[/1_Y]]*Z=T_%Z;A4X.&P5X^.T,K;Y#\YW[SWN][W_`+ZL0(CLG3<F
M4S`B!PPC\L0NC"M;LG<O_]+TCK74!TSI&9U"`XXM+[0T\$M:2QI_K.7+=&^I
MF%U;I-/5OK!=?E=4SZQD.R?6?7Z/J#U*V8M=3F55>DQS/S/_``-=7U?I[.I]
M+R^GO.UN54^K=S!<"UKX_DN7"Y74.L5_4_(^K'4.DYK^I58_V2F['I==1:UO
MLHN9D5S^8UOJ?ZUJ?%?#4#PR,AQ']+@_E\RR6^HL5^+K.=CX?^,%U]KXJHZ%
MOMN?J=C+_=8]W]1J+B?7>^Q^#?E]+LP^E=5M%.#FNL:YQ<_^C_:<9K?U=N1'
MZ/\`2VK.9T;J%_4V8GV:RAM_U7&!ZKF.]*N]SMOV>RX>SU*_W$!@ZGU7I?U?
M^KW[-RL;*Z;D8[L^VZLMHKKPQL<^O)/Z&_[1_@&TO3^&!JZ-``F_ECZO4BRK
MIO6<_H>5]9,C'Z6_.Q*NI779E]=C&>FS:USO3J<-]]M;?TUOYG\M=/F]=ZD<
M;'RNB]-_:6/D4#)]9][,=K6N&^MGZ1MCW6N;_(]G^D7,NMZKC_\`.;IF-TK,
MR,KJ^7<W%L-)9C;+*VX_KV9=NVK8WWN_EI\OI3NG=1Z;A=6Z=D]7Z5A].KIQ
MJ\:MUU)S&';?;D43MWV,_F7Y'Z&O_P`]J48D@D"_/YX\/]Y0)`W+9OZM1USJ
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M^:N?HZ=U?#^I'U?ZA3@WOZIT7(=8</TWBXUV/NJMJ]';ZOZ1KZG_`$?YI`0Q
MD`4+J(N_TIX_^_5<N_?\"]`?KIO8YF+@OR,JW.NP.G4-L`]?[./UC,=:YNVC
M%K]_^F47_7<UX+C9T^QO5F9K.FGIYL;'VBQOJTG[7_-_9K*O=ZWI_P#6UC=0
M^K-^)T7ZN6W8=O4J.FBS]J8=6[UR<L-MONJ;666V.HROS&/_`/1BMMP_JD>C
MY#/V!GLP<G(97=-%QMWL8ZRO,96Y]F:RJF?0^T5L_G;/3_FTN#%0(!EKT\)?
MWOW57.^R_P!9>M_6:K'Z0[]GOPKW]297;55DL+;MONQ\/U@UGZ'J$O\`?8RO
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MW-Q[F'8YQRLG7$MQ:ZW>G9Z_Z3?^B_F4.#'Q"(`-B7J)T_G)1CQ>KY>!5RHG
MRT^CW:29N[:-T;HUCB4ZK,BDDDDE/__3]427RLDDI^J4E\K))*?JE)?*R22G
MZI27RLDDI^J4E\K))*?JE)?*R22GZI27RLDDI^J4E\K))*?JI)?*J22GZJ27
MRJDDI__9_^T[:E!H;W1O<VAO<"`S+C``.$))300$```````''`(```(``@`X
M0DE-!"4``````!!&#/*))KA6VK"<`:&PIY!W.$))30/J`````")F/#]X;6P@
M=F5R<VEO;CTB,2XP(B!E;F-O9&EN9STB551&+3@B/SX*/"%$3T-465!%('!L
M:7-T(%!50DQ)0R`B+2\O07!P;&4@0V]M<'5T97(O+T141"!03$E35"`Q+C`O
M+T5.(B`B:'1T<#HO+W=W=RYA<'!L92YC;VTO1%1$<R]0<F]P97)T>4QI<W0M
M,2XP+F1T9"(^"CQP;&ES="!V97)S:6]N/2(Q+C`B/@H\9&EC=#X*"3QK97D^
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M"@D)"0D\9&%T93XR,#`V+3$R+3(X5#`W.C(W.C`Y6CPO9&%T93X*"0D)"3QK
M97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YS=&%T949L86<\+VME>3X*"0D)
M"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)"3PO9&EC=#X*"0D\+V%R<F%Y/@H)
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M93XR,#`V+3$R+3(X5#`W.C(W.C$V6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P
M<&QE+G!R:6YT+G1I8VME="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R
M/C`\+VEN=&5G97(^"@D)"3PO9&EC=#X*"0D\+V%R<F%Y/@H)/"]D:6-T/@H)
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M92YP<FEN="YT:6-K970N;6]D1&%T93PO:V5Y/@H)"0D)/&1A=&4^,C`P-BTQ
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M/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X5#`W.C(W.C`Y6CPO9&%T93X*
M"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YS=&%T949L86<\+VME
M>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)"3PO9&EC=#X*"0D\+V%R
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M/@H)"0D)"0D\<F5A;#XP+C`\+W)E86P^"@D)"0D)"3QR96%L/C`N,#PO<F5A
M;#X*"0D)"0D)/')E86P^-S8W+C@X,#`P-#@X,C@Q,C4\+W)E86P^"@D)"0D)
M"3QR96%L/C4X-RXX.#`P,#0X.#(X,3(U/"]R96%L/@H)"0D)"3PO87)R87D^
M"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T+F-L:65N=#PO:V5Y
M/@H)"0D)"3QS=')I;F<^8V]M+F%P<&QE+G!R:6YT:6YG;6%N86=E<CPO<W1R
M:6YG/@H)"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YM;V1$871E
M/"]K97D^"@D)"0D)/&1A=&4^,C`P."TP-RTR.%0Q-3HS.#HU,5H\+V1A=&4^
M"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T+G-T871E1FQA9SPO
M:V5Y/@H)"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)"0D\+V1I8W0^"@D)
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M+3$R/"]R96%L/@H)"0D)"0D\<F5A;#XW.#`\+W)E86P^"@D)"0D)"3QR96%L
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M+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ
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M<F5A;#XP+C`\+W)E86P^"@D)"0D)"3QR96%L/C`N,#PO<F5A;#X*"0D)"0D)
M/')E86P^-S8W+C@X,#`P-#@X,C@Q,C4\+W)E86P^"@D)"0D)"3QR96%L/C4X
M-RXX.#`P,#0X.#(X,3(U/"]R96%L/@H)"0D)"3PO87)R87D^"@D)"0D)/&ME
M>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T+F-L:65N=#PO:V5Y/@H)"0D)"3QS
M=')I;F<^8V]M+F%P<&QE+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)"0D)
M"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)
M"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^"@D)"0D)/&ME
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M86P^"@D)"0D)"3QR96%L/C<X,#PO<F5A;#X*"0D)"0D)/')E86P^-C`P/"]R
M96%L/@H)"0D)"3PO87)R87D^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N
M=&EC:V5T+F-L:65N=#PO:V5Y/@H)"0D)"3QS=')I;F<^8V]M+F%P<&QE+G!R
M:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)"0D)"3QK97D^8V]M+F%P<&QE+G!R
M:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR
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M/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^"@D)"0D)/&ME>3YC
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M4$E697)S:6]N/"]K97D^"@D\<W1R:6YG/C`P+C(P/"]S=')I;F<^"@D\:V5Y
M/F-O;2YA<'!L92YP<FEN="YT:6-K970N<')I=F%T94QO8VL\+VME>3X*"3QF
M86QS92\^"@D\:V5Y/F-O;2YA<'!L92YP<FEN="YT:6-K970N='EP93PO:V5Y
M/@H)/'-T<FEN9SYC;VTN87!P;&4N<')I;G0N4&%G949O<FUA=%1I8VME=#PO
M<W1R:6YG/@H\+V1I8W0^"CPO<&QI<W0^"CA"24T#Z0``````>``#````2`!(
M``````,``DS_]/_T`PP"6`-G!2@#_``"````2`!(``````+8`B@``0```&0`
M```!``,#`P````%__P`!``$```````````````!H"``9`9```````"``````
M`````````````````````````````#A"24T#[0``````$`"6`````0`!`)8`
M```!``$X0DE-!"8```````X`````````````/X```#A"24T$#0``````!```
M`'@X0DE-!!D```````0````>.$))30/S```````)```````````!`#A"24T$
M"@```````0``.$))32<0```````*``$``````````3A"24T#]0``````2``O
M9F8``0!L9F8`!@```````0`O9F8``0"AF9H`!@```````0`R`````0!:````
M!@```````0`U`````0`M````!@```````3A"24T#^```````<```________
M_____________________P/H`````/____________________________\#
MZ`````#_____________________________`^@`````________________
M_____________P/H```X0DE-!`@``````!`````!```"0````D``````.$))
M300>```````$`````#A"24T$&@`````#/P````8``````````````%,```#$
M````!0!C`&D`;0!G`#(````!``````````````````````````$`````````
M`````,0```!3``````````````````````$`````````````````````````
M$`````$```````!N=6QL`````@````9B;W5N9'-/8FIC`````0```````%)C
M=#$````$`````%1O<"!L;VYG``````````!,969T;&]N9P``````````0G1O
M;6QO;F<```!3`````%)G:'1L;VYG````Q`````9S;&EC97-6;$QS`````4]B
M:F,````!```````%<VQI8V4````2````!W-L:6-E241L;VYG``````````=G
M<F]U<$E$;&]N9P`````````&;W)I9VEN96YU;0````Q%4VQI8V5/<FEG:6X`
M```-875T;T=E;F5R871E9`````!4>7!E96YU;0````I%4VQI8V54>7!E````
M`$EM9R`````&8F]U;F1S3V)J8P````$```````!28W0Q````!`````!4;W`@
M;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG````4P````!2
M9VAT;&]N9P```,0````#=7)L5$585`````$```````!N=6QL5$585`````$`
M``````!-<V=E5$585`````$```````9A;'1486=415A4`````0``````#F-E
M;&Q497AT27-(5$U,8F]O;`$````(8V5L;%1E>'1415A4`````0``````"6AO
M<GI!;&EG;F5N=6T````/15-L:6-E2&]R>D%L:6=N````!V1E9F%U;'0````)
M=F5R=$%L:6=N96YU;0````]%4VQI8V5697)T06QI9VX````'9&5F875L=```
M``MB9T-O;&]R5'EP965N=6T````115-L:6-E0D=#;VQO<E1Y<&4`````3F]N
M90````ET;W!/=71S971L;VYG``````````IL969T3W5T<V5T;&]N9P``````
M```,8F]T=&]M3W5T<V5T;&]N9P`````````+<FEG:'1/=71S971L;VYG````
M```X0DE-!"@```````P````!/_`````````X0DE-!!0```````0````".$))
M300,`````!*S`````0```*````!$```!X```?X```!*7`!@``?_8_^``$$I&
M248``0(!`$@`2```_^T`#$%D;V)E7T--``'_[@`.061O8F4`9(`````!_]L`
MA``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.%!0.#@X.%!$,
M#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1
M"`!$`*`#`2(``A$!`Q$!_]T`!``*_\0!/P```04!`0$!`0$``````````P`!
M`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)"@L0``$$`0,"
M!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+1
M0P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25
MQ-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(!`@0$`P0%
M!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C
M<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4I(6TE<34Y/2E
MM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1`Q$`/P#U5))>
M<?XS=V#FXV5C9^75D9@<+,=ESFTMKJ`'JL966>F]SWM_XQ28L?N3$;JULY<,
M2=Z?1DZ\;^JWU@ZG@_6+"^U9>0^BZT49%5]CW-VV^RMSF7.=M].Q]=F]=O\`
MXR*+1T+]HT961C783V[6T6.K:\6OKI>V[86N=L^E6GSY<QR1@9?/M);'*)1,
M@/EZ/6)+S7ZH?;.K?5KKF/DY^6WTG,LJM;:[U&%K/7BNQY<YK+'U_I&*I_BY
MZMU"SZP!N3F764/Q;'VLNM>]GM]-X?%SG-;L_?1/+$#)ZA^K\%#*/3I\[ZJG
M7E>'@]2O^N%>;3UW$N;;E^HV]F:US[*2_?\`9686[=N=1^@^S;?17IF7GX.#
M6+<W(JQJSH'W/;6)_K6%J9DQ<!B`>+B%Z!=&5W8JBV$EDXOUJ^KF7D#&Q^I8
M]ESB&L9O`+G'Z+:]T>HYW\A6,WK?2.GVMIS\VC%M>W>UEMC6.+9V[@UY^CN3
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MTC%;.1%`?,?Y6VV?7+Z]]=)=T'IK:L<F&VAOJ"1V^UY+J,5__6ZU)W5?\:_3
MQZV3AC)K&I8*ZK-/ZN#;ZRU>O==PNI_5[*?]6>JBBWI3&Y+QC@MFIK7M&/[F
MC8Q_YNW_`$:H?4#ZRY3L7J^3US/?9BX?H/%M^NP6>HU_N8W=[MM:L?H2D,4`
M(D#@D)>[KMZF/](`SEJ-Q\KH_5G_`!B=/ZO>S!SJ_L&<\[*P3-5C_P#1LL=L
M?5?N_P"T]S/ZGJKKUP7UJZ1T/ZU=-R.L]!LKOS\,?I_1T-S6#<:;6^U_KMK]
M^+=_UI:O^+_ZPV=:Z+LR7^IF83A5=8=2]A&_'R'?RK*_:_\`X6NQ0Y<<>'W(
M`QHU.!_0*^,C?"3?6,OWG__0]47D/UOR&]=^NCL0V-KQJK*\#U'$-:UK7;LR
MQSG>WVV/N;_UM>I=9ZC7TOI67U&R-N-4ZP`]W`?HV?\`7'[6+R/ZH?5S_G-U
M"^C*N?7754;K[F`.<;+'^UA]3<W]([UK/["M\H!$3RR-"(X;\V',2>&`ZF_L
M2_7ZO&'UCNR,"^NZK+JKN8ZES7!EC!Z!9-9.UWZ"NS^VNQ^MO4&]3_Q=_M!L
M?K+,:QP'9QLJ]1G]BS<Q<Q];_J11]7,"C-Q;[+V67"JX6!@V[FN=6]OI-9^<
MS8EB=1%_^+7J6`YTNP,FK:/"NZVNZO\`\%^T*8B,H891/$(3C&_"^%CLB60$
M5Q1)=+_%U_R']8/@/_/#ED?XLFM=]9*FN`+3B6`@Z@@BI:W^+HC]A_6#X#_S
MRY97^+`C_G-3K_VEL_\`124O_!/D/^BH?Y%J6X^/C_7P8^/6VJFKJU;:ZV`!
MK6BRL[6-'T6ZKK_KQT/ZL7=6IZGUKJ9PII%1QJP'VV;7%S+*M+K&-]SF/V4?
MVURF81_XX3M?^]>O_P`^5)?6VQH^N^6[J3764,R*?5K'TG8H;4[TZM6_3K]3
M^VG&)E/'4C&L=Z?,?M4"!&>E^KKLY?7&]`]8MZ'9?=BBL^I]J`#A8/\`1P&>
MS;_)^FNS^O===_U/Z)U&YC7YS_LS79)'Z0MLI?;:PV?2V/L]ZYGZV=8Z1U7*
MJ/1L48F%C4NJK`8VK>XG<]PJK^CL^C^^NC^MV5CY'^+[HCZ+6VM;9C5N+2##
MV46LLK=^Z^MPVO8E*[P$@@\7Z7S?X2!59`*VZ./T3ZHMZK]7,[K5N4ZL8(O^
MSX[6@M#JF^M8Y^_Z+;O^"V*Q_BWJ?E=0ZEAM?Z;<OISFNTD;BYM=;W-_.]/U
MGK8^II'_`(WG5_\`T-_\]+&_Q9Y+,;JF;DN!<VCIS['-;$D,?4\@(2E*4<XN
M^$U%(`$L?B-5OK+]5NA_5GI6/0^ZS+ZU>(9M(96UK3[\AU$._1L_FJV^I^FM
M6I_BOZ#<;[.OV>RC8['Q6Q_.21Z]T_Z)CJ_2K_??ZJY#*ZJSK?6#U'K-CV4Y
M#@;A2-SV4C^;Q<9OM_-_1[_WWV9"].^KOUV^K_4LJCHW3*;Z2VHBEKZVMK:R
MH#V:6/\`S4W-[L</";G*6N27Z,1^ZG'P')>@K2([I?\`&%8ZOZH9^W3<*F'X
M.MJ8[_HK+^KM+*_\5^0YH&Z[%S;+#XN/KMU_LL:NB^M'37]5^K^=@UB;;:B:
MAXV,_2U-_M6,:N*^J'6:KOJ1UGI+W;;\/%R;:V'0FFUECR?^LY#K:[?W/T:@
MQZX*'Z.6,I?W3Z62>D[[P('FXWU5_P"0_K/_`.F]OY+DOJ__`.)/ZU?\5B_E
ML4?JF]AZ%]9X<#'3VS]UR7U>L8?JG]:B'`@58L_YUBMSWR?W\7_J-AC^A_=F
M]+_BF_FNJGOZM/\`U+U7_P`7`^S?6KK6#5I0P6`-_P"*O?75_FMM>A?XO.K8
MO2^C]>ZC>X&K&=4Z!RYVU[:JF_R[;-M;%=_Q58-SAU'K.0)=D/%+'^+@77Y;
MA_)]:UC/^M*'+I]X)V/!$?WE\-L0\S]'_]'T_+P\3.H=C9E+,BA\%U5K0]AV
MG>W<QWM]KFH6#TGIG3O4^P8E.)ZL>IZ-;6;ML[-^P-W;=RMI(V:J].RJ09>%
MB9U!Q\RFO)H<035:T/:2#N:=KY;[7*K7]7>@5TW45].QF4Y&WUZVU,#7[#OJ
M]1FW:_TW^YBN^O1Z_P!G]1OKEN\5;AOVSMW[/I;-WYR(EQ2&@)'5%!IXG2.E
M855M.'B4X]5_\\RJMK&OTV?I&M'O]JAA]!Z)@7"_"P,?&N`+1954QCMIY;N8
MU6Z[Z+7/;58RQU3MM@:X$M=^X_;]!R(EQ2UU.NZJ#GN^K_0G97VQW3\9V5O%
MOKFIA?Z@.[U?4V[O4W?G*6?T/H_4GMLZAA495C!M8^UC7.`YV[G#=M5JR^BI
M]==EC&/N);4QS@"\@;BVMI^G[?W41'BEH;/@J@T+^@]$R*::+\#&LIQI%%;J
MF%M8=]/TF;=M>^/=M2/0.B.Q&X3L#'.(Q_JMQS4STP\S^D%>W9O]WTE?20XI
M=S]JJ'9JX_2NFXV+9A8^+33BV[O5H8QK:W;QMLWUM&UV]OTD'%Z!T/#+SB]/
MQJ#:PU6&NIC=U;OI5/VM]U;OW%H))<4M=3KNJAV<H?53ZL`0.DX>G_`5_P#D
M$;$Z!T3"O&1AX&/CWM!#;:JF,<`?I#>QH=[E?21XY'>1^U5#LLO/_K7]4.J8
M/5#]8_JSN-Q<;;\:L`O:]W\[;16[VY%61_VIQ/W_`.:_X/T%)''D.,V-;T(.
MT@B41(47@>E?XT>FEAHZQANQ<@>RUU#=["1]+?2[;E4_\5LN5O+_`,9GU6HJ
M<<>N[(<X?0%7IB1]'U'Y/I-V_P">NFSNB](ZB=V?A49+H@/LK:YP'D\C>JV/
M]4_JSC/]2GIF,UXU#C6UQ!'=N\.VJ3CP'4PD/ZHEZ5M9/WA]CP0K^LG^,#+K
M)K_9_1:G[FN:/T;3]$V5N<&.SLS9[&6;/L]'_GWTKIW3\7IN%3@X;!7CX[0R
MMOD/SG?O/>[WO?\`OJQ`B.R=-R93,"('#"/RQ"Z,*UNR=R__TO2.M=0'3.D9
MG4(#CBTOM#3P2UI+&G^LY<MT;ZF875NDT]6^L%U^5U3/K&0[)]9]?H^H/4K9
MBUU.955Z3',_,_\``UU?5^GLZGTO+Z>\[6Y53ZMW,%P+6OC^2Y<+E=0ZQ7]3
M\CZL=0Z3FOZE5C_9*;L>EUU%K6^RBYF17/YC6^I_K6I\5\-0/#(R'$?TN#^7
MS+);ZBQ7XNLYV/A_XP77VOBJCH6^VY^IV,O]UCW?U&HN)]=[['X-^7TNS#Z5
MU6T4X.:ZQKG%S_Z/]IQFM_5VY$?H_P!+:LYG1NH7]39B?9K*&W_5<8'JN8[T
MJ[W.V_9[+A[/4K_<0&#J?5>E_5_ZO?LW*QLKIN1CNS[;JRVBNO#&QSZ\D_H;
M_M'^`;2]/X8&KHT`";^6/J]2+*NF]9S^AY7UDR,?I;\[$JZE==F7UV,9Z;-K
M7.].IPWWVUM_36_F?RUT^;UWJ1QL?*Z+TW]I8^10,GUGWLQVM:X;ZV?I&V/=
M:YO\CV?Z1<RZWJN/_P`YNF8W2LS(RNKY=S<6PTEF-LLK;C^O9EV[:MC?>[^6
MGR^E.Z=U'IN%U;IV3U?I6'TZNG&KQJW74G,8=M]N11.W?8S^9?D?H:__`#VI
M1B2"0+\_GCP_WE`D#<MF_JU'7.K_`%,ZM36ZMN0_,(8^-S2*O3L;I_PE2M_X
MRW/;]6I8YS3]JQ]6D@QO\6K&Z+TWJ=6/]2Q;AY#'8EV:<H.J>#4'FST_M'M_
M0MLW>S>M[_&)CYF3]6GTX>/;E7.OI(KI87NAKP]SME<NV^U(B(RX@/EB2/I[
MLU:F,KZ@?]%EG_6SJ%75\[I/3ND6=0OP:J[2]MK*V$6-W^[U!N;_`,$QGJV7
M/4NF?7.GJ&7TFEF*ZNCK.-9?1>YPTMI)&1B>GM]WIQN]7<A].Q\IOUUZYD/H
MM;1=BXS:KRQPK>YK3O979]"QS=WYJY^CIW5\/ZD?5_J%.#>_JG1<AUAP_3>+
MC78^ZJVKT=OJ_I&OJ?\`1_FD!#&0!0NHB[_2GC_[]5R[]_P+T!^NF]CF8N"_
M(RK<Z[`Z=0VP#U_LX_6,QUKF[:,6OW_Z91?]=S7@N-G3[&]69FLZ:>GFQL?:
M+&^K2?M?\W]FLJ]WK>G_`-;6-U#ZLWXG1?JY;=AV]2HZ:+/VIAU;O7)RPVV^
MZIM99;8ZC*_,8_\`]&*VW#^J1Z/D,_8&>S!R<AE=TT7&W>QCK*\QE;GV9K*J
M9]#[16S^=L]/^;2X,5`@&6O3PE_>_=5<[[+_`%EZW]9JL?I#OV>_"O?U)E=M
M562PMNV^['P_6#6?H>H2_P!]C*_1]#].M#+^MF>W+NPNF])?GY.#2R[J31<U
M@I=8WU6XM3]EGVK)V?Z-<\<?KS?J]T_(R<?.RJ>G];KR<:JUGJ9HZ?7N](WU
M-_2NNW_Z^BM&C-S.A=<ZOU!_3<S)Q^LUT96%Z-+GN%C*]CL+*8P.=BW;W?X5
M$PC5<,28\5`$^H\4?ZW[J@3>YUIO97UZI;3TB[IV#;U#]M,M=C5L<UCP^H-_
M0O:[<W^<=MNLW^G3Z=EGZ1/_`,Z^KW9C\'!Z,<G*PZ:+.I5G)KK-5E[?5^S4
ME[7-RGU-W>_]%6LCH_1.I],M^IF-D8]A=AMSG9;ZVE[*3>TV5UWVL]E?\YZ:
MG];Z?6ZDZ[HN#U#'^LU+ZJ\?-HK<W'N8=CG'*R=<2W%KK=Z=GK_I-_Z+^90X
M,?$(@`V)>HG3^<E&/%ZOEX%7*B?+3Z/=I)F[MHW1NC6.)3JLR*22224__]/U
M1)?*R22GZI27RLDDI^J4E\K))*?JE)?*R22GZI27RLDDI^J4E\K))*?JE)?*
MR22GZI27RLDDI^JDE\JI)*?JI)?*J22G_]D`.$))300A``````!3`````0$`
M```/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$@!!`&0`;P!B
M`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`$,`4P````$`.$))300&```````'
M``<````!`0#_X1?]:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+P`\/WAP
M86-K970@8F5G:6X])^^[OR<@:60])U<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y
M9"<_/@H\>#IX;7!M971A('AM;&YS.G@])V%D;V)E.FYS.FUE=&$O)R!X.GAM
M<'1K/2=835`@=&]O;&MI="`S+C`M,C@L(&9R86UE=V]R:R`Q+C8G/@H\<F1F
M.E)$1B!X;6QN<SIR9&8])VAT='`Z+R]W=W<N=S,N;W)G+S$Y.3DO,#(O,C(M
M<F1F+7-Y;G1A>"UN<R,G('AM;&YS.FE8/2=H='1P.B\O;G,N861O8F4N8V]M
M+VE8+S$N,"\G/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2=U=6ED
M.C`X9#!D9&8Y+35E-V(M,3%D9"TX8C`V+68S8S(U.#AC931E8R<*("!X;6QN
M<SIE>&EF/2=H='1P.B\O;G,N861O8F4N8V]M+V5X:68O,2XP+R<^"B`@/&5X
M:68Z0V]L;W)3<&%C93XQ/"]E>&EF.D-O;&]R4W!A8V4^"B`@/&5X:68Z4&EX
M96Q81&EM96YS:6]N/C$Y-CPO97AI9CI0:7AE;%A$:6UE;G-I;VX^"B`@/&5X
M:68Z4&EX96Q91&EM96YS:6]N/C@S/"]E>&EF.E!I>&5L641I;65N<VEO;CX*
M(#PO<F1F.D1E<V-R:7!T:6]N/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2=U=6ED.C`X9#!D9&8Y+35E-V(M,3%D9"TX8C`V+68S8S(U.#AC931E
M8R<*("!X;6QN<SIP9&8])VAT='`Z+R]N<RYA9&]B92YC;VTO<&1F+S$N,R\G
M/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z
M86)O=70])W5U:60Z,#AD,&1D9CDM-64W8BTQ,61D+3AB,#8M9C-C,C4X.&-E
M-&5C)PH@('AM;&YS.G!H;W1O<VAO<#TG:'1T<#HO+VYS+F%D;V)E+F-O;2]P
M:&]T;W-H;W`O,2XP+R<^"B`@/'!H;W1O<VAO<#I(:7-T;W)Y/CPO<&AO=&]S
M:&]P.DAI<W1O<GD^"B`\+W)D9CI$97-C<FEP=&EO;CX*"B`\<F1F.D1E<V-R
M:7!T:6]N(')D9CIA8F]U=#TG=75I9#HP.&0P9&1F.2TU93=B+3$Q9&0M.&(P
M-BUF,V,R-3@X8V4T96,G"B`@>&UL;G,Z=&EF9CTG:'1T<#HO+VYS+F%D;V)E
M+F-O;2]T:69F+S$N,"\G/@H@(#QT:69F.D]R:65N=&%T:6]N/C$\+W1I9F8Z
M3W)I96YT871I;VX^"B`@/'1I9F8Z6%)E<V]L=71I;VX^,34P+S$\+W1I9F8Z
M6%)E<V]L=71I;VX^"B`@/'1I9F8Z65)E<V]L=71I;VX^,34P+S$\+W1I9F8Z
M65)E<V]L=71I;VX^"B`@/'1I9F8Z4F5S;VQU=&EO;E5N:70^,CPO=&EF9CI2
M97-O;'5T:6]N56YI=#X*(#PO<F1F.D1E<V-R:7!T:6]N/@H*(#QR9&8Z1&5S
M8W)I<'1I;VX@<F1F.F%B;W5T/2=U=6ED.C`X9#!D9&8Y+35E-V(M,3%D9"TX
M8C`V+68S8S(U.#AC931E8R<*("!X;6QN<SIX87`])VAT='`Z+R]N<RYA9&]B
M92YC;VTO>&%P+S$N,"\G/@H@(#QX87`Z0W)E871E1&%T93XR,#`X+3`W+3(X
M5#(P.C4T.C`R*S`U.C,P/"]X87`Z0W)E871E1&%T93X*("`\>&%P.DUO9&EF
M>41A=&4^,C`P."TP-RTR.%0R,3HP.3HP-"LP-3HS,#PO>&%P.DUO9&EF>41A
M=&4^"B`@/'AA<#I-971A9&%T841A=&4^,C`P."TP-RTR.%0R,3HP.3HP-"LP
M-3HS,#PO>&%P.DUE=&%D871A1&%T93X*("`\>&%P.D-R96%T;W)4;V]L/D%D
M;V)E(%!H;W1O<VAO<"!#4R!-86-I;G1O<V@\+WAA<#I#<F5A=&]R5&]O;#X*
M(#PO<F1F.D1E<V-R:7!T:6]N/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2=U=6ED.C`X9#!D9&8Y+35E-V(M,3%D9"TX8C`V+68S8S(U.#AC931E
M8R<*("!X;6QN<SIX87!-33TG:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP
M+VUM+R<^"B`@/'AA<$U-.D1O8W5M96YT240^861O8F4Z9&]C:60Z<&AO=&]S
M:&]P.C=D.6)F9C0P+35E-SDM,3%D9"TX8C`V+68S8S(U.#AC931E8SPO>&%P
M34TZ1&]C=6UE;G1)1#X*(#PO<F1F.D1E<V-R:7!T:6]N/@H*(#QR9&8Z1&5S
M8W)I<'1I;VX@<F1F.F%B;W5T/2=U=6ED.C`X9#!D9&8Y+35E-V(M,3%D9"TX
M8C`V+68S8S(U.#AC931E8R<*("!X;6QN<SID8STG:'1T<#HO+W!U<FPN;W)G
M+V1C+V5L96UE;G1S+S$N,2\G/@H@(#QD8SIF;W)M870^:6UA9V4O:G!E9SPO
M9&,Z9F]R;6%T/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H\+W)D9CI21$8^"CPO
M>#IX;7!M971A/@H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*/#]X<&%C:V5T(&5N9#TG=R<_/O_B#%A)0T-?4%)/1DE,
M10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`"0`&`#$``&%C<W!-
M4T94`````$E%0R!S4D="``````````````````#VU@`!`````-,M2%`@(```
M````````````````````````````````````````````````````````````
M$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P````%&)K<'0```($
M````%')865H```(8````%&=865H```(L````%&)865H```)`````%&1M;F0`
M``)4````<&1M9&0```+$````B'9U960```-,````AG9I97<```/4````)&QU
M;6D```/X````%&UE87,```0,````)'1E8V@```0P````#')44D,```0\```(
M#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````0V]P>7)I9VAT("AC
M*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D97-C`````````!)S
M4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@245#-C$Y-C8M,BXQ
M````````````````````````````````````````````````````````````
M``````!865H@````````\U$``0````$6S%A96B``````````````````````
M6%E:(````````&^B```X]0```Y!865H@````````8ID``+>%```8VEA96B``
M```````DH```#X0``+;/9&5S8P`````````6245#(&AT='`Z+R]W=W<N:65C
M+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C+F-H````````````
M`````````````````````````````````````````````````&1E<V,`````
M````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P86-E("T@
M<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L
M;W5R('-P86-E("T@<U)'0@````````````````````````````!D97-C````
M`````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M
M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN
M($E%0S8Q.38V+3(N,0``````````````````````````````````=FEE=P``
M````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:(```````3`E6`%``
M``!7'^=M96%S``````````$````````````````````````"CP````)S:6<@
M`````$-25"!C=7)V````````!``````%``H`#P`4`!D`'@`C`"@`+0`R`#<`
M.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0":`)\`I`"I
M`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T!$P$9`1\!
M)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I`;$!N0'!
M`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<"<0)Z`H0"
MC@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-:`V8#<@-^
M`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$?@2,!)H$
MJ`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07%!=4%Y07V
M!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&0<K!ST'3P=A!W0'
MA@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC["1`))0DZ
M"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP*\PL+"R(+
M.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT-#28-0`U:
M#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/>@^6#[,/
MSP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$<D1Z!('$B8211)D
M$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4BQ2M%,X4\!42%305
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MPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_.;PY^3HV.G0ZLCKO
M.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_(3]A/Z(_XD`C0&1`
MID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546:1=Y&(D9G
M1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+#$M32YI+XDPJ3'),
MNDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%049M1YE(Q4GQ2QU,3
M4U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8+UA]6,M9&EEI6;A:
M!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/7V%?LV`%8%=@JF#\
M84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUGDV?I:#]H
MEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\>;WAOT7`K
M<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V/G:;=OAW5G>S>!%X
M;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$?^6`1X"H
M@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2(:8C.B3.)
MF8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_D:B2$9)Z
MDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB:U9M"FZ^<
M')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16I,>E.*6I
MIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M1*VXKBVNH:\6KXNP
M`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=HM^"X6;C1N4JYPKH[
MNK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"7\+;PUC#U,11Q,[%
M2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TUS;7.-LZVSS?/N-`Y
MT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38Z-ELV?':=MK[VX#<
M!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1SY/SEA.8-YI;G'^>I
MZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_RC/,9\Z?T
M-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[<_VW____N
M``Y!9&]B90!D0`````'_VP"$``$!`0$!`0$!`0$"`0$!`@(!`0$!`@("`@("
M`@(#`@,#`P,"`P,$!`0$!`,%!04%!04'!P<'!P@("`@("`@("`@!`0$!`@("
M!`,#!`<%!`4'"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("/_``!$(`%,`Q`,!$0`"$0$#$0'_W0`$`!G_Q`&B````
M!@(#`0`````````````'"`8%!`D#"@(!``L!```&`P$!`0````````````8%
M!`,'`@@!"0`*"Q```@$"!0(#!`8&!04!`P9O`0(#!!$%!B$2``<Q01,(42)A
M%'&!,I$)H2/PP4*Q%=$6X?%2,Q<D8AA#-"6""AER4R9CDD0UHE2R&G,VPM(G
M13=&XO*#DZ.S9%4HP],I../S1TA692HY.DE*5UA96F9T=82%9W9W:(:'E)6D
MI;2UQ,74U>3E]/66EZ:GMK?&Q];7YN?V]VEJ>'EZB(F*F)F:J*FJN+FZR,G*
MV-G:Z.GJ^/GZ$0`!`P(#!`<&`P0#!@<'`6D!`@,1``0A!1(Q!D'P46$'$R)Q
M@9&AL<$(,M$4X2/Q0A52"18S8M)R)(+"DI-#%W.#HK)C)313XK,U)D149$55
M)PJ$M!@9&B@I*C8W.#DZ1D=(24I65UA96F5F9VAI:G1U=G=X>7J%AH>(B8J4
ME9:7F)F:HZ2EIJ>HJ:JUMK>XN;K#Q,7&Q\C)RM/4U=;7V-G:X^3EYN?HZ>KR
M\_3U]O?X^?K_V@`,`P$``A$#$0`_`-_CGJ]7N>KU=7`\>_;GJ]7MP]O-2*]7
MMP]O/`UZNMR][\](KU>W+[>>FO5[>OMYX&O5X,IT!OS8->KESU>KW/5ZO<]7
MJ]SU>KW/5ZO<]7J]SU>KW/5ZO<]7JXEA8B^O8<T37JI9]?GXYGH\]"N-8GTW
MCJZGKUUVPR\>)=+^F<],8<)FM<)BV)REH*1O;$!)*/&,:<ES<;L7S?.T!T`-
M,'8I7'_%3M5[AUT`MYNT.PRU1096X/X4\/,[!\>JM?G,'_"DC\2'K-B]6OIN
M]-67L,PJED/ET66LN9HSS6I$S>X*B6D:--UM"5C4'V<GFW^GG=ZS2/S=RHGK
M4E`])DU&;G:MFUP3^7MQ'DI7OV>ZL&&?\*-_Q/>B^)02^H;TVY?JL)GD\IJ3
M.&4LU9+D*JWOB&>>0H6L"`2K#VCGG?I^W:O`?RERK4.A:%CUC]*TCM5SBV/^
M4,`IZPI/OV5>YZ"OQ^/1[ZSL?P#IGF]:KTW=;<?>.@P/)W4.J@J,&QBJDL%A
MPW&(5CBDD8FRQ3)$['158\A/??L+S?)VR\C]NR-JDS(']\G:/,2.NI&W:[2[
M#,%!"OV;AX$X'R/'RP-7L7!-O'OR%ZD2N^>KU?_0W^.>KU5N_B?9Y]>'3'H`
MG4?T'4F4JW-.0YZ[.'5FGZL!&B.5<-PBIK)S1+++"C5"R1J0K.+BXO?D@=G-
MGD=Q?=UF96$J@)T?TB0,=N%!?>RXS%JVUVFDE,E6KH`X5IT1_P#"EO\`$VGB
MCFCQ/I^4F598V_J?*#M9=P[XA\>9:'Z<]W!A^TG_`!Q_@U`W^R[F_P#>>S]:
MVJ/P6/Q'\V_B->F_-F:NJF$X9@O6;I-CS9)SU'DZ*6GPZMIZFE2NH*V*">29
MHC*C.CIO8;D)!L;#&+M@[/FMW\R2ADDLN)U)G:.!$\8^!%3/N#O6O-;0J<`"
MTF#'M!HCGXV/XA_XE7X?'5;*&9^C\.1X?3!U&IX,OY,Q3,V%'%<9&8Z.F:IK
MXJE!4P%(RI5HB`0;'4$<&/8WN#N]GULM%P7/S*"20#`T[!P./31!VA;T9KE;
MB5-!/<JPQ$F>/$4[?AG_`(D/X@_XA?HI]9N.9/PK(\WJRZ/8CA>`]$*^>BEP
MS`JZ7$Z2.O,>(0S5$J`HB2*K!E!)%[6ORO:/V>9%D&<6B7"Y^5<!*\94(,8&
M/*GMS]Z\PS2P>4D)[U!`'`8]54_]+/\`A1S^(U%UPR'D_J3AV0\>R^V:J'(^
M><MT&79Z&HDB?%UPNKCAJH:^3RY%);8^UA<`V(Y*^9_3YN_^1<=94X%:"I)*
M@>$B1%`'+^U;-#=(;<"""H`X1QCIJX7\?_\`$Y]6GH)K^@&3/39)0Y$P_JA2
MXSCF8^K68<'IL7'S&&U%/!'AM*N(!Z:-]LIED+HS%=NVUF/(G["NS;*\\#Z[
MN5EL@!`,;09)C$[(P(ZZ'/:9O=?98&DL0-<RHB=G#HHP_P"`[Z_O4;Z_/3SU
M.S7ZCL*I*['NFF8H<G8!U2R_ARX71YCIYZ%:N16@A_0^?2,0LC0@*0ZC:&!N
M0]MFXV7Y%F#;=HHZ5IDI)DI,QMVP>$X]=&_9UO)=9G:*6^,4F`1@"(]E7H;Q
MV)L?9R&*D&*ZWCFIPFO5[>+VMVU//37IKLL!;X^SFS7J]O'*ZA7JZWB]K<W-
M>FN5QRT5ZNBP'-5ZNP;B_;PYZO5KC_C_`/XJ&8?1CTWP3TY=!<P_R/U#=:Z"
M?&,9SC1,#4Y0RF':E>KAL#LK*MU>*G8ZH%>0>\%Y/_85V9(SBY-U<IFW:,1P
M6KH/4-IZ<!46=IF^:LO9##)AY8V_T4]/F=@HB_X/OX!>4,Z9+RQZL/7O@-1F
MF?/<<><>G'I]QQYDA^5JC\S%B>8FW"6IFJ0PD6F9MH4@R[F)51IVL=NCK+RK
M'+%:0G!3@ZL(1T`;)'ITT'-QNS1M:!<WHU%6(2?BKI)Z#ZT?'\4G\2OKK^$M
MFCIKD_H5Z+\H5OIIS+A-/0Y?SS(]3@>&P9@6:I:;"HZ?!(O+C*4\:2KN4;MQ
MM>QX!NS+L[L=Z4.KN;Q8N4G$;24X>*5;<<#C0EWRWLN,D4@-,)+1$`[!..$#
MJ%&(_":_$/G_`!9>B76G$>M/0C+^6*CISCL&2,7RU3R''L#Q6AQ'#EK$+18M
M#<,+,LBL"IT(\1PA[4MPANM>LI8?4K6G4#]I!!C@??1IN7O1_.[5:G&P(,1M
M!!'75:7XM_\`PGUZ=8]DO-GJ-]!>5%R/U`RK!-FG./IZP'=_*<P4].IGFEP6
M,M>DKT`+I"A$<MMJA7M>1NRSMXN&WT6N9JUMJP#AVIZ-7])/23B-N(H)[\=F
M++C:G[-.E8Q*1L/ET'J&%"1_PGH_%7S7ZC\$Q'T8>HG,4N8.L/3/"SCG27/.
M-,?G\PY;H2E//1UC2>])6X?=;N?>DB-V]Y&)+>WGLP:RU8O[1,,K,*2-B5'$
M$?WJO<?,4J[,-]5WB#;/F7$C`]('3UCWBMHO<+7YC=-2_P`8K__1W]R;`GV<
M]7JH]_X4&>IC_9]_#DZCY;PNO^2SCZBJNDZ%Y>,#E)EI,1W5.*R+;P%#!+&=
M=-X/)B["-W3?[PM*4)2S+A]/M'M(/I4?]IN;_E,I6`84YX1Z[?=-:0_17T68
M]U6]!_K%]8M/%-\GZ<,8R9EW!8(CMAJ(<3K/+Q=V7;[_`,O'44Q6QTW$GMS,
MO.M\T6N>VE@2/VR5D^8^WVD&L>LLW<4_E=Q=?\;*0/\`1>S"K4?^$Q?7X=./
M6_GKH?B==Y&#>H?*<_\`*J>1E5&QW*TIQ&&V\CWFI9:@`#4V^'(S^I+(OS&3
M-W('B97!\E?J!0P['<S#68+:.QQ/O3^DU9I_PJR%O3UZ3[?]AMC/_EA;D;_3
M"?\`AE=?[6/]^%#'MH'^1,_X_P#H32<_X2>B_2+UJC_N[LJ_^P]+Q9]47_%=
MG_B*_P!^ICL6_P")G_\`&'P-:D.$F_JHHK_]O0_]K0\RG?\`^64K_:O]!4(V
M_P#RT4_[8/\`?JVT?^%!WJ"]?/I7ZDY/S-E[J'D_&?25UB>#+V1.F.<,H9:S
M-48=F'!<,%372U,>8<-J1:8LSQ.CFVJD#2^*_83N]D6:L+0MM8NFQ)4%J2"D
MG"-*ALXB.NIP[3<WS.Q6E2%I[E6`!2DP0!T@T<7_`(3W^M#KEZK/3!URI^J%
M)@&)XKT7S#%EW(,&2,$PG*M-)2U^$BO2EEIL&@@I5VS`@2+$"0WO7(OP)=O.
MZ%EE69L]SJ`<1*I45&9B03C[_**/.S#/KB^LW"[$H5`@!/`'8,*I3ZD?C6?C
M0^I3J5G?('ISZ3U/3^;*&(XAE/&LA]",CU>;L2H:G#JIJ2:*IQ*NIJQC*CQD
M%HHXA_JVY,.6]CNY^76R';MX+U`$*6X$`@B1"01[R:C^\W^W@NWU(8;TZ21"
M4E1PP,D_("BMY?\`QMOQ=_2UU7J\%ZP=1,3Q['<JUD<F>.BO7_+-)23R1MLJ
M6I94-+25E(9(R-CQLI`(.HT(H?[&-T\SM0JW0`E0\*T*)$[)VD&.-$J.T;/+
M-_2\J2-J5)`_`BMFS\3'U8>L.N_#KZ,_B`^A+JEAW2;)5-@-%U<ZN9>S'0T&
M)XC6X/F"FHHZ6"D-?2SQ&2DGG??]C<-1[.8V]G6ZV5)W@=RS,VBM>HH202`"
MF9)@@P0.NI@WNSF^.4IO+-82("C@#@8Z1PFM>7T_?\*1/7STUJ,^MU<KL,]1
M4^8\(;!NFF#8SA6&X1%A.8I*B/R:N5L$IX9ZF'9O5J8$%V(LRZGD_P"??3OD
M=P$?EY8TJE1DJE,&0-1@'KX5%65]K.9-%?>PY(\.`$'T$D=5`;7_`(\GXM&!
M]07S!C?7/^48G1U"5M3T[Q[*&$4>%K&5#"GDH9:2.98F0C7>'L=P;=[W#I'8
M=NJMC2EF0=B@LDSYS!/NZJ+W.T[.TN27`.K2(\MD\[:V#/Q!?Q?/4%EW\*_T
M9>KKTWRT'2_J9ZI<8P_+.9/,H(,9.&5$=!7&NI:"+$DD1B]52%(V9&8+:WO:
M\@;</LHR]W>:\L;N5M6X)&.F<1!)&(P/54I;S[[72,G8N;<:5ND<)C`S`/6*
MIVZI?B4?\*$.A^2X^HW66;-_2K(<LU+AL>;NH'33!,*H&J:T$T\0EK,-0&20
M`E5[Z<EC+.SO<&]>[JW*7'()A+BB8''[J`-[O9O5;-=XZ"A'24)'ILHSOX/W
MXLWXBWJN]?\`T?Z+=7>L39^Z88U1Y@QC.N!4.6<"I0M/083++%-)/A]'')$B
M3F,;MP!)`\;<#G:UV69!E61.W%NUI=!2`2I1VG'`G'"CC<+??-;[,T-.KU((
M,^$#8.D#IK=M4VL.U^8=#960%?/HR_@,/XH/_"@_'<,ST5Q[IU29\Q:HK<-G
M;?3S9.Z81O#3T@W#_)U+T:;UMKYC>WF=K[W]F]PDJ;P<+8QZ%.Q)\Q.'E6,K
M;0SC>DA>*`H^Q&P>I%6J_P#"C?UT^K'TI=1_2_T[]-O6?$>C&7\TX%CV;\RO
MDN.CCJJVIHZ^EH:=))9X92(8T=K1K87-S>PM&GT^;DY7FC%T[=LAU22D"9P!
M!)]:&7:OO'>V3C*&'"@*!)C:8@?.J]?7%UIZL>H'\`'T:]4^MF?:_J7U%Q[J
MU7PXSF_,K1/65*4IQZGA#F)(ULD:!18=AP<;DY1:V._EXQ;H"&PS@!L$Z":#
M6\E^]=;KV[CJM2RO$G_.J+^%1U0ZA]%?P=/Q<NJ?2?-U9D/J+DS$,O8OE7.&
M!,BUE#4FDIXO,B,BNH.UV&H/?CG:=EK%YO?E3+R0MM0((.PB36MQKUUC=^\=
M;,*29!'D*.5_PG?_`!!?6/ZE_5+UBZ3>H7KKBO6/)M-DHYYPBFSHE'+44&)4
MF,4U&'IYJ>&)E1XZA@Z&X)`-@1P)]O\`N)E.6Y<R]:L!I97I.F<1IG&>NCSL
MJWGO[RZ=;?<*TA,B8F9BJ^/7;EB'\,O\=K*/57IQ$,NY*QG-&6^O=%A]$##3
MQX5FRJ?#LPT:K'M'E,S53!!H`P'AP<[D/G>/<A;+OB6E"D=<I$H/GLQZJ#&\
M;7\IWE2ZW@E1"O16"OG7T#_-C\CS]_Z&WG[_`/4MN_AS!6#,5DS7_]+?W/8\
M]7JT,/\`A3WZDAU']7_37TY81B'G8!Z=<NKC.8Z:)[I_6/->VJ8-MTW144,'
M?MYAYFU]-F[OY?*G;M0\3RH'^*G]9]E8X=L6;][>(8!P;$GS/X#XT!OI5_%Y
M]/7IX_#@SYZ`\Q>E3'\[S]5</S=1]1NH6&YBPBDIZW$LSQR4T=3'3SP-(@I8
M13HMV)O%N&IX=[S]D^89CO`C,TW24:"G2DI)@)X3UF?;19DN_EI:Y2JR+)5J
M"M1D8E7IY54]Z->N-?Z9?51Z<NO453M_S69KP7,&.R1DHLV&-4+28BAL-$>E
MFE!^!Y*6^.3#,LKN;;_CB"!Y[4^\"@5N[F?Y.^:>X)(GRV'W&MN/_A5+6TN)
M>F[TAXA0SK4T5?G'%:VCJ(S=9(I<O>8C#X$,".8I_3(@IS.Z!&(;'^_"IQ[9
ME`V+)']/_0FF?_A)Y_SJ/UJ_^#=E7_V'I>*OJA_XKL_\17^_4UV+?\3/_P",
M/@:U'\)_ZNHHO_"H?^UH>93/_P#+*5_M7^@J$;;_`):"?]L'^_5MS?\`"L'_
M`)TSZ+__``<\R_\`L-\Q7^EX?Y7>?XB?]^J<.VC_`(F9_P`8_`4F/^$R743*
M/2/T@>N_JEG_`!=,!R1T\S#0YQS7C,X)%/08=EEZF9P%U8A4.U1J38#4\<^I
M"P=NLXLF6A*UH@#K*HJG9#<H9RZX<682E4D]02*+9G[_`(4.>LKKUU/J.D7X
M;OIEPK),.<\1JJG*%'3X`<S9SQJ>1C/+72T=,8J*%Y%!DFWQR;1J\FA/!)8=
M@>46%J'\WN2K2,<=*!U3M,<(CRHGNNU*^N7^YL&0)V823UP('MFJ0OQ%Y?6G
M6>I?$<6]?U&U!ZC<=R_@F,8C13QX-!)#@DJU"X?&\>`WIT*A9!MN6%O>/;DT
M=G@R=.7!.5F;<*4/XL3_`!?=B>&.RHZWN.8F[F]'[4@=&SALPK;;ZQZ?\)?,
M`M_VY;)G_E5A_,4\N'_.R#_MZ_G4Y7G_`$Z)_P!J'RJA'_A.1E;+&:_Q.<IP
MYHR]19CAP/)>:LQ8+#CE-#5)28A!\I'%4Q+.K!9461@K@7%S8\G?Z@[AQO=M
M>A1$K0#!B1C@>JHN[*6DJSA,@&$J(\\,:6?_``I@IZ>'\3,R0T\<,M7TXRC/
M5R1(JM+(*W%H@TA`!9@B*MSK8`=@.(_IS43N[_NB_@FE/:Z!_-O\P?.MH'\&
MG(_37.GX2OHXEZG91P3-6$95PW%<T44N>:&BK:;#IZ7,&(M\VAKD=8GC6Y\P
M6('CS&;M;NGVMZ;SNE*25*C`D3*1AAMJ9MQ&6UY+;ZP"`F<>&)QK4D_&J_$O
MQ+\0KU&P9+Z85U35^FWHO75&6.DN$X<)'_K/C,DGR=1C1A4;I&G;]#1K:XBU
M`#2'F5?8YV<IR'+^]>`_,.B53_`G:$S[U=?4*@WM#WM5FEWW;<EE!@`;5'83
M\A6US^!O^&1%Z#O3X<_]3\'C7U/]=Z:EQOJ&\RJTN7L(($]'@,;ZV,5_,JB-
M&F-M0BGF,';-VC?SS,.[9/\`DS1(3_?'BKUV#H'F:FGL]W0&6VNI8_;+Q/4.
M"?QZZO'(&X<A@U(45H'?@=2IDS\<#J'E;,D7\NQRJ_SM98@HYMH*5U-BCU4D
M9+6LVR%^VIYG)VS(+VY;*T_:.Z/H4Q\36-W9\H-[R.I5M.L>LS\*'K_A5O\`
M]7!>D'_P3<S?^7NCX3_2_P#\0W?^.GX&EO;5_P`46_\`BJ^(HKGJ!_[1P_0_
M_P"%<Q;_`,J,P</]WO\`J(E]_M0^"**\U_Z=*U_Q_FJL_P"'Q_V8U_&8_P"7
M^7O^D%)S>_G_`$^V4>OQ->W1_P"G9ON>`I>_\)<!_P!/W=9/_"9UG_L18?Q%
M]3/_`"QF/]M_T)I_L9_Y:#O^)_HA7?\`PIFKZ7,WXC?13*>"-\_CV%9#P#"*
M[#XA[PJ,2S+6R4R?2X86Y[Z<T%K=]]Q6"2XH^@0)KW:Z>\S5I`VZ0/:HUO@^
M4_\`)/(V_I/E?*V?ZWDVMS"34-4]=9'1X:__T]]?-V:<"R-E3,V=<T8A'A.6
MLH8?69GS#BE6P6*FHJ"G>JGE<GLJ(A)X_;6RWG$MH$J40`.DG`4V\ZEM!4HP
M!C7RHLWYPS+^(;Z\<6Q;#ZX5><_5IU)CH\#HJ>:*26GIL=QE*.EB0!K6IZ/8
M+:#W?#G3:SMFMW\B`/VV[6)ZPF3[36&]P7<US4X'4ZOV`F/<*^B/@_X./X9F
M&X7AE!+Z-LF8E-AT$%#+B-;0RO-4/#&L9DD+2G<SD78GN3S`)[M6WB4HD7;@
MGA-92-[E92E,?ET>P5H!?BM^G/+GI#]??J.Z(X+14^6,BT^*1YQZ<8*)0L5/
ME[,%)'B=-%$9""4A,KQ#O;;:^G,[.RW>)S-<BM[A9U.1I4>.I)B3Y[?6L8]^
M,F%EF;K:1")D=`!$P*L\_$H]2>'^I+\%G\+'/];CD%7CN7\:Q7I1F^H:9#;%
M,JX&V"OO9V)+O'!'(2=3NOV/(S[.MWCEN^.9-`>$IU#R4K5^(]*&V^.9&[W>
MLUG[@8/F$D<^=6,?\)-JNEJND7K6--4QU(7-V5=QIW5P/^,]*-=I/`)]46%W
M9_XBO]^%"3L7!%N]/](?.M1G"<4PS_:JHT_F5/O'5"Q7SHKW_KF?];F5#Z%?
MRE6'^M?Z"H380H9BG#_7!_OU;=O_``K(JJ6FZ+^BYJFICIE;.F90K5#J@)_J
MX/%B.8K_`$NC_*[S_$3_`+]4W=LZ2;9F/Z1^5$A_!^Z:9MZ[_@]_B[=+NEU-
M_6+.^;1%19;P?"W$LU74PY=%6*>,1DDR2B(HB^)('!;VM9FU8[W96\]@A,3/
M#Q;?3;1%N'9./Y#>-H'B5,=?A&'KLJG#\/#UX8[^')ZFGZ[85TWH>H6.P8+C
M'3'%NG^;*F3"ZJ`XE-3N^QQ%++#4Q2TBJ5,9)4NGCR8-_MR&]XLN%L7"A.H*
M"@)&`/6)!!G;T5'FZV\"\HO.]T:C!3!P.,?`BH/XBGJ#]17J;]0Q]0_JJR`>
MD&:^K&`X9BG3S*]9A]3A%+_5&FDGIZ!J1<1VRSQ[_-O,_O.238+M'-]GV19=
MEN7_`)6R<[U#:B%*F3KP)F,!A&`^-:WMS&^O;GO[AO05`0(.P;-O/I6S)3^I
MOI+U]_X3)=3\!Z?8ZU9C/IXR/E_H=U4HZN"6!:''<-J<,E9$EE41S1R12QR*
M\;$6:QLP(&-[V[MS8]HS2G1`><*TX[4D*_=C4Q)S-JYW36E$RA`2=NW##K]*
MJF_X325]#/\`B@8.D%;#._\`F^S@=D,J.?M4)[*3R5_J*21NV?\`;$?.@'V3
M)/\`-P?[Q7RI[_X4U5]#3_B901U%;#3R?YM<I-LGEC1K'$,7\&(XQ].*2=W9
M`_UU7P33W:Z#_-0?[P?.C-=?O4WU"Z$_\)NO1%E;IOF6'+5#ZA\0Q'I+GO'J
M>;RZIL".(XUB-334TRL-GS!IQ'*P-_+++^\>!;=_=NWONT.]6\G5W/C2.&J$
M@$CC$R.N*/,VS5^VW5MD-X=YX3TQC(^1K7U]&WJ?R-Z3/4!DKK]C72K`^NU=
MTY+XMDO)6;\6;#\,IL94`4V(2?+I,97I=6B0C:'LW=1R>]\-VWLUL5VJ7E-!
M?W*"9)'%(Q$`\>K#C46;O9HFPNDO%H.%.P$P`>GCL_6MM#T%_P#"COJ=ZQ?6
M!T,],N-^G/*N3\*ZNXE5X%6YFP+,U=6UE(M/A=3B(:.&6!%<DTX4@GL>8L[[
M_3Y;Y3E+UXFY4HM@&"D`'$#;-3=NWVH/7UZVP60D*,3)/`GHK;,3M_1S%\5,
MU:`'XI&4L]_A<_C,Y>]7N3L"EGR7GW'Z;U)9.^7!2GQ+SR*'-&$[[$>8YDE)
M!-P)T;V6SF[-+IC>7=!5@XH=XA);/2.*%<]!K&C?%EW)MX$W2!X5'5Y\%#YT
M.O\`PH/J<;]:N-^A+KYZ7,C9AZV]+\Z9`QS&</S'TXP3$<9BIS58O22?+U)P
MZ*80U$95DDB8AE96![<)>P7N\F3?6MZXEIU+B1"E`;`<1)V;,:,NU!M>8&V?
MMDEQ!2<4@G:1T4'W7CH;UQKO^$]_HQR#0]%<W5N?<&ZJXKBF,9&I,N8O)C-)
M2M/CI6::C2`S)&?,6S,H!N/;Q7D.>62=_;QXO(#9:$*U"#@CC,4UF>67)W6M
MVPVK6E>(@SQX>M9_07T.ZWX'^"Q^+SD['.B^;,$SAFV?`?ZJ92QC+N+4V)XI
MY<-*'^4I9H%EFVV-]BFW-;\9Y8KWRRIQ+R%(3,D*!`Q.TS`JVZF57*=WKQM3
M:@I1P!!DX"L__">7*V=O3#ZH/47UG]1?3[,/1#I5DWI3BF+YCS]U2P/$\#PN
MGAI<;H:AP9\1AB0OM4E4!+-V`)Y[M^O&,RRZWM[1Q+KJG8"4*"CBDC8#5>RJ
MV=L[I]U]);0$8E0(&T'C0.>E6+-7XQ7XWZ=<JW!:A.EN7LQP=;,:IJT2%,+R
M9DV2*'`:.7N%EJIH8`R^+-(;6!X;[T%K='<O\J#^U4DH!'%:\5G_`#02/**+
M\DU9]O'W\?LTG5C_`$4X)'G,5]!ZYVW\;]OSY@E`K)K&O__4W[,0H*+%:&LP
MS$J.+$<.Q"-Z.NH*^-)H)H9%*.DD<@*LK`V((L1RR%J29!@CB*JI(((-!YA/
M1/HY@&(T6,8%TERQ@N+X:XJ,.Q7"<`PJFJ:>1>S12PP*R$7T(/%[V<7;B2E;
MJBD[05&#[Z3(L&$F4H2#Y"A.46'Y\+J5T@<R=*>F&<L1&,9OZ<8!FO%A&M(,
M4S+@V'5U1Y*$E4\VJA=MH))`O87XMM\SN64Z6W%)'0"0/=29VS:<5*D@GK`-
M1).C/2*7!J;+DO2O+<F7J.>3%:/`9,"PMJ**JF4)),D!@V+(P`#,!<@:GEDY
MM=A>L.JU'"=1F.B9JIL&"G3H3'1`BGS*^0LDY'AK*?)63\*R=3XBZU&(0Y5P
MZDP])W1=BM(*2.,,5&@)O8<9NKQY\RXLJCI)/QIUFW0V(2D`=0BDJ.@_1%:L
M5R]',J"M$OSHK!EW"/-\[?YGF;_E[[MVM^]]>*?YU>Q'?+C_`!C^-,_R]B9T
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M<4A52=2!IQFUS"X8!#;BDST$CX4Z]:M.1K2#'2`:Q4/2SIGAF`XGE;#>G6`X
M?EC&W$^-9;H<(P^*@K'`4!IZ>.(1R$!!JRGL/9SSF8W*UA:G%%0V&3(\C6D6
MC24E(2`#P@16/+G2;I;D_$AC.4NFN7\K8NL;THQ7+F#8=0U(BDMN3S::%&VM
M;47L>6N<TNGDZ5N*4.@DGXUIJS9;,I0`>H`5RS'THZ7YQQ$8QF_IO@&:\7$:
MT8Q7,F#8=75/E1DE4\VJB=MJ[C87L+\U;YG<LITMN*2.@$@?&O.V;+AE2`3U
M@&N5;TLZ98E@.&95Q'IS@-?E?!7-1@V6ZW!\/EH*21MUVAIY(C'&QW&Y51W/
M/(S*Y2X5AQ04=IDR?6K*M6BD)*1`X0(I/?[/W0;_`+<EE#_U&L&_\Y^*/Y[?
M?\>7_IC^-,?RRW_XVGV"G/!NC'1_+F*4>-Y>Z4Y:P#&L/8RT&+X+@6%TM5`S
M*4)CE@@5U)!(N#VXT_FUVZ@I6ZHI/`J)'QIQNQ809"`#Y"A*46%OX<04JH@_
MXC'X?_2[\1/T]8MT9S]4'+F9L,E.9NE/4FBA66LR[CB1E$F56MYD$JGRZB&X
M#H>X8*0-=P-^+G(+\7#6*3@I/!2>CSX@\#0<WHW;9S2U+2\#M2>(/3^(Z*TP
M.DOJ,_$G_P"$_'6'%^DO4W(3YEZ(9CQ"6ODR5F&2J?)>8BS!6Q/+F+(C"DJI
M%`,B$7)L)HBR@\R\S/=_=W?RU#[+FE\#:(UI_O5IX@<#[#PJ!;+-,VW7?+3B
M-31.S^$]:3P/5[:V'^C?_"EO\.S/^#4M1U.FS=T&S%Y>_$L(S1E^KQND277W
M(*K+:UAE%K>\T*?1R!,V^G7>!A9#6AY/2%`'V*CXFI.L>UK*G4^,J0KH(GWB
M:<^K/_"E'\-O(N"3UG3_`!S-G6_'C&[T&!9/RSB&%QM,![J35.9$H%C!_P`2
MJ]O9RN6?3OO&^X`ZE#2>)*@?<F9]U6O.UG*&T$H*EGH"2/C%:['J'];GXB7X
M\G4^@]//0;I?599Z,4=;%52],,HU$S8-2A95\O$,W8VR)$_DVW)#8(I'N1N^
MO)[R+<[=_<>W_-73H4^1@HCQ>3:/G[2!46YIO#FN\KW<,(*6N@;/-:MF'1LK
M;\_"^_#9Z<?AO=!QD'`ZZ/.75K.KPY@ZT=4S#Y3XMB21[4IZ97]Z.AI=S+3Q
MDWU+M[S'F*7:1VAW.\5[WJQI:3(0GH'2>DG:3Z#`"ISW/W5:RJVT).I:L5*Z
M3U=0X59;L-K7\;WY'D4+*__5W^.>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>Y
MZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU(;J%TR
MZ==6\JXED;JED;">HF3<84PXGEC.N'TN)T,P(M[T-8DBW'@;7'AQ78Y@_;.!
MQE90L;""0?:*3W-HT\@H<2%)/`B15/O4W_A/)^%OU'Q*?%*/HQB?3">I9I9Z
M?I5F3%L,I=S&]UIYY*F*,#P5%51[.2QEO;SO+;)`+P6!_22#[\#[Z`]YV89,
M\9[K2?[TD4W]._\`A.I^%QD+$XL3Q#I-CG4QH&$T5#U+S5B]92!E;<-T-$]&
MKCVJ]P1H0>7S#M\WEN$E(=2B?Z*0/>9-4M.RW)FB"6RHCI)/X5<#TLZ-])^A
MV4Z/(O1OIQ@G2_)U``M-EO(F&TF&4@*KM#&.D1`S6_>:Y^/(GS+-+F\=+C[B
MEK/%1)/OH<VEDS;H"&DA*1P`BA("A>WT<0Q2JN7/5ZO_UM_=KV-N_-&O"M?#
MK'^)?ZS/49ZL^J/HX_"NZ3Y7S94=`7&&]=O4EUKGJ3EK"\4$AA:BI8J1DWLD
MB21$DNSNC[5"H6,YY-V>Y3E^5M7^=.J2'L4-HC41TF?0\.LXQ4:W^]5]=7J[
M;+T)/=X*6K[0>CKBALP#JI^*MD7TR>N&L]7.`Y"R?GSI7D+%,\^G_KAT0>6J
MH,0Q&/"<0G?YFAQ%I?+>CDIXF"O'9@WB.$MQE^[+V868LE.*0XX`XA>T"0,"
M-L@GC1HU<YNW:/FYT!:$DI4F8)@\#T0*&;\(?KMU'Z[?AO\`I[ZY==L]/FW/
M>:L/QC&LYYWS!\K2F04^.5L0>7R5BBC2.*,#0``#A1VIY-;V.\%Q;VZ-+:2`
MD#'@/G2[<_,'+G*VGG52I0))]35AN3NH>0.HM#4XGT^SS@^>L.HI?D:W$,FX
MG18G!#-:_EO)0RR*K6\";\!-Y8/VZM+J%(/001\:$3%RVZ)0H*'49^%4A?@^
M>MOJ)U>P;UG8IZL^OE#BDN2>L6+=).F-9GB?!<"BBP^BC$<%'3(@I4=S8$@7
M8D\E[M3W0M[1=F+)DC6PE:HE6)VD[?PH"[F9\Z^FX-PO[72D3`P&P"KV\7QK
M!\`PRLQK'L6IL$P;#T-57XMB\\5-301#N\DLS*BK\2;<AEMM2U!*1)/`4/U*
M`$G90?IU-R9GG(N<L?Z5Y_P?.G\FHJU$Q;)6)4&*Q4U9'2/+&KM222H'!`.U
MN+SESK+R$O(4F2,"",)ZZ2BZ0ZV5-J"MNP@XU6%^!5ZB.N'JD]`F`]7_`%#9
M]J>HO4W%LW9PPC%,PXC#2T["##\5-+#!'%11Q1(D:K90J\D;MIW?L\LSQ3%J
MC0V$((&)VB=IQ,T%>S_-;B\RY+CYE<D'T/54[U,>OCK!T<_%,]%7HHRU@6"5
MG2WU%8)B68\Z8UBT-4V,4\](]8J"EDCF6-5_T=;AD/<\8W>W(MKO=J\S!:E!
MQE20`(C&)G">/33F:;PNL9M;VH`TN`DGCA.RK1,7ZJ=,,NT^/568>I&`X%39
M5D@I,SU&,XQA],F&RU5_)2J:>91"TFT[`]BUM.1TSE]PYIT(4=6R`3/ETT*G
M+IM`)4H"-N(P\Z>9<YY/@.`+-FS#(6S8$?*RRU]*IQ(2!60TMW_3;@P(V7O<
M>WC(MG,?"?#MPV>?13A=3ACMV==3ZG'\"HL4P_`ZS&J2DQK%E>7"\(J:F&.J
MJ5C%W,43L'<*.Y4&W*I:64E0!@;36RL`Q.-,T?4+(,V;)<A19XP>7/,$?SDV
M3(\3HFQ9(;;M[4@D\X+;6Y6W'C9/!KO-!T=,&/;LJG?HUZ9&KHX^RH><NJ/3
M/ITV'1]0>HN!9$DQ@M'A"9RQ?#\+-4RV!$(K98MY%Q?;?EK3+KBXGNFU+C;`
M)CV51^[::C6H)GI(%$/Z^?B09)Z&^M7TE^CF;+-/C\WJ<H\:S#B'5&3,%#1X
M=EJCPK#Y:V,RPM'(97J=BB.\D:V:X+=N#/(]P'KW)[J_UP&"!I@DJ)('I'J:
M(+_>9MB_9MHDN29G8!/MH^N:^I'3W(.'46,9\SY@V2L(Q)E@P[%<W8I0X;35
M$C*&"QRUDL:N2#<!2>`JUL7WU%+:%*(Z`3\*$+UPVV)6H`=9BGZHS%E^DP3^
MLM5CM'39<$"XH<P5%5`E%\LZ"19O/9A'Y94W#7M;7C(965Z`#JV1QGRIS6(F
M<*9Z'J'D#$Z[&,,PW/.#XAB67J2#'\?P^AQ.BEGH:"IB\^&IJ(XY"T4,B#<D
MC@*PU!MQY=D\E(44$`F!@<3T#KIM-PVI1`4"1UU%R9U0Z9]1_GO\WO43`L^?
MRPA,2_J9B^'XI\N6)`$OR,LNRY!^U;EKO+KBWCO6U(G9((^-5M[MIT2A04.H
M@_"EUQ'2BO<]7J]SU>KW/5ZO<]7J_]??NKC,**L-/?Y@12>1;OOV';^?-IB1
M.RM'96M5_P`)GCAK]!/6/4XLSGJ[-UCQQ^JPJP?F1.*2(P>9N]^^\S7W>-_&
M_,@_J)U_G[33_<>X3H]IGY5%G92!^6?G^Z]ZK5S[:,CUO_$'I>N>9OQ8/0Y!
MTDJ,N3>E_I)F/,55U1EQ:.JI\8-?@+`0K1K2QM`1YY()E:^TZ#@:RK<4V3.6
M9CWNKOWDC3$%,*Z9ZNBCJ[WB#[EY:Z8+39,SME/1^M404V-Y@ZA?AN_@->B%
MLQ5^6^E'J^S]B&!=:QEV>2DFQ/!\.S:8$H6EB928V:K9V3L65#^[R;^Y0QO%
MGF8Z07;9N43C"BG;YX>\U'BG%NY5EUK)"'5>+K`5$>6/PJP[J!T0Z:_AL_C6
M?A]X!Z/<M1]'NF/JTP3'.G/6/I3ERHJ1@=?_`"]93#5FGE=QYRMY;;B2=R7_
M`'FN`[#.']X=S[]5\KO';925(60)$P(GHV\Q0AN;!K*L^MA;#2AX%*@#AAL,
M46_T&?AP>DSUFX)^+=F'KET]&/9RRIU8Z@Y0Z>9L6OK:0Y:2%ZG$(:BBBAE2
M!)4F;<SNC;E&T^[IP_WV[0<URA>5(MG(066RH0#JV`@\8@;**]V]U;*^%ZIY
M$J#JP#)PXR,?6G;TN^ISH#G+\%7TYY>_$%RCF/U1SP=3*WHQT#Z+90FJZK&^
MH>*X!6,N$T2>340M/34Z5/E,99-FU5!#':"UO+NW?-;XW"\K4EC]D%K68AL*
M'B.S`F.`G'A3F3YM;N9"TF]27?'I2D8E1!\/GZ]5>_#UROC/1K\8;K7D;!?2
MT_H4R9U,Z%5V=*_TPT.8Z?'Z2!J::GC@KI6H;0QS2LKL8A?RR6%]>;W]ND7F
MZ;+BKG\VMNXT][I*29$D8XP.GC7MV6EL9ZM'==RE34Z-6KB`#U>6-60_\)L:
MJ*H_#*P:".^^@S_GZDJ-PTW-C/S`M[1MD'`#]0B8WB/^UM_"A/V7F<K'^,KX
MT%/KZP](/Q]/PF\5\XL]?EW,E"8B!91`U>P(/Q\S\N+]R5SN/FJ8V*1\J3;P
M`#>.Q/2E?N%$]](WX>'IF]9WK)_&JA]0^7\3SQ1].>IV,X5DO"5QBOI*&BJ*
M]L4E.(&GI9(XY:R+8HADD#!%N`+$\%N]6_F8Y1E.3_E5!!4T"3I$D#3A)&`/
M$#;1%DF[-I?7M^7@5`+(`DP-N/GT41+!4SU%^"KZ'O6IAV,5&.YN_#RZ[XD,
M&K*F1FGI<HU&8(4>C,E[K"LZ0:>"FPL-.#>X[@[X7N7D`(O&!/1J"=L>4^R@
MZVEP;OVUR#*K=S_>9V?"K7/4/UFK>I/X@_K']973Z<8QEW\-WTS1UW2K%'C0
MTT6<>HF$U&.TDY$H8%DI)6D'NG[.T]QR+<BRD6^0V=BZ(5>W7BZ=#9"2/;A0
MUS*_[S,G[E&RW9P_QE`D>ZJB,G=`^K'4;T.=%>J'IU_#UZPX_P"O.NQO#O4)
M0?B#4%=03C,%9+BLE=.4F&)?,/221$+'&\0.Y=Q[F\J7N?6EMG;UO=W[*;$)
M+?<0?"`(&&F-4[2#L.%`>WRVX>RYMUBU<-R2%]Y(Q)./\4Q'51XO6%@&1>BO
MXC?4+U*?BW>DK'.O'I'Z^Y2REEOI9U+%/4XQ@W3>M&$TJ5]'4T-#*HIY$J#*
MKE2'N3)$)"[6!NZ3S]YN\W:9)=):NVEK*TX`N"3!!.W"/@8BC_/4(MLU6_F+
M*EL+2D)5M"#`F0-F,_*:5OJ[]'WH<ZE?B?\`X1^2LDY,H<]=!/4=D;$Z/'WI
M,5Q*HAS)ES*V4C39==IS.)0L$%/$H92K-:SW-^)]T]ZLZM]VLU<<64/,K!&`
M\*E+\8`B,23Y<*=SS(LN=SBQ"4!3;B3.)Q`3X<>B*&#H=Z<^D/XC?XM?XBV"
M>K/*D?5?I3Z,*/+?07H%T<QZIJQ@>"T-1#+!)4QTT,R6FO1NRR7N6<GNJV*L
MZS^[W?W6R]5BONW+HJ6XL`23A`F.O9U><K<NRQG-,ZNA<)U(9`2E,X#;C'I[
MZKQQ";-.5_PI_P`;3T@39JJ\S]-O1/U5H<N]'&S)/)55-'@<F;-GR8D:Y"@T
MF\*/=#.UK7X.T):<WGR6_"0ERZ:)7&`*@G:?.?=0=6%IR?,+4JE#*X3/`%6`
M]*.QU<_"1Q?)WX26,YE]%^%YAS_ZF_4AECIIG+U'S56.UDF+9UP3#U&.UF'4
M*RR*L0#56U(([;XHPEF:UP;D_:DAW>A*;\I1;,*<#?A$()\()@8[)G@3-']_
MN8MO)5?EM2WG`DJDXJ&$@='D.`BCL_@P9Y_#.SSCV=9?2IZ?I?2=ZK,HY<H<
MB>H7H=F.#$,/Q6*GI:M6,[Q5+F.K"U*V-1M64;K2*MQ<(=K5EO$PAO\`.O\`
MYBV4HJ;<!!2<.!VC#ALZ*/-QKG*G5*_+M]T\!"DF9$?''CMZ:V!N0A4C5[GJ
M]7N>KU>YZO5[GJ]7_]#?W;L=;?'FC7JU^NJ?X8_J_P#3MZM^IGK`_"SZT94R
M"_7V08IUW].?7BDKY\JXIB9E:=ZVF?#0SH7DD>6PV.C.^V38Y03CEO:+E.89
M6W89RRM?=?8XW`4!T&</W"1(FHXNMTKRUO5W.7N)3WGW)5.DGIPYZ^%(OTU_
MA=>N*BZ@?B,^H#U0=3NG]5U=]</3W%.D&'95Z4QXTF"8?B-32FFIZJ=ZN+<D
M,:JJ;5$CV)):^A4[R=I&3*M\OM;-IP,VK@62N-1$R1A[>`IO)]U;]+MR]<+1
MWCR=,)F!A`YQJ/6_@O=;,7_#D]&?0:#J_E_(_K(]#&8:OJAT;ZHX!'B%7EIZ
MR7&9J_Y6H$T450(Y4,)=Q&=KQ_9921QQ':[:(W@N[GNE+M+M.E:#`5$1(VC#
M&!.P[:T[N.^K+&&0L)>8,I4)C;,'CZT-O13T`>L?K#ZY^F/KL_$5SSD2;'?3
MO@<^4.A/1_T\18N<*@KZR)TJ<4K*C%PLF]C,["-=POMU`0!B;-]^<IL\E<RW
M*T.:7E!2UN1)`V)`&'1CY]-+;'=J\?S!%W>E,MB$A,Q)VDS15,H?A:?BL9!@
M]8/2GI5ZE.EG1WHMZQ,]YCZGYUSCAE!F/%\[T&&Y@J)HY:6C>6.FIHV:F<*Q
M'O!K[9%&O!-==I.[+_Y1]^W==>MFTI`)2$$IV$[2<<?B**+7=#-VN_;;=0AM
MY:E3!*AJX#8-F%&"]0?X-V9,O>FGT,9`]"74C#<A=8/P_LQMU0Z;8YU8II)L
M,S)B5>8Y\3FQ(4,<A26IGB$@LA4*2F@LP(LB[6$.9C>NYDV5M7B=*@G:D#[=
M,\`.O;!HQS'<E3=K;HM%A+C!E).P],^?Z5.]/'H#]?9_$(Q[UT^K?J5TSS#6
MYNZ7XAT1ERET5I\=H8L'J)Y(WIHH5Q..4SQ)L9I)GEW$M8+8#E<]WXR/^0C+
MK%MU(2Z%RLI.K#$F-G4(X;:OEF[F8?S,W=PM!);TPF<,9XT:7\(7T4=4_0)Z
M1Y.@/5_'\#S/FO\`K;F+/D>+=/YJV:@-)C$L,L:$U\%.XD4H0PVV[6/`UVJ;
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MJ&P'NW/#S>CM0M[G>AC-+=*DH;T`@Q.&W88Q!Z:+\KW/4UE#MFL@E>J/48>\
M4N?PQ?PN<T>ESTD^H'H=ZK,U89U6S_ZFJZOI^J>8\H5%944\V`'`(<MT%+'/
MB5/#+N@IHVVW2RDZ<0=H_:2UF6:L7%F@MML`:00/NU:B8!.U7MI1NMNFJSLW
M&GU:U.?<>J-(&S@/91?O3MZ+?QG_`$5Y*3TK>GCU`]'LX^FO`,0J(>EO4GK)
MA689\W9<P.LK&J6B%)1D4TLD>]BB.73>="$LH/=X-[MT<X>_.W3#R;E0\24%
M.A2@(F3B/2/G19E.19Y8(_+M.MJ:!P*@=0$[(&%#AZYO3O\`BS>H[".OWIPR
M#GKHQ+Z8.NL4.6\.SGU`H,=3.&7,$J:6"*N@^7HXWI*B7S8Y)(92-R;A8A@I
M4CW)S[=C+UL7;J'_`,RR9TI*="E`^$R<0.D<:,=X<KS>[2ZPE3?=+@29U`1C
MU$SLH$^NOX1OJ/Z?5?X;'4+T(]4\J-U-_#ZRS7=)Z*D]0U-B'\JQJGQ&E\F:
MM882'D!+2S7AW+967:]UU/<D[5,O?&8-9DTONKQ07^SB4P9`Q\ACU;,:+\QW
M,N6U6J[58UL"/%,&?+UI<9]_#^]>G0SU@]2?6KZ#^I/3J?-OJ6R[A>7O4GTI
MZY4N-PX'+F2@HXH?YQADN%EY+"6,R+%(01N878-H7V6_.27N4MY?F3;NEA1+
M:T%,Z29TJ!PGK'RQ?N-W,P8O5W5HI&IQ("PJ8D#:(YVT'$'X,/6G!OPTO5SZ
M<8>L>!9S]7OK7S'#U6ZU]5<QI7TV79<1;%X,0DIX?*BFJ/+15D*R&,,SN20!
M8`Q/:[:.;Q6EV6E)M;5.E"1!5$$2>'1A/"F6MQGDY8\QK!>>.I2N$S-6?YPZ
M;>M/('H^Z$]/_2_FS(M!ZA^E&&90R_FM>J=-B51E+'*3!L)CH,1I(WI$%5")
MG0-#*`K"VO<CD;6-]E#V:O.7B5_EW"LC3&L%1E)QP,<10M?8O6[-"62GO$A(
M,SI,#$=-%3]#OH#]2F5/6WUW_$0]9V;LG/UMZL8#2=*\L]-?3_!7KE_"<&I6
MIRTL]1BB)-/4,*6-02#XDMJ%45;X;\9>YD[&5V"%]RVHJ*EQJ4HSP&`&)HCR
M'=NY1?N7ERI/>*$`)F`,-L[3@*NIY$=#FO<]7J]SU>KW/5ZO<]7J_]'?W;M_
M3S1KU<#;X?7?V<J>-;KK2X[?5>_+#;7C76EO#\^>&RJ\:[:VG;\^:-;XUX6U
M[?5?V<]7JZ%K'M]5^;K5=&VO;O\`&W-G96N)KEI8_2>]^5JU>>UC?\[^SX<]
MPKPKK3^^_-5[A79M;P_/GALKW&N!MK]GQ[W]O+-;/PKW\0KD+?#Q[7YKA6S7
M>FG]O/57A76GP_/FNFO#97:VL.WY\VFM<*[TL>WU7Y95;571M8?MORM;%=I:
<Y[?5?EN-:XUDYZMU[GJ]7N>KU>YZO5[GJ]7_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>cimg3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cimg3.jpg
M_]C_X``02D9)1@`!`@$`E@"6``#_X0O,17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````=````<@$R``(````4````CX=I``0````!````I````-````"6````
M`0```)8````!061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:``R,#`X.C`W
M.C(X(#(Q.C`S.C0Y`````Z`!``,````!``$``*`"``0````!````G:`#``0`
M```!````4P`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$```J6````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B
M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`4P"=`P$B``(1`0,1`?_=``0`
M"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`]4)`B=)T"9S@UI<XP!J24Y`/.J1`(@B0
M>0DI0((D<'NG3`1IV3I*4DDDDI2B^QC!+R&@D`$^)4E$AKQ#@'`'@ZZA)2@Y
MI<6@R6\CPE230`28$GDITE+$AH).@')0;,S$J,67,9#0_4Q[2=K7_P!7<A=5
MZC5T[#=?8TVN,,JI;JZQ[M&5,'\IRS']):W`?;U5^Z_+>QV2X%H96QIWMQJR
M\;68U.W^W_.)*=T.!,`Z\_)26?3UOI%UK:J<AKGOT;`=!^%FW8M!)2DDDDE*
M22224I))))3_`/_0]522224I))))2DDR`_.Q6&\&P;L5H?<WNT.#BR?ZVQ)3
M2Z_U9W3\2ST(.06%PX]K1_A'?]37^_8I_5[`NP.DT4Y+W6Y+AZF18\RYUC_?
M:7?VG?FK-?2[.ZIC8M[@]Q(S<QH.@KK/ZEC_`-3UMECUT:2EU%[VL8Y[R&L:
M"YSCH`!R2I+&ZNU_4LNOHS"101ZW4'#_`$0/Z/&W?FNR7_\`@/JI*0X-GV_(
ML^L&<15@8[7?L]KS`%<?I,Y_[KK6_0W?0J0:JA]:75YV67,Z-79.+B06F\C1
MN1EM^EZ/^AH_ZY8GZQ'4^K8OU:K:!A5L&5U$#0&IIVX^+_5ML_G/^"6]CX]>
M.PUUZ-+BZ/"3*2FEUJJMW3OL-6VI^2YM-+6B(U#W[=GT=E3'K18W:QK9G:`)
M^"S\8?;.HV9AUIQ@:<?P+O\`#V?]37_GK124NDDDDI22222E))))*?_1]523
M)%S6_2('QT24NDF!!$@R/$))*:W4L^CIN#=G9#MM5#2XGQ/#6_VG>U4.C=/L
MKZ>;\S;]HS7G*S9$C42RO7_15MK:A_6#&KZEG],Z:YYVMM^UW5\M<RGAE@_E
M6/\`:K/U@M=]@&)6#ZF<]N,W;H0U_P#//_LTBQ)3FX^><:B[KAJ-EW4\BO'Q
M*W#8[TRX48[3_)]WJ+I5A>B<OK^-CUB<+H]>YQD$&]S?2JKC]ZNK](MQS@UI
M<XP`))/9)37ZAU'$Z?C69.58&,K!,$ZD@3L9_+<J716.Q\"WJ.>YHR,J<C(?
MQM8!-=?_`%FI9W6@>NY>!T[TF.P+K?7M+FS8^JD->VQD_P`S6^]U;/W[%C?6
MC!P\)EN!TY^1OZCDTT6@7/<RMCW;LO\`1O=[:O3]OM24]']4Z+7XU_5\@[K^
MK6G(;/+:?HXM/]BI:F?>ZJH5U:W7GTZQ,'7Z3O[#5G_L?J6*`[!ZH^NM@_FK
MV,LK#0/:WZ++&-;_`%U6Z>WZP7.LZFZS'RSM->&TL?5+0?<_=O>W;=]+=L24
M[V-CUXU#**A#&"!^4N/]9R*LEG4>ML,9/3)$:OIN#Y/_`!;F,=M3W=?&.Y[;
M\'+;LTW-KW-=_4+7)*=5)9[NN8#7-:[U`YP!`V.[_)%'4\1SBT.)+3#AM.AY
M\$E-M)9S^N83:W6-;;9M,;65N+CKMT"3.I95U1?1@6[C]!MQ%<Z_G?SFQ)3H
M)*G7^U;6M-GI8YW2YC9L(:#]'>=K?<W^0KB2G__2]$ZWU&SI^%ZU3=SWV,J#
MC]%GJ'9ZK_Y#$S>A8CF-^V.LS+FS-MCR-7:NAE1KK;_FJ]?15D4OHO:'UV#:
MYI[@J@S$ZMAL;5B7UY%39#6Y.X.:W\UOJUA_J;?Y34E)'=.?CL'[-L]`M_P3
MY?6[^MN][?[#E:I>][/TC-CQHYO/^:?W548.NO>!;]FJ9K+F%[S_`"?:]E:C
M;T_J%L.MZ@^O:/HTM#!IXSO<DIA@BR[K6?DN(-509C4C2?:/5M_Z=JJ]1RPS
MJ=V;8QSJ.CXY<T`_SE]_M;4W^4UK-G_H0J'U6ZMT:K"OOLL/V@9&3ZEA#R2!
M8^#NV[?YL-52GJ_3KVXC;K7G[=E69UX#7$AM/MHKVM;[F>RE)3U/1<-^-@M-
MVN5D$W9+X@FQ_N/'[OT$V;U#!=FU=)<Y[\F[WFNH3M8/SKW?194L?ZP?7''J
MP+Z>DFRWJ)AC`*;7>GOT]:P-K_P;?>LZCZS8?2L"UF)1EY^7Z1LR,^^E](<[
M^6^Q@L^E^XQ)3N85S/VAU'JN0`RNIS<+%$_2:P!QV#]ZR^WT_P"PLYW3LKJM
M'4LY@C)K(9BL!&KJGLR;6_U[GU55(6#FXG3>DX]F8ZS)SJZ#9C5"FST_6L+K
M-S?;[['VV[/5>M/`R_L6)1TK$K>[J-K=]I+';*W6?I++LE\?O'Z"2F3>K8O7
M6LZ?B6[7.:'9[)`LJ;^=C65N]S;;'?H_Y"W&MKJ8&-`8Q@#6C@`#@+-9]6^D
M^B674-MMLEU^1]&RQ[OIV/>S:[<Y*GZL=&I)+:2[<((<][A^+DE-N[J?3:"6
MWY5-;FZEKK&@C^R2@_M[I$`MRFO:>',E[3_:8'-3LZ'TAC@X8=1<#(<YH<9^
M+]RMLQZ&-VLK8UHX`:`$E.;;]9NEUG:TW6N(#FBNFQTSX.V;$]'7JKVN=5AY
M9+>0:@TGC_2/:M0``0!`224U*NH.L>UGV6^O='N>UH`G]Z+'*VDG24I))))3
M_]/U5))))2DT)TDE(*L+$II-%5+&5$N)8`(EY+[/\]SW)F]/PFNI>VA@=CM+
M:2`/:UT;FM_S58224@Q\+%Q0X8]3:][BY\#4N/YSE+(QJLBBRBUH-=K2UP([
M$(J!FV7UXEK\:OU;VM/I5S$N_-24\KU!N>W%Q>E974,>K'9DUXS[ZC^F<UH-
MU-;F_1JN]E/_`)\7486#C85190S;O)>]SC+G./+['GZ3U6Z-TFO!P*ZK@+<A
MSC?D6.AQ-[];+-W\G^;9_P`&M%)2Z2222E))))*4DDDDI22222E))))*?__4
M]527RJDDI^JDE\JI)*?JI)?*J22GZJ3+Y6224_522^54DE/U4DOE5))3]5)+
MY5224_522^54DE/U4DOE5))3]5)+Y5224__9_^TS:%!H;W1O<VAO<"`S+C``
M.$))300$```````''`(```(``@`X0DE-!"4``````!!&#/*))KA6VK"<`:&P
MIY!W.$))30/J`````")F/#]X;6P@=F5R<VEO;CTB,2XP(B!E;F-O9&EN9STB
M551&+3@B/SX*/"%$3T-465!%('!L:7-T(%!50DQ)0R`B+2\O07!P;&4@0V]M
M<'5T97(O+T141"!03$E35"`Q+C`O+T5.(B`B:'1T<#HO+W=W=RYA<'!L92YC
M;VTO1%1$<R]0<F]P97)T>4QI<W0M,2XP+F1T9"(^"CQP;&ES="!V97)S:6]N
M/2(Q+C`B/@H\9&EC=#X*"3QK97D^8V]M+F%P<&QE+G!R:6YT+E!A9V5&;W)M
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M+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X5#`W
M.C(W.C`Y6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME
M="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)
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M;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X5#`W.C(W.C$V6CPO
M9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YS=&%T949L
M86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)"3PO9&EC=#X*
M"0D\+V%R<F%Y/@H)/"]D:6-T/@H)/&ME>3YC;VTN87!P;&4N<')I;G0N4&%G
M949O<FUA="Y034]R:65N=&%T:6]N/"]K97D^"@D\9&EC=#X*"0D\:V5Y/F-O
M;2YA<'!L92YP<FEN="YT:6-K970N8W)E871O<CPO:V5Y/@H)"3QS=')I;F<^
M8V]M+F%P<&QE+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)"3QK97D^8V]M
M+F%P<&QE+G!R:6YT+G1I8VME="YI=&5M07)R87D\+VME>3X*"0D\87)R87D^
M"@D)"3QD:6-T/@H)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N4&%G949O<FUA
M="Y034]R:65N=&%T:6]N/"]K97D^"@D)"0D\:6YT96=E<CXQ/"]I;G1E9V5R
M/@H)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T+F-L:65N=#PO:V5Y
M/@H)"0D)/'-T<FEN9SYC;VTN87!P;&4N<')I;G1I;F=M86YA9V5R/"]S=')I
M;F<^"@D)"0D\:V5Y/F-O;2YA<'!L92YP<FEN="YT:6-K970N;6]D1&%T93PO
M:V5Y/@H)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^"@D)
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M+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R
M+3(X5#`W.C(W.C`Y6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT
M+G1I8VME="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G
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M96-T/"]K97D^"@D)"0D)/&%R<F%Y/@H)"0D)"0D\<F5A;#XP+C`\+W)E86P^
M"@D)"0D)"3QR96%L/C`N,#PO<F5A;#X*"0D)"0D)/')E86P^-S8W+C@X,#`P
M-#@X,C@Q,C4\+W)E86P^"@D)"0D)"3QR96%L/C4X-RXX.#`P,#0X.#(X,3(U
M/"]R96%L/@H)"0D)"3PO87)R87D^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I
M;G0N=&EC:V5T+F-L:65N=#PO:V5Y/@H)"0D)"3QS=')I;F<^8V]M+F%P<&QE
M+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)"0D)"3QK97D^8V]M+F%P<&QE
M+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P."TP
M-RTR.%0Q-3HS,SHP-UH\+V1A=&4^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I
M;G0N=&EC:V5T+G-T871E1FQA9SPO:V5Y/@H)"0D)"3QI;G1E9V5R/C`\+VEN
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M.#`\+W)E86P^"@D)"0D)"3QR96%L/C8P,#PO<F5A;#X*"0D)"0D\+V%R<F%Y
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M97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^"@D)
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M"@D)"0D)/&%R<F%Y/@H)"0D)"0D\<F5A;#XP+C`\+W)E86P^"@D)"0D)"3QR
M96%L/C`N,#PO<F5A;#X*"0D)"0D)/')E86P^-S8W+C@X,#`P-#@X,C@Q,C4\
M+W)E86P^"@D)"0D)"3QR96%L/C4X-RXX.#`P,#0X.#(X,3(U/"]R96%L/@H)
M"0D)"3PO87)R87D^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T
M+F-L:65N=#PO:V5Y/@H)"0D)"3QS=')I;F<^8V]M+F%P<&QE+G!R:6YT:6YG
M;6%N86=E<CPO<W1R:6YG/@H)"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I
M8VME="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR
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M;#X*"0D)"0D)/')E86P^-C`P/"]R96%L/@H)"0D)"3PO87)R87D^"@D)"0D)
M/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC:V5T+F-L:65N=#PO:V5Y/@H)"0D)
M"3QS=')I;F<^8V]M+F%P<&QE+G!R:6YT:6YG;6%N86=E<CPO<W1R:6YG/@H)
M"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YM;V1$871E/"]K97D^
M"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^"@D)"0D)
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M="YM;V1$871E/"]K97D^"@D)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P-SHR-SHP
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M/C`P+C(P/"]S=')I;F<^"@D\:V5Y/F-O;2YA<'!L92YP<FEN="YT:6-K970N
M<')I=F%T94QO8VL\+VME>3X*"3QF86QS92\^"@D\:V5Y/F-O;2YA<'!L92YP
M<FEN="YT:6-K970N='EP93PO:V5Y/@H)/'-T<FEN9SYC;VTN87!P;&4N<')I
M;G0N4&%G949O<FUA=%1I8VME=#PO<W1R:6YG/@H\+V1I8W0^"CPO<&QI<W0^
M"CA"24T#Z0``````>``#````2`!(``````,``DS_]/_T`PP"6`-G!2@#_``"
M````2`!(``````+8`B@``0```&0````!``,#`P````%__P`!``$`````````
M``````!H"``9`9```````"```````````````````````````````````#A"
M24T#[0``````$`"6`````0`!`)8````!``$X0DE-!"8```````X`````````
M````/X```#A"24T$#0``````!````'@X0DE-!!D```````0````>.$))30/S
M```````)```````````!`#A"24T$"@```````0``.$))32<0```````*``$`
M`````````3A"24T#]0``````2``O9F8``0!L9F8`!@```````0`O9F8``0"A
MF9H`!@```````0`R`````0!:````!@```````0`U`````0`M````!@``````
M`3A"24T#^```````<```_____________________________P/H`````/__
M__________________________\#Z`````#_________________________
M____`^@`````_____________________________P/H```X0DE-!`@`````
M`!`````!```"0````D``````.$))300>```````$`````#A"24T$&@`````#
M/P````8``````````````%,```"=````!0!3`&D`9P!N`#$````!````````
M``````````````````$``````````````)T```!3````````````````````
M``$`````````````````````````$`````$```````!N=6QL`````@````9B
M;W5N9'-/8FIC`````0```````%)C=#$````$`````%1O<"!L;VYG````````
M``!,969T;&]N9P``````````0G1O;6QO;F<```!3`````%)G:'1L;VYG````
MG0````9S;&EC97-6;$QS`````4]B:F,````!```````%<VQI8V4````2````
M!W-L:6-E241L;VYG``````````=G<F]U<$E$;&]N9P`````````&;W)I9VEN
M96YU;0````Q%4VQI8V5/<FEG:6X````-875T;T=E;F5R871E9`````!4>7!E
M96YU;0````I%4VQI8V54>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$`
M``````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<`````
M`````$)T;VUL;VYG````4P````!29VAT;&]N9P```)T````#=7)L5$585```
M``$```````!N=6QL5$585`````$```````!-<V=E5$585`````$```````9A
M;'1486=415A4`````0``````#F-E;&Q497AT27-(5$U,8F]O;`$````(8V5L
M;%1E>'1415A4`````0``````"6AO<GI!;&EG;F5N=6T````/15-L:6-E2&]R
M>D%L:6=N````!V1E9F%U;'0````)=F5R=$%L:6=N96YU;0````]%4VQI8V56
M97)T06QI9VX````'9&5F875L=`````MB9T-O;&]R5'EP965N=6T````115-L
M:6-E0D=#;VQO<E1Y<&4`````3F]N90````ET;W!/=71S971L;VYG````````
M``IL969T3W5T<V5T;&]N9P`````````,8F]T=&]M3W5T<V5T;&]N9P``````
M```+<FEG:'1/=71S971L;VYG```````X0DE-!"@```````P````!/_``````
M```X0DE-!!0```````0````".$))300,``````JR`````0```)T```!3```!
MV```F0@```J6`!@``?_8_^``$$I&248``0(!`$@`2```_^T`#$%D;V)E7T--
M``'_[@`.061O8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48
M$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+
M"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`S_P``1"`!3`)T#`2(``A$!`Q$!_]T`!``*_\0!
M/P```04!`0$!`0$``````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0``````
M```!``(#!`4&!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3
M(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T
M-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=7
M9W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!
MD12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T
M9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7
MI[?'_]H`#`,!``(1`Q$`/P#U0D")TG0)G.#6ESC`&I)3D`\ZI$`B")!Y"2E`
M@B1P>Z=,!&G9.DI22222E*+[&,$O(:"0`3XE242&O$.`<`>#KJ$E*#FEQ:#)
M;R/"5)-`!)@2>2G24L2&@DZ`<E!LS,2HQ9<QD-#]3'M)VM?_`%=R%U7J-73L
M-U]C3:XPRJENKK'NT94P?RG+,?TEK<!]O57[K\M['9+@6AE;&G>W&K+QM9C4
M[?[?\XDIW0X$P#KS\E)9]/6^D76MJIR&N>_1L!T'X6;=BT$E*22224I))))2
MDDDDE/\`_]#U5))))2DDDDE*23(#\[%8;P;!NQ6A]S>[0X.+)_K;$E-+K_5G
M=/Q+/0@Y!87#CVM'^$=_U-?[]BG]7L"[`Z313DO=;DN'J9%CS+G6/]]I=_:=
M^:LU]+L[JF-BWN#W$C-S&@Z"NL_J6/\`U/6V6/71I*747O:QCGO(:QH+G..@
M`')*DL;J[7]2RZ^C,)%!'K=0</\`1`_H\;=^:[)?_P"`^JDI#@V?;\BSZP9Q
M%6!CM=^SVO,`5Q^DSG_NNM;]#=]"I!JJ'UI=7G99<SHU=DXN)!:;R-&Y&6WZ
M7H_Z&C_KEB?K$=3ZMB_5JMH&%6P9740-`:FG;CXO]6VS^<_X);V/CUX[#77H
MTN+H\),I*:76JJW=.^PU;:GY+FTTM:(C4/?MV?1V5,>M%C=K&MF=H`GX+/QA
M]LZC9F'6G&!IQ_`N_P`/9_U-?^>M%)2Z2222E))))*4DDDDI_]'U5),D7-;]
M(@?'1)2Z28$$2#(\0DDIK=2SZ.FX-V=D.VU4-+B?$\-;_:=[50Z-T^ROIYOS
M-OVC-><K-D2-1+*]?]%6VMJ']8,:OJ6?TSIKGG:VW[7=7RUS*>&6#^58_P!J
ML_6"UWV`8E8/J9SVXS=NA#7_`,\_^S2+$E.;CYYQJ+NN&HV7=3R*\?$K<-CO
M3+A1CM/\GW>HNE6%Z)R^OXV/6)PNCU[G&00;W-]*JN/WJZOTBW'.#6ESC``D
MD]DE-?J'4<3I^-9DY5@8RL$P3J2!.QG\MRI=%8['P+>HY[FC(RIR,A_&U@$U
MU_\`6:EG=:!Z[EX'3O28[`NM]>TN;-CZJ0U[;&3_`#-;[W5L_?L6-]:,'#PF
M6X'3GY&_J.331:!<]S*V/=NR_P!&]WMJ]/V^U)3T?U3HM?C7]7R#NOZM:<AL
M\MI^CBT_V*EJ9][JJA75K=>?3K$P=?I._L-6?^Q^I8H#L'JCZZV#^:O8RRL-
M`]K?HLL8UO\`75;I[?K!<ZSJ;K,?+.TUX;2Q]4M!]S]V][=MWTMVQ)3O8V/7
MC4,HJ$,8('Y2X_UG(JR6=1ZVPQD],D1J^FX/D_\`%N8QVU/=U\8[GMOP<MNS
M3<VO<UW]0M<DIU4EGNZY@-<UKO4#G`$#8[O\D4=3Q'.+0XDM,.&TZ'GP24VT
MEG/ZYA-K=8UMMFTQM96XN.NW0),ZEE75%]&!;N/T&W$5SK^=_.;$E.@DJ=?[
M5M:TV>ECG=+F-FPAH/T=YVM]S?Y"N)*?_]+T3K?4;.GX7K5-W/?8RH./T6>H
M=GJO_D,3-Z%B.8W[8ZS,N;,VV/(U=JZ&5&NMO^:KU]%612^B]H?78-KFGN"J
M#,3JV&QM6)?7D5-D-;D[@YK?S6^K6'^IM_E-24D=TY^.P?LVST"W_!/E];OZ
MV[WM_L.5JE[WL_2,V/&CF\_YI_=51@ZZ]X%OV:IFLN87O/\`)]KV5J-O3^H6
MPZWJ#Z]H^C2T,&GC.]R2F&"++NM9^2X@U5!F-2-)]H]6W_IVJKU'+#.IW9MC
M'.HZ/CES0#_.7W^UM3?Y36LV?^A"H?5;JW1JL*^^RP_:!D9/J6$/)(%CX.[;
MM_FPU5*>K].O;B-NM>?MV59G7@-<2&T^VBO:UON9[*4E/4]%PWXV"TW:Y603
M=DOB";'^X\?N_039O4,%V;5TESGOR;O>:ZA.U@_.O=]%E2Q_K!]<<>K`OIZ2
M;+>HF&,`IM=Z>_3UK`VO_!M]ZSJ/K-A]*P+68E&7GY?I&S(S[Z7TASOY;[&"
MSZ7[C$E.YA7,_:'4>JY`#*ZG-PL43])K`''8/WK+[?3_`+"SG=.RNJT=2SF"
M,FLAF*P$:NJ>S)M;_7N?554A8.;B=-Z3CV9CK,G.KH-F-4*;/3]:PNLW-]OO
ML?;;L]5ZT\#+^Q8E'2L2M[NHVMWVDL=LK=9^DLNR7Q^\?H)*9-ZMB]=:SI^)
M;M<YH=GLD"RIOYV-96[W-ML=^C_D+<:VNI@8T!C&`-:.``.`LUGU;Z3Z)9=0
MVVVR77Y'T;+'N^G8][-KMSDJ?JQT:DDMI+MP@ASWN'XN24V[NI]-H);?E4UN
M;J6NL:"/[)*#^WND0"W*:]IX<R7M/]I@<U.SH?2&.#AAU%P,ASFAQGXOW*VS
M'H8W:RMC6C@!H`24YMOUFZ76=K3=:X@.:*Z;'3/@[9L3T=>JO:YU6'EDMY!J
M#2>/](]JU``!`$!))34JZ@ZQ[6?9;Z]T>Y[6@"?WHL<K:2=)2DDDDE/_T_54
MDDDE*30G224@JPL2FDT54L942XE@`B7DOL_SW/<F;T_":ZE[:&!V.TMI(`]K
M71N:W_-5A))2#'PL7%#ACU-KWN+GP-2X_G.4LC&JR*+*+6@UVM+7`CL0BH&;
M9?7B6OQJ_5O:T^E7,2[\U)3RO4&Y[<7%Z5E=0QZL=F37C/OJ/Z9S6@W4UN;]
M&J[V4_\`GQ=1A8.-A5%E#-N\E[W.,N<X\OL>?I/5;HW2:\'`KJN`MR'.-^18
MZ'$WOULLW?R?YMG_``:T4E+I)))*4DDDDI22222E))))*4DDDDI__]3U5)?*
MJ22GZJ27RJDDI^JDE\JI)*?JI,OE9))3]5)+Y5224_522^54DE/U4DOE5))3
M]5)+Y5224_522^54DE/U4DOE5))3_]DX0DE-!"$``````%,````!`0````\`
M00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````2`$$`9`!O`&(`90`@
M`%``:`!O`'0`;P!S`&@`;P!P`"``0P!3`````0`X0DE-!`8```````<`!P``
M``$!`/_A%_UH='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O`#P_>'!A8VME
M="!B96=I;CTG[[N_)R!I9#TG5S5-,$UP0V5H:4AZ<F53>DY48WIK8SED)S\^
M"CQX.GAM<&UE=&$@>&UL;G,Z>#TG861O8F4Z;G,Z;65T82\G('@Z>&UP=&L]
M)UA-4"!T;V]L:VET(#,N,"TR."P@9G)A;65W;W)K(#$N-B<^"CQR9&8Z4D1&
M('AM;&YS.G)D9CTG:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M
M<WEN=&%X+6YS(R<@>&UL;G,Z:5@])VAT='`Z+R]N<RYA9&]B92YC;VTO:5@O
M,2XP+R<^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z,#$U
M,3EA-C0M-64W8BTQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.F5X
M:68])VAT='`Z+R]N<RYA9&]B92YC;VTO97AI9B\Q+C`O)SX*("`\97AI9CI#
M;VQO<E-P86-E/C$\+V5X:68Z0V]L;W)3<&%C93X*("`\97AI9CI0:7AE;%A$
M:6UE;G-I;VX^,34W/"]E>&EF.E!I>&5L6$1I;65N<VEO;CX*("`\97AI9CI0
M:7AE;%E$:6UE;G-I;VX^.#,\+V5X:68Z4&EX96Q91&EM96YS:6]N/@H@/"]R
M9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70]
M)W5U:60Z,#$U,3EA-C0M-64W8BTQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@
M('AM;&YS.G!D9CTG:'1T<#HO+VYS+F%D;V)E+F-O;2]P9&8O,2XS+R<^"B`\
M+W)D9CI$97-C<FEP=&EO;CX*"B`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U
M=#TG=75I9#HP,34Q.6$V-"TU93=B+3$Q9&0M.&(P-BUF,V,R-3@X8V4T96,G
M"B`@>&UL;G,Z<&AO=&]S:&]P/2=H='1P.B\O;G,N861O8F4N8V]M+W!H;W1O
M<VAO<"\Q+C`O)SX*("`\<&AO=&]S:&]P.DAI<W1O<GD^/"]P:&]T;W-H;W`Z
M2&ES=&]R>3X*(#PO<F1F.D1E<V-R:7!T:6]N/@H*(#QR9&8Z1&5S8W)I<'1I
M;VX@<F1F.F%B;W5T/2=U=6ED.C`Q-3$Y838T+35E-V(M,3%D9"TX8C`V+68S
M8S(U.#AC931E8R<*("!X;6QN<SIT:69F/2=H='1P.B\O;G,N861O8F4N8V]M
M+W1I9F8O,2XP+R<^"B`@/'1I9F8Z3W)I96YT871I;VX^,3PO=&EF9CI/<FEE
M;G1A=&EO;CX*("`\=&EF9CI84F5S;VQU=&EO;CXQ-3`O,3PO=&EF9CI84F5S
M;VQU=&EO;CX*("`\=&EF9CI94F5S;VQU=&EO;CXQ-3`O,3PO=&EF9CI94F5S
M;VQU=&EO;CX*("`\=&EF9CI297-O;'5T:6]N56YI=#XR/"]T:69F.E)E<V]L
M=71I;VY5;FET/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP
M=&EO;B!R9&8Z86)O=70])W5U:60Z,#$U,3EA-C0M-64W8BTQ,61D+3AB,#8M
M9C-C,C4X.&-E-&5C)PH@('AM;&YS.GAA<#TG:'1T<#HO+VYS+F%D;V)E+F-O
M;2]X87`O,2XP+R<^"B`@/'AA<#I#<F5A=&5$871E/C(P,#@M,#<M,CA4,C`Z
M,#`Z,SDK,#4Z,S`\+WAA<#I#<F5A=&5$871E/@H@(#QX87`Z36]D:69Y1&%T
M93XR,#`X+3`W+3(X5#(Q.C`S.C0Y*S`U.C,P/"]X87`Z36]D:69Y1&%T93X*
M("`\>&%P.DUE=&%D871A1&%T93XR,#`X+3`W+3(X5#(Q.C`S.C0Y*S`U.C,P
M/"]X87`Z365T861A=&%$871E/@H@(#QX87`Z0W)E871O<E1O;VP^061O8F4@
M4&AO=&]S:&]P($-3($UA8VEN=&]S:#PO>&%P.D-R96%T;W)4;V]L/@H@/"]R
M9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70]
M)W5U:60Z,#$U,3EA-C0M-64W8BTQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@
M('AM;&YS.GAA<$U-/2=H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO
M)SX*("`\>&%P34TZ1&]C=6UE;G1)1#YA9&]B93ID;V-I9#IP:&]T;W-H;W`Z
M,3(T8C(V-C`M-64W,BTQ,61D+3AB,#8M9C-C,C4X.&-E-&5C/"]X87!-33I$
M;V-U;65N=$E$/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C<FEP
M=&EO;B!R9&8Z86)O=70])W5U:60Z,#$U,3EA-C0M-64W8BTQ,61D+3AB,#8M
M9C-C,C4X.&-E-&5C)PH@('AM;&YS.F1C/2=H='1P.B\O<'5R;"YO<F<O9&,O
M96QE;65N=',O,2XQ+R<^"B`@/&1C.F9O<FUA=#YI;6%G92]J<&5G/"]D8SIF
M;W)M870^"B`\+W)D9CI$97-C<FEP=&EO;CX*"CPO<F1F.E)$1CX*/"]X.GAM
M<&UE=&$^"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H\/WAP86-K970@96YD/2=W)S\^_^(,6$E#0U]04D]&24Q%``$!
M```,2$QI;F\"$```;6YT<E)'0B!865H@!\X``@`)``8`,0``86-S<$U31E0`
M````245#('-21T(``````````````````/;6``$`````TRU(4"`@````````
M```````````````````````````````````````````````````````18W!R
M=````5`````S9&5S8P```80```!L=W1P=````?`````48FMP=````@0````4
M<EA96@```A@````49UA96@```BP````48EA96@```D`````49&UN9````E0`
M``!P9&UD9````L0```"(=G5E9````TP```"&=FEE=P```]0````D;'5M:0``
M`_@````4;65A<P``!`P````D=&5C:```!#`````,<E120P``!#P```@,9U12
M0P``!#P```@,8E120P``!#P```@,=&5X=`````!#;W!Y<FEG:'0@*&,I(#$Y
M.3@@2&5W;&5T="U086-K87)D($-O;7!A;GD``&1E<V,`````````$G-21T(@
M245#-C$Y-C8M,BXQ```````````````2<U)'0B!)14,V,3DV-BTR+C$`````
M````````````````````````````````````````````````````````````
M`%A96B````````#S40`!`````1;,6%E:(`````````````````````!865H@
M````````;Z(``#CU```#D%A96B````````!BF0``MX4``!C:6%E:(```````
M`"2@```/A```ML]D97-C`````````!9)14,@:'1T<#HO+W=W=RYI96,N8V@`
M`````````````!9)14,@:'1T<#HO+W=W=RYI96,N8V@`````````````````
M````````````````````````````````````````````9&5S8P`````````N
M245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="
M```````````````N245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@
M<W!A8V4@+2!S4D="`````````````````````````````&1E<V,`````````
M+%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$`
M`````````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#
M-C$Y-C8M,BXQ``````````````````````````````````!V:65W```````3
MI/X`%%\N`!#/%``#[<P`!!,+``-<G@````%865H@``````!,"58`4````%<?
MYVUE87,``````````0````````````````````````*/`````G-I9R``````
M0U)4(&-U<G8````````$``````4`"@`/`!0`&0`>`",`*``M`#(`-P`[`$``
M10!*`$\`5`!9`%X`8P!H`&T`<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D`K@"R
M`+<`O`#!`,8`RP#0`-4`VP#@`.4`ZP#P`/8`^P$!`0<!#0$3`1D!'P$E`2L!
M,@$X`3X!10%,`5(!60%@`6<!;@%U`7P!@P&+`9(!F@&A`:D!L0&Y`<$!R0'1
M`=D!X0'I`?(!^@(#`@P"%`(=`B8"+P(X`D$"2P)4`ET"9P)Q`GH"A`*.`I@"
MH@*L`K8"P0++`M4"X`+K`O4#``,+`Q8#(0,M`S@#0P-/`UH#9@-R`WX#B@.6
M`Z(#K@.Z`\<#TP/@`^P#^00&!!,$(`0M!#L$2`15!&,$<01^!(P$F@2H!+8$
MQ`33!.$$\`3^!0T%'`4K!3H%2058!6<%=P6&!98%I@6U!<4%U07E!?8&!@86
M!B<&-P9(!ED&:@9[!HP&G0:O!L`&T0;C!O4'!P<9!RL'/0=/!V$'=`>&!YD'
MK`>_!]('Y0?X"`L('P@R"$8(6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H)3PED
M"7D)CPFD";H)SPGE"?L*$0HG"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY"U$+
M:0N`"Y@+L`O("^$+^0P2#"H,0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H-=`V.
M#:D-PPW>#?@.$PXN#DD.9`Y_#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0
M"1`F$$,081!^$)L0N1#7$/41$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02A!*C
M$L,2XQ,#$R,30Q-C$X,3I!/%$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56%7@5
MFQ6]%>`6`Q8F%DD6;!:/%K(6UA;Z%QT701=E%XD7KA?2%_<8&QA`&&48BABO
M&-48^AD@&449:QF1&;<9W1H$&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<
M*AQ2''L<HQS,'/4='AU''7`=F1W#'>P>%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_
M'^H@%2!!(&P@F"#$(/`A'"%((74AH2'.(?LB)R)5(H(BKR+=(PHC."-F(Y0C
MPB/P)!\D321\)*LDVB4))3@E:"67)<<E]R8G)E<FAR:W)N@G&"=))WHGJR?<
M*`TH/RAQ**(HU"D&*3@I:RF=*=`J`BHU*F@JFRK/*P(K-BMI*YTKT2P%+#DL
M;BRB+-<M#"U!+78MJRWA+A8N3"Z"+K<N[B\D+UHOD2_'+_XP-3!L,*0PVS$2
M,4HQ@C&Z,?(R*C)C,ILRU#,-,T8S?S.X,_$T*S1E-)XTV#43-4TUAS7"-?TV
M-S9R-JXVZ3<D-V`WG#?7.!0X4#B,.,@Y!3E".7\YO#GY.C8Z=#JR.N\[+3MK
M.ZH[Z#PG/&4\I#SC/2(]83VA/>`^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F0.=!
M*4%J0:Q![D(P0G)"M4+W0SI#?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=&JT;P
M1S5'>T?`2`5(2TB12-=)'4EC2:E)\$HW2GU*Q$L,2U-+FDOB3"I,<DRZ30)-
M2DV33=Q.)4YN3K=/`$])3Y-/W5`G4'%0NU$&45!1FU'F4C%2?%+'4Q-37U.J
M4_940E2/5-M5*%5U5<)6#U9<5JE6]U=$5Y)7X%@O6'U8RUD:66E9N%H'6E9:
MIEKU6T5;E5OE7#5<AES672==>%W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA3V&B
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M9(K*BS"+EHO\C&.,RHTQC9B-_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2XY--
MD[:4()2*E/257Y7)EC26GY<*EW67X)A,F+B9))F0F?R::)K5FT*;KYP<G(F<
M]YUDG=*>0)ZNGQV?BY_ZH&F@V*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF&J:+
MIOVG;J?@J%*HQ*DWJ:FJ'*J/JP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[``L'6P
MZK%@L=:R2[+"LSBSKK0EM)RU$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LN
MNZ>\(;R;O16]C[X*OH2^_[]ZO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+Q<C&
M1L;#QT''O\@]R+S).LFYRCC*M\LVR[;,-<RUS37-M<XVSK;/-\^XT#G0NM$\
MT;[2/]+!TT33QM1)U,O53M71UE76V-=<U^#89-CHV6S9\=IVVOO;@-P%W(K=
M$-V6WAS>HM\IWZ_@-N"]X43AS.)3XMOC8^/KY'/D_.6$Y@WFEN<?YZGH,NB\
MZ4;IT.I;ZN7K<.O[[(;M$>V<[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T],+U
M4/7>]FWV^_>*^!GXJ/DX^<?Z5_KG^W?\!_R8_2G]NOY+_MS_;?___^X`#D%D
M;V)E`&1``````?_;`(0``0$!`0$!`0$!`0(!`0$"`@$!`0$"`@("`@("`@,"
M`P,#`P(#`P0$!`0$`P4%!04%!0<'!P<'"`@("`@("`@("`$!`0$"`@($`P,$
M!P4$!0<("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@(_\``$0@`4P"=`P$1``(1`0,1`?_=``0`%/_$`:(````&`@,!
M``````````````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<"
M"`$)``H+$``"`0(%`@,$!@8%!0$#!F\!`@,$$04&(1(`!S%!$PA1(F$4<8$R
MD0FA(_#!0K$5T1;A\5(S%R1B&$,T)8(*&7)3)F.21#6B5+(:<S;"TB=%-T;B
M\H.3H[-D52C#TRDXX_-'2%9E*CDZ24I76%E:9G1UA(5G=G=HAH>4E:2EM+7$
MQ=35Y.7T]9:7IJ>VM\;'UM?FY_;W:6IX>7J(B8J8F9JHJ:JXN;K(R<K8V=KH
MZ>KX^?H1``$#`@,$!P8#!`,&!P<!:0$"`Q$`!"$%$C$&0?!180<3(G&!D:&Q
MP0@RT13A(_%"%5()%C-BTG(D@L*2DT,7<X.BLF,E-%/BLS4F1%1D154G"H2T
M&!D:*"DJ-C<X.3I&1TA)2E976%E:969G:&EJ='5V=WAY>H6&AXB)BI25EI>8
MF9JCI*6FIZBIJK6VM[BYNL/$Q<;'R,G*T]35UM?8V=KCY.7FY^CIZO+S]/7V
M]_CY^O_:``P#`0`"$0,1`#\`W[:BJIZ;R//E6$U$BTT!8CWY')LHOXFW/5ZL
M=;74F&4=1B&(5*4E'1H:BJJJ@V2-!W8GV#V\]7JD4\D,\<=1`PEAF59H9D[.
MKBX(^D'GJ]6?GJ]7N>KU>YZO5[GJ]3/C..X1@%/%5XWB4.%TT\T5!3U%8P16
MGG;9'&"?%CH!SU>K-3XE05-=68=!5QS5^&^6]?2(07A$P)C+`=KA3;GJ]3ES
MU>J)4U-/0T\U952K34M,AFGGE.U(T47)/P'/5Z@XS!UDZ493F>+,_4/"<!EA
MPRGSE)'BM;%`5PFKJODH*MMY'Z*2;]&KG0G0:\]7J$.&NI):@4L54DE1Y:U0
MB4W;RF^RVG@>>KU3^>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU?__0W\98(IC'
MYL2S")UGC\U0VQU[,+]B/:.>KU=U%/3U<$M-50)4T\ZF*>"=5='5M"&5@00?
M8>>KU=PQI$BQ1J(XH@(XHT`55518``:`#GJ]67GJ]7N>KU>YZO5TV@OSU>IK
MJ:3"\7C$-=2T^)PTTHE2"J2.=8YHC=39PP#J>Q[CGJ]4J.DIH:B>KCI8TJZH
M(E351HHDE"7"AV%B=MS:_;GJ]4L_'MSU>HMWJD]0N4_33TBQSJ'F;!JC.6(U
M3PY6R+TVP&+YC$\SX_B,@IJ+"Z2&S;GGE8!F(VJMV;0<]7J(WC/I2PS#NA6:
MLV^KS,C8UU&ZZXW@&.];L<HJC"XL$RG@N&U*XE2Y<P^;%(3%3X'AQ@57MM,T
MF^4G<^FP:]1N\G^MKTE9VS1A&5,E=6\.QG'<<,>'8%+04&*K1U6YBL:15S4B
MTS(Q%E(EL?"]^:KU&Y!]O?Q'/5ZN^>KU>YZO5[GJ]7N>KU>YZO5[GJ]7_]'?
MXYZO5[GJ]7N>KU>YZO5[GJ]71('<]^W/5ZB$^O7U75OISZ2YK7(?E5_56;"*
MW'\/21H77!L.@7RWQ">.1TW,9&6*EB_W:=E0=R1ZO4I/P^NA><?3UZ4>E>1>
MIN9\3SMU<Q&EDSWUASCG&K:MQ/$LTX],V*8E-/)N*!O/F8;8@L8`LB@6'/5Z
MCI'0?1SU>ILQ;&<,P'"L3QW'<0@P?!<%II\7QC%<1D2*"FI::-III97<A41$
M4LS$V`&O/5ZJI.B68O\`:%ZA9K_$<Z]5$60_3+TEP[$1Z0L)SE-'3TE-EQ:9
MGQ'/5=N=1%-B$(9:=)5W14]K@.;\]7J#++>5J;\6VLR5UZZP56*8!Z!LI8]_
M-.A'IXEIZ_#ZGJ174+O3T^/YMA>-)AAQ<-)08>1L>,K+,3N$:^KU':]9F5,`
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M53ZL^AGX6>7,'B@Z`Y5P&F]2/K(P^@<TL$^4,*JQ18#EA5B*[H,0K8D^;B'>
MG%M`3SU>JV7IYT[R]TUP:OR_EF%J;"JVOK<<BIWD,BQ&MG,_EQ@JH2*/=LC1
M195``YZO47/IK".MOJ&S?UKFM59!Z/Q5/2'I%>S15.)R.DF.XDGP5HXJ6-A_
MAE'+$17J.8`203X=N5KU<^>KU>YZO5[GJ]7N>KU>YZO5[GJ]7__3W^.>KU>Y
MZO5[GJ]7N>KU`=ZD^O.1?3!T-ZE]>^I&))A64.FF&38[7S3[CYTQ*T]+3H$!
M+///(D2`:EF'/5ZBB^C?H%F'*_I\JL^=:SAL74[U(XY-ZE/4W)BT(FBO60QS
MT.'*:@7CCP^DIJ:*S:*R.1]H\]7J++T[Z[2],<B=2_7W+D*HS?U`]:/4?*G0
MST\9.S+2PX'B*99K<>BRKE^GFDD7S$A+3/52`_NV//5ZKP$)(!(LQ[J3V/?G
MJ]0']?/47TD]-?3G-?4_JOFZDR[@F5Z.IQ`TE7/''55U1!3M/'1TL;D&6HG*
MA(HUU9B`.>KU%B]%N#8GTTZ#9W]3GJ&Q6BH^J'6P577[K+CZ1"E3"<$IZ1ZG
M#:!T))1,.P^P93V=G\3SU>H+/PGLB9IQKIGU7]:?4S$&Q/J'Z\LSU'7C#4J8
M_+EP;)+H*;*V#@.-R_*X>J;E/[Q-];\]7J/;UZSQB65<J4>7,K1BMS_U*JDR
M3DS#XYO)E5ZD'YBJ#7N%IH=TA8=FVCQYZO4NNFG3[+O2K(V6NGV5(#3X'EFG
M^4IA*2\DLDDC3S32LURTDTKO(['NS$\]7J7H[#GJ]7?/5ZO<]7J]SU>KBS;0
M3[->>KU<=Y)MH#VMSU>KO?I>VG/5ZO_4W]=X&I[<]7JBUF(T.'A&KJR&B60E
M8VK)4B#$=[;R+\]7JRTU53UD,=323I54\MS'/3.LB-;31E)![>WGJ]64.#J!
M>_:W/5ZJK?7]TTP#U0]>/1!Z8,3S#-%AN&9ME]4?4G)HB^8PW%\OY)B$<-)B
M41!1HYZRK0PA[J6B)VD@6L#7J&O\0+,N(IT'@Z.9:IZR3-7J<QK#?3SA2Y>E
M$572T&.L_P#-JI="0L&&PU)+#L;:C3E:]0#-E*JZO^O;HETXR[2>?Z??P]\M
M/F+&\0\Z">GK.H.+X;_(\*H)(B&8RT5"\M47)NLFWL3?GJ]5JE=74>&4-7B6
M(5"4=#01/65U74,%CBBC4N[L3X*`23SU>JC+UF4LOX@_5GTE>FEL@X1B7IGS
M]FJ3K5GVOS%A\53F'&\J9%@IL2I\0HVG%\.HZG%9Z6%)-OFSQQN`RJ2#ZO56
M?^)_T.Z0]",$Z@>G;TT9CZCQ8UZO^IO3WHMGJBPK/F9L2P+*>7\P8M\UFIGH
M<1JI%@H?E$CA,<1"J\J*-H)5K!.%>J](^CSU&])X*+$^@GKRQW*F6,#IO)7I
M[UCP'+68LK08?2TBQ4\"'Y6EJZ>&$+<M'4*Q'=N5KU`YZ?<,]?N>:W.GJIQ+
M./3CKQ.N'U^1O3E@M5@68\F)-AL%>8YJT3#$JR$0XG)$)EF-.S&)8P-.;->H
MSV%>H3UJX#/#3=3?0S'-1QP1BIS%TBS]A^-B:M<798Z"KP^CE2$:W=I2;VTU
MYJO5WFSU\T?3O$,P4&?_`$L]6\'CP%XJ>+&L$RI'BV'X@SQ^8QI)J2KO(J]B
M2@UYZO4(=?ZW>A>%5N%X;B4V/4>(8M#35T%))ES%V9%J@"JR&.%E5EO9@3H>
M>KU+RE]372.NK:_#:+%ZRJK\)E%'BU+#A>(;J:5HA,JR7B`NR,"+7[\]7J#G
M%O7'T7P_+F+YBP[#,TYI_D\GRDN!98RQB<^(S.*F.E80PRI$'VM("3N^S<^'
M/5ZN>$^I+JGG;+$^.Y"]*&;(\2J1+_5W!NK%3195^8:.<Q`U$A%>:>-U]]&*
M/<>'/5ZE5@*^JC-.&X369C_JITDJ)*XUF+9>P8568JJ&@BJGM`*V8T\+O-$`
M6D%.NTD@#2_/5ZC*V\;Z=^YYZO5__]7<U];GJ$S%Z;>BD.=LJX$,7Q_,N8,!
MZ78=BE6`:#`Y<PUPP\8K6@LMZ>E+;F`(N;"_/5ZFW#/0STHQ7"\"?K7CN8O4
M%G?"4J_F<]=0L<Q&F>2;$)%FJ?+HL"EH*2*/<H6)!$2B*!N)NQ]7J4>(>G?%
M^G&"43>E[-;=-:[!=SQY%S3+68QEC%5)+>74I62R54#7^S+!*MKFZ/I;U>H?
M\F8YC&.X.LF8<!?+68:%S0XOA+2+-$)4_P!TAE7[<,GVD)`-NX!YZO43GH?%
MCV>O6?ZK^J6)U=-490R739=]//3RG\R"2K1\+H_Y]BS6B%PAJ<3V69B;H>W;
MGJ]0&^H?JO2X%ZE^IG7G,&5Z_&NGOX>_3VIQC`:/"J@J<R]0,_O\M3893QJK
M`SQ04*T^YCHU:MQ;7GJ]1LO1;TAQ?I5T0P:MSPXQ#K#U6GFZN]:\P200P3UV
M8L=M5RB185``@1EA51H-FG?GJ]39UE]0'0W$.M'3[T=XMBV-9DZK]1;9IQ#)
M?3BF^9&'8)0_IGJ<>J)`(J6AD-E*EO,D[(I%^>KU%IZ*9LP=.OOK)]7G4F@A
MRSEK(N*8;Z/>@].DR*<1PS+\$59+'1Q$*IFK,6Q*2FC1#8F("PVD\]7J)IB?
MIYZF^KS)7K<Z]8'2M#U7RM54N3.@N7,-JJ=UGQ#)^8,-SQB5*WF(RK58C4X7
M24C,9&12I':_/37J-Q0>K'I9^(10Y5]-G1W/?\HK\4P^BQWU;Y?FJ:6AS/D_
M"X]B5.7*^@J?T\-=62AJ:6R@Q+=AX<]7JM7H*+`\K8/AV#X;#38%E_`Z>#!L
M*P^`QT]-2TU-&(HHHU&U55$4*H'@+<]7J"G.7J6].73RJQ&ASYU[R9D[$L*1
M*K$L+S)F;!J.JAC?56:">H60;OW?=U\.>KU!PWKN](Q@HZR@ZZ85CV&UZ&>A
MQ?*<=?C%!*JL%.RJPNGJ(6(.A`>X\0.>KU!SFC\2_P!+N6ZJ+#<.J\WY[Q:L
MI8,7PC#<@Y`SC7FNCJ4$B+#,V'QT^^Q]X/(MO&QYZO5.R7Z\,K9]H<7K\H>G
M/JUB%3AS$5>'UF38,+J9F1(KF/\`FU?2H]ED4?;\"/#GJ]0U96Z_8CF;&<(P
MB3H%G_+"XK\OYF+9HP[`XJ.D\_?_`)=Z;%IV79M]_:K6N+7UMZO483;O71B/
M"_M'/5ZN=C8^)^//5ZN[?K\.>KU?_];?(SUD3*G4S)^8<A9[P.#,F4LU4LN$
M8[@V(+NCG@E6Q&EB".ZL+$'46//5ZBFX)TD]5W13",'RET?ZH8#U:R1A4DU)
MA>%>H,XE28KAN&[F--3KBN$05C58@3;$IEA5BH!+$\]7J4V!P>N3%\5HH,UR
M=,LE8$$G?$<3RA4YCQZM,GEL(4C@Q"APV/:7VEV,EP!8`\]7J8\S>G[K]F]J
M;%LU^K_&<K_RV)99,+Z38-18-12O3WDWR_,RU<KJUO?4,+C2_-@UZJL/PM?5
MGZ-<K=&>JO4#,V<YO\Z=%U'ZO/FS->*468JF6MI8LZXE)%*E1+2)#*AI(8@7
M``5E*$W4\\3->H!,H^KGTY]0<+Z`4&>L^8U.WJ>ZK9F]:/5>&DPS&*JH@PC)
M2_*X'0-#24SM/32-243JL2L+C77G@)KU&W_$`_&(R!E#H-U8R;Z.Z[,><O53
M.M#D[+<&$].\\8M%E=L:E2%L9KHJ3"G(CHX'>H5#K(5"J"3SQ$5ZB8Y)_$RZ
M/^D7H7U`P;I!TIZM^J;K9_5BNSOU>]6?6S(68LCT>(XJX,82MK,;H(:NWFON
MCBIX'1!X@\V<37J$_HEUEZ3^F'TH=&LR=:<:S-UE]1&4LCSYYZ,]/\-Z?YS_
M`*LQ9US/-4XM\Q`9:%XZBLJ*_$UA^;G8>Z+H%O?FU`36J.[T%ZK_`.8WI+TE
M](71O)N+XWZJLZ41S?U`KL6R_B[8)E'%\R[\8Q#%LQ53PJD:Q2RE(X-WF2L$
M4#:2PH:W1DL(_#=]*`R=7X)G7IA09XSMFMJG&>IW5Z2-\+S)F7&L0N]9B-96
M85)!*TTLA+`%R%T`[<]7J]E#\,OT<Y,J\0JZ#IK68G_,Z?\`EE72YCS'F&O@
M:/S%DOY<]:0&NO?Z>6*C7J%'!_0]Z1,"KJ;$J+TYY3GQ&EG&(P8GB^%4^(5(
MF`L&:7$!,[6MH"2!X#E:]0]X3D'(^`T,.%8%DO"<%PJGW-!AV$X;14U.A<W)
M6.&-5%SWL.>KU*>&GAIHEAIH$IXDT2*!510/@%%N>KU9K'37MX<]7JZ"D>)-
MS>Q\.>KU<AXZ?6>>KU=\]7J]SU>K_]??XYZO5ZU^_/5ZN@`#<#GJ]6-HU;<I
M0%7&UU\""+:\]7J#7*O1CI1D;)U5D#)_3O",NY+KI<5KJW+.%T,$=)+-CM=4
M8EB+L@6Q:IGJI9)">Y<GGJ]3=0]`NBV&XGT\QK#^EV"4.*]):*MRWTTKJ>@A
M23!:#$$ACJ8*4A?<CE%/'N`_PCGJ]3AT[Z,=+^D]+C=)T[R-A^5H\S5T^9<Q
M28;3H):ZOJ6W233R,"SL?B=/#GJ]3IG_`*=Y5ZEY'S=T^S5A-/7Y;SGA]7EO
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M78H8BE/&9)/=5=[`L3X`\]7J+YZ.O2?@70'H)DG*&>*&#.O57$<1GZU=7,YY
MAC@Q"KK^H..`U&(URSNA):$O\K3N+%8(T0:#GJ]1T/'7VZ<]7JY\]7J]SU>K
MW/5ZO<]7J]SU>KW/5ZO<]7J]SU>KW/5ZO<]7J__1W^.>KU>YZO5[GJ]7N>KU
M>YZO5[GJ]7N>KU<3]KP^OOSU>KESU>KW/5ZO<]7J]SU>KW/5ZO<]7J]SU>KW
3/5ZO<]7J]SU>KW/5ZO<]7J__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>cimg4.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cimg4.jpg
M_]C_X``02D9)1@`!`@$`E@"6``#_X0NI17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````=````<@$R``(````4````CX=I``0````!````I````-````"6````
M`0```)8````!061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:``R,#`X.C`W
M.C(X(#(Q.C`T.C`Q`````Z`!``,````!``$``*`"``0````!````OJ`#``0`
M```!````4P`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$```IS````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B
M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`1@"@`P$B``(1`0,1`?_=``0`
M"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`]523%,4E,DEA]8^L^+T_)&!1CW]2ZCM]
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MK)]8\>O2KUL;(VCCU+J8O/\`;]*M:W5.HT],Q1D7!SFFRJEK&:N<ZU[:&-;_
M`&G[OZBROJH/M%W6>K<LSL^QE+NSJ<8-PJW-_DNMJN24]`F>YK&ESB&M:"7.
M)@`#7<Y.L'Z]O>WZJYK6':;_`$L=QX]EUM6/;_G5V.24UZ+>J?6=SLG'R;>E
M]`DC&?3#,K*@P[)]1[7_`&3!_P"X^QGVB_\`G?T=?IK2Z!=FNIOQ<\NMR<"Y
MV/\`:'#;ZM8#;,?(=^;O=58WU=G^&]1:55-5%3**FAE530QC!H&M:-K&M_LK
M,ZO]8L/I=U6'M?E]2R9.-@8X#KG@?X1VXM912W\ZZYVQ)3JI+/Z+UBKJM%M@
MJ?C7XUIHRL6V-]5C0"6.V%S'M<US+*[6>RQBO7/-=-E@Y8USA\A*2G*QOK1T
MW*ZS9T>EMKK:R]GVC9^KNMJ#79&+5?\`GWT-?^E8M<&=5Q/U/H-IZ&P\873[
M,ZP^-N?80PO_`+%>6NV'"2E))))*4DDDDI22222GF>EL+?K_`-=<!H_$PR3Y
MQ:W_`+ZNG'*YKI.0+?KSU^H1^@Q\)A^);=9_Z,72A)3_`/_1]4/*YSZM?I^J
M_6+J)`FW-;BM/\G%JKJ_\^/M71:;ESOU#'J?5T91T=FY.5D./]>^W_OC4E.=
M]?\`JHQCCXX<UOV.MW4'N<8`?_0>G#=_*RKWW?\`H.M/H76?JOA8.'T?&ZGB
MO=CU,J:18V'NCWO8^=EC[;/?[%7Z#@X?7K.I=;SJ&96/G9`JPF6M#V?9L(NJ
MHL:UWM_2Y/VB];V3TGIF7BG$R<2FW&(CTG,:6@?R1'L_LI*;2S?K'TMW5^AY
MO3F';9?4?2<>!:W]+CN_LW,8L_ZHVWTV=4Z*^UV13TC);3BW/.YWHV5LOKQK
M+/\`"/Q=_I+HNR2GG/\`G0YWU4IZM56'=1OV8M>*[_N<YWV3[/9^[LR?I_\`
M!*[T/ZO8W2!9>X_:>IY?OS\^S^<M>0-VW_0XS?\``XU?Z.MBY[ZPXE?1/K+T
MSJ+GAG1NHY[7Y=)X9G&NRG'S&_NUV_\`:C_A*_57;$\A)3@]%]OUG^L;#INL
MQ'_&<=K)_P#`UOD2"'"0="%SU;_L7UWN;88;U?"8<8G0.MQ'/%]7_&>C?7;_
M`%%:^L/5K,7';@X/NZOU":<"K\X$C])EV#\S'Q&_IK+/^M_GI*<K_%Y6QN%U
M$^J+K*<VW#!'YM6,=N-5_FVN?_UQ=8N6MZ>_ZK78_4\"M]_3VT,Q>KTU-EY%
M>M7565M]UUM6ZS[7M_264V;_`/`K0M^N'U<9CLNKSJ\GU?YJG')NN>X_18S&
MIWV[W?RDE.S*4KE\CK_7<.ZGJ^=A_9>@.)KOQ]OJ9=37":>H9;:=[65[QZ=N
M-3ZCZ&/]3])]!EIWUMQ,N*NAU6=7R'<&D%F.P]G969:!74S_`(OU;O\`@DE.
M](^7BDN2MQ/K'T6S]ONO?U6VP_Y8Z?2"*_1'\T_I%+_\+A-_,>[]>]_\W:M[
MIW7>D=3I;?@9E-[':Z.`</*RIVVVI_\`(L8DIOJ-EM=5;K;7!E=;2][CH`UH
MW.<56S.K]+P:S;F9=&/6.766-;]PGW+"R+\KZVM^QX==N-T!Y'VS.M::GY+`
M9^RX%3MMOH7?0R,FYM?Z/^:24T_J>7V=>R.H6-V6]:PQGN:>0PW/KQ&_V<7T
MUVH6!D-;B_7+ISFM#*\K`R,9@`@32^G(8S^3[/46\/R)*?_2]1M!<US6Z.+2
M&GSA<)T_/MI_Q;=,P<$EF?U,?L[&'=MMC[*\BYWYS?0K9?=N7>GF5QWU>^KO
M4L;K]OV]@'3>D/O=T=PT]1V<]V1?:[4^[&K=]E_MI*=#*LM^KUW3V5TWOZ'C
M8SL=PQJS::[&[!3=DT5!UUE+JFO]]?\`A/YQ0M^LN;U-OV;ZN8>19=;[1GY5
M+J<6D'Z5SOM`KMR7L_P=-57O72IM>Z2G/Z)T?'Z-@-PZ"ZQQ<ZW(R'ZOMNL.
MZ_)N=_I+7+02224Y/UH^KV/]8^C7=,N>:B\A]-P&XLL:98_;_P!%ZN]-Q[\;
M`QL;)M]>^BIE=MT1O<T!ALU_>VJRDDII]5Z1@=6H;3G5[VUN%E3VDLLK>WZ-
MM%U>VRNS^JA].Z'T[IMEEV.QSLFX`7Y-KG6W/`^BU]UI<[9_P;/8M!))2N\H
M56'B4V.MIHKKM?\`3>QC6N/]9S1N1DR2E0)GNF#6@;0`!X#0)TDE*A9>?]5O
MJ[U"TW9G3L>VUQDV%@#R?Y=C-KG+4224Y>']5OJYA6"W&Z;CUV-XLV!SA_5?
M9N<M0ITR2G`^MCG8M?3^L"3^S<VMUQ':BZ<+)_S67[UNU6U6M+ZGML;)&YI#
MA(,.;[?W5'*QJ<O&MQ<AOJ4WL=78P]VN&URS_JST"GZO=*;TZJY^3#WV.NLT
M<YSSN/M"2G__T_54R^5DDE/U4DOE5))3]5)+Y5224_522^54DE/U4DOE5))3
M]5)+Y5224_522^54DE/U4DOE5))3]5)+Y5224_522^54DE/_V?_M,T90:&]T
M;W-H;W`@,RXP`#A"24T$!```````!QP"```"``(`.$))300E```````01@SR
MB2:X5MJPG`&AL*>0=SA"24T#Z@`````B9CP_>&UL('9E<G-I;VX](C$N,"(@
M96YC;V1I;F<](E541BTX(C\^"CPA1$]#5%E012!P;&ES="!054),24,@(BTO
M+T%P<&QE($-O;7!U=&5R+R]$5$0@4$Q)4U0@,2XP+R]%3B(@(FAT='`Z+R]W
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M<'!L92YP<FEN="YT:6-K970N;6]D1&%T93PO:V5Y/@H)"0D)/&1A=&4^,C`P
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M="YT:6-K970N;6]D1&%T93PO:V5Y/@H)"0D)/&1A=&4^,C`P-BTQ,BTR.%0P
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M=&4^,C`P-BTQ,BTR.%0P-SHR-SHP.5H\+V1A=&4^"@D)"0D\:V5Y/F-O;2YA
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M:6YT+G1I8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X
M5#`W.C(W.C$V6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I
M8VME="YS=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^
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M8VME="YM;V1$871E/"]K97D^"@D)"0D\9&%T93XR,#`V+3$R+3(X5#`W.C(W
M.C`Y6CPO9&%T93X*"0D)"3QK97D^8V]M+F%P<&QE+G!R:6YT+G1I8VME="YS
M=&%T949L86<\+VME>3X*"0D)"3QI;G1E9V5R/C`\+VEN=&5G97(^"@D)"3PO
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M,"XP/"]R96%L/@H)"0D)"0D\<F5A;#XP+C`\+W)E86P^"@D)"0D)"3QR96%L
M/C<V-RXX.#`P,#0X.#(X,3(U/"]R96%L/@H)"0D)"0D\<F5A;#XU.#<N.#@P
M,#`T.#@R.#$R-3PO<F5A;#X*"0D)"0D\+V%R<F%Y/@H)"0D)"3QK97D^8V]M
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M"0D)/')E86P^-S@P/"]R96%L/@H)"0D)"0D\<F5A;#XV,#`\+W)E86P^"@D)
M"0D)/"]A<G)A>3X*"0D)"0D\:V5Y/F-O;2YA<'!L92YP<FEN="YT:6-K970N
M8VQI96YT/"]K97D^"@D)"0D)/'-T<FEN9SYC;VTN87!P;&4N<')I;G1I;F=M
M86YA9V5R/"]S=')I;F<^"@D)"0D)/&ME>3YC;VTN87!P;&4N<')I;G0N=&EC
M:V5T+FUO9$1A=&4\+VME>3X*"0D)"0D\9&%T93XR,#`X+3`W+3(X5#$U.C,S
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M=&EC:V5T+FUO9$1A=&4\+VME>3X*"0D)"0D\9&%T93XR,#`V+3$R+3(X5#`W
M.C(W.C`Y6CPO9&%T93X*"0D)"0D\:V5Y/F-O;2YA<'!L92YP<FEN="YT:6-K
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M/@H)"0D)"0D\<F5A;#XP+C`\+W)E86P^"@D)"0D)"3QR96%L/C<V-RXX.#`P
M,#0X.#(X,3(U/"]R96%L/@H)"0D)"0D\<F5A;#XU.#<N.#@P,#`T.#@R.#$R
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M;#XW.#`\+W)E86P^"@D)"0D)"3QR96%L/C8P,#PO<F5A;#X*"0D)"0D\+V%R
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M=')I;F<^,#`N,C`\+W-T<FEN9SX*"0D\:V5Y/F-O;2YA<'!L92YP<FEN="YT
M:6-K970N<')I=F%T94QO8VL\+VME>3X*"0D\9F%L<V4O/@H)"3QK97D^8V]M
M+F%P<&QE+G!R:6YT+G1I8VME="YT>7!E/"]K97D^"@D)/'-T<FEN9SYC;VTN
M87!P;&4N<')I;G0N4&%P97));F9O5&EC:V5T/"]S=')I;F<^"@D\+V1I8W0^
M"@D\:V5Y/F-O;2YA<'!L92YP<FEN="YT:6-K970N05!)5F5R<VEO;CPO:V5Y
M/@H)/'-T<FEN9SXP,"XR,#PO<W1R:6YG/@H)/&ME>3YC;VTN87!P;&4N<')I
M;G0N=&EC:V5T+G!R:79A=&5,;V-K/"]K97D^"@D\9F%L<V4O/@H)/&ME>3YC
M;VTN87!P;&4N<')I;G0N=&EC:V5T+G1Y<&4\+VME>3X*"3QS=')I;F<^8V]M
M+F%P<&QE+G!R:6YT+E!A9V5&;W)M8714:6-K970\+W-T<FEN9SX*/"]D:6-T
M/@H\+W!L:7-T/@HX0DE-`^D``````'@``P```$@`2``````#``),__3_]`,,
M`E@#9P4H`_P``@```$@`2``````"V`(H``$```!D`````0`#`P,````!?_\`
M`0`!````````````````:`@`&0&0```````@````````````````````````
M```````````X0DE-`^T``````!``E@````$``0"6`````0`!.$))300F````
M```.`````````````#^````X0DE-!`T```````0```!X.$))3009```````$
M````'CA"24T#\P``````"0```````````0`X0DE-!`H```````$``#A"24TG
M$```````"@`!``````````$X0DE-`_4``````$@`+V9F``$`;&9F``8`````
M``$`+V9F``$`H9F:``8```````$`,@````$`6@````8```````$`-0````$`
M+0````8```````$X0DE-`_@``````'```/__________________________
M__\#Z`````#_____________________________`^@`````____________
M_________________P/H`````/____________________________\#Z```
M.$))300(```````0`````0```D````)``````#A"24T$'@``````!``````X
M0DE-!!H``````S\````&``````````````!3````O@````4`4P!I`&<`;@`R
M`````0`````````````````````````!``````````````"^````4P``````
M```````````````!`````````````````````````!`````!````````;G5L
M;`````(````&8F]U;F1S3V)J8P````$```````!28W0Q````!`````!4;W`@
M;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG````4P````!2
M9VAT;&]N9P```+X````&<VQI8V5S5FQ,<P````%/8FIC`````0``````!7-L
M:6-E````$@````=S;&EC94E$;&]N9P`````````'9W)O=7!)1&QO;F<`````
M````!F]R:6=I;F5N=6T````,15-L:6-E3W)I9VEN````#6%U=&]'96YE<F%T
M960`````5'EP965N=6T````*15-L:6-E5'EP90````!);6<@````!F)O=6YD
M<T]B:F,````!````````4F-T,0````0`````5&]P(&QO;F<``````````$QE
M9G1L;VYG``````````!"=&]M;&]N9P```%,`````4F=H=&QO;F<```"^````
M`W5R;%1%6%0````!````````;G5L;%1%6%0````!````````37-G951%6%0`
M```!```````&86QT5&%G5$585`````$```````YC96QL5&5X=$ES2%1-3&)O
M;VP!````"&-E;&Q497AT5$585`````$```````EH;W)Z06QI9VYE;G5M````
M#T53;&EC94AO<GI!;&EG;@````=D969A=6QT````"79E<G1!;&EG;F5N=6T`
M```/15-L:6-E5F5R=$%L:6=N````!V1E9F%U;'0````+8F=#;VQO<E1Y<&5E
M;G5M````$453;&EC94)'0V]L;W)4>7!E`````$YO;F4````)=&]P3W5T<V5T
M;&]N9P`````````*;&5F=$]U='-E=&QO;F<`````````#&)O='1O;4]U='-E
M=&QO;F<`````````"W)I9VAT3W5T<V5T;&]N9P``````.$))300H```````,
M`````3_P````````.$))3004```````$`````CA"24T$#``````*CP````$`
M``"@````1@```>```(-````*<P`8``'_V/_@`!!*1DE&``$"`0!(`$@``/_M
M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+
M"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`1@"@`P$B``(1`0,1
M`?_=``0`"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!
M`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1
M`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R
M@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&
MEJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2
M!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+2
M1)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6
MYO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`]523%,4E,DEA]8^L^+T_)&!1
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ME:J=":*OK)]8\>O2KUL;(VCCU+J8O/\`;]*M:W5.HT],Q1D7!SFFRJEK&:N<
MZU[:&-;_`&G[OZBROJH/M%W6>K<LSL^QE+NSJ<8-PJW-_DNMJN24]`F>YK&E
MSB&M:"7.)@`#7<Y.L'Z]O>WZJYK6':;_`$L=QX]EUM6/;_G5V.24UZ+>J?6=
MSLG'R;>E]`DC&?3#,K*@P[)]1[7_`&3!_P"X^QGVB_\`G?T=?IK2Z!=FNIOQ
M<\NMR<"YV/\`:'#;ZM8#;,?(=^;O=58WU=G^&]1:55-5%3**FAE530QC!H&M
M:-K&M_LK,ZO]8L/I=U6'M?E]2R9.-@8X#KG@?X1VXM912W\ZZYVQ)3JI+/Z+
MUBKJM%M@J?C7XUIHRL6V-]5C0"6.V%S'M<US+*[6>RQBO7/-=-E@Y8USA\A*
M2G*QOK1TW*ZS9T>EMKK:R]GVC9^KNMJ#79&+5?\`GWT-?^E8M<&=5Q/U/H-I
MZ&P\873[,ZP^-N?80PO_`+%>6NV'"2E))))*4DDDDI22222GF>EL+?K_`-=<
M!H_$PR3YQ:W_`+ZNG'*YKI.0+?KSU^H1^@Q\)A^);=9_Z,72A)3_`/_1]4/*
MYSZM?I^J_6+J)`FW-;BM/\G%JKJ_\^/M71:;ESOU#'J?5T91T=FY.5D./]>^
MW_OC4E.=]?\`JHQCCXX<UOV.MW4'N<8`?_0>G#=_*RKWW?\`H.M/H76?JOA8
M.'T?&ZGBO=CU,J:18V'NCWO8^=EC[;/?[%7Z#@X?7K.I=;SJ&96/G9`JPF6M
M#V?9L(NJHL:UWM_2Y/VB];V3TGIF7BG$R<2FW&(CTG,:6@?R1'L_LI*;2S?K
M'TMW5^AYO3F';9?4?2<>!:W]+CN_LW,8L_ZHVWTV=4Z*^UV13TC);3BW/.YW
MHV5LOKQK+/\`"/Q=_I+HNR2GG/\`G0YWU4IZM56'=1OV8M>*[_N<YWV3[/9^
M[LR?I_\`!*[T/ZO8W2!9>X_:>IY?OS\^S^<M>0-VW_0XS?\``XU?Z.MBY[ZP
MXE?1/K+TSJ+GAG1NHY[7Y=)X9G&NRG'S&_NUV_\`:C_A*_57;$\A)3@]%]OU
MG^L;#INLQ'_&<=K)_P#`UOD2"'"0="%SU;_L7UWN;88;U?"8<8G0.MQ'/%]7
M_&>C?7;_`%%:^L/5K,7';@X/NZOU":<"K\X$C])EV#\S'Q&_IK+/^M_GI*<K
M_%Y6QN%U$^J+K*<VW#!'YM6,=N-5_FVN?_UQ=8N6MZ>_ZK78_4\"M]_3VT,Q
M>KTU-EY%>M7565M]UUM6ZS[7M_264V;_`/`K0M^N'U<9CLNKSJ\GU?YJG')N
MN>X_18S&IWV[W?RDE.S*4KE\CK_7<.ZGJ^=A_9>@.)KOQ]OJ9=37":>H9;:=
M[65[QZ=N-3ZCZ&/]3])]!EIWUMQ,N*NAU6=7R'<&D%F.P]G969:!74S_`(OU
M;O\`@DE.](^7BDN2MQ/K'T6S]ONO?U6VP_Y8Z?2"*_1'\T_I%+_\+A-_,>[]
M>]_\W:M[IW7>D=3I;?@9E-[':Z.`</*RIVVVI_\`(L8DIOJ-EM=5;K;7!E=;
M2][CH`UHW.<56S.K]+P:S;F9=&/6.766-;]PGW+"R+\KZVM^QX==N-T!Y'VS
M.M::GY+`9^RX%3MMOH7?0R,FYM?Z/^:24T_J>7V=>R.H6-V6]:PQGN:>0PW/
MKQ&_V<7TUVH6!D-;B_7+ISFM#*\K`R,9@`@32^G(8S^3[/46\/R)*?_2]1M!
M<US6Z.+2&GSA<)T_/MI_Q;=,P<$EF?U,?L[&'=MMC[*\BYWYS?0K9?=N7>GF
M5QWU>^KO4L;K]OV]@'3>D/O=T=PT]1V<]V1?:[4^[&K=]E_MI*=#*LM^KUW3
MV5TWOZ'C8SL=PQJS::[&[!3=DT5!UUE+JFO]]?\`A/YQ0M^LN;U-OV;ZN8>1
M9=;[1GY5+J<6D'Z5SOM`KMR7L_P=-57O72IM>Z2G/Z)T?'Z-@-PZ"ZQQ<ZW(
MR'ZOMNL.Z_)N=_I+7+02224Y/UH^KV/]8^C7=,N>:B\A]-P&XLL:98_;_P!%
MZN]-Q[\;`QL;)M]>^BIE=MT1O<T!ALU_>VJRDDII]5Z1@=6H;3G5[VUN%E3V
MDLLK>WZ-M%U>VRNS^JA].Z'T[IMEEV.QSLFX`7Y-KG6W/`^BU]UI<[9_P;/8
MM!))2N\H56'B4V.MIHKKM?\`3>QC6N/]9S1N1DR2E0)GNF#6@;0`!X#0)TDE
M*A9>?]5OJ[U"TW9G3L>VUQDV%@#R?Y=C-KG+4224Y>']5OJYA6"W&Z;CUV-X
MLV!SA_5?9N<M0ITR2G`^MCG8M?3^L"3^S<VMUQ':BZ<+)_S67[UNU6U6M+ZG
MML;)&YI#A(,.;[?W5'*QJ<O&MQ<AOJ4WL=78P]VN&URS_JST"GZO=*;TZJY^
M3#WV.NLT<YSSN/M"2G__T_54R^5DDE/U4DOE5))3]5)+Y5224_522^54DE/U
M4DOE5))3]5)+Y5224_522^54DE/U4DOE5))3]5)+Y5224_522^54DE/_V0`X
M0DE-!"$``````%,````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`
M:`!O`'`````2`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``0P!3
M`````0`X0DE-!`8```````<`!P````$!`/_A%_UH='1P.B\O;G,N861O8F4N
M8V]M+WAA<"\Q+C`O`#P_>'!A8VME="!B96=I;CTG[[N_)R!I9#TG5S5-,$UP
M0V5H:4AZ<F53>DY48WIK8SED)S\^"CQX.GAM<&UE=&$@>&UL;G,Z>#TG861O
M8F4Z;G,Z;65T82\G('@Z>&UP=&L])UA-4"!T;V]L:VET(#,N,"TR."P@9G)A
M;65W;W)K(#$N-B<^"CQR9&8Z4D1&('AM;&YS.G)D9CTG:'1T<#HO+W=W=RYW
M,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R<@>&UL;G,Z:5@])VAT
M='`Z+R]N<RYA9&]B92YC;VTO:5@O,2XP+R<^"@H@/')D9CI$97-C<FEP=&EO
M;B!R9&8Z86)O=70])W5U:60Z,#$U,3EA-F(M-64W8BTQ,61D+3AB,#8M9C-C
M,C4X.&-E-&5C)PH@('AM;&YS.F5X:68])VAT='`Z+R]N<RYA9&]B92YC;VTO
M97AI9B\Q+C`O)SX*("`\97AI9CI#;VQO<E-P86-E/C$\+V5X:68Z0V]L;W)3
M<&%C93X*("`\97AI9CI0:7AE;%A$:6UE;G-I;VX^,3DP/"]E>&EF.E!I>&5L
M6$1I;65N<VEO;CX*("`\97AI9CI0:7AE;%E$:6UE;G-I;VX^.#,\+V5X:68Z
M4&EX96Q91&EM96YS:6]N/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$
M97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z,#$U,3EA-F(M-64W8BTQ,61D
M+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.G!D9CTG:'1T<#HO+VYS+F%D
M;V)E+F-O;2]P9&8O,2XS+R<^"B`\+W)D9CI$97-C<FEP=&EO;CX*"B`\<F1F
M.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TG=75I9#HP,34Q.6$V8BTU93=B+3$Q
M9&0M.&(P-BUF,V,R-3@X8V4T96,G"B`@>&UL;G,Z<&AO=&]S:&]P/2=H='1P
M.B\O;G,N861O8F4N8V]M+W!H;W1O<VAO<"\Q+C`O)SX*("`\<&AO=&]S:&]P
M.DAI<W1O<GD^/"]P:&]T;W-H;W`Z2&ES=&]R>3X*(#PO<F1F.D1E<V-R:7!T
M:6]N/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2=U=6ED.C`Q-3$Y
M839B+35E-V(M,3%D9"TX8C`V+68S8S(U.#AC931E8R<*("!X;6QN<SIT:69F
M/2=H='1P.B\O;G,N861O8F4N8V]M+W1I9F8O,2XP+R<^"B`@/'1I9F8Z3W)I
M96YT871I;VX^,3PO=&EF9CI/<FEE;G1A=&EO;CX*("`\=&EF9CI84F5S;VQU
M=&EO;CXQ-3`O,3PO=&EF9CI84F5S;VQU=&EO;CX*("`\=&EF9CI94F5S;VQU
M=&EO;CXQ-3`O,3PO=&EF9CI94F5S;VQU=&EO;CX*("`\=&EF9CI297-O;'5T
M:6]N56YI=#XR/"]T:69F.E)E<V]L=71I;VY5;FET/@H@/"]R9&8Z1&5S8W)I
M<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z,#$U
M,3EA-F(M-64W8BTQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.GAA
M<#TG:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+R<^"B`@/'AA<#I#<F5A
M=&5$871E/C(P,#@M,#<M,CA4,C`Z,#,Z,#`K,#4Z,S`\+WAA<#I#<F5A=&5$
M871E/@H@(#QX87`Z36]D:69Y1&%T93XR,#`X+3`W+3(X5#(Q.C`T.C`Q*S`U
M.C,P/"]X87`Z36]D:69Y1&%T93X*("`\>&%P.DUE=&%D871A1&%T93XR,#`X
M+3`W+3(X5#(Q.C`T.C`Q*S`U.C,P/"]X87`Z365T861A=&%$871E/@H@(#QX
M87`Z0W)E871O<E1O;VP^061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:#PO
M>&%P.D-R96%T;W)4;V]L/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$
M97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z,#$U,3EA-F(M-64W8BTQ,61D
M+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.GAA<$U-/2=H='1P.B\O;G,N
M861O8F4N8V]M+WAA<"\Q+C`O;6TO)SX*("`\>&%P34TZ1&]C=6UE;G1)1#YA
M9&]B93ID;V-I9#IP:&]T;W-H;W`Z-#%A83(V,#4M-64W,BTQ,61D+3AB,#8M
M9C-C,C4X.&-E-&5C/"]X87!-33I$;V-U;65N=$E$/@H@/"]R9&8Z1&5S8W)I
M<'1I;VX^"@H@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z,#$U
M,3EA-F(M-64W8BTQ,61D+3AB,#8M9C-C,C4X.&-E-&5C)PH@('AM;&YS.F1C
M/2=H='1P.B\O<'5R;"YO<F<O9&,O96QE;65N=',O,2XQ+R<^"B`@/&1C.F9O
M<FUA=#YI;6%G92]J<&5G/"]D8SIF;W)M870^"B`\+W)D9CI$97-C<FEP=&EO
M;CX*"CPO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H\/WAP86-K970@96YD/2=W
M)S\^_^(,6$E#0U]04D]&24Q%``$!```,2$QI;F\"$```;6YT<E)'0B!865H@
M!\X``@`)``8`,0``86-S<$U31E0`````245#('-21T(`````````````````
M`/;6``$`````TRU(4"`@````````````````````````````````````````
M```````````````````````18W!R=````5`````S9&5S8P```80```!L=W1P
M=````?`````48FMP=````@0````4<EA96@```A@````49UA96@```BP````4
M8EA96@```D`````49&UN9````E0```!P9&UD9````L0```"(=G5E9````TP`
M``"&=FEE=P```]0````D;'5M:0```_@````4;65A<P``!`P````D=&5C:```
M!#`````,<E120P``!#P```@,9U120P``!#P```@,8E120P``!#P```@,=&5X
M=`````!#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W;&5T="U086-K87)D($-O;7!A
M;GD``&1E<V,`````````$G-21T(@245#-C$Y-C8M,BXQ```````````````2
M<U)'0B!)14,V,3DV-BTR+C$`````````````````````````````````````
M`````````````````````````````%A96B````````#S40`!`````1;,6%E:
M(`````````````````````!865H@````````;Z(``#CU```#D%A96B``````
M``!BF0``MX4``!C:6%E:(````````"2@```/A```ML]D97-C`````````!9)
M14,@:'1T<#HO+W=W=RYI96,N8V@``````````````!9)14,@:'1T<#HO+W=W
M=RYI96,N8V@`````````````````````````````````````````````````
M````````````9&5S8P`````````N245#(#8Q.38V+3(N,2!$969A=6QT(%)'
M0B!C;VQO=7(@<W!A8V4@+2!S4D="```````````````N245#(#8Q.38V+3(N
M,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="````````````````
M`````````````&1E<V,`````````+%)E9F5R96YC92!6:65W:6YG($-O;F1I
M=&EO;B!I;B!)14,V,3DV-BTR+C$``````````````"Q2969E<F5N8V4@5FEE
M=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ````````````````````
M``````````````!V:65W```````3I/X`%%\N`!#/%``#[<P`!!,+``-<G@``
M``%865H@``````!,"58`4````%<?YVUE87,``````````0``````````````
M``````````*/`````G-I9R``````0U)4(&-U<G8````````$``````4`"@`/
M`!0`&0`>`",`*``M`#(`-P`[`$``10!*`$\`5`!9`%X`8P!H`&T`<@!W`'P`
M@0"&`(L`D`"5`)H`GP"D`*D`K@"R`+<`O`#!`,8`RP#0`-4`VP#@`.4`ZP#P
M`/8`^P$!`0<!#0$3`1D!'P$E`2L!,@$X`3X!10%,`5(!60%@`6<!;@%U`7P!
M@P&+`9(!F@&A`:D!L0&Y`<$!R0'1`=D!X0'I`?(!^@(#`@P"%`(=`B8"+P(X
M`D$"2P)4`ET"9P)Q`GH"A`*.`I@"H@*L`K8"P0++`M4"X`+K`O4#``,+`Q8#
M(0,M`S@#0P-/`UH#9@-R`WX#B@.6`Z(#K@.Z`\<#TP/@`^P#^00&!!,$(`0M
M!#L$2`15!&,$<01^!(P$F@2H!+8$Q`33!.$$\`3^!0T%'`4K!3H%2058!6<%
M=P6&!98%I@6U!<4%U07E!?8&!@86!B<&-P9(!ED&:@9[!HP&G0:O!L`&T0;C
M!O4'!P<9!RL'/0=/!V$'=`>&!YD'K`>_!]('Y0?X"`L('P@R"$8(6@AN"(((
ME@BJ"+X(T@CG"/L)$`DE"3H)3PED"7D)CPFD";H)SPGE"?L*$0HG"CT*5`IJ
M"H$*F`JN"L4*W`KS"PL+(@LY"U$+:0N`"Y@+L`O("^$+^0P2#"H,0PQ<#'4,
MC@RG#,`,V0SS#0T-)@U`#5H-=`V.#:D-PPW>#?@.$PXN#DD.9`Y_#IL.M@[2
M#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F$$,081!^$)L0N1#7$/41$Q$Q$4\1
M;1&,$:H1R1'H$@<2)A)%$F02A!*C$L,2XQ,#$R,30Q-C$X,3I!/%$^44!A0G
M%$D4:A2+%*T4SA3P%1(5-!56%7@5FQ6]%>`6`Q8F%DD6;!:/%K(6UA;Z%QT7
M01=E%XD7KA?2%_<8&QA`&&48BABO&-48^AD@&449:QF1&;<9W1H$&BH:41IW
M&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<*AQ2''L<HQS,'/4='AU''7`=F1W#'>P>
M%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@%2!!(&P@F"#$(/`A'"%((74AH2'.
M(?LB)R)5(H(BKR+=(PHC."-F(Y0CPB/P)!\D321\)*LDVB4))3@E:"67)<<E
M]R8G)E<FAR:W)N@G&"=))WHGJR?<*`TH/RAQ**(HU"D&*3@I:RF=*=`J`BHU
M*F@JFRK/*P(K-BMI*YTKT2P%+#DL;BRB+-<M#"U!+78MJRWA+A8N3"Z"+K<N
M[B\D+UHOD2_'+_XP-3!L,*0PVS$2,4HQ@C&Z,?(R*C)C,ILRU#,-,T8S?S.X
M,_$T*S1E-)XTV#43-4TUAS7"-?TV-S9R-JXVZ3<D-V`WG#?7.!0X4#B,.,@Y
M!3E".7\YO#GY.C8Z=#JR.N\[+3MK.ZH[Z#PG/&4\I#SC/2(]83VA/>`^(#Y@
M/J`^X#\A/V$_HC_B0"-`9$"F0.=!*4%J0:Q![D(P0G)"M4+W0SI#?4/`1`-$
M1T2*1,Y%$D5519I%WD8B1F=&JT;P1S5'>T?`2`5(2TB12-=)'4EC2:E)\$HW
M2GU*Q$L,2U-+FDOB3"I,<DRZ30)-2DV33=Q.)4YN3K=/`$])3Y-/W5`G4'%0
MNU$&45!1FU'F4C%2?%+'4Q-37U.J4_940E2/5-M5*%5U5<)6#U9<5JE6]U=$
M5Y)7X%@O6'U8RUD:66E9N%H'6E9:IEKU6T5;E5OE7#5<AES672==>%W)7AI>
M;%Z]7P]?85^S8`5@5V"J8/QA3V&B8?5B26*<8O!C0V.78^MD0&249.EE/662
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M-H^>D`:0;I#6D3^1J)(1DGJ2XY--D[:4()2*E/257Y7)EC26GY<*EW67X)A,
MF+B9))F0F?R::)K5FT*;KYP<G(F<]YUDG=*>0)ZNGQV?BY_ZH&F@V*%'H;:B
M)J*6HP:C=J/FI%:DQZ4XI:FF&J:+IOVG;J?@J%*HQ*DWJ:FJ'*J/JP*K=:OI
MK%RLT*U$K;BN+:ZAKQ:OB[``L'6PZK%@L=:R2[+"LSBSKK0EM)RU$[6*M@&V
M>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;O16]C[X*OH2^_[]ZO_7`<,#L
MP6?!X\)?PMO#6,/4Q%'$SL5+Q<C&1L;#QT''O\@]R+S).LFYRCC*M\LVR[;,
M-<RUS37-M<XVSK;/-\^XT#G0NM$\T;[2/]+!TT33QM1)U,O53M71UE76V-=<
MU^#89-CHV6S9\=IVVOO;@-P%W(K=$-V6WAS>HM\IWZ_@-N"]X43AS.)3XMOC
M8^/KY'/D_.6$Y@WFEN<?YZGH,NB\Z4;IT.I;ZN7K<.O[[(;M$>V<[BCNM.]`
M[\SP6/#E\7+Q__*,\QGSI_0T],+U4/7>]FWV^_>*^!GXJ/DX^<?Z5_KG^W?\
M!_R8_2G]NOY+_MS_;?___^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!
M`0(!`0$"`@$!`0$"`@("`@("`@,"`P,#`P(#`P0$!`0$`P4%!04%!0<'!P<'
M"`@("`@("`@("`$!`0$"`@($`P,$!P4$!0<("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(_\``$0@`4P"^`P$1``(1
M`0,1`?_=``0`&/_$`:(````&`@,!``````````````<(!@4$"0,*`@$`"P$`
M``8#`0$!````````````!@4$`P<""`$)``H+$``"`0(%`@,$!@8%!0$#!F\!
M`@,$$04&(1(`!S%!$PA1(F$4<8$RD0FA(_#!0K$5T1;A\5(S%R1B&$,T)8(*
M&7)3)F.21#6B5+(:<S;"TB=%-T;B\H.3H[-D52C#TRDXX_-'2%9E*CDZ24I7
M6%E:9G1UA(5G=G=HAH>4E:2EM+7$Q=35Y.7T]9:7IJ>VM\;'UM?FY_;W:6IX
M>7J(B8J8F9JHJ:JXN;K(R<K8V=KHZ>KX^?H1``$#`@,$!P8#!`,&!P<!:0$"
M`Q$`!"$%$C$&0?!180<3(G&!D:&QP0@RT13A(_%"%5()%C-BTG(D@L*2DT,7
M<X.BLF,E-%/BLS4F1%1D154G"H2T&!D:*"DJ-C<X.3I&1TA)2E976%E:969G
M:&EJ='5V=WAY>H6&AXB)BI25EI>8F9JCI*6FIZBIJK6VM[BYNL/$Q<;'R,G*
MT]35UM?8V=KCY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`W^.>KU>Y
MZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[
MGJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7__T-_&5F4BQ^KG
MJ]6'S7'[WPYZO5B>63L&.\FW^H%[DL?H_4<]7J!O*?7SH]GC/>9NF>4.LF7L
MV=0,F[9<QY(RYBM#58K1`?:$M/&Q8`>/L\>;@UZAI$K6%CIWM<_3S5>KWF/_
M`(CSU>KWF/\`XCSU>KWF/_BYZO5WODL#N.OV;:WOKSU>KH2/8>_?VV[CGJ]7
MO,?_`!'GJ]7O,?\`Q'GJ]7O,?_$>>KU>\Q_\1YZO5[S'_P`1YZO5[S'_`,1Y
MZO5[S'_Q'GJ]7O,?_$>>KU>\Q_\`$>>KU>\Q_P#$>>KU>\Q_\7W\]7J`SU!>
MH[I!Z7<A0=3^N.>8\B9)?$J#**XU6122QG$,5F%/31D1*2I=S87TYL":]0W1
M3F:&GE2?S8IT21)$&C!E#!AV-N:KU2@S>06OKWO]?/5ZO__1W[Y^Z\]7JP=R
MJ^+:`$BY(UT]O?7GJ]5$?K9Z\=<?5]ZIG_#"]&&>)^GE#A5#'F+UT>I7+H,E
M9DC`JH!H,%PYV`1<2KT#`'4HIOIQP",:U03^L7\+7T^^D7TI8GZE/13E2KZ2
M^JGT@T7^=++75O#Z^KGQG-!P]UGQ"EQZ2HE=:R.L0-Y@<';?W;=N:#A)BMU>
M9T"ZI4O6SH]TKZN8>HAHNIF7\(SU24T9)B5,2P^*K=03KH\A'-+3!KU#1[/S
MY6O5X]CK:VOW:\]7J*#ZL_67T7](.`8!B?5'&ZNMS'GRH_D72WI7D:DDQ7-&
M:L2"[OEL-H:8,\AL1N<E4'BW+)3->H*_3;ZWINO&=L7Z1=1.AF:O2_U<EPJ+
M/V2^GW51Z.2HQS+YE\MJNGDH))8Q)"Q59X2^Z,LM^_+%O":U-6&P^9Y42S#]
M*J+YFVQ^\CQ]O&ZW67GJ]7B0J[F8*O;<Q`'Y\]7JZ/V#)<!.^\_9^D'M;GJ]
M7KBXUMN[#]1SU>KOGJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]5#/\`PI$AJ?\`
MAK/J+540&^BSCD.OJI+"ZQ19B@.Z[7L0;:CET5ZKM>G4[5G3SI]5LY=JK`\)
MJ#(3<DO01.23\;\I7J6X_P!YS^OCSU>K_]+?OG[KSU>HGOKH]1,'I*]*W7/U
M$30QU==TXP&>JRIAT[:5..54JT.&Q`'N7J)U!`\.6`QKU`#^%GZ3)?3?Z9L%
MS'G*H?'.O_J/E7K]ZD<]5@+UV+9AQU!5K"SM[PAHXY!%&GA;3OS:SC7J$?\`
M$TSAAF2?0#ZO<R5E4D=)19"QNA:24A5:6KIVI5N?\5W[=^:2,:]2V]!65Z[)
M7HH])>5\2@>FK\$Z?Y8HJF"=;-&1@].;$>'?FE;:]1O#?32WC]/-5Z@UZO\`
M4C+_`$>Z99\ZKYL)CRWTSPC$<]X[*IL5I<-I)*IP/:6"6'-@5ZJJ_P`,WH;F
M+K;')^)IZHL-.*^HKU"K)B_2/+6.!:FDZ<9"DE8X9AF%QMN2&:6#;)43+[S,
MVI[\LL\*U1_.JWI\BZF]</3?UJILQMEW,'0*MQJK3RXP9<4PC':&.DGH97'9
M"\2/;VJ.5"C%>BC/,\$%T,MA'JRNPN`3I>VNE].:K=9.X##L=!;MSU>H,NM7
M4K`^C72'J7U:S-&LF`]-,$Q/.V)0R"WF)AU')4"/3L7*A1S8%>K7A]%.8_5-
M/ZKO1AUWZN=?L=SG6_B!9?SUU.S?Z=ZEPN5,F93HHZ*IP!*"G'O"5!(HDD/=
MGMQPQIJLXULQ4MO+9!(\JQ.5WR]_9M'T<:JU2;6L.>KU>YZO5[GJ]7N>KU>Y
MZO5[GJ]7N^G?X<]7JIL_'JRW29J_#1ZQ8)5R+!#)BV4JF:5["Y7,%/IKXZ<N
MC;7JMLR/2)AV2<F8?"=\-#A&'441]JQT<:`_\F\I7J5P_P`@1?Z_KYZO5__3
MW[Y^Z\]7JI!_&#>7JWGC\/'T742&J@]0_5JBSEGBAC;W)LMY%I&Q>I68#O&T
MLL7?2Z\<;$5HU=?3FDC6&BI`L<-.%@@@AMMC2/W4L!V`"Z<;K=:L/K8]2G5#
MU<]5>M7H,R]5)5Y$ZO=;<G^FC)%"L=Y*?#<KI%C.<JN5A]J$^6Z7[#CX`K4U
MM-4&'T^#4-#@^%P"'#J".+#Z2GC^S!!3Q+"B*/8`O&)K=3#;P_/GJ]5=/XN4
M>*3?AG^MB/"#(U6.G^/3.E'?S!`E&[36MJ?<!T\>71MKU&#](%=@,WI0]-,N
M7Y$?`I\CY8?"FIK%3%_*(-MK>)_CRJMM>H"/7M^(?TL]#F5<OP8A@6)=6NO?
M4B27!.A/IUZ<HU7F#-.)I866.,-Y,$98>9,PL!]/-H3->JLWJ;U-_%JZ!]#,
M/_$+]0G4[+V4<NX!B.!XOU1]"65<&IY*'`\H8QBL.'31MBK@U$F)TZ5*RDAM
MNX$<L(.%:-;%6#8M3XWA&#8O1W^4QNDI\7IM_P!HQSPK,+GVV;C9%;HDWXGE
M)BU?^'MZOJ/`E\S%9\CXNE,FMRNP%P/^`O\`7RR-M>HDOX<U/@W5WU!)U*P!
M8ZO)?IHZ&]+O3ADG$8V#K_,,;PB''\7V=[2(8($)'U\NO96@:O"B,B@J3[@(
M,:G4@#VGQXU6ZY_1VYZO5[GJ]7N>KU>YZO5[GJ]7N>KU>[Z=[^';GJ]6OE_P
MI0ZA5&5/P]Z+)^$L\V.=4\_Y+P##Z:E!\SY>AQB*NJGL-2JHHW>SET5HU?%D
M.I6NR+D>N#;EK,'PRJ#K:Q$E%&XY2MTLA_D#^OCSU>K_U-^NID"D`>\PL63L
M0I-K\]7JI-SC(>J7X[G2;!_-#X+Z9>BN,YGJJ1AOV8IFK&$IXI?8A\JG(]IY
M?8*U5CGJ>ZYX1Z:_3MUMZ^XZ5FHNE.7\3S?%22%5$U11TS24L``M??/L6WB3
MRJ1-;K47_#Z]47IRZ#>N.FK_`%19YJZCJET=R7+F2'!,!PC$\:K,0Z@]3I_Y
MUC4B"BA?WX()C#=R+#0<4D$IPK0%;0G0K\3;T5^H3.-+TSR/U?CP3JA7*TE!
MTVZCT5;E[&:A4':*+$XXED.E@%8GX<94V16Z/JK%E)*V"$@BX)!MX^SC=>I%
M]1<CX+U,R-G#IUF:$5&7L\X57Y4QNG[EZ6OI7II-#<'1[\VDP:]5-OX6?6P=
M!>@'J`]'/7G%%@ZF_AOU&*X7B<57*4J,2R%'#)BF"8I'O(WI)2[8RXT#"W+J
M3-:H0/PR>C*]7L'Q7\2/K7A*8SUX]4D]1FKII58_`L\V2NGYE:+!L+PT3@FF
M,M.HFG9+%R^IT'-N8&*W0N_B\8+7XW^&AZO<+HU$U1#E.7$`%!N5I:V&L<[3
M[%C)O]?*(VUZCA>G/%1F/H'T0QF&7S!B.4\!KXZ@:@A\.BOJ/;SRMM>IUZY8
M;@>,]$^KN$9H>*++>(99QVEQV:L(6**F?#)@[M>UMHL>:3MKU4L?\)OILBM^
M'12'*^8Y\T9NI\W9CHNHM5C*O%B*5%-5BGH$ECD._P`LT21-$3HRG33EW#6D
MBK^R"I(*V46L_AKX?#C=;K&9H@64M[R$!T\0"+W^CGJ]7)68WW+ML2`0=P(O
MH;@>(YZO5@:KB1BLAV'4*I^U<:V(\#XZ\]7JX4M=35D,4U--'4":YB:FD21"
M!_KH2OY\]7JF#7MJ/$_T<]7J]X@>)TMXWYZO5C>38&+655&X[C;2]O#\N>->
MK68_%KK)/4SUA]0N3L%?^8Y%]`G1W%^H&:JQ/?IX<_9J:,T4`875I(J-%D93
MJM^/)P%:(K8/]/U>F*=`NAF*12_,18CD[+%<E3XNLV"T\@;Q[@\9K=#&#^@)
MOXWO]?/5ZO_5WY9TB,\@+,S^6$:)`"2F[VGGJ]5)OHO3^O'XO/XIO4:96G&1
M\.Z<]%\/F871$I\-J,4D4'6Q)JA<?`'EU[*U63\4FIGZ^]5O1_\`AS8'*:F'
MU"9I7JQUW2ANA@Z>Y%D3&JE)-I8I\S/%%$I[,3;FTB`36ZM<R=T/Z.]/\:QG
M,^2.F.!9;S-F,PRXYFG"L+I(:^M:",0QF:HV>8Y51:Y/U<IK->HO?K@]%?1G
MU?='LUY<SQERGPW/6%TDV8.F_5K`X8J3,.7L=HHFJ:2LI:Z)1(NV11N7=M(N
M"-1S:5GTKU!9^$GZAL_>J'T*='^IG5.O&*]2<&FQSIEG/'J=%2/&*S+.+3X+
M\\`#KYJ0*S'_`!$\\H8UZK+2;J2#<M==Q["^GP/*UZM<+\?OTK]1*'HGG7UU
M>FBM3+O5+ISE.LZ:>HNE#%1FGI?4R))60R*H'F5%(`6B8F]C;X<=:4)QKU7)
M^BOJ7TWZI>D/TS9\Z08E#BW3K',D9;_JS4T90!*:EPN&E,9"$J'B9"CKX$<H
MK[C7J?\`U6=.L2ZS>G+K]TMP*11B_47)N8<F80)U!4UM=A4]/`#?Q\PCGDG&
MO46G\*;K)0=4_0%Z<\0ID9L4R1@XZ09ZH)=WS%#F#+3?RJKIY(S[P</%<@V(
M'/+VUZ@]_$3ZDXYU;FR5^'GT:Q13UG]1$M-7=66PYQ(<I=-J2H1\3Q"M=!>$
MU:KY$`;WG):PL+\V@<:]0(]=\F8G^&)ZBL%]8G1?*%5B/I!S]A6!](?5UT^R
M92O4SY<&"PK283FN"EA7<Z00@PUFP7*$/X<L#-:JSVD]7GIAJNGT75VF]0.2
MI^FU53?ST9Q&8\-6D^59=]SYDH<-;4H5W`Z6OIR@0:W5</5?UO>IKU>Y2SOE
MS\*O)*U2Y5IJNKKO5/UEPJJP_*]544H\Y,/R_35(2?$)JD+L6=E6);WN>72D
M`XUJ:%[TV_BQ>E3J5T2R_FOJSUCR]T4ZM96HX\%ZZ=).I%<,+Q_`<RT*"&OI
MS12@2R(949HFC5@ZD6Y4H-:U4$W4#U$=?OQ!L(Q?ICZ',#Q;I#T0Q:0X'U/]
M8?53#JK"9)\*D)2HI\KX=5*E1433(Q45,@C50;B^G-B`<:W0%]+L^XY^"OU6
MP+T]=<,V8SG+\.3J_4I'T#]26=I:C%JK(&99S>?!\QU94LM+4R$F"H<;5)L;
M:\]]U>J_O+>:,%SGA6'8_DO'\.S7ES$P*FEQW+M;!74LM.XW(T<M.SJU_:#Q
MLBMTXXWB])@-)-BF+5,&&X32KOK,2Q2J@I(8E'BTD[*H%O:>:KU52=>_Q,,(
MQ_'\2]/WH"P1?5AZH*_?@\5?D]6J,AY/F9MAJ\=QI+P!8@=PBA9V8BVG'`GI
MKU2LK>A5>B/X?GJ9Z5YEQ^3JAUMZ[X)FOJ+USZCU*VDQ[-&(T,E3*8[W*P0D
M"*!/!1SQ5C7J'S\-+/G^<'\/[TDYM>I%3+_4?!L%Q"1M66IPJ#^5R1D>!1Z<
M@@\TO;7J/:'_`-$,O^KYG[>5KU?_UM^>=H_F:9-Q5P0^X>()(`//5ZJ.OPK*
MB*#U-?C`XYC6(JN.+UGB3'Y:U@J4]!1Y8HC`S$GW4$()N=.76,*]2`]&V;,S
M=9L_?B-?BKP9?ESG500XUT1]'F$O&29\I9'I9*B9Z:,CWOGJ]!=D^UMMKRQC
M`5ZK+O2?ZN>GG6[TW=+NK&*]8\JXEBN.8-!BF>,0CQ&@HDHL2(/S-++3SSJ\
M#PL"K!['3E%)QKU$)]5WK8QSUB8OB?H)_#ESI39[ZBY\B?".OGJ5RG)\SEGI
MKE:5O(K3\]#>*7%)HR4A@C8D`[CX<LE-:JU#TR>GOIUZ5.B'37H!TLH#0Y,Z
M98='@&%-5L#4U4FLE15U#=VFJ96:5S[3RA-;H??&X[=E]O;7FJ]05];^E>7^
MN72'J9T:S7$:C+?4S`L1R=BT)O98ZVF:$,-H)T)!^KFP:]5*WX$_H\]8/H'Z
M8]??2OZE(:>NZ7Y)S,<3]-^8<,JXZNDJ,*K5=I@@!\R,$K&2C*`&O;ORZR#6
MJOZCA6..WEC=<2@-8A7`O<<;K=55YG_#7S#ESJ[U'ZI^D[U29H])M+UMJY,P
M]8>G&5L/HL7P/$<9FOYV*T,-;(@I*N0&[,MPQU(XX%]-:HS/I:]&O2?TKTN9
MY<J'$LX]1\]S+BO4[K-U(JSB>:<R57>U55.ON4Z$_HX([*H\/'FE.$UNC:5E
M%35\=32UU.E90U4;T55A]4BR0312*8V62-P0RD$@@Z$<I7J(S3_A@_A^TN;Y
M\\T_I2RK'F"JE^=G'RLQH3,'\S?\B9337W?\=VXYWJMDUZCM46`X)AM!083A
M>%PX7A&%1K387A.%QI2TM.BZ*D<4`554>``XV:]0'YA])/I>S=GE>IF:O3]E
M',74$%97SAC.!8?-7R.ANK22-$=Y'M:YYL*->H>%PZEC@IJ>"%::"B04]'3T
MJK%'&@L`%1`%``%A8<U7J3N>>GN1^I^5L9R+U%RK09WR9F&$X?C>5\S4L-70
MU43@@AXI5()UT;N/#GJ]546+_@;>BY*^IKNE6-]1O3W32NTAP#HEGK%L*PU;
MF^R.EF,ZHES<`6''`Y7J<<(_!.]';U%'4=1\U]2^N$-/K+E_JYG_`!;$,.F(
M-P):>E,`8>!N>:+AKT59;THZ)](NA>5(,C]&^G.#],\ITXVK@N3J*&BC<@;0
MTAC4-(VOVG8GE9FO4OJF`8A%486:9325:24E:9/^*YHRK6OWT;FJ]52'X1V-
MME/(GJ<]*F+5`@Q[TK=4\T93I:64;&_D6-U8S'ALZHVOE%*YHU-K';QQS;->
MJX?3Y<BXMV'LXW7J_]??CKXR\M+("5:!C.BC]\KKM//5ZM/7U;]<<9])7K6_
M%#]+/3VDJJ?K9^(]1].Z#TUTF'QRQI78KC])-E_&:P.!_P`B-+&68KXVOQX'
M"M5M'>EGH+EOTS>G'HOT`RW31C">E>7J#*195%IJJ*(-5RM[?.G9W;VWUXRH
MXUNBT]2OPG?PZNJ.=9<^YR]+.6ZW,^+3MB6-M1PRT--B,[MN9ZN&E9(Y&OKJ
MNO+A1KU')Z4=%>D/0O*\>2^C733!>F65HK,,$R;04]#"6"A`7\E07:P[L2>5
M)->H2PJ+J$`VWL;>WFJ]7/P//5ZN.P;F<&Q86:W<_#GJ]6-Z>%K!HPP4`*!H
M!8WL/ASU>K,MNQ%AW('Y<]7JZ(!=)#JR@V;7Q^'/5ZN,<:1)Y:"R;M_C<F_/
M5ZN?/5ZO<]7J]SU>KW/5ZO<]7J]<BQ'?GJ]7MH+;SJPU![=^>KU>LMRP%F;N
M0+7^GGJ]7N>KU8]BLR,PNR'<K=OASU>K77_$9Z&^NOI'ZU>E'7S\/J@Q*JP[
MU/XUE#(WJBI\N(GDT4>6:YI5KZRXL*>:AJ'A=O%D%_#CJ5`BM5L;C=Y9^SYE
MNVNW=;^GC=;K_]#?S=`Q4WL1?;])YZO46CJ-Z0^@75?KCT=]1V><@4F-]9>@
M2XA'TLSK,MI\-_F4:QS6MHV@]T&]K\W)KU&-IZ9XXT268SOJ7FM:YN3>W-5Z
MI!AOW<L/`'PYZO5[R!_BYZO5[R!_B//5ZO>0/\1YZO5[R!_B//5ZO>0/\1YZ
MO5[R!_B//5ZO>0/\1YZO5[R!_B//5ZO>0/\`$>>KU>\@?XCSU>KWD#_$>>KU
M>\@?XCSU>KWD#_$>>KU>\@?XCSU>KWD#_$>>KU>\@?XCSU>KWD#_`!'GJ]7O
M('^(\]7JX>0JDE3M)[V&IUO_`$\]7JS;!L(\#]-N>KU?_]'?XYZO5Q_Q=OU]
MO/5ZN7MYZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>
GKU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>13
<FILENAME>c54075_ex99code-eth.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c54418_ex99code-eth.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="right">
<FONT size=2 face="serif">EX-99.CODE ETH</FONT></P>

<P align="center">
<FONT size=2 face="serif">ALLIANZ GLOBAL INVESTORS OF AMERICA</FONT></P>
<P align="center">
<FONT size=2 face="serif">CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY</FONT><BR>
<FONT size=2 face="serif">ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL </FONT><FONT size=2 face="serif">OFFICERS </FONT></P>
<P align="center">
<FONT size=2 face="serif">AUGUST 19, 2003 </FONT><BR>
<FONT size=2 face="serif">(AS REVISED ON OCTOBER 1, 2004)</FONT></P>
<P align="left">
<FONT size=2 face="serif">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVERED PERSONS/PURPOSE OF THE CODE </FONT></P>
<P align="left">
<FONT size=2 face="serif">This Code of Ethics (this &#147;Code&#148;) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a &#147;Fund&#148; and, collectively, the
&#147;Funds&#148;) listed on EXHIBIT A and, except as provided in Section VI below, applies to each Fund&#146;s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the &#147;Covered Officers&#148;) and each
Trustee of the Fund who is an &#147;interested person&#148; of the Fund (as defined in Section 2(a)(19) of the Investment Company Act of 1940) because such Trustee is an interested person of the Fund&#146;s investment adviser or principal
underwriter (&#147;Covered Trustees&#148; and, together with the Covered Officers, the &#147;Covered Persons&#148;). Each Covered Person is identified in EXHIBIT B. </FONT></P>
<P align="left">
<FONT size=2 face="serif">This Code has been adopted for the purpose of promoting: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in
other public communications made by a Fund; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; compliance with applicable laws and governmental rules and regulations; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest. </FONT></P>
<P align="left">
<FONT size=2 face="serif">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVERED PERSONS SHOULD HANDLE ETHICALLY ANY ACTUAL OR APPARENT CONFLICTS OF INTEREST </FONT></P>
<P align="left">
<FONT size=2 face="serif">OVERVIEW. A &#147;conflict of interest&#148; occurs when a Covered Person&#146;s private interest interferes with the interests of, or his service to, the relevant Fund. For example, a </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE><br>


<P align="left">
<FONT size=2 face="serif">conflict of interest would arise if a Covered Person, or a member of the Covered Person&#146;s family, receives improper personal benefits as a result of the Covered Person&#146;s position with the relevant Fund. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940
(including the regulations thereunder, the &#147;1940 Act&#148;) and the Investment Advisers Act of 1940 (including the regulations thereunder, the &#147;Investment Advisers Act&#148;). Indeed, conflicts of interest are endemic for certain
registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as
&#147;affiliated persons&#148; of such Fund. The compliance program of each Fund and the compliance programs of its investment advisers (including sub-advisers), principal underwriter and administrator or sub-administrator (each a &#147;Service
Provider&#148; and, collectively, the &#147;Service Providers&#148;) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those
matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its Service Providers of which the Covered Persons are
also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for both), be involved in establishing policies and implementing
decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is
consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advis ers Act, other applicable law and the relevant
Fund&#146;s constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, disclosure to and approval by the Directors/Trustees of a Fund who
are not &#147;interested persons&#148; of such Fund under the 1940 Act. In addition, it is recognized by the Funds&#146; Boards of Directors/Trustees (&#147;Boards&#148;) that the Covered Persons may also be officers or employees of one or more
other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of
interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant
Fund, unless the personal interest has been </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE><br>


<P align="left">
<FONT size=2 face="serif">disclosed to and approved by other officers of such Fund or such Fund&#146;s Independent Trustees. </FONT></P>
<P align="center">
<FONT size=2 face="serif">* * * *</FONT></P>
<P align="left">
<FONT size=2 face="serif">Each Covered Person must not:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the relevant Fund whereby the Covered Person would benefit
personally to the detriment of such Fund; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than the benefit such Fund; or </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports of potential violations that are made in good faith. </FONT></P>
<P align="left">
<FONT size=2 face="serif">There are some conflict of interest situations that should always be approved by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund). These conflict of
interest situations are listed below: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; service on the board of directors or governing board of a publicly traded entity; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; acceptance of any investment opportunity or of any material gift or gratuity from any person or entity that does business, or desires to do business, with the relevant Fund. For these
purposes, material gifts do not include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00 or (ii) attending business meals, business related conferences, sporting events and other
entertainment events at the expense of a giver, so long as the expense is reasonable and both the Covered Person and the giver are present. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; any ownership interest in, or any consulting or employment relationship with, any entities doing business with the relevant Fund, other than a Service Provider or an affiliate of a
Service Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person&#146;s ownership does not exceed more than 2% of the outstanding securities of the relevant class.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; a direct or indirect financial interest in commissions, transaction charges or spreads paid by the relevant Fund for effecting portfolio transactions or for selling or redeeming shares
other than an interest arising from the Covered Person&#146;s employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered
Person&#146;s ownership does not exceed more than 2% of the particular class of security outstanding. </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE><br>


<P align="left">
<FONT size=2 face="serif">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISCLOSURE AND COMPLIANCE </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant Fund to others, whether within or outside such Fund, including to such
Fund&#146;s Board and auditors, and to governmental regulators and self-regulatory organizations; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; each Covered Person should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the Service Providers or with counsel
to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any
sales literature, omitting prospectuses, or &#147;tombstone&#148; advertising prepared by the relevant Fund&#146;s principal underwriter(s)); and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; it is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. </FONT></P>
<P align="left">
<FONT size=2 face="serif">IV. REPORTING AND ACCOUNTABILITY </FONT></P>
<P align="left">
<FONT size=2 face="serif">Each Covered Person must:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the relevant Fund that he has received, read, and understands the Code;
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by the relevant Fund as well as with respect to any supplemental request for
information; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; notify the President of the relevant Fund promptly if he is convinced to a moral certainty that there has been a material violation of this Code (with respect to violations by a
President, the Covered Person shall report to the Chairman of the relevant Fund). </FONT></P>
<P align="left">
<FONT size=2 face="serif">The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;), has the
authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the President will be considered by the Chairman of the relevant Fund. </FONT></P>
<P align="left">
<FONT size=2 face="serif">The Funds will follow these procedures in investigating and enforcing this Code: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; the President will take all appropriate action to investigate any potential material violations reported to him, which actions may include the use of internal or external counsel,
accountants or other personnel; </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE><br>


<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; if, after such investigation, the President believes that no material violation has occurred, the President is not required to take any further action; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; any matter that the President believes is a material violation will be reported to the Fund&#146;s CCO; </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the Fund&#146;s Board of Trustees, which will consider appropriate action, which
may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer or remove a Covered Trustee; and
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#149;&nbsp;&nbsp;&nbsp; the Board of Trustees may grant waivers under this Code, as it deems appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="serif">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC DISCLOSURE OF CHANGES AND WAIVERS </FONT></P>
<P align="left">
<FONT size=2 face="serif">Any amendments to or waivers under this Code relating to a Covered Officer will, to the extent required by the SEC&#146;s rules, be disclosed on the Fund&#146;s website or in the Fund&#146;s N-CSR; amendments to or waivers
under this Code relating to a Covered Trustee but not a Covered Officer will NOT be so disclosed.(1) </FONT></P>
<P align="left">
<FONT size=2 face="serif">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER POLICIES AND PROCEDURES </FONT></P>
<P align="left">
<FONT size=2 face="serif">This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the Funds or the Funds&#146; Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict
with the provisions of this Code. The Funds&#146; and their Service Providers&#146;s codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers&#146;s more detailed compliance policies and procedures are separate requirements
applying to the Covered Persons and others, and are not part of this Code. </FONT></P>
<P align="left">
<FONT size=2 face="serif">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENTS</FONT></P>
<P align="left">
<FONT size=2 face="serif">Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board. </FONT></P>
<P align="left">
<FONT size=2 face="serif">VIII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONFIDENTIALITY</FONT></P>
<P align="left">
<FONT size=2 face="serif">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall
not be disclosed to anyone except as permitted by the Board. </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE><br>


<P align="left">
<FONT size=2 face="serif">IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERNAL USE</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.</FONT></P>

<div style="border-bottom:1px solid #000000; width:100px">&nbsp;</div>
<FONT size=2 face="serif">(1) The amendment to this Code applying the Code&#146;s provisions to Covered Trustees is not required to be disclosed. See, E.G., Item 2(c) of Form N-CSR.</FONT><BR>


<hr>


<P align="left">
<FONT size=2 face="serif">EXHIBIT A</FONT></P>
<P align="left">
<FONT size=2 face="serif">REGISTERED INVESTMENT COMPANIES</FONT></P>
<P align="left">
<FONT size=2 face="serif">Allianz Funds</FONT></P>
<P align="left">
<FONT size=2 face="serif">Allianz Global Investors Fund Management Sponsored Closed-End Funds</FONT></P>
<P align="left">
<FONT size=2 face="serif">Fixed Income SHares </FONT><BR>
<BR>
<FONT size=2 face="serif">Premier VIT </FONT><BR>
<BR>
<FONT size=2 face="serif">The Korea Fund, Inc. </FONT><BR>
<BR>

<FONT size=2 face="serif">Allianz Funds Multi-Strategy Trust </FONT><BR>

<BR>
<FONT size=2 face="serif">EXHIBIT B </FONT><BR>
<BR>
<FONT size=2 face="serif">COVERED PERSONS</FONT><BR>
<BR>
<FONT size=2 face="serif">Allianz Funds </FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Officers: E. Blake Moore, Jr., Brian S. Shlissel</FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Trustees: Udo Frank, John C. Maney </FONT></P>
<P align="left">
<FONT size=2 face="serif">Fixed Income Shares</FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Trustee: John C. Maney</FONT></P>
<P align="left">
<FONT size=2 face="serif">Allianz Global Investors Fund Management Sponsored Closed-End Funds </FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna </FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Trustee: John C. Maney </FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE><br>


<P align="left">
<FONT size=2 face="serif">Premier VIT</FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT><BR>
<BR>
<FONT size=2 face="serif">Covered Trustee: Brian S. Shlissel </FONT></P>
<P align="left">
<FONT size=2 face="serif">The Korea Fund, Inc. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Officers: Robert Goldstein, Brian S. Shlissel</FONT></P>
<P align="left">
<FONT size=2 face="serif">Allianz Funds Multi-Strategy Trust</FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Officers: E. Blake Moore, Jr., Brian S. Shlissel </FONT></P>
<P align="left">
<FONT size=2 face="serif">Covered Trustee: John C. Maney </FONT></P>

<HR noshade width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>14
<FILENAME>c54075_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c54418_ex99-cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">





<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.302CERT</FONT></B></P>
<P align="center">
<FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT></P>
<P align="left">
<FONT size=2 face="serif">I, Brian S. Shlissel, certify that:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">I have reviewed this report Form N-CSR of the PIMCO Municipal Income Fund II ;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process,
summarize, and report financial information; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 7, 2008</FONT><BR>
<BR>
<FONT size=2 face="serif"><u>/s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">Brian S. Shlissel</FONT><FONT size=2 face="serif"> </FONT><br>
<FONT size=2 face="serif">President &amp; Chief
Executive Officer</FONT></P>



<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE><br>


<P align="center">
<FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that: </FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">I have reviewed this report Form N-CSR of the PIMCO Municipal Income Fund II;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process,
summarize, and report financial information; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 7, 2008</FONT></P>
<P align="left">
<U><FONT size=2 face="serif">/s/ Lawrence G. Altadonna</FONT></U><U><FONT size=2 face="serif"> </FONT></U><BR>
<FONT size=2 face="serif">Lawrence G. Altadonna</FONT><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>

<HR noshade width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>15
<FILENAME>c54075_ex99-906.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c54418_ex99-906.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.906CERT</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United
States Code), each of the undersigned officers of PIMCO Municipal Income Fund
II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge,
that</FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="4%" valign=top nowrap>&nbsp;</TD>
	<TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT size=2 face="serif">The Annual Report on the Form N-CSR for the year ended
May 31, 2008 (the &#147;Form N- CSR&#148;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT size=2 face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 7, 2008</FONT> <BR>
<BR>
<FONT size=2 face="serif">By</FONT><FONT size=2 face="serif"> </FONT><u><FONT size=2 face="serif">/s/ Brian S. Shlissel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </u><BR>
<FONT size=2 face="serif">Brian S. Shlissel</FONT><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT></P>
<P align="left">
<FONT size=2 face="serif">A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the version of this
written statement required by Section 906, has been provided to PIMCO Municipal
Income  Fund II and will be retained by PIMCO Municipal Income  Fund II and furnished
to the Securities and Exchange Commission or its staff upon request.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed as part of the Report or as a separate disclosure document.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United
States Code), each of the undersigned officers of PIMCO Municipal Income
 Fund II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge,
that</FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="4%" valign=top nowrap>&nbsp;</TD>
	<TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT size=2 face="serif">The Annual Report on the Form N-CSR for the year ended
May 31, 2008 (the &#147;Form N- CSR&#148;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD>
<FONT size=2 face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 7, 2008</FONT></P>
<P align="left">
<FONT size=2 face="serif">By</FONT> <FONT size=2 face="serif"><u>/s/ Lawrence G. Altadonna</u></FONT> <BR>
<FONT size=2 face="serif">Lawrence G. Altadonna</FONT><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial and Accounting Officer</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the version of this
written statement required by Section 906, has been provided to PIMCO Municipal
Income  Fund II and will be retained by PIMCO Municipal Income Fund II and
furnished to the Securities and Exchange Commission or its staff upon request.
This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and
is not being filed as part of the Report or as a separate disclosure document.</FONT> </P>

<HR noshade width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
