<SEC-DOCUMENT>0000930413-11-002793.txt : 20110418
<SEC-HEADER>0000930413-11-002793.hdr.sgml : 20110418
<ACCEPTANCE-DATETIME>20110418122003
ACCESSION NUMBER:		0000930413-11-002793
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110228
FILED AS OF DATE:		20110418
DATE AS OF CHANGE:		20110418
EFFECTIVENESS DATE:		20110418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170311
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		11764911

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c65136_n-q.htm
<TEXT>

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 <P ALIGN=CENTER><FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B></FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OMB APPROVAL</U><FONT  SIZE=1><BR>
 OMB Number: 3235-0578<BR>
Expires: April 30, 2013<BR>
Estimated average burden<BR> hours per response: 5.6</FONT></FONT></P>
 </TD>
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</TABLE>
<div ALIGN=CENTER><FONT SIZE=2><B>FORM N-Q</B></FONT></div>

<P ALIGN=CENTER><FONT SIZE=2><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<BR>MANAGEMENT INVESTMENT COMPANY</B></FONT></P>

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 <P>&nbsp;</P>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Investment Company Act File Number:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>811-21078</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P>&nbsp;</P>
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<BR>

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 <P>&nbsp;</P>
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 <P ALIGN=CENTER><FONT SIZE=2>PIMCO New York Municipal Income Fund II</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Registrant Name)</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2>1345 Avenue of the Americas New York, New York</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2>10105</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Address of Principal Executive Offices)</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
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<BR>

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 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Lawrence G. Altadonna &#150; 1345 Avenue of the Americas New York, New York 10105</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Name and Address of Agent for Service)</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="33%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Registrant&#146;s telephone number, including area code:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>212-739-3371</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
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 <P>&nbsp;</P>
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<BR>

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 <P>&nbsp;</P>
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 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date of Fiscal Year End:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>May 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
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 <P>&nbsp;</P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date of Reporting Period:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>February 28, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Form N-Q is to be used by management investment companies, other
    than small business investment companies registered on Form N-5 (&sect;&sect; 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and
third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.</FONT></P>

<P><FONT SIZE=2>A registrant is required to disclose the information specified
    by Form N-Q, and the Commission will make this information public. A registrant
    is not required to respond to the collection of information contained in
    Form N-Q 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
    the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington,
    DC 20549-2001. The OMB has reviewed this collection of information under
    the clearance requirements of 44 U.S.C. &sect; 3507. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2><B>Item 1. Schedule of Investments</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>PIMCO
 New York Municipal Income Fund II Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>February 28, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="59%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Principal</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Amount</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Credit Rating</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>(000s)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>(Moody&#146;s/S&amp;P)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Value*</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 3PX">&nbsp; </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD COLSPAN=3 HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>NEW YORK
 MUNICIPAL BONDS &amp; NOTES&#151;89.9%</B></FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$1,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT  SIZE=1 FACE=ARIAL>Chautauqua
 Cnty. Industrial Dev. Agcy. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dunkirk
 Power Project, 5.875%, 4/1/42</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/BB+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$955,380</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,400</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Erie Cnty.
 Industrial Dev. Agcy. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orchard
 Park, Inc. Project, 6.00%, 11/15/36, Ser. A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,682,904</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE=ARIAL>Goldman
 Sachs Headquarters,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 10/1/35</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A1/A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,935,020</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,120</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 10/1/35 (e)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A1/A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,030,761</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 10/1/37</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A1/A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,573,850</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>

<TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Liberty Dev. Corp. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.375%,
 7/15/49</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/BBB-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>499,595</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
   <TD HEIGHT=19 VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=BOTTOM><P><FONT SIZE=1 FACE=ARIAL>Long Island Power Auth.
         Rev., 5.00%, 9/1/34, Ser. A (AMBAC)</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A3/A-</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>480,625</FONT></P></TD>
   <TD HEIGHT=19 VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Metropolitan Transportation Auth. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,850</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 11/15/30, Ser. A (AGM)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,850,462</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 11/15/34, Ser. B</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/AA</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,975,240</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,300</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 11/15/31, Ser. E</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A2/A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,321,754</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.35%,
 7/1/31, Ser. B</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,038,640</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 11/15/39, Ser. A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/AA</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,100,100</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Monroe Cnty. Industrial Dev. Corp. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Unity
 Hospital Rochester Project, 5.50%, 8/15/40 (FHA) (e)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,232,750</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,870</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Mortgage Agcy. Rev., 4.75%, 10/1/27, Ser. 128</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa1/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,814,064</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,400</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Nassau Cnty. Industrial Dev. Agcy. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Amsterdam
 at Harborside, 6.70%, 1/1/43, Ser. A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,162,928</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>New York City, GO, 5.00%, 3/1/33, Ser. I</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,010,520</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>New York City Health &amp; Hospital Corp. Rev., 5.00%,
 2/15/30, Ser. A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/A+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,441,365</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>New York City Industrial Dev. Agcy. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>975</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Eger Harbor
 Project, 4.95%, 11/20/32, Ser. A (GNMA)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/AA+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>950,859</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,415</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Liberty
 Interactive Corp., 5.00%, 9/1/35</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Ba2/BB+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,202,495</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Queens
 Baseball Stadium, 6.50%, 1/1/46 (AGC)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,596,180</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,170</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Staten
 Island Univ. Hospital Project, 6.45%, 7/1/32, Ser. C</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,142,096</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>United
 Jewish Appeal Federation Project, 5.00%, 7/1/27, Ser. A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa1/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,530,285</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Yankee
 Stadium,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 3/1/31 (FGIC)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/BBB-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>689,512</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,400</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 3/1/36 (NPFGC)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa1/BBB</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,108,136</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,900</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.00%,
 3/1/49 (AGC)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,386,913</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>New York City Municipal Water Finance Auth. Water &amp;
 Sewer Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 6/15/40, Ser. EE</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,505,880</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second
 Generation Resolutions, 5.00%, 6/15/39, Ser. GG-1</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>490,315</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>New York City Transitional Finance Auth. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 11/1/27, Ser. B</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aaa/AAA</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,163,320</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 1/15/39, Ser. S-3</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,006,050</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>New York City Trust for Cultural Res. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,700</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Julliard
 School, 5.00%, 1/1/34, Ser. A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,727,702</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,785</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wildlife
 Conservation Society, 5.00%, 2/1/34 (FGIC-NPFGC)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,675,626</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Port Auth. of New York &amp; New Jersey Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,600</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 4/15/32, Ser. 125 (AGM)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,624,552</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,400</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>JFK
 International Air Terminal, 6.00%, 12/1/36</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/BBB-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,371,286</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>State Dormitory Auth. Rev.,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 3/15/38, Ser. A</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/AAA</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,943,240</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,490</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 5/15/31, Ser. A (AMBAC)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA-</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,701,967</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,600</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Catholic
 Health of Long Island,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.10%,
 7/1/34</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A3/BBB+</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,405,858</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kaleida
 Health Hospital,</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.05%,
 2/15/25 (FHA)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,009,720</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,300</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lenox Hill
 Hospital, 5.50%, 7/1/30</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,992,971</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,320</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Long Island
 Univ., 5.25%, 9/1/28 (Radian)</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/NR</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,319,987</FONT></P> </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>PIMCO
 New York Municipal Income Fund II Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>February 28, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="59%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Principal</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Amount</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Credit Rating</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>(000s)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>(Moody&#146;s/S&amp;P)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Value*</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Memorial
 Sloan-Kettering Cancer Center,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$2,750</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 7/1/35, Ser. 1</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$2,711,720</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 7/1/36, Ser. A-1</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,963,220</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,100</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Univ., 5.00%, 7/1/38, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,044,917</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Univ. Hospital Center, 5.625%, 7/1/37, Ser. B</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa1/BBB+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>935,560</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,850</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>North
 General Hospital, 5.00%, 2/15/25</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/AA-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,780,444</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>600</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>North
 Shore-Long Island Jewish Health System, 5.50%, 5/1/37, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa1/A-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>575,088</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Rochester
 General Hospital, 5.00%, 12/1/35 (Radian)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>WR/NR</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,411,850</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Teachers
 College,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,270</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 7/1/32 (NPFGC)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A1/NR</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,280,034</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 3/1/39</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A1/NR</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,009,600</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>The New
 School, 5.50%, 7/1/40</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A3/A-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>999,920</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Yeshiva
 Univ., 5.125%, 7/1/34 (AMBAC)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/NR</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,022,110</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>State Environmental Facs. Corp. Rev., 5.125%, 6/15/38,
 Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa1/AA+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,014,650</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>State Thruway Auth. Rev., 4.75%, 1/1/29, Ser. G (AGM)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>988,090</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>State Urban Dev. Corp. Rev., 5.00%, 3/15/36, Ser. B-1 (e)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/AAA</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,915,580</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Triborough Bridge &amp; Tunnel Auth. Rev.,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>710</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 1/1/32, Ser. A (FGIC-TCRS)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>711,037</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 11/15/34, Ser. A-2 (e)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,081,900</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Troy Rev., Rensselaer Polytechnic Institute, 5.125%,
 9/1/40, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A3/A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>137,354</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,815</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Ulster Cnty. Industrial Dev. Agcy. Rev., 6.00%, 9/15/37,
 Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/NR</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,363,954</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Warren &amp; Washington Cntys. Industrial Dev. Agcy. Rev.,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Glens Falls
 Hospital Project, 5.00%, 12/1/35, Ser. A (AGM)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,915,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,490</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Westchester Cnty. Healthcare Corp. Rev., 6.125%, 11/1/37,
 Ser. C-2</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A3/BBB</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,443,303</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Yonkers Economic Dev. Corp. Rev., 6.00%, 10/15/30, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/BB+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>908,930</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>600</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Yonkers Industrial Dev. Agcy. Rev.,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sarah
 Lawrence College Project, 6.00%, 6/1/41, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/BBB</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>601,482</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Total New York Municipal Bonds &amp; Notes
 (cost&#151;$173,052,308)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>172,466,651</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD COLSPAN=3 HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>OTHER MUNICIPAL
 BONDS &amp; NOTES&#151;7.2%</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><B>Florida&#151;1.0%</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Clearwater Rev., 5.25%, 12/1/39, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,002,700</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Miami-Dade Cnty. Airport Rev., 5.50%, 10/1/36, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A2/A-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>965,370</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,968,070</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><B>Louisiana&#151;0.6%</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>East Baton Rouge Sewerage Commission Rev., 5.25%, 2/1/39,
 Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,009,620</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><B>Ohio&#151;0.5%</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,435</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Buckeye Tobacco Settlement Financing Auth. Rev.,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>

 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>5.875%, 6/1/47, Ser. A-2</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/BB-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>951,677</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><B>Puerto Rico&#151;4.6%</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,675</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Children&#146;s Trust Fund Rev., 5.625%, 5/15/43</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/BBB</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,360,443</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Sales Tax Financing Corp. Rev., Ser. A,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,250</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>zero
 coupon, 8/1/54, (AMBAC)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa2/AA-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>731,025</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.00%,
 8/1/40, (AGM) (e)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa3/AA+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,852,200</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 8/1/42</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A1/A+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>933,620</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.75%,
 8/1/37</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A1/A+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>990,560</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,867,848</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><B>U. S. Virgin Islands&#151;0.5%</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Public Finance Auth. Rev., 6.00%, 10/1/39, Ser. A</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Baa3/NR</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,007,940</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Total Other Municipal Bonds &amp; Notes (cost&#151;$15,943,459)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,805,155</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>PIMCO
 New York Municipal Income Fund II Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>February 28, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="59%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT SIZE=1  FACE=ARIAL>Principal<BR>Amount<BR>(000s)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT SIZE=1  FACE=ARIAL>Credit Rating<BR>(Moody&#146;s/S&amp;P)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Value*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD COLSPAN=3 HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>NEW YORK
 VARIABLE RATE NOTES</B><FONT SIZE=1 FACE=ARIAL>
 (a)(b)(c)(d)</FONT><FONT SIZE=2 FACE=ARIAL><B>&#151;2.9%</B></FONT></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>JPMorgan Chase Putters/Drivers Trust Rev.,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$5,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>12.181%,
 7/1/33, Ser. 3382</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Aa1/NR</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$5,011,150</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>12.856%,
 6/15/31, Ser. 3223</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>NR/AA+</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>520,870</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Total New York Variable Rate Notes (cost&#151;$5,393,824)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,532,020</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><B>Total Investments</B><FONT  SIZE=1 FACE=ARIAL>
 (cost&#151;$194,389,591) (f)&#151;<B>100.0%</B></FONT></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>$191,803,826</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT FACE=ARIAL SIZE=2><U><B>Notes to Schedule of Investments:</B></U></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>Portfolio securities and
 other financial instruments for which market quotations are readily available
 are stated at market value. Market value is generally determined on the basis
 of last reported sales prices, or if no sales are reported, on the basis of
 quotes obtained from a quotation reporting system, established market makers,
 or independent pricing services.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>Portfolio securities and
 other financial instruments for which market quotations are not readily available,
 or for which a development/event occurs that may significantly impact the
 value of a security, are fair-valued, in good faith, pursuant to procedures
 established by the Board of Trustees, or persons acting at their discretion
 pursuant to procedures established by the Board of Trustees. The Fund&#146;s
 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 mean between the last
 quoted bid and ask price. 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. 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.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>The prices used by the Fund
 to value securities may differ from the value that would be realized if the
 securities were sold and these differences could be material. The 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>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>Private Placement&#151;Restricted
 as to resale and may not have a readily available market. Securities with an
 aggregate value of $5,532,020, representing 2.9% of total investments.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>144A&#151;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>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>Inverse Floater&#151;The interest
 rate shown bears an inverse relationship to the interest rate on another
 security or the value of an index. The interest rate disclosed reflects the
 rate in effect on February 28, 2011.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>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 February 28, 2011.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>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</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>the Fund acquired the
 residual interest certificates. These securities serve as collateral in a
 financing transaction.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>(f)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>At February 28, 2011, the
 cost basis of investments for federal income tax purposes was $180,322,540.
 Aggregate gross unrealized appreciation for securities in which there was an
 excess value over tax cost was $4,258,212; aggregate gross unrealized
 depreciation for securities in which there was an excess of tax cost over
 value was $6,820,187; and net unrealized depreciation for federal income tax
 purposes was $2,561,975. The difference between book and tax cost was attributable
     to inverse floater transactions.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1><U><B>Glossary:</B></U></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>AGC &#151; insured by Assured
 Guaranty Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>AGM &#151; insured by Assured
 Guaranty Municipal Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>AMBAC &#151; insured by American
 Municipal Bond Assurance Corp. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>FGIC &#151; insured by Financial
 Guaranty Insurance Co.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>FHA &#151; insured by Federal
 Housing Administration</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>GNMA &#151; insured by Government
 National Mortgage Association </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>GO &#151; General Obligation Bond</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>NPFGC &#151; insured by National
 Public Finance Guarantee Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>NR &#151; Not Rated </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>Radian &#151; insured by Radian
 Guaranty, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>TCRS &#151; Temporary Custodian
 Receipts </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>WR &#151; Withdrawn Rating</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT FACE=ARIAL SIZE=1><B>Other Investments:</B></FONT></P>

<P><FONT FACE=ARIAL SIZE=1>(A) Interest rate swap
agreements outstanding at February 28, 2011:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>Rate
 Type</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Upfront
 <BR>
 Premiums <BR>
 Paid(Received)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>Swap
 Counterparty</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Notional
 Amount <BR>
 (000s)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Termination
 <BR>
 Date</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Payments
 <BR>
 Made</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Payments
 <BR>
 Received</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Market
 <BR>
 Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Unrealized
 <BR>
 Depreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>Bank of America</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>$5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>6/20/42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>) %</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT FACE=ARIAL SIZE=1>3-Month
 USD-LIBOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>$(138,563</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>$(45,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>$(92,613</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>Citigroup</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>6,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>6/20/42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>) %</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT FACE=ARIAL SIZE=1>3-Month
 USD-LIBOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(174,589</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(107,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(67,489</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>Goldman Sachs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>3,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>6/20/42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>) %</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT FACE=ARIAL SIZE=1>3-Month
 USD-LIBOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(96,994</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>27,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(124,644</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>Morgan Stanley</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>5,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>6/20/42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>) %</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT FACE=ARIAL SIZE=1>3-Month
 USD-LIBOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(144,106</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>83,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(227,306</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>$(554,252</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>$(42,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>$(512,052</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD  VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD COLSPAN=7 VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>LIBOR - London Inter-Bank
 Offered Rate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT FACE=ARIAL SIZE=1>(B) Reverse repurchase agreements:</FONT></P>

<P><FONT FACE=ARIAL SIZE=1>The weighted average daily
balance of reverse repurchase agreements outstanding during the nine months
ended February 28, 2011 was $3,912,118 at a weighted average interest rate of
0.68%. There were no open reverse
repurchase agreements at February 28, 2011.</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=1 FACE=ARIAL><U><b>Fair
Value Measurements</b></U></FONT></P>

<P><FONT SIZE=1 FACE=ARIAL>Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability
(i.e. the &#147;exit price&#148;) in an orderly transaction between market participants.
The three levels of the fair value hierarchy are described below:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Level 1 &#150; quoted prices in
 active markets for identical investments that the Fund has the ability to
 access</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Level 2 &#150; valuations based
 on other significant observable inputs (including quoted prices for similar
 investments, interest rates, prepayment speeds, credit risk, etc.) or quotes
 from inactive exchanges</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE=ARIAL SIZE=1>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Level 3 &#150; valuations based
 on significant unobservable inputs (including the Fund&#146;s own assumptions in
 determining the fair value of investments)</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT FACE=ARIAL SIZE=1>An investment asset&#146;s or
liability&#146;s level within the fair value hierarchy is based on the lowest level
input, individually or in the aggregate, that is significant to fair value
measurement. The objective of fair value measurement remains the same even when
there is a significant decrease in the volume and level of activity for an
asset or liability and regardless of the valuation technique used.</FONT></P>

<P><FONT FACE="ARIAL" SIZE="1">The valuation techniques used
by the Fund to measure fair value during the nine months ended February 28, 2011
maximized the use of observable inputs and minimized the use of unobservable
inputs.</B> </FONT></P>

<P><FONT FACE=ARIAL SIZE=1>The inputs or methodology
used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. The following are certain inputs
and techniques that the Fund generally uses to evaluate how to classify each
major category of assets and liabilities, for Level 2 and Level 3, in accordance
with Generally Accepted Accounting Principles.</FONT></P>

<P><FONT FACE=ARIAL SIZE=1><U>Municipal
Bonds &amp; Notes and Variable Rate Notes</U><FONT FACE=ARIAL SIZE=1> &#151; Municipal
bonds &amp; notes and variable rate notes are valued by independent pricing services based
on pricing models that take into account, among other factors, information received
from market makers and broker-dealers, current trades, bid-want lists, offerings,
market movements, the callability of the bond or note, state of issuance,
benchmark yield curves, and bond or note insurance. To the extent that these
inputs are observable, the values of municipal bonds &amp; notes and variable rate notes are categorized as Level
2. To the extent that these inputs are unobservable, the values are categorized
as Level 3.</FONT></FONT></P>

<P><FONT FACE=ARIAL SIZE=1><U>Interest
Rate Swaps</U> &#151; Interest rate swaps are valued by independent
pricing services using pricing models that are based on real-time intraday
snapshots of relevant interest rate curves that are built using the most
actively traded securities for a given maturity. The pricing models also
incorporate cash and money market rates. In addition,
market data pertaining to interest rate swaps is monitored regularly to ensure
that interest rates are properly depicting the current market rate. To the
extent that these inputs are observable, the values of interest rate swaps are
categorized as Level 2. To the extent that these inputs are unobservable, the
values are categorized as Level 3.</FONT></P>

<P><FONT FACE=ARIAL SIZE=1>The Fund&#146;s policy is to
recognize transfers between levels at the end of the reporting period. </FONT></P>

<P><FONT FACE=ARIAL SIZE=1>A summary of the inputs used
at February 28, 2011 in valuing the Fund&#146;s assets and liabilities is listed
below:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>


 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Level
 1 -<BR>
 Quoted Prices</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Level
 2 -<BR>
 Other Significant <BR>
 Observable <BR>
 Inputs</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Level
 3 -<BR>
 Significant <BR>
 Unobservable <BR>
 Inputs</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE="LINE-HEIGHT:17PX"><FONT FACE=ARIAL SIZE=1>Value
 at <BR>
 2/28/11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1><B>Investments
 in Securities - Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>New York Municipal Bonds
 &amp; Notes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>172,466,651</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>172,466,651</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>Other Municipal Bonds &amp;
 Notes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>13,805,155</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>13,805,155</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>New York Variable Rate
 Notes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>5,532,020</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>5,532,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1><B>Total
 Investments in Securities - Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>191,803,826</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>191,803,826</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT;LINE-HEIGHT:17PX'><FONT FACE="ARIAL" SIZE="1"><B>Other Financial Instruments* - Liabilities</B><BR>Interest Rate Contracts </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(512,052</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>(512,052</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR HEIGHT=17>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1><B>Total
 Investments</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>191,291,774</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>&#151;</FONT></P>
 </TD>
 <TD width="3%" VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>$</FONT></P>
 </TD>
 <TD width="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=1>191,291,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="7%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD width="3%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD width="10%" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp; </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 face=arial>*Other Financial Instruments
are derivatives not reflected in the Schedule of Investments, such as swap
agreements, which are valued at the unrealized appreciation (depreciation) of
the instrument.</FONT></P>

<P><FONT SIZE=1 face=arial>There were no significant transfers between
Levels 1 and 2 during the nine months ended February 28, 2011.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2><B>Item 2. Controls and Procedures</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 registrant&#146;s President &amp; 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-3(c) under the Act
 (17 CFR 270.30a-3(c))), 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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>There were
 no significant changes in the registrant&#146;s internal controls over financial
 reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)))
 that occurred during the registrant&#146;s last fiscal quarter that has materially
 affected, or is reasonably likely to materially affect, the registrant&#146;s
 internal control over financial reporting.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Item 3. Exhibits</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Exhibit
 99.302 Cert. &#150; Certification pursuant to Section 302 of the Sarbanes-Oxley
 Act of 2002 </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=2>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></P>

<P><FONT SIZE=2>Registrant:
PIMCO New York Municipal Income Fund II</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By /s/ Brian
 S. Shlissel</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 &amp; Chief Executive Officer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: April
 18, 2011</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By /s/
 Lawrence G. Altadonna</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Treasurer,
 Principal Financial &amp; Accounting Officer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: April
 18, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>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></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By /s/ Brian
 S. Shlissel</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 &amp; Chief Executive Officer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: April
 18, 2011</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By /s/
 Lawrence G. Altadonna</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Treasurer,
 Principal Financial &amp; Accounting Officer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: April
 18, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c65136_ex99-cert.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=2><B>Exhibit 99.CERT </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE="2"><U><B>CERTIFICATIONS</B></U> </FONT></P>

<P><FONT SIZE=2>I, Brian S. Shlissel,
certify that: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>I have reviewed this
 report on Form N-Q of PIMCO New York Municipal Income Fund II;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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 the report;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Based on my knowledge, the
 schedules of investments included in this report fairly present in all
 material respects the investments of the registrant as of the end of the
 fiscal quarter for which the report is filed;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>a.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>b.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>c.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>d.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Disclosed in this report
 any change in the registrant&#146;s internal control over financial reporting that
 occurred during the registrant&#146;s most recent fiscal quarter that has
 materially affected, or is reasonably likely to materially affect, the
 registrant&#146;s internal control over financial reporting; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>a.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>b.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Date: April 18, 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="76%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP NOWRAP>
 <P><FONT SIZE=2>Signature &amp; Title:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP NOWRAP>
 <P><FONT SIZE=2>/s/ Brian S. Shlissel</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Brian S. Shlissel, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>President &amp; Chief
 Executive Officer</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>I, Lawrence G. Altadonna,
certify that: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>I have reviewed this
 report on Form N-Q of PIMCO New York Municipal Income Fund II;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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 the report;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Based on my knowledge, the
 schedules of investments included in this report fairly present in all
 material respects the investments of the registrant as of the end of the
 fiscal quarter for which the report is filed;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>a.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>b.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>c.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>d.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Disclosed in this report
 any change in the registrant&#146;s internal control over financial reporting that
 occurred during the registrant&#146;s most recent fiscal quarter that has
 materially affected, or is reasonably likely to materially affect, the
 registrant&#146;s internal control over financial reporting; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>a.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>b.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Date: April 18, 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="71%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Signature
 &amp; Title:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Lawrence
 G. Altadonna</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Lawrence G.
 Altadonna,</FONT></P>
 </TD>
 </TR>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P><FONT SIZE=2>Treasurer,
 Principal Financial &amp; Accounting Officer</FONT></P>
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