<SEC-DOCUMENT>0001170311-19-000047.txt : 20191126
<SEC-HEADER>0001170311-19-000047.hdr.sgml : 20191126
<ACCEPTANCE-DATETIME>20191126113528
ACCESSION NUMBER:		0001170311-19-000047
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190930
FILED AS OF DATE:		20191126
PERIOD START:           	20191231

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:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		191248502

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001170311</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>




    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>PIMCO New York Municipal Income Fund II</regName>
      <regFileNumber>811-21078</regFileNumber>
      <regCik>0001170311</regCik>
      <regLei>P1IBOVZHA4PI2PLT9Q65</regLei>
      <regStreet1>1633 Broadway</regStreet1>
      <regCity>New York</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10019</regZipOrPostalCode>
      <regPhone>(844) 337-4626</regPhone>
      <seriesName>N/A</seriesName>
      <seriesLei>N/A</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>238735428.180000</totAssets>
      <totLiabs>108211017.780000</totLiabs>
      <netAssets>130524410.400000</netAssets>
      <assetsAttrMiscSec>0.000000</assetsAttrMiscSec>
      <assetsInvested>0.000000</assetsInvested>
      <amtPayOneYrBanksBorr>28194016.060000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000</delayDeliv>
      <standByCommit>0.000000</standByCommit>
      <liquidPref>79000000.000000</liquidPref>
      <cshNotRptdInCorD>461.270000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="98234.441141" period1Yr="7014.986757" period30Yr="39884.354875" period3Mon="127.003910" period5Yr="29844.519644"/>
          <intrstRtRiskdv100 period10Yr="9823648.660099" period1Yr="938901.525651" period30Yr="3955381.615404" period3Mon="12668.675299" period5Yr="3444066.483505"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="78796.657600" period1Yr="6841.673700" period30Yr="36920.915300" period3Mon="117.931900" period5Yr="26116.090800"/>
      <creditSprdRiskNonInvstGrade period10Yr="16836.964000" period1Yr="129.034200" period30Yr="2333.727000" period3Mon="9.723900" period5Yr="3114.548700"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="0.004138" rtn2="4.153122" rtn3="-0.326043"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="114486.260000" netUnrealizedAppr="1089635.870000"/>
        <othMon2 netRealizedGain="0.000000" netUnrealizedAppr="4853870.600000"/>
        <othMon3 netRealizedGain="0.000000" netUnrealizedAppr="-2081623.390000"/>
      </returnInfo>
      <mon1Flow redemption="0.000000" reinvestment="22036.830000" sales="0.000000"/>
      <mon2Flow redemption="0.000000" reinvestment="22698.820000" sales="0.000000"/>
      <mon3Flow redemption="0.000000" reinvestment="22772.640000" sales="0.000000"/>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY</name>
        <lei>N/A</lei>
        <title>BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/47 FIXED 6.5</title>
        <cusip>118217AT5</cusip>
        <identifiers>
          <isin value="US118217AT55"/>
        </identifiers>
        <balance>1435000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1473142.300000</valUSD>
        <pctVal>1.1286336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUILD NYC RESOURCE CORPORATION</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>BUILD NYC RESOURCE</title>
        <cusip>12008ENM4</cusip>
        <identifiers>
          <isin value="US12008ENM48"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2948920.000000</valUSD>
        <pctVal>2.2592862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF CHICAGO</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CHICAGO IL CHI 01/38 FIXED OID 6</title>
        <cusip>167486ZY8</cusip>
        <identifiers>
          <isin value="US167486ZY84"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2389140.000000</valUSD>
        <pctVal>1.8304162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF CLEARWATER FL WATER &amp; SEWER REVENUE</name>
        <lei>N/A</lei>
        <title>CLEARWATER FL WTR   SWR REVENU CLEWTR 12/39 FIXED OID 5.25</title>
        <cusip>185328HH7</cusip>
        <identifiers>
          <isin value="US185328HH73"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1006560.000000</valUSD>
        <pctVal>0.7711661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF NEW YORK NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>NEW YORK</title>
        <cusip>64966MXM6</cusip>
        <identifiers>
          <isin value="US64966MXM62"/>
        </identifiers>
        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5619300.000000</valUSD>
        <pctVal>4.3051717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF NEW YORK NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>NEW YORK NY NYC 04/43 FIXED 5</title>
        <cusip>64966MZY8</cusip>
        <identifiers>
          <isin value="US64966MZY82"/>
        </identifiers>
        <balance>2780000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3379924.000000</valUSD>
        <pctVal>2.5894957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF NEW YORK NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>NEW YORK NY NYC 08/31 FIXED 5</title>
        <cusip>64966K3Q4</cusip>
        <identifiers>
          <isin value="US64966K3Q44"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2267920.000000</valUSD>
        <pctVal>1.7375447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF NEW YORK NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>NEW YORK NY NYC 08/39 FIXED 5</title>
        <cusip>64966QCT5</cusip>
        <identifiers>
          <isin value="US64966QCT58"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1888740.000000</valUSD>
        <pctVal>1.4470397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>DUTCHESS CNTY NY LOCAL DEV COR DUTDEV 07/41 FIXED 4</title>
        <cusip>267045GW6</cusip>
        <identifiers>
          <isin value="US267045GW65"/>
        </identifiers>
        <balance>3200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3506464.000000</valUSD>
        <pctVal>2.6864431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>DUTCHESS CNTY NY LOCAL DEV COR DUTDEV 07/45 FIXED 5</title>
        <cusip>267045FF4</cusip>
        <identifiers>
          <isin value="US267045FF42"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3461850.000000</valUSD>
        <pctVal>2.6522625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUDSON YDS INFRASTRUCTURE CORP N Y REV</name>
        <lei>549300EE2HJ67TPURL87</lei>
        <title>HUDSON NY YARDS INFRASTRUCTURE HUYGEN 02/47 FIXED 5.75</title>
        <cusip>44420PDK7</cusip>
        <identifiers>
          <isin value="US44420PDK75"/>
        </identifiers>
        <balance>5575000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5916859.000000</valUSD>
        <pctVal>4.5331436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUDSON YDS INFRASTRUCTURE CORP N Y REV</name>
        <lei>549300EE2HJ67TPURL87</lei>
        <title>HUDSON NY YARDS INFRASTRUCTURE HUYGEN 02/47 FIXED 5.75</title>
        <cusip>44420PDL5</cusip>
        <identifiers>
          <isin value="US44420PDL58"/>
        </identifiers>
        <balance>3425000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3619985.250000</valUSD>
        <pctVal>2.7734163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS ST</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>ILLINOIS ST ILS 11/26 FIXED 5</title>
        <cusip>452152Q61</cusip>
        <identifiers>
          <isin value="US452152Q617"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1134930.000000</valUSD>
        <pctVal>0.8695155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONG ISLAND POWER AUTHORITY</name>
        <lei>1R46U5SYJ63KQXF39168</lei>
        <title>LONG ISLAND NY PWR AUTH ELEC S LSLPWR 09/44 FIXED 5</title>
        <cusip>5426903C4</cusip>
        <identifiers>
          <isin value="US5426903C46"/>
        </identifiers>
        <balance>3500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3991575.000000</valUSD>
        <pctVal>3.0581061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY DEDICATE MTATRN 11/34 FIXED OID 5</title>
        <cusip>59259NZG1</cusip>
        <identifiers>
          <isin value="US59259NZG14"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2009180.000000</valUSD>
        <pctVal>1.5393136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY REVENUE MTATRN 11/35 FIXED 4</title>
        <cusip>59261AQH3</cusip>
        <identifiers>
          <isin value="US59261AQH31"/>
        </identifiers>
        <balance>3500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3967775.000000</valUSD>
        <pctVal>3.0398720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY REVENUE MTATRN 11/43 FIXED 5</title>
        <cusip>59259YZX0</cusip>
        <identifiers>
          <isin value="US59259YZX02"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3318810.000000</valUSD>
        <pctVal>2.5426738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY REVENUE MTATRN 11/46 FIXED 4</title>
        <cusip>59261AZW0</cusip>
        <identifiers>
          <isin value="US59261AZW07"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3376530.000000</valUSD>
        <pctVal>2.5868954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSPORTATION AUTHORITY</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY REVENUE MTATRN 11/56 FIXED 5.25</title>
        <cusip>59261AHP5</cusip>
        <identifiers>
          <isin value="US59261AHP57"/>
        </identifiers>
        <balance>1200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1434036.000000</valUSD>
        <pctVal>1.0986727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP/NY</name>
        <lei>N/A</lei>
        <title>MONROE CNTY NY INDL DEV CORP F MONDEV 08/40 FIXED 5.5</title>
        <cusip>61075SAS9</cusip>
        <identifiers>
          <isin value="US61075SAS95"/>
        </identifiers>
        <balance>3500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3689420.000000</valUSD>
        <pctVal>2.8266130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP/NY</name>
        <lei>N/A</lei>
        <title>MONROE CNTY NY INDL DEV CORP R MONDEV 07/43 FIXED OID 5</title>
        <cusip>61075THK7</cusip>
        <identifiers>
          <isin value="US61075THK79"/>
        </identifiers>
        <balance>1750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2001230.000000</valUSD>
        <pctVal>1.5332228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP/NY</name>
        <lei>N/A</lei>
        <title>MONROE CNTY NY INDL DEV CORP R MONDEV 12/41 FIXED 4</title>
        <cusip>61075TRS9</cusip>
        <identifiers>
          <isin value="US61075TRS95"/>
        </identifiers>
        <balance>1400000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1498728.000000</valUSD>
        <pctVal>1.1482358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP/NY</name>
        <lei>N/A</lei>
        <title>MONROE CO INDL DEV-C</title>
        <cusip>61075TSH2</cusip>
        <identifiers>
          <isin value="US61075TSH22"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1129490.000000</valUSD>
        <pctVal>0.8653477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NASSAU CNTY N Y TOBACCO SETTLEMENT CORP</name>
        <lei>N/A</lei>
        <title>NASSAU CNTY NY TOBACCO SETTLEM NAS 06/46 FIXED OID 5.125</title>
        <cusip>63166MCB3</cusip>
        <identifiers>
          <isin value="US63166MCB37"/>
        </identifiers>
        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3999840.000000</valUSD>
        <pctVal>3.0644383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NASSAU CNTY NY INDL DEV AGY</name>
        <lei>N/A</lei>
        <title>NASSAU CNTY NY INDL DEV AGY CC NASMED 01/49 FIXED 2</title>
        <cusip>63166UAQ4</cusip>
        <identifiers>
          <isin value="US63166UAQ40"/>
        </identifiers>
        <balance>649579.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105556.590000</valUSD>
        <pctVal>0.0808711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NASSAU CNTY NY INDL DEV AGY</name>
        <lei>N/A</lei>
        <title>NASSAU CNTY NY INDL DEV AGY CC NASMED 01/49 FIXED 6.7</title>
        <cusip>63166UAM3</cusip>
        <identifiers>
          <isin value="US63166UAM36"/>
        </identifiers>
        <balance>1800000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1799928.000000</valUSD>
        <pctVal>1.3789972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY HEALTH AND HOSPITALS CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY HLTH   HOSP C NYCMED 02/30 FIXED 5</title>
        <cusip>649674JK5</cusip>
        <identifiers>
          <isin value="US649674JK55"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1519065.000000</valUSD>
        <pctVal>1.1638168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY HOUSING DEVELOPMENT CORP</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>NEW YORK CITY NY HSG DEV CORPR NYCHSG 07/31 FIXED 5.25</title>
        <cusip>64966WDZ7</cusip>
        <identifiers>
          <isin value="US64966WDZ77"/>
        </identifiers>
        <balance>1250000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1406962.500000</valUSD>
        <pctVal>1.0779306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY HOUSING DEVELOPMENT CORP</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>NYC HSG DEV CORP-G1</title>
        <cusip>64972CU27</cusip>
        <identifiers>
          <isin value="US64972CU270"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1047890.000000</valUSD>
        <pctVal>0.8028307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY</name>
        <lei>549300XR20ZR5DHL9534</lei>
        <title>NEW YORK CITY NY INDL DEV AGY NYCDEV 01/46 FIXED OID 6.5</title>
        <cusip>64971PJP1</cusip>
        <identifiers>
          <isin value="US64971PJP18"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1506015.000000</valUSD>
        <pctVal>1.1538187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY</name>
        <lei>549300XR20ZR5DHL9534</lei>
        <title>NEW YORK CITY NY INDL DEV AGY NYCDEV 03/31 FIXED 5</title>
        <cusip>64971PFE0</cusip>
        <identifiers>
          <isin value="US64971PFE07"/>
        </identifiers>
        <balance>750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>756262.500000</valUSD>
        <pctVal>0.5794031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY</name>
        <lei>549300XR20ZR5DHL9534</lei>
        <title>NEW YORK CITY NY INDL DEV AGY NYCDEV 03/36 FIXED 5</title>
        <cusip>64971PFF7</cusip>
        <identifiers>
          <isin value="US64971PFF71"/>
        </identifiers>
        <balance>1900000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1905263.000000</valUSD>
        <pctVal>1.4596986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY</name>
        <lei>549300XR20ZR5DHL9534</lei>
        <title>NEW YORK CITY NY INDL DEV AGY NYCDEV 03/49 FIXED 7</title>
        <cusip>64971PJA4</cusip>
        <identifiers>
          <isin value="US64971PJA49"/>
        </identifiers>
        <balance>4900000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4925774.000000</valUSD>
        <pctVal>3.7738336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY BUILDING AID REVENUE</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY TRANSITIONAL NYCFAC 07/36 FIXED 5.25</title>
        <cusip>64972HG71</cusip>
        <identifiers>
          <isin value="US64972HG716"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2536800.000000</valUSD>
        <pctVal>1.9435445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY BUILDING AID REVENUE</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY TRANSITIONAL NYCFAC 07/40 FIXED 4</title>
        <cusip>64972HXY3</cusip>
        <identifiers>
          <isin value="US64972HXY34"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1101940.000000</valUSD>
        <pctVal>0.8442405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY TRAN</title>
        <cusip>64971XAJ7</cusip>
        <identifiers>
          <isin value="US64971XAJ72"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3352860.000000</valUSD>
        <pctVal>2.5687609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY TRANSITIONAL NYCGEN 02/44 FIXED 4</title>
        <cusip>64971W5C0</cusip>
        <identifiers>
          <isin value="US64971W5C01"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2215660.000000</valUSD>
        <pctVal>1.6975062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY TRANSITIONAL NYCGEN 08/41 FIXED 4</title>
        <cusip>64971XFV5</cusip>
        <identifiers>
          <isin value="US64971XFV55"/>
        </identifiers>
        <balance>685000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>775022.700000</valUSD>
        <pctVal>0.5937761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY WATER &amp; SEWER SYSTEM</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY MUNI-DD</title>
        <cusip>64972GSH8</cusip>
        <identifiers>
          <isin value="US64972GSH82"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3648120.000000</valUSD>
        <pctVal>2.7949714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY WATER &amp; SEWER SYSTEM</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY MUNI WTR FIN NYCUTL 06/40 FIXED 5</title>
        <cusip>64972GQE7</cusip>
        <identifiers>
          <isin value="US64972GQE79"/>
        </identifiers>
        <balance>2300000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2813935.000000</valUSD>
        <pctVal>2.1558688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY WATER &amp; SEWER SYSTEM</name>
        <lei>N/A</lei>
        <title>NYC MUNI WTR FIN-CC-1</title>
        <cusip>64972GPT5</cusip>
        <identifiers>
          <isin value="US64972GPT57"/>
        </identifiers>
        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5988150.000000</valUSD>
        <pctVal>4.5877625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CONVENTION CENTER DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST CONVENTION CENTERD NYSDEV 11/45 FIXED 5</title>
        <cusip>649451DC2</cusip>
        <identifiers>
          <isin value="US649451DC27"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1171040.000000</valUSD>
        <pctVal>0.8971808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CONVENTION CENTER DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST CONVENTION CENTERD NYSDEV 11/45 FIXED OID 4</title>
        <cusip>649451DL2</cusip>
        <identifiers>
          <isin value="US649451DL26"/>
        </identifiers>
        <balance>230000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248717.400000</valUSD>
        <pctVal>0.1905524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK COUNTIES TOBACCO TRUST IV</name>
        <lei>N/A</lei>
        <title>NEW YORK CNTYS NY TOBACCO TRUS NYSGEN 06/50 ZEROCPNOID 0</title>
        <cusip>62947YAH4</cusip>
        <identifiers>
          <isin value="US62947YAH45"/>
        </identifiers>
        <balance>30000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4572300.000000</valUSD>
        <pctVal>3.5030229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK COUNTIES TOBACCO TRUST V</name>
        <lei>N/A</lei>
        <title>NEW YORK CNTYS NY TOBACCO TRUS NYSGEN 06/55 ZEROCPNOID 0</title>
        <cusip>649441AC6</cusip>
        <identifiers>
          <isin value="US649441AC64"/>
        </identifiers>
        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>311200.000000</valUSD>
        <pctVal>0.2384228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK COUNTIES TOBACCO TRUST VI</name>
        <lei>N/A</lei>
        <title>NEW YORK CNTYS NY TOBACCO TRUS NYSGEN 06/36 FIXED 5</title>
        <cusip>64945JAW2</cusip>
        <identifiers>
          <isin value="US64945JAW27"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1109300.000000</valUSD>
        <pctVal>0.8498793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK COUNTIES TOBACCO TRUST VI</name>
        <lei>N/A</lei>
        <title>NEW YORK CNTYS NY TOBACCO TRUS NYSGEN 06/41 FIXED 5</title>
        <cusip>64945JAX0</cusip>
        <identifiers>
          <isin value="US64945JAX00"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1094630.000000</valUSD>
        <pctVal>0.8386401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK LIBERTY DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>LIBERTY DEV CORP NY REVENUE LBTDEV 10/35 FIXED 5.25</title>
        <cusip>531127AC2</cusip>
        <identifiers>
          <isin value="US531127AC24"/>
        </identifiers>
        <balance>6350000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8723503.000000</valUSD>
        <pctVal>6.6834265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK LIBERTY DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST LIBERTY DEV CORP L NYCDEV 01/44 FIXED OID 5.125</title>
        <cusip>649519AD7</cusip>
        <identifiers>
          <isin value="US649519AD78"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1517205.000000</valUSD>
        <pctVal>1.1623918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK LIBERTY DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST LIBERTY DEV CORP L NYCDEV 07/47 FIXED 5.625</title>
        <cusip>649519AE5</cusip>
        <identifiers>
          <isin value="US649519AE51"/>
        </identifiers>
        <balance>1400000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1418060.000000</valUSD>
        <pctVal>1.0864328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK LIBERTY DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST LIBERTY DEV CORP L NYCDEV 07/49 FIXED 6.375</title>
        <cusip>649519AF2</cusip>
        <identifiers>
          <isin value="US649519AF27"/>
        </identifiers>
        <balance>1300000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1318746.000000</valUSD>
        <pctVal>1.0103443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK LIBERTY DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST LIBERTY DEV CORP L NYCDEV 11/44 FIXED 5</title>
        <cusip>649519DA0</cusip>
        <identifiers>
          <isin value="US649519DA03"/>
        </identifiers>
        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4424920.000000</valUSD>
        <pctVal>3.3901092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK LIBERTY DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST LIBERTY DEV CORP L NYCDEV 11/51 FIXED 5.75</title>
        <cusip>649519BQ7</cusip>
        <identifiers>
          <isin value="US649519BQ72"/>
        </identifiers>
        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5462700.000000</valUSD>
        <pctVal>4.1851942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK LIBERTY DEVELOPMENT CORPORATION</name>
        <lei>N/A</lei>
        <title>NEW YORK ST LIBERTY DEV CORP L NYCDEV 12/41 FIXED 5</title>
        <cusip>649519BU8</cusip>
        <identifiers>
          <isin value="US649519BU84"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3238650.000000</valUSD>
        <pctVal>2.4812600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH</title>
        <cusip>64990FGQ1</cusip>
        <identifiers>
          <isin value="US64990FGQ19"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1669305.000000</valUSD>
        <pctVal>1.2789217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 05/31 FIXED 5.5</title>
        <cusip>64983QJE0</cusip>
        <identifiers>
          <isin value="US64983QJE08"/>
        </identifiers>
        <balance>7490000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10323392.100000</valUSD>
        <pctVal>7.9091659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 07/31 FIXED 5</title>
        <cusip>649906MA9</cusip>
        <identifiers>
          <isin value="US649906MA94"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2122620.000000</valUSD>
        <pctVal>1.6262245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 07/36 FIXED OID 5.5</title>
        <cusip>649906CX0</cusip>
        <identifiers>
          <isin value="US649906CX08"/>
        </identifiers>
        <balance>1500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1614690.000000</valUSD>
        <pctVal>1.2370789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 07/40 FIXED OID 5.5</title>
        <cusip>6499055U6</cusip>
        <identifiers>
          <isin value="US6499055U61"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1031570.000000</valUSD>
        <pctVal>0.7903273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 07/42 FIXED 5</title>
        <cusip>64990GJR4</cusip>
        <identifiers>
          <isin value="US64990GJR48"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1266000.000000</valUSD>
        <pctVal>0.9699335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 08/37 FIXED 4</title>
        <cusip>64990GGG1</cusip>
        <identifiers>
          <isin value="US64990GGG10"/>
        </identifiers>
        <balance>2750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3061850.000000</valUSD>
        <pctVal>2.3458064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 12/30 FIXED 5</title>
        <cusip>64990CPV7</cusip>
        <identifiers>
          <isin value="US64990CPV71"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1195880.000000</valUSD>
        <pctVal>0.9162118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NYSHGR 12/33 FIXED 5</title>
        <cusip>64990CPY1</cusip>
        <identifiers>
          <isin value="US64990CPY11"/>
        </identifiers>
        <balance>800000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>947544.000000</valUSD>
        <pctVal>0.7259516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH SALES TA NYSHGR 03/44 FIXED 5</title>
        <cusip>64990AHZ1</cusip>
        <identifiers>
          <isin value="US64990AHZ12"/>
        </identifiers>
        <balance>2625000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3191527.500000</valUSD>
        <pctVal>2.4451576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH ST PERSO NYSHGR 03/41 FIXED 5</title>
        <cusip>64990FKY9</cusip>
        <identifiers>
          <isin value="US64990FKY96"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1244370.000000</valUSD>
        <pctVal>0.9533619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE DORMITORY AUTHORITY</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK ST DORM AUTH ST PERSO NYSHGR 03/43 FIXED 4</title>
        <cusip>64990FJJ4</cusip>
        <identifiers>
          <isin value="US64990FJJ49"/>
        </identifiers>
        <balance>2000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2261480.000000</valUSD>
        <pctVal>1.7326108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE ENVIRONMENTAL FACILITIES CORPORATION</name>
        <lei>549300QJ33JJW73OQO60</lei>
        <title>NEW YORK ST ENVRNMNTL FACS COR NYSWTR 06/38 FIXED OID 5.125</title>
        <cusip>64986AF55</cusip>
        <identifiers>
          <isin value="US64986AF556"/>
        </identifiers>
        <balance>5000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5003300.000000</valUSD>
        <pctVal>3.8332293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE THRUWAY AUTHORITY</name>
        <lei>N/A</lei>
        <title>NEW YORK ST THRUWAY AUTH GEN R NYSTRN 01/56 FIXED 5.25</title>
        <cusip>650010BD2</cusip>
        <identifiers>
          <isin value="US650010BD20"/>
        </identifiers>
        <balance>1480000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1732769.200000</valUSD>
        <pctVal>1.3275442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE THRUWAY AUTHORITY</name>
        <lei>N/A</lei>
        <title>NEW YORK ST THRUWAY AUTH NYSTRN 01/36 FIXED 4</title>
        <cusip>650009Q55</cusip>
        <identifiers>
          <isin value="US650009Q551"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1140960.000000</valUSD>
        <pctVal>0.8741353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIAGARA TOBACCO ASSET SECURITIZATION CORPORATION</name>
        <lei>N/A</lei>
        <title>NIAGARA CNTY NY TOBACCO ASSET NIAGEN 05/34 FIXED 5.25</title>
        <cusip>653364BN8</cusip>
        <identifiers>
          <isin value="US653364BN81"/>
        </identifiers>
        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>539215.000000</valUSD>
        <pctVal>0.4131143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIAGARA TOBACCO ASSET SECURITIZATION CORPORATION</name>
        <lei>N/A</lei>
        <title>NIAGARA CNTY NY TOBACCO ASSET NIAGEN 05/40 FIXED 5.25</title>
        <cusip>653364BP3</cusip>
        <identifiers>
          <isin value="US653364BP30"/>
        </identifiers>
        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535680.000000</valUSD>
        <pctVal>0.4104060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONONDAGA COUNTY TRUST FOR CULTURAL RESOURCES</name>
        <lei>N/A</lei>
        <title>ONONDAGA CNTY NY TRUST CULTURA ONOGEN 12/36 FIXED 5</title>
        <cusip>68276FBJ8</cusip>
        <identifiers>
          <isin value="US68276FBJ84"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1079750.000000</valUSD>
        <pctVal>0.8272399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORT AUTHORITY OF NEW YORK &amp; NEW JERSEY</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>PORT AUTH OF NEW YORK   NEW JE PORTRN 11/56 FIXED 5.25</title>
        <cusip>73358WE26</cusip>
        <identifiers>
          <isin value="US73358WE265"/>
        </identifiers>
        <balance>6000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7240260.000000</valUSD>
        <pctVal>5.5470544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORT AUTHORITY OF NEW YORK &amp; NEW JERSEY</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>PORT AUTH OF NEW YORK   NEW JE PORTRN 11/57 FIXED 5.25</title>
        <cusip>73358WP57</cusip>
        <identifiers>
          <isin value="US73358WP576"/>
        </identifiers>
        <balance>5400000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6637464.000000</valUSD>
        <pctVal>5.0852281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORT AUTHORITY OF NEW YORK &amp; NEW JERSEY</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>PORT AUTH OF NEW YORK   NEW JE PORTRN 12/36 FIXED OID 6</title>
        <cusip>73358EEG5</cusip>
        <identifiers>
          <isin value="US73358EEG52"/>
        </identifiers>
        <balance>1400000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1477546.000000</valUSD>
        <pctVal>1.1320074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</name>
        <lei>N/A</lei>
        <title>COFINA SER 2007A SENIOR BONDSD PRCGEN 08/46 ZEROCPNOID 0</title>
        <cusip>19237HAB3</cusip>
        <identifiers>
          <isin value="US19237HAB33"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50000.000000</valUSD>
        <pctVal>0.0383070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/46 ZEROCPNOID 0</title>
        <cusip>74529JQG3</cusip>
        <identifiers>
          <isin value="US74529JQG30"/>
        </identifiers>
        <balance>2830000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>753996.900000</valUSD>
        <pctVal>0.5776673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/53 FIXED OID 4.75</title>
        <cusip>74529JPW9</cusip>
        <identifiers>
          <isin value="US74529JPW98"/>
        </identifiers>
        <balance>1165000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1211600.000000</valUSD>
        <pctVal>0.9282555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/58 FIXED OID 5</title>
        <cusip>74529JPX7</cusip>
        <identifiers>
          <isin value="US74529JPX71"/>
        </identifiers>
        <balance>6285000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6641485.200000</valUSD>
        <pctVal>5.0883089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>TRIBOROUGH BRIDGE   TUNNEL AUT TRBTRN 11/41 FIXED 5</title>
        <cusip>89602RFG5</cusip>
        <identifiers>
          <isin value="US89602RFG56"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1257210.000000</valUSD>
        <pctVal>0.9631991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>TRIBOROUGH BRIDGE   TUNNEL AUT TRBTRN 11/42 FIXED 5</title>
        <cusip>89602RFH3</cusip>
        <identifiers>
          <isin value="US89602RFH30"/>
        </identifiers>
        <balance>750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>941287.500000</valUSD>
        <pctVal>0.7211582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>TRIBOROUGH BRIDGE   TUNNEL AUT TRBTRN 11/48 FIXED 4</title>
        <cusip>89602REA9</cusip>
        <identifiers>
          <isin value="US89602REA95"/>
        </identifiers>
        <balance>2800000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3127656.000000</valUSD>
        <pctVal>2.3962230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>TRIBOROUGH BRIDGE-A</title>
        <cusip>89602RDX0</cusip>
        <identifiers>
          <isin value="US89602RDX08"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3690600.000000</valUSD>
        <pctVal>2.8275171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TROY CAPITAL RESOURCE CORP</name>
        <lei>N/A</lei>
        <title>TROY NY CAPITAL RESOURCE CORP TRYGEN 09/40 FIXED OID 5.125</title>
        <cusip>897579AB4</cusip>
        <identifiers>
          <isin value="US897579AB49"/>
        </identifiers>
        <balance>3435000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3547702.350000</valUSD>
        <pctVal>2.7180374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TSASC INC NY TOB</name>
        <lei>N/A</lei>
        <title>TSASC INC NY TSA 06/35 FIXED 5</title>
        <cusip>898526FD5</cusip>
        <identifiers>
          <isin value="US898526FD51"/>
        </identifiers>
        <balance>3000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3531780.000000</valUSD>
        <pctVal>2.7058387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TSASC INC NY TOB</name>
        <lei>N/A</lei>
        <title>TSASC INC NY TSA 06/41 FIXED 5</title>
        <cusip>898526FF0</cusip>
        <identifiers>
          <isin value="US898526FF00"/>
        </identifiers>
        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>558900.000000</valUSD>
        <pctVal>0.4281958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TSASC INC NY TOB</name>
        <lei>N/A</lei>
        <title>TSASC INC NY TSA 06/48 FIXED 5</title>
        <cusip>898526FR4</cusip>
        <identifiers>
          <isin value="US898526FR48"/>
        </identifiers>
        <balance>2750000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2736195.000000</valUSD>
        <pctVal>2.0963090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ULSTER COUNTY CAPITAL RESOURCE CORP</name>
        <lei>N/A</lei>
        <title>ULSTER CNTY NY CAPITAL RESOURC ULSGEN 09/47 FIXED 5.25</title>
        <cusip>903768AF6</cusip>
        <identifiers>
          <isin value="US903768AF67"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1028100.000000</valUSD>
        <pctVal>0.7876688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UTILITY DEBT SECURITIZATION AUTHORITY</name>
        <lei>N/A</lei>
        <title>LIPA-UTIL DEBT SEC</title>
        <cusip>91802RBV0</cusip>
        <identifiers>
          <isin value="US91802RBV06"/>
        </identifiers>
        <balance>4000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4783720.000000</valUSD>
        <pctVal>3.6650003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTCHESTER COUNTY HEALTH CARE CORPORATION</name>
        <lei>N/A</lei>
        <title>WESTCHESTER CNTY NY HLTHCARE C WCHMED 11/37 FIXED OID 6.125</title>
        <cusip>957366DX2</cusip>
        <identifiers>
          <isin value="US957366DX23"/>
        </identifiers>
        <balance>1325000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1394827.500000</valUSD>
        <pctVal>1.0686334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTCHESTER COUNTY HEALTH CARE CORPORATION</name>
        <lei>N/A</lei>
        <title>WESTCHESTER CNTY NY HLTHCARE C WCHMED 11/37 FIXED OID 6.125</title>
        <cusip>957366DY0</cusip>
        <identifiers>
          <isin value="US957366DY06"/>
        </identifiers>
        <balance>165000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>173278.050000</valUSD>
        <pctVal>0.1327553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION</name>
        <lei>549300KOSU8OC75V9238</lei>
        <title>WESTCHESTER CO NY LOCAL DEV CO WSTDEV 05/42 FIXED 5.5</title>
        <cusip>95737TBC9</cusip>
        <identifiers>
          <isin value="US95737TBC99"/>
        </identifiers>
        <balance>1000000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1127620.000000</valUSD>
        <pctVal>0.8639150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YONKERS NY ECONOMIC DEV CORP EDL REV</name>
        <lei>N/A</lei>
        <title>YONKERS NY ECON DEV CORP EDUCT YONDEV 10/30 FIXED 6</title>
        <cusip>98608MAA9</cusip>
        <identifiers>
          <isin value="US98608MAA99"/>
        </identifiers>
        <balance>865000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>892878.950000</valUSD>
        <pctVal>0.6840705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="85748R009"/>
        </identifiers>
        <balance>2021000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2021000.000000</valUSD>
        <pctVal>1.5483694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="See item: C_10_b_ii_name" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Fixed Income Clearing Corp" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>1.5000000</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2050000.000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2065295.050000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D.  This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Total returns do not deduct sales loads and redemption fees." noteItem="B.5.a"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list.  Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>

      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.c.vi"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.d.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.e.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.f.ii"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-11-13</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO New York Municipal Income Fund II</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jason Nagler</ncom:signature>
      <ncom:signerName>Jason Nagler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>nymunicipalincomefundii.htm
<DESCRIPTION>PIMCO NEW YORK MUNICIPAL INCOME FUND II
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 83%; font-size: 8pt; white-space: nowrap"><FONT STYLE="font-size: 14pt">Schedule of Investments&nbsp;&nbsp;PIMCO New York Municipal Income Fund II</FONT></TD>
    <TD STYLE="width: 17%; white-space: nowrap">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">September 30, 2019</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(Unaudited)</P></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS
AND UNITS, IF ANY)</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; padding-top: 12pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-top: 12pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 12pt; padding-bottom: 6pt; text-align: right">PRINCIPAL<BR>
AMOUNT<BR>
(000s)</TD>
    <TD STYLE="width: 2%; padding-top: 12pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 12pt; padding-bottom: 6pt; text-align: right">MARKET<BR>
VALUE<BR>
(000s)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">INVESTMENTS IN SECURITIES 180.7% &curren;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">MUNICIPAL BONDS &amp; NOTES 179.2%</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">FLORIDA 0.8%</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Clearwater, Florida Water &amp; Sewer Revenue Bonds, Series 2009</B></FONT> <BR>
5.250% due 12/01/2039</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">1,007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">ILLINOIS 2.7%</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Chicago, Illinois General Obligation Bonds, Series 2017</B></FONT> <BR>
6.000% due 01/01/2038</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,389</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Illinois State General Obligation Notes, Series 2017</B></FONT> <BR>
5.000% due 11/01/2026</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">1,135</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right">3,524</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">NEW YORK 167.9%</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Build NYC Resource Corp., New York Revenue Bonds, Series 2017</B></FONT> <BR>
5.000% due 11/01/2047 (c)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,949</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2015</B></FONT> <BR>
5.000% due 07/01/2045</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,462</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016</B></FONT> <BR>
4.000% due 07/01/2041</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,200</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,506</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Housing Development Corp., New York Revenue Bonds, Series 2017</B></FONT> <BR>
3.700% due 11/01/2047 (c)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,048</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011</B></FONT> <BR>
5.750% due 02/15/2047</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9,537</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Long Island Power Authority, New York Revenue Bonds, Series 2014</B></FONT> <BR>
5.000% due 09/01/2044</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,500</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,992</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019</B></FONT> <BR>
4.000% due 11/15/2046</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,376</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Metropolitan Transportation Authority, New York Revenue Bonds, Series 2009</B></FONT> <BR>
5.000% due 11/15/2034</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,009</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013</B></FONT> <BR>
5.000% due 11/15/2043</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,319</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016</B></FONT> <BR>
5.250% due 11/15/2056</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,200</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,434</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017</B></FONT> <BR>
4.000% due 11/15/2035</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,500</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,968</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Monroe County Industrial Development Corp., New York Revenue Bonds, (FHA Insured), Series 2010</B></FONT> <BR>
5.500% due 08/15/2040</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,500</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,689</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2013</B></FONT> <BR>
5.000% due 07/01/2043</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,750</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,001</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 07/01/2036 (c)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,129</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 12/01/2041</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,400</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,499</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2014</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">2.000% due 01/01/2049 ^(a)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">650</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">106</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.700% due 01/01/2049</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,800</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,800</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006</B></FONT> <BR>
5.125% due 06/01/2046</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City Industrial Development Agency, New York Revenue Bonds, (AGC Insured), Series 2009</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.500% due 01/01/2046</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,506</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">7.000% due 03/01/2049</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,900</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">4,926</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City Industrial Development Agency, New York Revenue Bonds, (FGIC Insured), Series 2006</B></FONT> <BR>
5.000% due 03/01/2031</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">750</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">756</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City Industrial Development Agency, New York Revenue Bonds, (NPFGC Insured), Series 2006</B></FONT> <BR>
5.000% due 03/01/2036</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,900</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,905</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2017</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 08/01/2042 (c)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,353</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 02/01/2044</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,216</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018</B></FONT> <BR>
4.000% due 08/01/2041</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">685</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">775</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City Water &amp; Sewer System, New York Revenue Bonds, Series 2018</B></FONT> <BR>
5.000% due 06/15/2040</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,300</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,814</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City Water &amp; Sewer System, New York Revenue Bonds, Series 2019</B></FONT> <BR>
5.000% due 06/15/2049 (c)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,648</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York General Obligation Bonds, Series 2013</B></FONT> <BR>
5.000% due 08/01/2031</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,268</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York General Obligation Bonds, Series 2018</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 03/01/2042 (c)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,619</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 04/01/2043</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,780</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,380</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York General Obligation Bonds, Series 2019</B></FONT> <BR>
5.000% due 08/01/2039</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,500</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,889</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 83%; font-size: 9pt; white-space: nowrap"><FONT STYLE="font-size: 14pt">Schedule of Investments&nbsp;&nbsp;PIMCO New York Municipal Income Fund II<SUP>&nbsp;&nbsp;</SUP>(Cont.)</FONT></TD>
    <TD STYLE="width: 17%; white-space: nowrap">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">September 30, 2019</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(Unaudited)</P></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York Health &amp; Hospital Corp. Revenue Bonds, Series 2010</B></FONT> <BR>
5.000% due 02/15/2030</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">1,500</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">1,519</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York Housing Development Corp. Revenue Bonds, Series 2013</B></FONT> <BR>
5.250% due 07/01/2031</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,250</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,407</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2016</B></FONT> <BR>
4.000% due 07/15/2040</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,102</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018</B></FONT> <BR>
5.250% due 07/15/2036</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,537</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York City, New York Water &amp; Sewer System Revenue Bonds, Series 2017</B></FONT> <BR>
5.000% due 06/15/2048 (c)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,988</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Convention Center Development Corp. Revenue Bonds, Series 2015</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 11/15/2045</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">230</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">249</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 11/15/2045</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,171</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Counties Tobacco Trust IV Revenue Bonds, Series 2005</B></FONT> <BR>
0.000% due 06/01/2050 (b)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">30,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,572</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Counties Tobacco Trust IV Revenue Bonds, Series 2016</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 06/01/2036</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,109</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 06/01/2041</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,095</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Counties Tobacco Trust V Revenue Bonds, Series 2005</B></FONT> <BR>
0.000% due 06/01/2055 (b)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">311</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Liberty Development Corp. Revenue Bonds, Series 2005</B></FONT> <BR>
5.250% due 10/01/2035 (c)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,230</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,723</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Liberty Development Corp. Revenue Bonds, Series 2010</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.125% due 01/15/2044</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,517</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.625% due 07/15/2047</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,400</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,418</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">6.375% due 07/15/2049</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,300</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,319</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Liberty Development Corp. Revenue Bonds, Series 2011</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 12/15/2041</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,239</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.750% due 11/15/2051</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">5,463</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York Liberty Development Corp. Revenue Bonds, Series 2014</B></FONT> <BR>
5.000% due 11/15/2044</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,425</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Dormitory Authority Revenue Bonds, (AMBAC Insured), Series 2005</B></FONT> <BR>
5.500% due 05/15/2031</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,490</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,323</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Dormitory Authority Revenue Bonds, Series 2010</B></FONT> <BR>
5.500% due 07/01/2040</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,032</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Dormitory Authority Revenue Bonds, Series 2011</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 07/01/2031</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,123</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.500% due 07/01/2036</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,615</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Dormitory Authority Revenue Bonds, Series 2017</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 02/15/2047 (c)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,669</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 12/01/2030</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,196</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 12/01/2033</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">800</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">947</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Dormitory Authority Revenue Bonds, Series 2018</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 08/01/2037</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,750</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,062</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 03/15/2043</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,261</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 03/15/2044</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,625</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,191</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Dormitory Authority Revenue Bonds, Series 2019</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 03/15/2041</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,244</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 07/01/2042</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,266</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Environmental Facilities Corp. Revenue Bonds, Series 2009</B></FONT> <BR>
5.125% due 06/15/2038</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,003</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Thruway Authority Revenue Bonds, Series 2016</B></FONT> <BR>
5.250% due 01/01/2056</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,480</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,733</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New York State Thruway Authority Revenue Bonds, Series 2018</B></FONT> <BR>
4.000% due 01/01/2036</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,141</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.250% due 05/15/2034</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">539</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.250% due 05/15/2040</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">536</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Onondaga County, New York Revenue Bonds, Series 2011</B></FONT> <BR>
5.000% due 12/01/2036</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,080</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Port Authority of New York &amp; New Jersey Revenue Bonds, Series 2010</B></FONT> <BR>
6.000% due 12/01/2036</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,400</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,478</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Port Authority of New York &amp; New Jersey Revenue Bonds, Series 2016</B></FONT> <BR>
5.250% due 11/15/2056 (c)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,240</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Port Authority of New York &amp; New Jersey Revenue Bonds, Series 2017</B></FONT> <BR>
5.250% due 11/15/2057</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,400</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,637</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Triborough Bridge &amp; Tunnel Authority, New York Revenue Bonds, Series 2018</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.000% due 11/15/2048</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,800</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,128</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 11/15/2045 (c)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,691</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Triborough Bridge &amp; Tunnel Authority, New York Revenue Bonds, Series 2019</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 11/15/2041</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,257</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 11/15/2042</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">750</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">941</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Troy Capital Resource Corp., New York Revenue Bonds, Series 2010</B></FONT> <BR>
5.125% due 09/01/2040</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,435</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,548</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TSASC, Inc., New York Revenue Bonds, Series 2016</B></FONT> <BR>
5.000% due 06/01/2048</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,750</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,736</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TSASC, Inc., New York Revenue Bonds, Series 2017</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 06/01/2035</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,000</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">3,532</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 06/01/2041</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">500</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">559</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017</B></FONT> <BR>
5.250% due 09/15/2047</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,028</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Utility Debt Securitization Authority Revenue Bonds, Series 2015</B></FONT> <BR>
5.000% due 12/15/2037 (c)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,784</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Westchester County Healthcare Corp., New York Revenue Bonds, Series 2010</B></FONT> <BR>
6.125% due 11/01/2037</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,490</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,568</TD></TR>

</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 83%; font-size: 9pt; white-space: nowrap"><FONT STYLE="font-size: 14pt">Schedule of Investments&nbsp;&nbsp;PIMCO New York Municipal Income Fund II<SUP>&nbsp;&nbsp;</SUP>(Cont.)</FONT></TD>
    <TD STYLE="width: 17%; white-space: nowrap">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">September 30, 2019</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(Unaudited)</P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Westchester County, New York Local Development Corp. Revenue Bonds, Series 2014</B></FONT> <BR>
5.500% due 05/01/2042</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,128</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Yonkers Economic Development Corp., New York Revenue Bonds, Series 2010</B></FONT> <BR>
6.000% due 10/15/2030</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">865</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right; width: 12%">893</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right">219,152</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">OHIO 1.1%</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2007</B></FONT> <BR>
6.500% due 06/01/2047</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,435</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">1,473</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">PUERTO RICO 6.7%</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">0.000% due 07/01/2046 (b)</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">2,830</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">754</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">4.750% due 07/01/2053</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,165</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">1,212</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">5.000% due 07/01/2058</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">6,285</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">6,641</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019</B></FONT> <BR>
0.000% due 08/01/2046 (b)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right">8,657</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Total Municipal Bonds &amp; Notes (Cost $214,809)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right">233,813</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">SHORT-TERM INSTRUMENTS 1.5%</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">REPURCHASE AGREEMENTS (d) 1.5%<BR>
<BR></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-top: 6pt; padding-bottom: 6pt; text-align: right; font-weight: bold"><FONT STYLE="font-weight: normal">2,021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Total Short-Term Instruments (Cost $2,021)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right">2,021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Total Investments in Securities (Cost $216,830)</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right">235,834</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Total Investments 180.7% (Cost $216,830)</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">$</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">235,834</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Auction Rate Preferred Shares (44.4)%</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">(58,000)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Variable Rate MuniFund Term Preferred Shares, at liquidation value (16.0)%</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">(20,877)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Other Assets and Liabilities, net (20.3)%</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-top: 2pt; padding-bottom: 2pt; text-align: right">(26,433)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Net Assets Applicable to Common Shareholders 100.0%</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">130,524</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 83%; font-size: 9pt; white-space: nowrap"><FONT STYLE="font-size: 14pt">Schedule of Investments&nbsp;&nbsp;PIMCO New York Municipal Income Fund II<SUP>&nbsp;&nbsp;</SUP>(Cont.)</FONT></TD>
    <TD STYLE="width: 17%; white-space: nowrap">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">September 30, 2019</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(Unaudited)</P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTES TO SCHEDULE OF INVESTMENTS:&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>* A zero balance may reflect actual amounts rounding to less than one thousand.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 3%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&curren;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 97%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>^</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Security is in default.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Security is not accruing income as of the date of this report.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(b)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Zero coupon security.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 12pt; padding-bottom: 6pt; font-weight: bold">BORROWINGS AND OTHER FINANCING TRANSACTIONS</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(d)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REPURCHASE AGREEMENTS:</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt dotted">Counterparty</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; text-align: center">Lending<BR>
Rate</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; text-align: center; padding-left: 5.4pt">Settlement<BR>
Date</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; text-align: center; padding-left: 5.4pt">Maturity<BR>
Date</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; text-align: center">Principal<BR>
Amount</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; padding-left: 0.05in">Collateralized By</TD>
    <TD STYLE="border-bottom: Black 1pt dotted">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt dotted">Collateral<BR>
(Received)</TD>
    <TD STYLE="border-bottom: Black 1pt dotted">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt dotted">Repurchase<BR>
Agreements,<BR>
at Value</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt dotted">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt dotted">Repurchase<BR>
Agreement<BR>
Proceeds<BR>
to be<BR>
Received<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>FICC</TD>
    <TD STYLE="text-align: center">1.500%</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">09/30/2019</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">10/01/2019</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">2,021</TD>
    <TD STYLE="padding-left: 0.05in">U.S. Treasury Notes 2.250% due 03/31/2021</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: right">$</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">(2,065)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: right">$</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">2,021</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: right">$</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">2,021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Repurchase Agreements</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(2,065)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,021</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 2%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 98%; padding-top: 0; padding-bottom: 0">Includes accrued interest.</TD></TR>
</TABLE>
<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">FAIR VALUE MEASUREMENTS</P>

<P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The following is a summary of the fair valuations according
to the inputs used as of September 30, 2019 in valuing the Fund's assets and liabilities</B>:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted">Category and Subcategory</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: center">Level 1</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: center">Level 2</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: center">Level 3</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt dotted; text-align: center">Fair Value<BR>
at 09/30/2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Investments in Securities, at Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10">Municipal Bonds &amp; Notes</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 42%">Florida</TD>
    <TD STYLE="width: 4%; text-align: right">$</TD>
    <TD STYLE="width: 9%; text-align: right">0</TD>
    <TD STYLE="width: 4%; text-align: right">$</TD>
    <TD STYLE="width: 9%; text-align: right">1,007</TD>
    <TD STYLE="width: 4%; text-align: right">$</TD>
    <TD STYLE="width: 9%; text-align: right">0</TD>
    <TD STYLE="width: 4%; text-align: right">$</TD>
    <TD STYLE="width: 9%; text-align: right">1,007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Illinois</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,524</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,524</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>New York</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">219,152</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">219,152</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Ohio</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,473</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,473</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Puerto Rico</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,657</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,657</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10">Short-Term Instruments</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Repurchase Agreements</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,021</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,021</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Total Investments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">235,834</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">235,834</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>There were no significant transfers into or out of Level 3
during the period ended September 30, 2019.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">Notes to Financial Statements</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>(a) Investment Valuation Policies </B> The net asset value
(&ldquo;NAV&rdquo;) of the Fund's shares, is determined by dividing the total value of portfolio investments and other assets attributable
to the Fund, less any liabilities, by the total number of shares outstanding of the Fund.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On each day that the New York Stock Exchange (&ldquo;NYSE&rdquo;)
is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (&ldquo;NYSE Close&rdquo;).
Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day
will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. The Fund reserves
the right to change the time as of which its NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities
and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of calculating a NAV, portfolio securities and other
assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis
of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established
market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems
and other third-party sources (together, &ldquo;Pricing Services&rdquo;). The Fund will normally use pricing data for domestic
equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements
that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign
exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment
Management Company LLC (&ldquo;PIMCO&rdquo; or the &ldquo;Manager&rdquo;) to be the primary exchange. A foreign (non-U.S.) equity
security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before
the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives,
and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data
reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based
on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to
investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are
marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures
and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the
basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. The Fund's investments
in open-end management investment companies, other than exchange-traded funds (&quot;ETFs&quot;), are valued at the NAVs of such
investments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investments for which market quotes or market based valuations
are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction.
The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available,
and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market
based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method,
the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available
in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information,
indicative market quotations (&ldquo;Broker Quotes&rdquo;), Pricing Services&rsquo; prices), including where events occur after
the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets.
In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets
on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has
delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's
securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light
of such significant events.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">When the Fund uses fair valuation to determine the value of a
portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes
from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at
their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security.
While the Fund&rsquo;s policy is intended to result in a calculation of the Fund&rsquo;s NAV that fairly reflects security values
as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at their direction
would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time
of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be
realized if the securities were sold.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>(b) Fair Value Hierarchy </B>U.S. GAAP describes fair value
as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market
participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires
disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value
measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication
of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font:  9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#9679; Level 1 &mdash; Quoted prices in active markets or exchanges
for identical assets and liabilities.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font:  9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#9679; Level 2 &mdash; Significant other observable inputs,
which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market corroborated inputs.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#9679; Level 3 &mdash; Significant unobservable inputs based
on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions
made by the Board or persons acting at their direction that are used in determining the fair value of investments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">In accordance with the requirements
of U.S. GAAP, the amounts of transfers</FONT> into and out of Level 3, if material, are disclosed in the Notes to <FONT STYLE="background-color: white">Schedule
of Investments </FONT>for the Fund.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For fair valuations using significant unobservable inputs, U.S.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable
to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers
into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the
Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable
inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In
accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of
significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>(c) Valuation Techniques and the Fair Value Hierarchy</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">Notes to Financial Statements</FONT>
<FONT STYLE="font-size: 8pt">(Cont.)</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Level 1 and Level 2 trading assets and trading liabilities,
at fair value </B>The valuation methods (or &ldquo;techniques&rdquo;) and significant inputs used in determining the fair values
of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fixed income securities including corporate, convertible and municipal
bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities
and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer
quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services' internal models use
inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default
rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are
categorized as Level 2 of the fair value hierarchy.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fixed income securities purchased on a delayed-delivery basis
or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement
date and are categorized as Level 2 of the fair value hierarchy.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Level 3 trading assets and trading liabilities, at fair value
</B>When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a
method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair
value hierarchy.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Short-term debt instruments (such as commercial paper) having
a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term
debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost
valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base
price.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.
FEDERAL INCOME TAX MATTERS</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code (the &ldquo;Code&rdquo;) and distribute all of its taxable income and net realized
gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund may be subject to local withholding taxes, including
those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains,
and may be payable following the sale of any applicable investments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In accordance with U.S. GAAP, the Manager has reviewed the Fund's
tax positions for all open tax years. As of September 30, 2019, the Fund has recorded no liability for net unrecognized tax benefits
relating to uncertain income tax positions it has taken or expects to take in future tax returns.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund files U.S. federal, state, and local tax returns as required.
The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations,
which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances.
Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Glossary: (abbreviations that may
    be used in the preceding statements)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 8%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 29%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 6%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 29%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">Counterparty
    Abbreviations:</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">FICC</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Fixed Income Clearing Corporation&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">Currency
    Abbreviations:</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">USD (or $)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">United States Dollar</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">Municipal
    Bond or Agency Abbreviations:</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">AGC</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Assured Guaranty Corp.</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">AMBAC</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">American Municipal Bond Assurance Corp.</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">FGIC</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Financial Guaranty Insurance Co.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">AGM</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Assured Guaranty Municipal</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">FHA</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Federal Housing Administration</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">NPFGC</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">National Public Finance Guarantee Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">Other&nbsp;&nbsp;Abbreviations:</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">TBA</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">To-Be-Announced</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
