8,020 -1.3% 5.8% 6.0% 6.3% Morgan Stanley- Long Tenn Muni Bonds 2/27/2008 9,939,939 9,117,713 -1.4% 4.2% 5.7% 6.2% Morgan Stanley- Short Tenn Muni Bonds 8/31/2008 1,136,764 1,137,626 0.1% 0.7% 2.6% 3.8% Total Municipal Securities $51,026,515 $46,412,832 Barclays Capital Mimi 1-5 Yr Index -