Bonds 5/25/2011 $5,200,000 $2,541,337 $2,500,000 ($16,609) $5,024,729 -0.4% -6.3% 1) Please note: The performance returns for investments in Private Capital - Fund of Funds Direct partnerships, and Direct Companies are located in the Private Capital Portfolio Summary Par. MorganStanley SmithBarney 23 EFTA00284365 Mortimer