550,299 124,027 4,674,326 2.7% 15.2% 9.1% Morgan Stanley - Long Term Muni Bonds 6/9/2011 1,551,433 1,583,925 17,920 1,601,846 1.1% 3.9% Morgan Stanley -Short Term Muni Bonds 9/30/2008 2,409,013 2,749,939 -298,338 2,481 2,454,083 0.1% 1.2% 3.0% Total Municipal Securities 9/30/2008 $8,318,263 $8,884,163 ($298,