Certain Morgan Stanley Retail Closed-End Municipal Funds Announce Change Regarding Investment in Private Placement Securities

Each of Morgan Stanley California Insured Municipal Income Trust (NYSE: IIC), Morgan Stanley California Quality Municipal Securities (NYSE: IQC), Morgan Stanley Insured California Municipal Securities (NYSE: ICS), Morgan Stanley Insured Municipal Securities (NYSE: IMS), Morgan Stanley Insured Municipal Bond Trust (NYSE: IMC), Morgan Stanley Insured Municipal Income Trust (NYSE: IIM), Morgan Stanley Insured Municipal Trust (NYSE: IMT), Morgan Stanley Municipal Premium Income Trust (NYSE: PIA), Morgan Stanley New York Quality Municipal Securities (NYSE: IQN), Morgan Stanley Quality Municipal Income Trust (NYSE: IQI), Morgan Stanley Quality Municipal Investment Trust (NYSE: IQT) and Morgan Stanley Quality Municipal Securities (NYSE: IQM) (each, a “Fund” and collectively, the “Funds”) announced that, effective October 13, 2009, the Board of Trustees of each Fund approved a change to each Fund’s investment practice to permit each Fund to invest, without limit, in private placement securities in order to enhance portfolio management flexibility in managing the Funds.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $361 billion in assets under management or supervision as of June 30, 2009. By leveraging its global ‘community of boutiques’ structure and the strength of Morgan Stanley, MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

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This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.