Morgan Stanley Closed-End Funds Announce Proposals for Special Shareholder Meeting

The Board of Trustees/Directors (the “Board”) of each of Morgan Stanley California Insured Municipal Income Trust (NYSE: IIC), Morgan Stanley California Quality Municipal Securities (NYSE: IQC), Morgan Stanley High Yield Fund, Inc. (NYSE: MSY), Morgan Stanley Insured California Municipal Securities (NYSE: ICS), Morgan Stanley Insured Municipal Bond Trust (NYSE: IMC), Morgan Stanley Insured Municipal Income Trust (NYSE: IIM), Morgan Stanley Insured Municipal Securities (NYSE: IMS), Morgan Stanley Insured Municipal Trust (NYSE: IMT), Morgan Stanley Municipal Income Opportunities Trust (NYSE: OIA), Morgan Stanley Municipal Income Opportunities Trust II (NYSE: OIB), Morgan Stanley Municipal Income Opportunities Trust III (NYSE: OIC), 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) (individually, a “Fund” and, collectively, the “Funds”) approved recommending to each Fund’s shareholders the approval of a substantially new Board for each Fund and a new investment advisory agreement (which includes an investment sub-advisory agreement for each Fund with Invesco Advisers, Inc. and various affiliated sub-advisers) for each Fund with Invesco Advisers, Inc. in connection with a Special Meeting of Shareholders of each Fund anticipated to be held during the second quarter of 2010.

On October 19, 2009, Morgan Stanley announced that it had entered into a definitive agreement to sell substantially all of its retail asset management business to Invesco Ltd., a leading global investment management company.

Morgan Stanley Investment Advisors Inc. and Morgan Stanley Investment Management Inc. are the investment advisers for the Funds (together, “MSIA”).

MSIA, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $283 billion in assets under management or supervision as of December 31, 2009. By leveraging its global ‘community of boutiques’ structure and the strength of Morgan Stanley, MSIA 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.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 37 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

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.