Morgan Stanley Closed-End Funds Announce Morgan Stanley's Expected Sale of its Retail Asset Management Business to Invesco Ltd.

Morgan Stanley announced on October 19, 2009 that it has entered into a definitive agreement to sell substantially all of its retail asset management business to Invesco Ltd. (“Invesco”), a leading global investment management company. As a result, Morgan Stanley Investment Advisors Inc. and Morgan Stanley Investment Management Inc. (together, “MSIA”) expect to propose to the Board of Trustees/Directors of 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 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), Morgan Stanley Quality Municipal Securities (NYSE: IQM) and Morgan Stanley High Yield Fund, Inc. (NYSE: MSY) that each Board approve, among other things, a new investment advisory agreement with an affiliate of Invesco. If approved by each Fund’s Board, the new agreement would be submitted to shareholders of the applicable Fund for their approval.

MSIA, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $386 billion in assets under management or supervision as of September 30, 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 36 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.