NEW YORK--(BUSINESS WIRE)--The Morgan Stanley Municipal Closed-End Funds (the “Funds”) listed below hereby announce the dates for the partial redemptions of their respective auction rate preferred shares (ARPS). The announced partial redemptions total $56.85 million and represent approximately another 7.17 percent of the total outstanding ARPS issued by the Funds, bringing the total announced redemptions to 24.1% of the total outstanding ARPS issued.

This redemption announcement follows the July 11, 2008 press release in which Morgan Stanley announced the initial redemption of a portion of the Funds’ ARPS with the use of tender option bonds (TOBs).

The amount of ARPS being redeemed at this time varies by Fund and ranges between 4 percent and 15 percent of the ARPS outstanding for each Fund based on a number of factors, including the interests of the common shareholders, the availability of high quality municipal bonds at certain yield levels to be transferred to the trust structure and the ability to secure liquidity providers for the put feature.

With respect to this partial redemption, The Depository Trust Company (DTC), the securities’ holder of record, will determine how the partial series redemptions will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn will determine how redeemed shares are to be allocated among its underlying beneficial owners. The procedures used by various broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

Redemption Schedule

MS California Insured Municipal Income Trust (NYSE: IIC)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
1		617-45P-601		12		$600,000		September 15, 2008
2		617-45P-700		25		$1,250,000		September 15, 2008
3		617-45P-809		31		$1,550,000		September 15, 2008
4		617-45P-882		12		$600,000		September 15, 2008

MS California Quality Municipal Securities (NYSE: IQC)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
1		617-45P-627		14		$700,000		September 9, 2008
2		617-45P-619		13		$650,000		September 11, 2008
3		617-45P-593		32		$1,600,000		September 9, 2008

MS Insured Municipal Bond Trust (NYSE: IMC)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
		617-45P-353		45		$2,250,000		September 11, 2008

MS Insured Municipal Income Trust (NYSE: IIM)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
1		617-45P-783		15		$750,000		September 15, 2008
2		617-45P-775		34		$1,700,000		September 15, 2008
3		617-45P-767		38		$1,900,000		September 15, 2008
4		617-45P-759		15		$750,000		September 15, 2008
5		617-45P-742		15		$750,000		September 15, 2008

MS Insured Municipal Trust (NYSE: IMT)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
TU		617-45P-841		78		$3,900,000		September 10, 2008
TH		617-45P-858		176		$8,800,000		September 12, 2008

MS Municipal Premium Income Trust (NYSE: PIA)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
A		617-45P-411		13		$1,300,000		September 10, 2008
B		617-45P-395		13		$1,300,000		September 10, 2008
C		617-45P-387		13		$1,300,000		September 10, 2008
D		617-45P-379		13		$1,300,000		September 10, 2008
E		617-45P-361		13		$1,300,000		September 10, 2008

MS New York Quality Municipal Securities (NYSE: IQN)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
1		617-45P-510		36		$1,800,000		September 9, 2008
2		617-45P-494		31		$1,550,000		September 12, 2008

MS Quality Municipal Income Trust (NYSE: IQI)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
1		617-45P-726		42		$2,100,000		September 10, 2008
2		617-45P-718		15		$750,000		September 11, 2008
3		617-45P-692		42		$2,100,000		September 11, 2008
4		617-45P-684		42		$2,100,000		September 11, 2008
5		617-45P-676		15		$750,000		September 12, 2008

MS Quality Municipal Investment Trust (NYSE: IQT)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
A		617-45P-650		110		$5,500,000		September 10, 2008
B		617-45P-643		55		$2,750,000		September 12, 2008

MS Quality Municipal Securities (NYSE: IQM)
Series		CUSIP Number		# of Shares Redeemed		Amount Redeemed		Redemption Date
1		617-45P-577		11		$550,000		September 9, 2008
2		617-45P-569		10		$500,000		September 10, 2008
3		617-45P-551		10		$500,000		September 11, 2008
4		617-45P-544		20		$1,000,000		September 9, 2008
5		617-45P-536		13		$650,000		September 9, 2008

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Morgan Stanley Municipal Closed-End Funds
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