Morgan Stanley Insured Municipal Trust Adopts Investment Policy Changes
15 November 2008 - 9:26AM
Business Wire
Morgan Stanley Insured Municipal Trust (NYSE: IMT) (the �Trust�)
has received shareholder approval to adopt changes to the Trust�s
investment policies, as described below. These changes are designed
to expand the investment universe in which the Trust can invest,
thereby providing the Trust�s portfolio management team with
important flexibility to respond to ongoing developments in the
insured municipal bond market. The Trust seeks to achieve its
investment objective by providing income which is exempt from
federal income tax. The Trust is not changing its investment
objective. The Trust�s shareholders have approved the following
investment policy changes: To allow the Trust to invest up to 20
percent of the Trust�s net assets in taxable or tax-exempt fixed
income securities rated at least investment grade by a nationally
recognized statistical rating organization (�NRSRO�) or, if not
rated, determined by the Trust�s Investment Adviser to be of
comparable quality, including uninsured municipal obligations,
obligations of the U.S. government, its respective agencies or
instrumentalities, and other fixed income obligations, and, during
periods in which the Investment Adviser believes that changes in
economic, financial or political conditions make it advisable to do
so, to invest an unlimited extent in such investments for temporary
defensive purposes. The Trust may also invest in options, futures,
swaps and other derivatives. The elimination and modification of
certain fundamental investment policies and restrictions of the
Trust. The Trust did not achieve the required quorum to pass the
proposal to invest, under normal market conditions, at least 80
percent of the Trust�s net assets in municipal obligations which
are covered by insurance guaranteeing the timely payment of
principal and interest thereon and that are rated at least �A� by a
NRSRO or are unrated but judged to be of similar credit quality by
the Trust�s Investment Adviser, or covered by insurance issued by
insurers rated at least �A� by a NRSRO. Therefore, the shareholder
meeting was adjourned with respect to this proposal only. Morgan
Stanley Investment Management, together with its investment
advisory affiliates, has nearly 1000 investment professionals
around the world and approximately $570 billion in assets under
management or supervision as of August 31, 2008. 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. Morgan Stanley is a leading global financial
services firm providing a wide range of investment banking,
securities, investment management, wealth management and credit
services. The Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals from more
than 600 offices in 35 countries. For further information about
Morgan Stanley, please visit www.morganstanley.com.
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