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 $152.05 million and represent
approximately 20.66 percent of the total remaining ARPS issued by
the Funds, bringing the total announced redemptions to 39.8 percent
of the total originally issued ARPS.
This redemption announcement follows previous announcements in
which Morgan Stanley provided information regarding the refinancing
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 10 percent and 31 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 SharesRedeemed
AmountRedeemed
Redemption Date 1 617-45P-601 38
$1,900,000 October 19, 2009 2 617-45P-700 77
$3,850,000 October 19, 2009 3 617-45P-809
96 $4,800,000 October 19, 2009 4
617-45P-882 38 $1,900,000 October 19, 2009
MS California Quality Municipal
Securities (NYSE:IQC)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date 1 617-45P-627 58
$2,900,000 October 20, 2009 2 617-45P-619 53
$2,650,000 October 22, 2009 3 617-45P-593
135 $6,750,000 October 20, 2009
MS Insured Municipal Bond Trust
(NYSE:IMC)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date 617-45P-353 102
$5,100,000 October 22, 2009
MS Insured Municipal Income Trust
(NYSE:IIM)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date 1 617-45P-783 69
$3,450,000 October 19, 2009 2 617-45P-775 156
$7,800,000 October 19, 2009 3 617-45P-767
173 $8,650,000 October 19, 2009 4
617-45P-759 69 $3,450,000 October 19, 2009 5
617-45P-742 69 $3,450,000 October 19,
2009
MS Insured Municipal Trust
(NYSE:IMT)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date TU 617-45P-841 177
$8,850,000 October 21, 2009 TH 617-45P-858 400
$20,000,000 October 23, 2009
MS Municipal Premium Income Trust
(NYSE:PIA)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date A 617-45P-411 18
$1,800,000 October 21, 2009 B 617-45P-395 18
$1,800,000 October 21, 2009 C 617-45P-387
18 $1,800,000 October 21, 2009 D
617-45P-379 18 $1,800,000 October 21, 2009 E
617-45P-361 18 $1,800,000 October 21,
2009
MS New York Quality Municipal
Securities (NYSE: IQN)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date 1 617-45P-510 50
$2,500,000 October 20, 2009 2 617-45P-494 42
$2,100,000 October 23, 2009
MS Quality Municipal Income Trust
(NYSE: IQI)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date 1 617-45P-726 91
$4,550,000 October 21, 2009 2 617-45P-718 32
$1,600,000 October 22, 2009 3 617-45P-692
91 $4,550,000 October 22, 2009 4
617-45P-684 91 $4,550,000 October 22, 2009 5
617-45P-676 32 $1,600,000 October 23,
2009
MS Quality Municipal Investment
Trust (NYSE: IQT)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date A 617-45P-650 249
$12,450,000 October 21, 2009 B 617-45P-643 124
$6,200,000 October 23, 2009
MS Quality Municipal Securities
(NYSE: IQM)
Series CUSIP Number
# of SharesRedeemed
AmountRedeemed
Redemption Date 1 617-45P-577 61
$3,050,000 October 20, 2009 2 617-45P-569 54
$2,700,000 October 21, 2009 3 617-45P-551
54 $2,700,000 October 22, 2009 4
617-45P-544 108 $5,400,000 October 20, 2009 5
617-45P-536 72 $3,600,000 October 20,
2009
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.
Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities,
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employees serve clients worldwide including corporations,
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offices in 37 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.
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