IMT Invesco Value Municipal Trust

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.