IQM Invesco Quality Municipal Securities

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 $176.35 million and represent approximately 18.2 percent of the total outstanding ARPS issued by the Funds. This redemption announcement follows the April 24, 2008 press release in which Morgan Stanley provided initial 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 3 percent to 26 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 � 8 � $400,000 � July 28, 2008 2 � 617-45P-700 � 16 � $800,000 � July 28, 2008 3 � 617-45P-809 � 20 � $1,000,000 � July 28, 2008 4 � 617-45P-882 � 8 � $400,000 � July 28, 2008 MS California Quality Municipal Securities (NYSE:IQC) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date 1 � 617-45P-627 � 24 � $1,200,000 � July 29, 2008 2 � 617-45P-619 � 22 � $1,100,000 � July 31, 2008 3 � 617-45P-593 � 54 � $2,700,000 � July 29, 2008 MS Insured Municipal Bond Trust (NYSE:IMC) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date � � 617-45P-353 � 90 � $4,500,000 � July 31, 2008 MS Insured Municipal Income Trust (NYSE:IIM) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date � 1 � 617-45P-783 � 104 � $5,200,000 � July 28, 2008 2 � 617-45P-775 � 234 � $11,700,000 � July 28, 2008 3 � 617-45P-767 � 260 � $13,000,000 � July 28, 2008 4 � 617-45P-759 � 104 � $5,200,000 � July 28, 2008 5 � 617-45P-742 � 104 � $5,200,000 � July 28, 2008 MS Insured Municipal Trust (NYSE:IMT) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date TU � 617-45P-841 � 144 � $7,200,000 � July 30, 2008 TH � 617-45P-858 � 324 � $16,200,000 � August 1, 2008 MS Municipal Premium Income Trust (NYSE:PIA) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date A � 617-45P-411 � 34 � $3,400,000 � July 30, 2008 B � 617-45P-395 � 34 � $3,400,000 � July 30, 2008 C � 617-45P-387 � 34 � $3,400,000 � July 30, 2008 D � 617-45P-379 � 34 � $3,400,000 � July 30, 2008 E � 617-45P-361 � 34 � $3,400,000 � July 30, 2008 MS New York Quality Municipal Securities (NYSE:IQN) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date 1 � 617-45P-510 � 8 � $400,000 � July 29, 2008 2 � 617-45P-494 � 7 � $350,000 � August 1, 2008 MS Quality Municipal Income Trust (NYSE:IQI) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date 1 � 617-45P-726 � 246 � $12,300,000 � July 30, 2008 2 � 617-45P-718 � 88 � $4,400,000 � July 31, 2008 3 � 617-45P-692 � 246 � $12,300,000 � July 31, 2008 4 � 617-45P-684 � 246 � $12,300,000 � July 31, 2008 5 � 617-45P-676 � 88 � $4,400,000 � August 1, 2008 MS Quality Municipal Investment Trust (NYSE:IQT) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date A � 617-45P-650 � 210 � $10,500,000 � July 30, 2008 B � 617-45P-643 � 105 � $5,250,000 � August 1, 2008 MS Quality Municipal Securities (NYSE:IQM) Series � CUSIP Number � # of Shares Redeemed � Amount Redeemed � Redemption Date 1 � 617-45P-577 � 75 � $3,750,000 � July 29, 2008 2 � 617-45P-569 � 66 � $3,300,000 � July 30, 2008 3 � 617-45P-551 � 66 � $3,300,000 � July 31, 2008 4 � 617-45P-544 � 132 � $6,600,000 � July 29, 2008 5 � 617-45P-536 � 88 � $4,400,000 � July 29, 2008 Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $605 billion in assets under management or supervision as of May 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 and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.