Morgan Stanley Closed-End Funds Announce Results of Special Meeting of Shareholders
April 16 2010 - 4:15PM
Business Wire
Morgan Stanley California Insured Municipal Income Trust (NYSE:
IIC), Morgan Stanley California Quality Municipal Securities (NYSE:
IQC), Morgan Stanley Insured California Municipal Securities (NYSE:
ICS), Morgan Stanley Insured Municipal Bond Trust (NYSE: IMC),
Morgan Stanley Insured Municipal Income Trust (NYSE: IIM), Morgan
Stanley Insured Municipal Securities (NYSE: IMS), Morgan Stanley
Insured Municipal Trust (NYSE: IMT), Morgan Stanley Municipal
Income Opportunities Trust (NYSE: OIA), Morgan Stanley Municipal
Income Opportunities Trust II (NYSE: OIB), Morgan Stanley Municipal
Income Opportunities Trust III (NYSE: OIC), Morgan Stanley
Municipal Premium Income Trust (NYSE: PIA), Morgan Stanley Quality
Municipal Income Trust (NYSE: IQI), Morgan Stanley Quality
Municipal Investment Trust (NYSE: IQT) and Morgan Stanley Quality
Municipal Securities (NYSE: IQM) (individually, a “Fund” and,
collectively, the “Funds”) are pleased to announce that each Fund’s
shareholders approved a substantially new Board for each Fund and a
new investment advisory agreement and master sub-advisory agreement
for each Fund with Invesco Advisers, Inc. and various affiliated
sub-advisers at a Special Meeting of Shareholders of each Fund held
on April 16, 2010.
On October 19, 2009, Morgan Stanley announced that it had
entered into a definitive agreement to sell substantially all of
its retail asset management business to Invesco Ltd., a leading
global investment management company (the “Transaction”). The
effectiveness of the new investment advisory agreement and master
sub-advisory agreement for each Fund will take effect upon the
consummation of the Transaction, which is expected to occur in
mid-2010.
Morgan Stanley Investment Advisors Inc. (“MSIA”) is the
investment adviser for the Funds. MSIA, together with its
investment advisory affiliates, has nearly 1,000 investment
professionals around the world and approximately $395 billion in
assets under management or supervision as of December 31, 20091. By
leveraging its global ‘community of boutiques’ structure and the
strength of Morgan Stanley, MSIA 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 1,200
offices in 37 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful under the securities laws of any such
state.
1 Amount includes the Retail Asset Management business,
including Van Kampen, which is expected to be sold to Invesco,
Ltd.
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