-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PSXBd8Ug6Bcb0sWYRVXO1G8ktSy50szLOG+H+DNHUsuQoeMFNyoRF60uBk05ue5B
 InCDoWgpDeCdTPYkWpsCxg==

<SEC-DOCUMENT>0000950123-08-010459.txt : 20080829
<SEC-HEADER>0000950123-08-010459.hdr.sgml : 20080829
<ACCEPTANCE-DATETIME>20080829164525
ACCESSION NUMBER:		0000950123-08-010459
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081001
FILED AS OF DATE:		20080829
DATE AS OF CHANGE:		20080829
EFFECTIVENESS DATE:		20080829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		081049648

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19930211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL TRUST II
		DATE OF NAME CHANGE:	19930112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0000861185
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06053
		FILM NUMBER:		081049649

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLSTATE MUNICIPAL PREMIUM INCOME TRUST II
		DATE OF NAME CHANGE:	19901202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000880161
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06434
		FILM NUMBER:		081049650

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUS
		CENTRAL INDEX KEY:			0000876982
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06346
		FILM NUMBER:		081049645

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INVESTMENT TRUS
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885125
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06591
		FILM NUMBER:		081049646

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INVESTMENT TRUST II
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCO
		CENTRAL INDEX KEY:			0000894146
		IRS NUMBER:				133701273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07344
		FILM NUMBER:		081049647

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER CALIFORNIA INSURED MUNICIPAL INCO
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL CALIFORNIA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y64980def14a.htm
<DESCRIPTION>DEFINITIVE NOTICE OF ANNUAL MEETING
<TEXT>
<HTML>
<HEAD>
<TITLE>DEF 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNITED STATES<BR>
    SECURITIES AND EXCHANGE COMMISSION<BR>
    Washington,&#160;D.C. 20549</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SCHEDULE&#160;14A</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">(Rule&#160;14a-101)</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>INFORMATION REQUIRED IN PROXY STATEMENT</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SCHEDULE&#160;14A INFORMATION</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Proxy Statement Pursuant to Section&#160;14(a) of the
    Securities</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Exchange Act of 1934 (Amendment No.&#160;&#160; )</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Filed by the
    Registrant&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#120;
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Filed by a Party other than the
    Registrant&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Check the appropriate box:
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Preliminary
    Proxy Statement
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Confidential,
    For Use of the Commission Only (as permitted by
    <FONT style="white-space: nowrap">Rule&#160;14a-6(e)(2))</FONT>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>&#160;&#160;Definitive
    Proxy Statement
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Definitive
    Additional Materials
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Soliciting
    Material Pursuant to
    <FONT style="white-space: nowrap">Section&#160;240.14a-11(c)</FONT>
    or
    <FONT style="white-space: nowrap">Section&#160;240.14a-2.</FONT>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MORGAN STANLEY INSURED MUNICIPAL TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL BOND TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Names of Registrants as Specified in Its Charters)
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Name of Person(s) Filing Proxy Statement, if Other Than
    Registrant)
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment of Filing Fee (Check the appropriate box):
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>&#160;&#160;No
    fee required.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Fee
    computed on table below per Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;14a-6(i)(4)</FONT>
    and 0-12.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Title of each class of securities to which transaction
    applies:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Aggregate number of securities to which transaction
    applies:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    Per unit price or other underlying value of transaction computed
    pursuant to Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;0-11</FONT>
    (set forth the amount on which the filing fee is calculated and
    state how it was determined):
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 6pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=480 length=0 -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Proposed maximum aggregate value of
    transaction:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;Total fee
    paid:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Fee
    paid previously with preliminary materials.
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    Check box if any part of the fee is offset as provided by
    Exchange Act Rule 0-11(a)(2) and identify the filing for which
    the offsetting fee was paid previously. Identify the previous
    filing by the registration statement number, or the Form or
    Schedule and the date of its filing.
</TD>
</TR>

</TABLE>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Amount Previously
    Paid:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Form, Schedule or Registration Statement
    No.:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Filing
    Party:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Date
    Filed:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=480 length=0 -->
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">MORGAN STANLEY INSURED
    MUNICIPAL TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL BOND TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">NOTICE OF ANNUAL MEETINGS OF
    SHAREHOLDERS<BR>
    TO BE HELD OCTOBER 1, 2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Annual Meetings of Shareholders (&#147;Meeting(s)&#148;) of
    <FONT style="font-variant: SMALL-CAPS">Morgan Stanley Insured
    Municipal Trust, Morgan Stanley Insured Municipal Bond Trust,
    Morgan Stanley Insured Municipal Income Trust, Morgan Stanley
    California Insured Municipal Income Trust, Morgan Stanley
    Quality Municipal Income Trust </FONT>and
    <FONT style="font-variant: SMALL-CAPS">Morgan Stanley Quality
    Municipal Investment Trust </FONT>(individually, a
    &#147;Trust&#148; and, collectively, the &#147;Trusts&#148;),
    unincorporated business trusts organized under the laws of the
    Commonwealth of Massachusetts, will be held jointly in
    Conference Room&#160;3C, 522&#160;Fifth Avenue, New York, New
    York 10036, on October&#160;1, 2008 at 9:00&#160;a.m., New York
    City time, for the following purposes:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Matters
    to be Voted on By All Shareholders:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;&#160;To elect three Trustees to serve until the year
    2011 Annual Meeting of each Trust or, in each case, until their
    successors shall have been elected and qualified;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;&#160;To transact such other business as may properly
    come before the Meetings or any adjournments thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Matters
    to be Voted on only by Preferred Shareholders:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For <FONT style="font-variant: SMALL-CAPS">Morgan Stanley
    Insured Municipal Bond Trust, Morgan Stanley Insured Municipal
    Income Trust</FONT> and
    <FONT style="font-variant: SMALL-CAPS">Morgan Stanley California
    Insured Municipal Income Trust,</FONT> to elect one Trustee to
    serve until the year 2011 Annual Meeting, or in each case until
    his successor shall have been elected and qualified.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of record of each Trust as of the close of business
    on August&#160;25, 2008 are entitled to notice of and to vote at
    the Meeting. If you cannot be present in person, your management
    would greatly appreciate your filling in, signing and returning
    the enclosed proxy promptly in the envelope provided for that
    purpose. Alternatively, if you are eligible to vote
    telephonically by touchtone telephone or electronically on the
    Internet (as discussed in the enclosed Joint Proxy Statement)
    you may do so in lieu of attending the Meetings in person.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that holders of a majority of each Trust&#146;s
    shares issued and outstanding and entitled to vote (a
    &#147;Quorum&#148;) are not present at the Meeting of any Trust
    in person or by proxy, or the vote required to approve or reject
    any proposal is not obtained at the Meeting of any Trust, the
    persons named as proxies may propose one or more adjournments of
    the Meeting to permit further solicitation of proxies. Any such
    adjournment will require the affirmative vote of the holders of
    a majority of the applicable Trust&#146;s shares present in
    person or by proxy at the Meeting. The persons named as proxies
    will vote in favor of such adjournment those proxies which have
    been received by the date of the Meetings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Mary E.
    Mullin</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Secretary&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    August&#160;29, 2008
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, New York
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 5pt; border-right: 1px solid #000000; padding-right: 5pt; border-bottom: 1px solid #000000; padding-bottom: 5pt; border-left: 1px solid #000000; padding-left: 5pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IMPORTANT</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#160;&#160;&#160;&#160;&#160;You can help avoid the
    necessity and expense of sending
    <FONT style="white-space: nowrap">follow-up</FONT>
    letters to ensure a Quorum by promptly returning the enclosed
    Proxy. If you are unable to be present in person, please fill
    in, sign and return the enclosed Proxy in order that the
    necessary Quorum may be represented at the Meetings. The
    enclosed envelope requires no postage if mailed in the United
    States. Certain shareholders will be able to vote telephonically
    by touchtone telephone or electronically on the Internet by
    following instructions contained on their proxy cards or on the
    enclosed Voting Information Card.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">MORGAN STANLEY INSURED
    MUNICIPAL TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL BOND TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">522&#160;Fifth
    Avenue, New York, New York 10036</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=437 length=114 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">JOINT
    PROXY STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=437 length=114 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Annual
    Meetings of Shareholders<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-size: 10pt; font-family: 'Times New Roman', Times">October&#160;1,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Joint Proxy Statement is furnished in connection with the
    solicitation of proxies by the Boards of Trustees (the
    &#147;Board(s)&#148;) of
    <FONT style="font-variant: SMALL-CAPS">Morgan Stanley Insured
    Municipal Trust (&#147;IMT&#148;), Morgan Stanley Insured
    Municipal Bond Trust (&#147;IMC&#148;), Morgan Stanley Insured
    Municipal Income Trust (&#147;IIM&#148;), Morgan Stanley
    California Insured Municipal Income Trust (&#147;IIC&#148;),
    Morgan Stanley Quality Municipal Income Trust</FONT>
    (&#147;IQI&#148;) and
    <FONT style="font-variant: SMALL-CAPS">Morgan Stanley Quality
    Municipal Investment Trust (&#147;IQT&#148;)
    </FONT>(individually, a &#147;Trust&#148; and, collectively, the
    &#147;Trusts&#148;), for use at the Annual Meetings of
    Shareholders of the Trusts to be held jointly on October&#160;1,
    2008 (the &#147;Meeting(s)&#148;), and at any adjournments
    thereof. The first mailing of this Joint Proxy Statement is
    expected to be made on or about August&#160;29, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the enclosed form of proxy is properly executed and returned
    in time to be voted at the Meetings, the proxies named therein
    will vote the shares (&#147;Shares&#148;) represented by the
    proxy in accordance with the instructions marked thereon.
    Unmarked proxies submitted by shareholders of a Trust
    (&#147;Shareholders&#148;) will be voted for each of the
    nominees for election as Trustee to be elected by all
    Shareholders of that Trust, and, if the Shareholder holds
    preferred shares of the Trust, for the nominee for election as
    Trustee to be elected by only the preferred shareholders
    (&#147;Preferred Shareholders&#148;), with respect to that Trust
    set forth in the attached Notice of Annual Meetings of
    Shareholders. A proxy may be revoked at any time prior to its
    exercise by any of the following: written notice of revocation
    to the Secretary of the Trusts, execution and delivery of a
    later dated proxy to the Secretary of the Trusts (whether by
    mail or, as discussed below, by touchtone telephone or the
    Internet) (if returned and received in time to be voted), or
    attendance and voting at the Meetings. Attendance at the
    Meetings will not in and of itself revoke a proxy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of record of each Trust as of the close of business
    on August&#160;25, 2008, the record date for the determination
    of Shareholders entitled to notice of and to vote at the
    Meetings (the &#147;Record Date&#148;), are entitled to one vote
    for each Share held and a fractional vote for a fractional
    Share. No person was known to beneficially own more than 5% of
    the outstanding Shares of any of the Trusts on that date. The
    percentage ownership of Shares of each Trust changes from time
    to time depending on purchases and sales by Shareholders and the
    total number of Shares outstanding.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below sets forth the total number of Common Shares and
    Preferred Shares outstanding for each Trust as of the Record
    Date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of Preferred<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>as of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>as of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>August&#160;25, 2008<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>August&#160;25, 2008<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trust</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Record Date)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Record Date)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,484,370
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,942,543
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    510
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,694,674
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,660,578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,248
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,505,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,865,371
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of soliciting proxies for the Meeting of each Trust,
    consisting principally of printing and mailing expenses, will be
    borne by each respective Trust. The solicitation of proxies will
    be by mail, telephone or otherwise through Trustees, officers of
    the Trusts or officers and employees of Morgan Stanley
    Investment Advisors Inc. (&#147;Morgan Stanley Investment
    Advisors&#148; or the &#147;Investment Adviser&#148;), Morgan
    Stanley Trust, Morgan Stanley Services Company Inc.
    (&#147;Morgan Stanley Services&#148; or the
    &#147;Administrator&#148;)
    <FONT style="white-space: nowrap">and/or</FONT>
    Morgan Stanley&#160;&#038; Co. Incorporated (&#147;Morgan
    Stanley&#160;&#038; Co.&#148;), without special compensation
    therefor. In addition, each Trust may employ Computershare
    Fund&#160;Services, Inc. (&#147;Computershare&#148;) to make
    telephone calls to Shareholders to remind them to vote. Each
    Trust may also employ Computershare as proxy solicitor if it
    appears that the required number of votes to achieve a Quorum
    will not be received. The transfer agent services for each Trust
    are currently provided by Computershare Trust&#160;Company, N.A.
    (the &#147;Transfer Agent&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders will be able to vote their shares by touchtone
    telephone or by Internet by following the instructions on the
    proxy card or on the Voting Information Card accompanying this
    Joint Proxy Statement. To vote by touch tone telephone or by
    Internet, Shareholders can access the website or call the
    toll-free number listed on the proxy card or noted in the
    enclosed voting instructions. To vote by touch tone telephone or
    by Internet, Shareholders will need the number that appears on
    the proxy card in the shaded box.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain instances, Computershare may call Shareholders to ask
    if they would be willing to have their votes recorded by
    telephone. The telephone voting procedure is designed to
    authenticate Shareholders&#146; identities, to allow
    Shareholders to authorize the voting of their shares in
    accordance with their instructions and to confirm that their
    instructions have been recorded properly. No recommendation will
    be made as to how a Shareholder should vote on any proposal
    other than to refer to the recommendations of the Board. The
    Trusts have been advised by counsel that these procedures are
    consistent with the requirements of applicable law. Shareholders
    voting by telephone in this manner will be asked for identifying
    information and will be given an opportunity to authorize
    proxies to vote their shares in accordance with their
    instructions. To ensure that the Shareholders&#146; instructions
    have been recorded correctly, they will receive a confirmation
    of their instructions in the mail. A special toll-free number
    set forth in the confirmation will be available in case the
    information contained in the confirmation is incorrect. Although
    a Shareholder&#146;s vote may be taken by telephone, each
    Shareholder will receive a copy of this Joint Proxy Statement
    and may vote by mail using the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    enclosed proxy card or by touchtone telephone or the Internet as
    set forth above. The last proxy vote received in time to be
    voted, whether by proxy card, touchtone telephone or Internet,
    will be the vote that is counted and will revoke all previous
    votes by the Shareholder. In the event that Computershare is
    retained as proxy solicitor, Computershare will be paid a
    project management fee as well as telephone solicitation
    expenses incurred for reminder calls, outbound telephone voting,
    confirmation of telephone votes, inbound telephone contacts,
    obtaining Shareholders&#146; telephone numbers, and providing
    additional materials upon Shareholder request, at an estimated
    cost of $2,000, which will be borne by each respective Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Joint Proxy Statement is being used in order to reduce the
    preparation, printing, handling and postage expenses that would
    result from the use of a separate proxy statement for each Trust
    and, because Shareholders may own Shares of more than one Trust,
    to potentially avoid burdening Shareholders with more than one
    proxy statement. Shares of a Trust are entitled to one vote each
    at the respective Trust&#146;s Meeting. To the extent
    information relating to common ownership is available to the
    Trusts, a Shareholder that owns record shares in two or more of
    the Trusts will receive a package containing a Joint Proxy
    Statement and proxy cards for the Trusts in which such
    Shareholder is a record owner. If the information relating to
    common ownership is not available to the Trusts, a Shareholder
    that beneficially owns shares in two or more Trusts may receive
    two or more packages each containing a Joint Proxy Statement and
    a proxy card for each Trust in which such Shareholder is a
    beneficial owner. If the proposed election of Trustees are
    approved by Shareholders of one Trust and disapproved by
    Shareholders of other Trusts, the proposals will be implemented
    for the Trust that approved the proposals and will not be
    implemented for any Trust that did not approve the proposals.
    Thus, it is essential that Shareholders complete, date, sign and
    return <I>each </I>enclosed proxy card or vote by telephone or
    Internet as indicated in each Trust&#146;s proxy card.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only one copy of this Joint Proxy Statement will be delivered to
    multiple Shareholders sharing an address unless we have received
    contrary instructions from one or more of the Shareholders. Upon
    written or oral request, we will deliver a separate copy of this
    Joint Proxy Statement to a Shareholder at a shared address to
    which a single copy of this Joint Proxy Statement was delivered.
    Should any Shareholder wish to receive a separate proxy
    statement or should Shareholders sharing an address wish to
    receive a single proxy statement in the future, please contact
    <FONT style="white-space: nowrap">(888)&#160;421-4015</FONT>
    (toll-free).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ELECTION
    OF TRUSTEES FOR EACH TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of Trustees of each Trust has been fixed by the
    Trustees, pursuant to each Trust&#146;s Declaration of Trust, at
    ten. There are presently ten Trustees for each Trust. At the
    Meetings, pursuant to each Trust&#146;s Declaration of Trust,
    three nominees are standing for election to each Trust&#146;s
    Board of Trustees to serve until the year 2011 Annual Meetings
    by the holders of the Common Shares and the Preferred Shares of
    each respective Trust voting together as a single class.
    Additionally, pursuant to each Trust&#146;s Declaration of Trust
    and the Investment Company Act of 1940, as amended (the
    &#147;1940 Act&#148;), one Trustee is to be elected to the Board
    of Trustees of IMC,&#160;IIM and IIC by the holders of the
    Preferred Shares of each respective Trust voting separately as a
    single class, all as set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 12pt">IMT, IQI and IQT&#160;&#151;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 12pt">IMC,&#160;IIM and IIC&#160;&#151;
    </FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">Until the year 2011 Annual Meeting
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">Until the year 2011 Annual Meeting
    </FONT>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    By all Shareholders:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    By all Shareholders:
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Frank L. Bowman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    &#160;&#160;Kathleen A. Dennis
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    &#160;&#160;Joseph J. Kearns
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    James F. Higgins
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;&#160;Fergus Reid
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    By Preferred Shareholders only:
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    &#160;&#160;Manuel H. Johnson
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nine of the current ten Trustees (Frank L. Bowman, Michael
    Bozic, Kathleen A. Dennis, Manuel H. Johnson, Joseph J. Kearns,
    Michael F. Klein, Michael E. Nugent, W. Allen Reed and Fergus
    Reid) are &#147;Independent Trustees,&#148; that is, Trustees
    who are not &#147;interested persons&#148; of the Trusts, as
    that term is defined in the 1940 Act. The other current Trustee,
    James F. Higgins, is an &#147;interested trustee,&#148; that is,
    a Trustee who is an &#147;interested person&#148; (as that term
    is defined in the 1940 Act) of the Trusts and Morgan Stanley
    Investment Advisors and thus, is <I>not </I>an Independent
    Trustee. The nominees for election as Trustee have been proposed
    by the Trustees now serving, or, in the case of the nominees for
    positions as Independent Trustees, by the Independent Trustees
    now serving. All of the members of the Boards have previously
    been elected by the shareholders of the Trusts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The nominees of the Boards of Trustees for election as Trustee
    of each Trust are listed below. It is the intention of the
    persons named in the enclosed form of proxy, unless instructed
    by proxy to withhold authority to vote for the nominees, to vote
    all validly executed proxies for the election of the following
    nominees: for IMT, IQI and IQT&#151;Frank L. Bowman, Michael
    Bozic and James F. Higgins and for IMC,&#160;IIM and
    IIC&#151;Kathleen A. Dennis, Manuel H. Johnson, Joseph J. Kearns
    and Fergus Reid. Should any of the nominees become unable or
    unwilling to accept nomination or election, the persons named in
    the proxy will exercise their voting power in favor of such
    person or persons as the Boards may recommend or, in the case of
    an Independent Trustee nominee, as the Independent Trustees of
    each Trust may recommend. All of the nominees have consented to
    being named in this Joint Proxy Statement and to serve if
    elected. The Trusts know of no reason why any of the said
    nominees would be unable or unwilling to accept nomination or
    election. With respect to each Trust, the election of the
    nominees listed above to be elected by all Shareholders requires
    the approval of a majority of the shares of the Trust
    represented and entitled to vote at the Meeting (Common Shares
    and Preferred Shares voting together as a single class). The
    election of the nominee listed above to be elected by only the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Preferred Shareholders of each Trust requires the approval of a
    majority of the Preferred Shares of the Trust represented and
    entitled to vote at the Meetings (voting separately as a single
    class).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the provisions of the Declaration of Trust of each
    Trust, in certain cases as amended, the Trustees are divided
    into three separate classes, each class having a term of three
    years. The term of office of one of each of the three classes
    will expire each year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of each Trust has previously determined that any
    nominee for election as Trustee for each Trust will stand for
    election as Trustee and serve as Trustee in one of the three
    classes of Trustees as follows:
    Class&#160;I&#151;Messrs.&#160;Bowman, Bozic and Higgins;
    Class&#160;II&#151;Ms.&#160;Dennis and Messrs.&#160;Johnson,
    Kearns and Reid; and Class&#160;III&#151;Messrs.&#160;Klein,
    Nugent and Reed. Each nominee will, if elected, serve a term of
    up to approximately three years running for the period assigned
    to that class and terminating at the date of the Annual Meeting
    of Shareholders so designated by the Boards, or any adjournments
    thereof. In addition, pursuant to each Trust&#146;s Declaration
    of Trust and the 1940 Act, the Board of each Trust previously
    determined that one of each of the Class&#160;II Trustees and
    Class&#160;III Trustees will be designated to be elected by the
    Preferred Shareholders voting separately. In this regard, Manuel
    H. Johnson and Michael E. Nugent serve as Trustees of each
    Trust&#146;s Board of Trustees on behalf of the Preferred
    Shareholders, the terms of each to expire with his designated
    Class. As a consequence of this method of election, the
    replacement of a majority of each of the Boards could be delayed
    for up to two years. In accordance with the above, three
    Trustees in Class&#160;I for IMT, IQI and IQT and four Trustees
    in Class&#160;II for IMC,&#160;IIM and IIC are standing for
    election at the Meetings and will, if elected, serve until the
    2011 Annual Meetings for each Trust as set forth above or, in
    each case, until their successors shall have been elected and
    qualified.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The current Trustees of the Trust also serve as trustees for
    certain of the funds advised by the Investment Adviser (the
    &#147;Retail Funds&#148;) and certain of the funds advised by
    Morgan Stanley Investment Management Inc. and Morgan Stanley AIP
    GP LP (the &#147;Institutional Funds&#148;). The table below
    sets forth the following information regarding the nominees for
    election as Trustee, and each of the other Trustees (both the
    Independent Trustees and the Interested Trustee), as well as the
    executive officers of the Trusts: their age, address, term of
    office and length of time served, their principal business
    occupations during the past five years, the number of portfolios
    in the Fund&#160;Complex (defined below) overseen by each
    Trustee or nominee Trustee (as of December&#160;31,
    2007)&#160;and other directorships, if any, held by the
    Trustees. The Fund&#160;Complex includes all open-end and
    closed-end funds (including all of their portfolios) advised by
    the Investment Adviser and any funds that have an investment
    adviser that is an affiliated person of the Investment Adviser
    (including, but not limited to, Morgan Stanley Investment
    Management Inc.).
</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Independent
    Trustees:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Age and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Independent Trustee&#160;&#160;&#160;&#160;&#160;</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>by Independent Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Frank L. Bowman (63)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038;<BR>
    Frankel LLP <BR>
    Counsel to the Independent<BR>
    Trustees <BR>
    1177 Avenue of the Americas<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since August 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer, Nuclear Energy Institute
    (policy organization) (since February 2005); Director or Trustee
    of various Retail Funds and Institutional Funds (since August
    2006); Chairperson of the Insurance Sub-Committee of the
    Insurance, Valuation and Compliance Committee (since February
    2007); formerly, variously, Admiral in the U.S. Navy; Director
    of Naval Nuclear Propulsion Program and Deputy
    Administrator&#160;&#150;&#160;Naval Reactors in the National
    Nuclear Security Administration at the U.S. Department of Energy
    (1996-2004). Honorary Knight Commander of the Most Excellent
    Order of the British Empire.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    180
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of the National Energy Foundation, the U.S. Energy
    Association, the American Council for Capital Formation and the
    Armed Services YMCA of the USA.
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael Bozic (67)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038; <BR>
    Frankel LLP <BR>
    Counsel to the Independent<BR>
    Trustees <BR>
    1177 Avenue of the Americas<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since <BR>
    April 1994
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Private investor; Chairperson of the Insurance, Valuation and
    Compliance Committee (since October 2006); Director or Trustee
    of the Retail Funds (since April 1994) and Institutional Funds
    (since July 2003); formerly, Chairperson of the Insurance
    Committee (July 2006-September 2006); Vice Chairman of Kmart
    Corporation (December 1998-October 2000), Chairman and Chief
    Executive Officer of Levitz Furniture Corporation (November
    1995-November 1998) and President and Chief Executive Officer of
    Hills Department Stores (May 1991-July 1995); variously
    Chairman, Chief Executive Officer, President and Chief Operating
    Officer (1987-1991) of the Sears Merchandise Group of Sears,
    Roebuck &#038; Co.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    182
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of various business organizations.
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Kathleen A. Dennis (55)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038;<BR>
    Frankel LLP <BR>
    Counsel to the Independent<BR>
    Trustees <BR>
    1177 Avenue of the Americas<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/<BR>
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since August 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Cedarwood Associates (mutual fund and investment
    management) (since July 2006); Chairperson of the Money Market
    and Alternatives Sub-Committee of the Investment Committee
    (since October 2006) and Director or Trustee of various Retail
    Funds and Institutional Funds (since August 2006); formerly,
    Senior Managing Director of Victory Capital Management
    (1993-2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    180
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of various
    <FONT style="white-space: nowrap">non-profit</FONT>
    organizations.
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Trustee began serving the Retail Funds or Institutional Funds.
    Trustees are elected every three years or until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Age and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Independent Trustee&#160;&#160;&#160;&#160;&#160;</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>by Independent Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Dr.&#160;Manuel H. Johnson (59)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Johnson</FONT>
    Smick Group, Inc.<BR>
    888 16th&#160;Street, N.W.<BR>
    Suite&#160;740<BR>
    Washington,&#160;D.C. 20006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/<BR>
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since <BR>
    July 1991
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Partner, Johnson Smick International, Inc. (consulting
    firm); Chairperson of the Investment Committee (since October
    2006) and Director or Trustee of the Retail Funds (since July
    1991) and Institutional Funds (since July 2003); Co-Chairman and
    a founder of the Group of Seven Council (G7C) (international
    economic commission); formerly, Chairperson of the Audit
    Committee (July 1991-September 2006); Vice Chairman of the Board
    of Governors of the Federal Reserve System and Assistant
    Secretary of the U.S. Treasury.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    182
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of NVR, Inc. (home construction); Director of Evergreen
    Energy.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Joseph J. Kearns (66)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kearns&#160;&#038;</FONT>
    Associates LLC<BR>
    PMB754 <BR>
    23852 Pacific Coast Highway<BR>
    Malibu, CA 90265
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/<BR>
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since August 1994
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Kearns &#038; Associates LLC (investment consulting);
    Chairperson of the Audit Committee (since October 2006) and
    Director or Trustee of the Retail Funds (since July 2003) and
    Institutional Funds (since August 1994); formerly, Deputy
    Chairperson of the Audit Committee (July 2003-September 2006)
    and Chairperson of the Audit Committee of the Institutional
    Funds (October 2001-July 2003); CFO of the J. Paul Getty Trust.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    183
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Electro Rent Corporation (equipment<BR>
    leasing) and The Ford Family Foundation.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael F. Klein (49)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038;<BR>
    Frankel LLP <BR>
    Counsel to the Independent<BR>
    Trustees <BR>
    1177 Avenue of the Americas<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since August 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Aetos Capital, LLC (since March 2000) and
    Co-President, Aetos Alternative Management, LLC (since January
    2004); Chairperson of the Fixed- Income Sub-Committee of the
    Investment Committee (since October 2006) and Director or
    Trustee of various Retail Funds and Institutional Funds (since
    August 2006); formerly, Managing Director, Morgan Stanley &#038;
    Co. Inc. and Morgan Stanley Dean Witter Investment Management,
    President, Morgan Stanley Institutional Funds (June 1998-March
    2000) and Principal, Morgan Stanley &#038; Co. Inc. and Morgan
    Stanley Dean Witter Investment Management, (August 1997 to
    December 1999).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    180
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of certain<BR>
    investment funds managed or<BR>
    sponsored by Aetos Capital,<BR>
    LLC. Director of Sanitized<BR>
    AG and Sanitized Marketing<BR>
    AG (specialty chemicals).
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Trustee began serving the Retail Funds or Institutional Funds.
    Trustees are elected every three years or until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Age and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Independent Trustee&#160;&#160;&#160;&#160;&#160;</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>by Independent Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael E. Nugent (72)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Triumph</FONT>
    Capital, L.P. <BR>
    445 Park Avenue <BR>
    New York, NY 10022
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairperson of the Board and Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairperson of the Boards since July 2006 and Trustee since July
    1991
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    General Partner, Triumph Capital, L.P. (private investment
    partnership); Chairperson of the Boards of the Retail Funds and
    Institutional Funds (since July 2006); Director or Trustee of
    the Retail Funds (since July 1991) and Institutional Funds
    (since July 2001); formerly, Chairperson of the Insurance
    Committee (until July 2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    182
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    W. Allen Reed (61)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038;<BR>
    Frankel LLP <BR>
    Counsel to the Independent<BR>
    Trustees <BR>
    1177 Avenue of the Americas<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    August<BR>
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairperson of the Equity Sub-Committee of the Investment
    Committee (since October 2006) and Director or Trustee of
    various Retail Funds and Institutional Funds (since August
    2006); formerly, President and CEO of General Motors Asset
    Management; Chairman and Chief Executive Officer of the GM Trust
    Bank and Corporate Vice President of General Motors Corporation
    (August 1994 to December 2005).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    180
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Temple-Inland Industries (packaging and forest
    products); Director of Legg Mason, Inc. and Director of the
    Auburn University Foundation.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Fergus Reid (76)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Lumelite</FONT>
    Plastics Corporation <BR>
    85 Charles Colman Blvd. Pawling, NY 12564
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/<BR>
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    June<BR>
    1992
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Lumelite Plastics Corporation; Chairperson of the
    Governance Committee and Director or Trustee of the Retail Funds
    (since July 2003) and Institutional Funds (since June 1992).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    183
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Director of certain investment companies in the
    JPMorgan Funds complex managed by J.P.&#160;Morgan Investment
    Management Inc.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Trustee began serving the Retail Funds or Institutional Funds.
    Trustees are elected every three years or until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee who is affiliated with the Investment Adviser or
    affiliates of the Investment Adviser (as set forth below) and
    executive officers of the Trusts, their age, address, term of
    office and length of time served, their principal business
    occupations during the past five years, the number of portfolios
    in the Fund&#160;Complex overseen by the Interested Trustee (as
    of December&#160;31, 2007)&#160;and the other directorships, if
    any, held by the Interested Trustee, are shown below.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Interested
    Trustee:</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>In Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Age and Address of&#160;&#160;&#160;&#160;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Interested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Interested
    Trustee&#160;&#160;&#160;&#160;&#160;&#160;&#160;</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>by Interested Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    James F. Higgins (60)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Trust<BR>
    Harborside Financial Center<BR>
    Plaza Two <BR>
    Jersey City, NJ 07311
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    June<BR>
    2000
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director or Trustee of the Retail Funds (since June 2000) and
    Institutional Funds (since July 2003); Senior Advisor of Morgan
    Stanley (since August 2000).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    181
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of AXA Financial, Inc. and The Equitable Life Assurance
    Society of the United States (financial services).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Trustee began serving the Retail Funds or Institutional Funds.
    Trustees are elected every three years or until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Officers
    of the Trusts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Age and Address of&#160;&#160;&#160;&#160;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Ronald E. Robison (69) <BR>
    522&#160;Fifth Avenue <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Principal Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President since September 2005 and Principal Executive Officer
    since May 2003
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President (since September 2005) and Principal Executive Officer
    (since May 2003) of funds in the Fund Complex; Managing
    Director, Director and/or Officer of the Investment Adviser and
    various entities affiliated with the Investment Adviser;
    Director of Morgan Stanley SICAV (since May 2004). Formerly,
    President (September 2005 to June 2008) and Principal Executive
    Officer (May 2003 to June 2008) of the Van Kampen Funds;
    Executive Vice President (July 2003 to September 2005) of funds
    in the Fund Complex and the Van Kampen Funds; President and
    Director of the Institutional Funds (March 2001 to July 2003);
    Chief Administrative Officer of the Investment Adviser; Chief
    Administrative Officer of Morgan Stanley Services Company Inc.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Kevin Klingert (46)<BR>
    522 Fifth Avenue<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since June 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Operating Officer of the Global Fixed Income Group of
    Morgan Stanley Investment Management Inc. and the Investment
    Adviser (since March 2008); Head of Global Liquidity Portfolio
    Management and co-Head of Liquidity Credit Research of Morgan
    Stanley Investment Management (since December 2007); Managing
    Director of Morgan Stanley Investment Management Inc. and the
    Investment Adviser (since December 2007). Previously, Managing
    Director on the Management Committee and head of Municipal
    Portfolio Management and Liquidity at BlackRock (October 1991 to
    January 2007).
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Officer began serving the Retail Funds or Institutional Funds.
    Each Officer serves an indefinite term, until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Age and Address of&#160;&#160;&#160;&#160;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Dennis F. Shea (55)&#160;<BR>
    522&#160;Fifth Avenue <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    February 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and (since February 2006) Chief Investment
    Officer&#160;&#150;&#160;Global Equity of Morgan Stanley
    Investment Management; Vice President of the Retail Funds and
    Institutional Funds (since February 2006). Formerly, Managing
    Director and Director of Global Equity Research at Morgan
    Stanley.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Amy R. Doberman (46) <BR>
    522&#160;Fifth Avenue <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since July 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and General Counsel, U.S. Investment
    Management of Morgan Stanley Investment Management (since July
    2004); Vice President of the Retail Funds and Institutional
    Funds (since July 2004); Vice President of the Van Kampen Funds
    (since August 2004); Secretary (since February 2006) and
    Managing Director (since July 2004) of the Investment Adviser
    and various entities affiliated with the Investment Adviser.
    Formerly, Managing Director and General
    Counsel&#160;&#150;&#160;Americas, UBS Global Asset Management
    (July 2000 to July 2004).
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Carsten Otto (44)<BR>
    522&#160;Fifth Avenue <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since October 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and Global Head of Compliance for Morgan
    Stanley Investment Management (since April 2007) and Chief
    Compliance Officer of the Retail Funds and Institutional Funds
    (since October 2004). Formerly, U.S. Director of Compliance
    (October 2004&#160;&#150;&#160;April 2007) and Assistant
    Secretary and Assistant General Counsel of the Retail Funds.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Stefanie V. Chang Yu (41)<BR>
    522&#160;Fifth Avenue<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since December 1997
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of the Investment Adviser and various entities
    affiliated with the Investment Adviser; Vice President of the
    Retail Funds (since July 2002) and Institutional Funds (since
    December 1997). Formerly, Secretary of various entities
    affiliated with the Investment Adviser.
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Francis J. Smith (43)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Trust<BR>
    Harborside Financial Center<BR>
    Plaza Two <BR>
    Jersey City, NJ 07311
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer and Chief Financial Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer since July 2003 and Chief Financial Officer since
    September 2002
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Director of the Investment Adviser and various
    entities affiliated with the Investment Adviser; Treasurer and
    Chief Financial Officer of the Retail Funds (since July 2003).
</TD>
</TR>
<TR valign="bottom" style="line-height: 4pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Mary E. Mullin (41)<BR>
    522&#160;Fifth Avenue <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since June 1999
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Director of the Investment Adviser and various
    entities affiliated with the Investment Adviser; Secretary of
    the Retail Funds (since July 2003) and Institutional Funds
    (since June 1999).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Officer began serving the Retail Funds or Institutional Funds.
    Each Officer serves an indefinite term, until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each Trustee, the dollar range of equity securities
    beneficially owned by the Trustees in the Trusts and in the
    Family of Investment Companies (Family of Investment Companies
    includes all of the registered investment companies advised by
    the Investment Adviser, Morgan Stanley Investment Management
    Inc. and Morgan Stanley AIP GP LP) as of December&#160;31, 2007
    is shown below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="19%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of Equity Securities in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>All Registered Investment Companies Overseen<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities in the Trusts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>by Trustee in Family of Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(As of December&#160;31, 2007)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies (As of December&#160;31, 2007)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Independent:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Frank L.
    Bowman<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Kathleen A. Dennis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Joseph J.
    Kearns<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Michael F. Klein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    W. Allen Reed
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Fergus
    Reid<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Interested:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    James F. Higgins
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    over $100,000
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes the total amount of
    compensation deferred by the Trustee at his election pursuant to
    a deferred compensation plan. Such deferred compensation is
    placed in a deferral account and deemed to be invested in one or
    more of the Retail Funds or Institutional Funds (or portfolio
    thereof) that are offered as investment options under the plan.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As to each Independent Trustee and his or her immediate family
    members, no person owned beneficially or of record securities in
    an investment adviser or principal underwriter of the Trusts, or
    a person (other than a registered investment company) directly
    or indirectly controlling, controlled by or under common control
    with an investment adviser or principal underwriter of the
    Trusts as of the record date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Independent Trustees and the Committees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Law and regulation establish both general guidelines and
    specific duties for the Independent Trustees. The Retail Funds
    seek as Independent Trustees individuals of distinction and
    experience in business and finance, government service or
    academia; these are people whose advice and counsel are in
    demand by others and for whom there is often competition. To
    accept a position on the Retail Funds&#146; Boards, such
    individuals may reject other attractive assignments because the
    Retail Funds make substantial demands on their time. The Board
    has four Committees: (1)&#160;Audit Committee,
    (2)&#160;Governance Committee, (3)&#160;Insurance, Valuation and
    Compliance Committee and (4)&#160;Investment Committee. Three of
    the Independent Trustees serve as members of the Audit
    Committee, three Independent Trustees serve as members of the
    Governance Committee, four Trustees, including three Independent
    Trustees, serve as members of the Insurance, Valuation and
    Compliance Committee and all of the Trustees serve as members of
    the Investment Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Independent Trustees are charged with recommending to the
    full Board approval of management, advisory and administration
    contracts, and distribution and underwriting agreements;
    continually reviewing fund performance; checking on the pricing
    of portfolio securities, brokerage commissions, transfer agent
    costs and performance and trading among funds in the same
    complex;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and approving fidelity bond and related insurance coverage and
    allocations, as well as other matters that arise from time to
    time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Trustees of each Trust has a separately-designated
    standing Audit Committee established in accordance with
    Section&#160;3(a)(58)(A) of the Securities Exchange Act of 1934,
    as amended. Each Audit Committee is charged with recommending to
    the full Board the engagement or discharge of the Trusts&#146;
    independent registered public accounting firm; directing
    investigations into matters within the scope of the independent
    registered public accounting firms&#146; duties, including the
    power to retain outside specialists; reviewing with the
    independent registered public accounting firm the audit plan and
    results of the auditing engagement; approving professional
    services provided by the independent registered public
    accounting firm and other accounting firms prior to the
    performance of such services; reviewing the independence of the
    independent registered public accounting firm; considering the
    range of audit and non-audit fees; reviewing the adequacy of
    each Trust&#146;s system of internal controls; and preparing and
    submitting committee meeting minutes to the full Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of the Audit Committee of each Trust are Joseph J.
    Kearns, Michael E. Nugent and W. Allen Reed. None of the members
    of the Trusts&#146; Audit Committees is an &#147;interested
    person,&#148; as defined under the 1940 Act, of any of the
    Trusts (with such disinterested Trustees being &#147;Independent
    Trustees&#148; or individually, &#147;Independent
    Trustee&#148;). Each Independent Trustee is also
    &#147;independent&#148; from each Trust under the listing
    standards of the New York Stock Exchange, Inc.
    (&#147;NYSE&#148;). The Chairperson of the Audit Committees of
    each of the Trusts is Joseph J. Kearns. The Board of Trustees
    for each Trust has adopted a formal written charter for the
    Audit Committee which sets forth the Audit Committee&#146;s
    responsibilities. A copy of the Audit Committee Charter is
    attached to the 2007 Joint Proxy Statement for the Trusts filed
    with the Securities and Exchange Commission (the
    &#147;SEC&#148;) on September&#160;11, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Trustees of each Trust also has a Governance
    Committee. The Governance Committee identifies individuals
    qualified to serve as Independent Trustees on each Trust&#146;s
    Board and on committees of such Board and recommends such
    qualified individuals for nomination by the Trusts&#146;
    Independent Trustees as candidates for election as Independent
    Trustees, advises each Trust&#146;s Board with respect to Board
    composition, procedures and committees, develops and recommends
    to each Trust&#146;s Board a set of corporate governance
    principles applicable to the Trusts, monitors and makes
    recommendations on corporate governance matters and policies and
    procedures of the Trusts&#146; Board of Trustees and any Board
    committees and oversees periodic evaluations of the Trusts&#146;
    Board and its committees. The members of the Governance
    Committee of each Trust are Kathleen A. Dennis, Michael F. Klein
    and Fergus Reid, each of whom is an Independent Trustee. The
    Chairperson of the Governance Committee is Fergus Reid. The
    Board of Trustees for each Trust has adopted a formal written
    charter for the Governance Committee which sets forth the
    Governance Committee&#146;s responsibilities. A copy of the
    Governance Committee Charter is attached to the 2007 Joint Proxy
    Statement filed for the Trusts with the SEC on
    September&#160;11, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trusts do not have a separate nominating committee. While
    each Trust&#146;s Governance Committee recommends qualified
    candidates for nominations as Independent Trustees, the Board of
    Trustees of each Trust believes that the task of nominating
    prospective Independent Trustees is important enough to require
    the participation of all current Independent Trustees, rather
    than a separate committee consisting of only certain Independent
    Trustees. Accordingly, each current Independent Trustee (Frank
    L. Bowman, Michael Bozic, Kathleen A. Dennis, Manuel H. Johnson,
    Joseph J.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Kearns, Michael F. Klein, Michael E. Nugent, W. Allen Reed and
    Fergus Reid) for all Trusts participates in the election and
    nomination of candidates for election as Independent Trustees
    for the respective Trusts for which the Independent Trustee
    serves. Persons recommended by each Trust&#146;s Governance
    Committee as candidates for nomination as Independent Trustees
    shall possess such knowledge, experience, skills, expertise and
    diversity so as to enhance the Board&#146;s ability to manage
    and direct the affairs and business of the Trusts, including,
    when applicable, to enhance the ability of committees of the
    Board to fulfill their duties
    <FONT style="white-space: nowrap">and/or</FONT> to
    satisfy any independence requirements imposed by law, regulation
    or any listing requirements of the NYSE. While the Independent
    Trustees of each of the Trusts expect to be able to continue to
    identify from their own resources an ample number of qualified
    candidates for each Trust&#146;s Board as they deem appropriate,
    they will consider nominations from Shareholders to the Board.
    Nominations from Shareholders should be in writing and sent to
    the Independent Trustees as described below under the caption
    &#147;Shareholder Communications.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board formed an Insurance, Valuation and Compliance
    Committee to review the valuation process, address insurance
    coverage and oversee the compliance function for each Trust and
    its Board. The Insurance, Valuation and Compliance Committee
    consists of Frank L. Bowman, Michael Bozic, James F. Higgins and
    Manuel H. Johnson. Frank L. Bowman, Michael Bozic and Manuel H.
    Johnson are all Independent Trustees. The Chairperson of the
    Insurance, Valuation and Compliance Committee is Michael Bozic.
    The Insurance, Valuation and Compliance Committee has an
    Insurance Sub-Committee to review and monitor the insurance
    coverage maintained by each Trust. The Chairperson of the
    Insurance Sub-Committee is Frank L. Bowman. The Insurance,
    Valuation and Compliance Committee and the Insurance
    Sub-Committee were formed in October 2006 and February 2007,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Committee oversees the portfolio investment
    process for and reviews the performance of each Trust. The
    Investment Committee also recommends to the Board to approve or
    renew each Trust&#146;s Investment Advisory and Administration
    Agreements. The members of the Investment Committee are Frank L.
    Bowman, Michael Bozic, Kathleen A. Dennis, James F. Higgins,
    Manuel H. Johnson, Joseph J. Kearns, Michael F. Klein, Michael
    E. Nugent, W. Allen Reed and Fergus Reid. The Chairperson of the
    Investment Committee is Manuel H. Johnson.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Committee has three Sub-Committees, each with its
    own Chairperson. Each Sub-Committee focuses on the Trusts&#146;
    primary areas of investment, namely equities, fixed income and
    alternatives. The Sub-Committees and their members are as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Equity&#160;&#150; W. Allen Reed (Chairperson), Frank
    L. Bowman and Michael E. Nugent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Fixed-Income&#160;&#150; Michael F. Klein
    (Chairperson), Michael Bozic and Fergus Reid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Money Market and Alternatives&#160;&#150; Kathleen A.
    Dennis (Chairperson), James F. Higgins and Joseph J. Kearns.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following chart sets forth the number of meetings of the
    Board, the Independent Trustees, the Audit Committee, the
    Insurance, Valuation and Compliance Committee, the Governance
    Committee and the Investment Committee of each Trust during its
    most recent fiscal year. For the 2007 fiscal year, each Trustee
    attended at least seventy-five percent of the aggregate number
    of meetings of the Board and any committee on which he or she
    served held during the time such Trustee was a member of the
    Board.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Number of
    Board and Committee Meetings Held During Last Fiscal
    Year</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Insurance,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Valuation and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Board of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Audit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Compliance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Governance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fiscal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustees<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Committee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Committee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Committee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Committee<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trust</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year-End</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Meetings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Meetings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Meetings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Meetings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Meetings</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10/31/07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10/31/07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10/31/07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10/31/07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10/31/07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10/31/07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For annual shareholder meetings, Trustees may but are not
    required to attend the meetings; and for each Trust&#146;s last
    annual shareholder meeting, no Trustees attended the meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Advantages of Having Same Individuals as Independent Trustees
    for the Retail Funds and Institutional&#160;Funds</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Independent Trustees and the Trusts&#146; management believe
    that having the same Independent Trustees for each of the Retail
    Funds and Institutional Funds avoids the duplication of effort
    that would arise from having different groups of individuals
    serving as Independent Trustees for each of the funds or even of
    sub-groups of funds. They believe that having the same
    individuals serve as Independent Trustees of all the Retail
    Funds and Institutional Funds tends to increase their knowledge
    and expertise regarding matters which affect the
    Fund&#160;Complex generally and enhances their ability to
    negotiate on behalf of each fund with the funds&#146; service
    providers. This arrangement also precludes the possibility of
    separate groups of Independent Trustees arriving at conflicting
    decisions regarding operations and management of the funds and
    avoids the cost and confusion that would likely ensue. Finally,
    having the same Independent Trustees serve on all fund boards
    enhances the ability of each fund to obtain, at modest cost to
    each separate fund, the services of Independent Trustees of the
    caliber, experience and business acumen of the individuals who
    serve as Independent Trustees of the Retail Funds and
    Institutional Funds.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Communications</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders may send communications to each Trust&#146;s Board
    of Trustees. Shareholders should send communications intended
    for each Trust&#146;s Board by addressing the communications
    directly to that Board (or individual Board members)
    <FONT style="white-space: nowrap">and/or</FONT>
    otherwise clearly indicating in the salutation that the
    communication is for the Board (or individual Board members) and
    by sending the communication to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    either the Trust&#146;s office or directly to such Board
    member(s) at the address specified for each Trustee previously
    noted. Other shareholder communications received by the Trust
    not directly addressed and sent to the Trust&#146;s Board will
    be reviewed and generally responded to by management, and will
    be forwarded to the Board only at management&#146;s discretion
    based on the matters contained therein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Share
    Ownership by Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustees have adopted a policy pursuant to which each
    Trustee
    <FONT style="white-space: nowrap">and/or</FONT> his
    or her spouse is required to invest at least $100,000 in any of
    the funds in the Morgan Stanley Retail and Institutional Funds
    on whose boards the Trustee serves. In addition, the policy
    contemplates that the Trustees will, over time, increase their
    aggregate investment in the funds above the $100,000 minimum
    requirement. The Trustees may allocate their investments among
    specific funds in any manner they determine is appropriate based
    on their individual investment objectives. Any future Trustee
    will be given a one year period following his or her election
    within which to comply with the foregoing. As of the date of
    this Joint Proxy Statement, each Trustee is in compliance with
    the policy. As of December&#160;31, 2007, the total value of the
    investments by the Trustees
    <FONT style="white-space: nowrap">and/or</FONT> their
    spouses in shares of the Morgan Stanley Retail Funds and
    Institutional Funds was approximately $7.1&#160;million. This
    amount includes compensation deferred by the Trustee at his or
    her election pursuant to a deferred compensation plan. Such
    deferred compensation is placed in a deferral account and deemed
    to be invested in one or more of the Retail Funds or
    Institutional Funds (or portfolio thereof) that are offered as
    investment options under the plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the Record Date for these Meetings, the aggregate number
    of shares of each Trust owned by the Trust&#146;s officers and
    Trustees as a group was less than one percent of each
    Trust&#146;s outstanding shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;16(a) of the Securities Exchange Act of 1934
    requires that each Trust&#146;s executive officers and Trustees,
    and beneficial owners of more than 10% of its shares, make
    certain filings on a timely basis under Section&#160;16(a) of
    the Exchange Act. Based solely on each Trust&#146;s review of
    copies of such reports of ownership furnished to the Trusts, the
    Trusts believe that during the past fiscal year all of its
    officers, Trustees and greater than 10% beneficial holders
    complied with all applicable filing requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    of Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective October&#160;1, 2007, each Trustee (except for the
    Chairperson of the Boards) receives an annual retainer fee of
    $200,000 for serving the Retail Funds and the Institutional
    Funds. Prior to October&#160;1, 2007, each Trustee (except for
    the Chairperson of the Boards) received an annual retainer fee
    of $180,000 for serving the Retail Funds and the Institutional
    Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Chairperson of the Audit Committee receives an additional
    annual retainer fee of $75,000 and the Investment Committee
    Chairperson receives an additional annual retainer fee of
    $60,000. Other Committee Chairpersons receive an additional
    annual retainer fee of $30,000 and the Sub-Committee
    Chairpersons receive an additional annual retainer fee of
    $15,000. The aggregate compensation paid to each Trustee is paid
    by the Retail Funds and the Institutional Funds, and is
    allocated on a pro rata basis among each of the operational
    funds/portfolios of the Retail Funds and the Institutional Funds
    based
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    on the relative net assets of each of the funds/portfolios.
    Michael E. Nugent receives a total annual retainer fee of
    $400,000 ($360,000 prior to October&#160;1, 2007) for his
    services as Chairperson of the Boards of the Retail Funds and
    the Institutional Funds and for administrative services provided
    to each Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trusts also reimburse the Trustees for travel and other
    out-of-pocket expenses incurred by them in connection with
    attending such meetings. Trustees of the Trusts who are employed
    by the Investment Adviser receive no compensation or expense
    reimbursement from the Trust for their services as Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective April&#160;1, 2004, the Trusts began a Deferred
    Compensation Plan (the &#147;DC&#160;Plan&#148;), which allows
    each Trustee to defer payment of all, or a portion, of the fees
    he or she receives for serving on the Board of Trustees
    throughout the year. Each eligible Trustee generally may elect
    to have the deferred amounts credited with a return equal to the
    total return on one or more of the Retail Funds or Institutional
    Funds (or portfolios thereof) that are offered as investment
    options under the DC&#160;Plan. At the Trustee&#146;s election,
    distributions are either in one lump sum payment, or in the form
    of equal annual installments over a period of five years. The
    rights of an eligible Trustee and the beneficiaries to the
    amounts held under the DC&#160;Plan are unsecured and such
    amounts are subject to the claims of the creditors of the Trusts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to April&#160;1, 2004, the Institutional Funds maintained
    a similar Deferred Compensation Plan (the &#147;Prior
    DC&#160;Plan&#148;), which also allowed each Independent Trustee
    to defer payment of all, or a portion, of the fees he or she
    received for serving on the Board of Trustees throughout the
    year. The DC&#160;Plan amends and supersedes the Prior
    DC&#160;Plan and all amounts payable under the Prior
    DC&#160;Plan are now subject to the terms of the DC&#160;Plan
    (except for amounts paid during the calendar year 2004, which
    remain subject to the terms of the Prior DC&#160;Plan).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows aggregate compensation payable to each
    of the Trustees from each Trust for the fiscal year ended
    October&#160;31, 2007 and the aggregate compensation payable to
    each of the Trust&#146;s Trustees by the Fund Complex (which
    includes all of the Retail Funds and Institutional Funds) for
    the calendar year ended December&#160;31, 2007.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total compensation
    from<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from the Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Complex<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frank L.
    Bowman<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    714
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    398
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    197,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    659
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    773
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    431
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kathleen A. Dennis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    727
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    405
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    616
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    156
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    757
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    356
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    881
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    491
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    245,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joseph J.
    Kearns<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    655
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    799
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    268,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael F. Klein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    727
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    405
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    930
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    536
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,329
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    741
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    370,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W. Allen
    Reed<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    506
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    724
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    404
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fergus Reid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    659
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    773
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    431
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    223,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U><FONT style="font-size: 8pt">Name of Interested
    Trustees</FONT></U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James F.
    Higgins<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    418
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    490
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    273
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes all amounts paid for
    serving as director/trustee of the funds, as well as serving as
    Chairperson of the Boards or a Chairperson of a Committee or
    Sub-Committee.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts shown in this column
    represent the aggregate compensation before deferral with
    respect to the Trusts&#146; fiscal year. The following Trustees
    deferred compensation from the Trusts during the fiscal year
    ended October&#160;31, 2007: Mr.&#160;Bowman, $2,619;
    Mr.&#160;Kearns, $1,719; Mr.&#160;Reed, $2,655.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts shown in this column
    represent the aggregate compensation paid by all of the funds in
    the Fund Complex as of December&#160;31, 2007 before deferral by
    the Trustees under the DC&#160;Plan. As of December&#160;31,
    2007, the value (including interest) of the deferral accounts
    across the Funds Complex for Messrs.&#160;Bowman, Kearns, Reed
    and Reid pursuant to the deferred compensation plan was
    $280,314, $1,090,394, $207,268 and $904,961, respectively.
    Because the funds in the Fund Complex have different fiscal year
    ends, the amounts shown in this column are presented on a
    calendar year basis.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Higgins was approved to
    receive an annual retainer at the
    <FONT style="white-space: nowrap">February&#160;20-21,</FONT>
    2007 Board Meeting.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to December&#160;31, 2003, 49 of the Retail Funds (the
    &#147;Adopting Funds&#148;), including the Trust&#146;s, had
    adopted a retirement program under which an Independent Trustee
    who retired after serving for at least five years as an
    Independent Trustee of any such fund (an &#147;Eligible
    Trustee&#148;) would have been entitled to retirement payments,
    based on factors such as length of service, upon reaching the
    eligible retirement age. On December&#160;31, 2003 the amount of
    accrued retirement benefits for each Eligible Trustee was
    frozen, and will be payable, together with a return of&#160;8%
    per&#160;annum, at or following each such Eligible
    Trustee&#146;s retirement as shown in the table below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables illustrate the retirement benefits accrued
    to the Trusts&#146; Independent Trustees by the Trusts for the
    fiscal year ended October&#160;31, 2007 and by the Adopting
    Funds for the calendar year ended December&#160;31, 2007, and
    the estimated retirement benefits for the Independent Trustees
    from the Trusts as of the fiscal year ended October&#160;31,
    2007 and from the Adopting Funds for each
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    calendar year following retirement. Only the Trustees listed
    below participated in the retirement program.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Retirement Benefits Accrued as Trust Expenses</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By all<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustee:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adopting Funds</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,524
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Estimated Annual Benefits Upon
    Retirement<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From all<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustee:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adopting Funds</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,874
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,179
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,077
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Total compensation accrued under
    the retirement plan, together with a return of&#160;8%
    per&#160;annum, will be paid annually commencing upon retirement
    and continuing for the remainder of the Trustee&#146;s life.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming a Quorum is present, approval of the Proposal with
    respect to each Trust will require the affirmative vote of a
    majority of each Trust&#146;s shares represented in person or by
    proxy at the Meeting and entitled to vote at the Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Board of Trustees of each Trust unanimously recommends
    that Shareholders vote FOR the election of each of the Trustees
    nominated for election.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Investment Adviser</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley Investment Advisors serves as each Trust&#146;s
    investment adviser pursuant to an investment advisory agreement.
    Morgan Stanley Investment Advisors maintains its offices at
    522&#160;Fifth Avenue, New York, New&#160;York&#160;10036.
    Morgan Stanley Investment Advisors is a wholly-owned subsidiary
    of Morgan Stanley, a Delaware Corporation. Morgan Stanley is a
    preeminent global financial services firm engaged in securities
    trading and brokerage activities, as well as providing
    investment banking, research and analysis, financing and
    financial advisory services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley Services, a wholly owned subsidiary of the
    Investment Adviser, serves as the Administrator of each Trust
    pursuant to an administration agreement. The Investment Adviser
    and the Administrator serve in various investment management,
    advisory, management and administrative capacities to investment
    companies and pension plans and other institutional and
    individual investors. The address of the Administrator is the
    same as that of the Investment Adviser set forth above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley has its offices at 1585 Broadway, New York, New
    York 10036. There are various lawsuits pending against Morgan
    Stanley involving material amounts which, in the opinion of its
    management, will be resolved with no material effect on the
    consolidated financial position of the company.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Committee Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a meeting held on September&#160;25, 2007, the Board of
    Trustees of each Trust, including a majority of the Trustees who
    are not &#147;interested persons&#148; of the Trusts, as defined
    under the 1940 Act, acting on the recommendation of the Audit
    Committee of the Trust, selected Deloitte&#160;&#038; Touche LLP
    to act as the independent registered public accounting firm for
    the Trust for the fiscal year ending October&#160;31, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee of each Trust has reviewed and discussed the
    financial statements of each Trust with management as well as
    with Deloitte&#160;&#038; Touche LLP, the independent registered
    public accounting firm for each Trust. In the course of its
    discussions, the Audit Committee also discussed with
    Deloitte&#160;&#038; Touche LLP any relevant matters required to
    be discussed under Statement on Auditing Standards No.&#160;61.
    Based on this review, the Audit Committee recommended to the
    Board of Trustees of each Trust that each Trust&#146;s audited
    financial statements be included in each Trust&#146;s Annual
    Report to Shareholders for the most recent fiscal year for
    filing with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee of each Trust has received the written
    disclosures and the letter from Deloitte&#160;&#038; Touche LLP
    required under Independence Standards Board No.&#160;1 and has
    discussed with the independent registered public accounting firm
    their independence.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Joseph J. Kearns (Chairperson)
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Michael E. Nugent
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    W. Allen Reed
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Representatives from Deloitte&#160;&#038; Touche LLP are not
    expected to be present at the Meetings but are expected to be
    available by telephone. Deloitte&#160;&#038; Touche LLP will
    have the opportunity to make a statement if they desire to do so
    and the representatives from Deloitte&#160;&#038; Touche LLP, if
    available, will respond to appropriate questions from
    Shareholders.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->


<!-- link1 "FEES BILLED BY THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FEES
    BILLED BY THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
    FIRM</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate fees for professional services billed by
    Deloitte&#160;&#038; Touche LLP in connection with the annual
    audit and review of financial statements of IMT,
    IMC,&#160;IIM,&#160;IIC, IQI and IQT for the fiscal years ended
    October&#160;31, 2006 and October&#160;31, 2007 are set forth
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit-Related
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate audit-related fees billed by Deloitte&#160;&#038;
    Touche LLP related to the annual audit of each Trust&#146;s
    financial statements for their respective fiscal years ended
    October&#160;31, 2006 and 2007, for the translation of financial
    statements for data verification and
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    procedures related to asset securitizations and
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    procedures engagements are set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate fees billed by Deloitte&#160;&#038; Touche LLP in
    connection with tax compliance, tax advice and tax planning for
    each Trust for their respective fiscal years ended
    October&#160;31, 2006 and 2007, which represent fees paid for
    the review of the Federal, state and local tax returns for each
    Trust, are set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,026
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">All Other
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There were no fees billed by Deloitte&#160;&#038; Touche LLP for
    any other products and services not set forth above for each
    Trust for the respective fiscal years ended October&#160;31,
    2006 and 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Committee Pre-approval</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Trust&#146;s Audit Committee&#146;s policy is to review and
    pre-approve all auditing and non-auditing services to be
    provided to the Trust by the Trust&#146;s independent registered
    public accounting firm. The Audit Committee Audit and Non-Audit
    Pre-Approval Policy and Procedures requires each Trust&#146;s
    Audit Committee to either generally pre-approve certain services
    without consideration of specific
    <FONT style="white-space: nowrap">case-by-case</FONT>
    services, or requires the specific pre-approval of services by
    the Audit Committee or its delegate. Under the Policy, unless a
    type of service has received general pre-approval, it will
    require specific pre-approval by the Audit Committee if it is to
    be provided by the independent registered public accounting
    firm. Any services that are generally pre-approved may require
    specific pre-approval by the Audit Committee if the services
    exceed pre-approved cost levels or budgeted amounts. All of the
    audit-related and the tax services described above for which
    Deloitte&#160;&#038; Touche LLP billed each of the Trust&#146;s
    fees for the fiscal year ended October&#160;31, 2007 were
    pre-approved by each Trust&#146;s Audit Committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Aggregate
    Non-Audit Fees paid by the Investment Adviser and Affiliated
    Entities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate fees billed for professional services rendered by
    Deloitte&#160;&#038; Touche LLP for all other services provided
    to the Investment Adviser and to any entities controlling,
    controlled by or under common control with the Investment
    Adviser for the fiscal years ended October&#160;31, 2006 and
    2007 amounted to approximately $6.7&#160;million and
    $5.8&#160;million, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee of each Trust has considered whether the
    provision of non-audit services and the provision of services to
    affiliates of the Investment Adviser is compatible with
    maintaining the independence of Deloitte&#160;&#038; Touche LLP.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "ADDITIONAL INFORMATION" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the necessary Quorum to transact business or
    the vote required to approve or reject any proposal for any
    Trust is not obtained at the Meeting of any Trust, the persons
    named as proxies may propose one or more adjournments of the
    Meeting of the applicable Trust to permit further solicitation
    of proxies. Any such adjournment will require the affirmative
    vote of the holders of a majority of the applicable Trust&#146;s
    shares present in person or by proxy at the Meeting. The persons
    named as proxies will vote in favor of such adjournment those
    proxies which have been received by the date of the Meeting.
    Abstentions and broker &#147;non-votes&#148; will not count in
    favor of or against any such vote for adjournment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Abstentions and, if applicable, broker &#147;non-votes&#148;
    will not count as votes in favor of any proposal, and broker
    &#147;non-votes&#148; will not be deemed to be present at the
    Meeting of any Trust for purposes of determining whether a
    particular proposal to be voted upon has been approved. Broker
    &#147;non-votes&#148; are shares held in street name for which
    the broker indicates that instructions have not been received
    from the beneficial owners or other persons entitled to vote and
    for which the broker does not have discretionary voting
    authority.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->


<!-- link1 "SHAREHOLDER PROPOSALS" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SHAREHOLDER
    PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proposals of security holders intended to be presented at the
    next Annual Meeting of Shareholders of each respective Trust
    must be received no later than June&#160;3, 2009 for each Trust
    for inclusion in the proxy statement and proxy for that meeting.
    The mere submission of a proposal does not guarantee its
    inclusion in the proxy materials or its presentation at the
    meeting. Certain rules under the federal securities laws must be
    met.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "REPORTS TO SHAREHOLDERS" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORTS
    TO SHAREHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Each Trust&#146;s most recent Annual Report for the
    Trust&#146;s most recent fiscal year end and the most recent
    Semi-Annual Report succeeding the Annual Report have been
    previously sent to Shareholders and are available without charge
    upon request from Morgan Stanley Investor Services, 2800 Post
    Oak Blvd,
    44<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>&#160;Floor,
    Houston, Texas 77056, (888) 421-4015 (toll-free).</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "INTEREST OF CERTAIN PERSONS" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INTEREST
    OF CERTAIN PERSONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley, Morgan Stanley Investment Advisors, Morgan
    Stanley&#160;&#038; Co., Morgan Stanley Services, and certain of
    their respective Directors, Officers, and employees, including
    persons who are Trustees or Officers of the Trusts, may be
    deemed to have an interest in certain of the proposals described
    in this Joint Proxy Statement to the extent that certain of such
    companies and their affiliates have contractual and other
    arrangements, described elsewhere in this Joint Proxy Statement,
    pursuant to which they are paid fees by the Trusts, and certain
    of those individuals are compensated for performing services
    relating to the Trusts and may also own shares of Morgan
    Stanley. Such companies and persons may thus be deemed to derive
    benefits from the approvals by Shareholders of such proposals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "OTHER BUSINESS" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    BUSINESS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The management of the Trusts knows of no other matters which may
    be presented at the Meetings. However, if any matters not now
    known properly come before the Meetings, it is the intention of
    the persons named in the enclosed form of proxy, or their
    substitutes, to vote all shares that they are entitled to vote
    on any such matter, utilizing such proxy in accordance with
    their best judgment on such matters.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By Order of the Board of Trustees
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mary
    E. Mullin</FONT></DIV><FONT style="font-variant: SMALL-CAPS">
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Secretary</I>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 140pt">&nbsp;</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 6pt"><B>MORGAN STANLEY INSURED<BR>
MUNICIPAL TRUST</B></DIV>

<DIV align="left" style="font-size: 8pt; margin-top: -26pt; margin-left: 50%"><FONT style="font-size:12pt"><B>Electronic Voting Instructions</B></FONT><BR>
<FONT style="font-size:10pt"><B>You can vote by Internet or telephone!</B></FONT><BR>
<FONT style="font-size:10pt"><B>Available 24 hours a day, 7&nbsp;days a week!</B></FONT><BR>
Instead of mailing your proxy, you may choose one of the two voting<BR>
methods outlined below to vote your proxy.<BR>
VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.<BR>
<B>Proxies submitted by the Internet or telephone must be<BR>
received by 9:00 a.m., Eastern Time, on October&nbsp;1, 2008.</B><BR>
<FONT style="font-size:10pt"><B>Vote by Internet</B></FONT><BR>
<B>&#149;</B>&nbsp;Log on to the Internet and go to<BR>&nbsp;&nbsp;
<B>www.investorvote.com/IMT</B><BR>
<B>&#149;</B>&nbsp;Follow the steps outlined on the secured website.<BR>
<FONT style="font-size:10pt"><B>Vote by telephone</B></FONT><BR>
<B>&#149;</B>&nbsp;Call toll free 1-800-652-VOTE (8683)&nbsp;within the United<BR>&nbsp;&nbsp;States,
Canada &#038; Puerto Rico any time on a touch tone<BR>&nbsp;&nbsp;telephone.
There is <B>NO CHARGE </B>to you for the call.<BR>
<B>&#149;</B>&nbsp;Follow the instructions provided by the recorded message.

</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="JUSTIFY"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X </B>as shown in
<BR>
this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="BOTTOM"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt"><FONT face="Wingdings" SIZE=6>&#120;</FONT>
</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Annual Meeting Proxy Card</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:12pt"><B>A</b></FONT><b> Proposals &#151; The Board of Trustees recommends a vote </B><U><B>FOR</b></U><b> all the nominees listed.</B>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">1. Nominees:

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
</TR>
<TR valign="bottom">

<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">01 - Frank L. Bowman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>02 - Michael Bozic
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="white-space: nowrap">03 - James F. Higgins</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 70pt">2. To transact such other business as may properly come before the Meeting or any adjournment thereof.

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><FONT style="font-size:12pt"><B>B</b></FONT><b> Non-Voting Items</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-size:8pt"><B>Change of Address </B>&#151; Please print your new address below.</FONT>

</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 3pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><FONT style="font-size:12pt"><B>C</B></FONT> <FONT style="font-size:9pt"><B>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign Below</B></FONT>

</DIV>
<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as
attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give
full title.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Date (mm/dd/yyyy) - Please print date below.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 1 - Please keep signature within the box.</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 2 - Please keep signature within the box.</FONT></TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR><BR>
<BR><BR>
<BR><BR>
<BR>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 190pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 70pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Proxy &#151; MORGAN STANLEY INSURED MUNICIPAL TRUST</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="JUSTIFY"   style="font-size: 10pt; margin-top: 12pt">The undersigned hereby appoints Ronald E. Robison, Stefanie V. Chang Yu, Mary E. Mullin and Amy R.
Doberman and each of them or their respective designees, with full power of substitution and
revocation, as proxies to represent the undersigned at the Annual Meeting of Shareholders to be
held at the offices of Morgan Stanley Investment Management, 522 Fifth Avenue, New York, New York
10036 on October&nbsp;1, 2008 at 9:00 a.m. New York City time, and at any and all adjournments thereof
(the &#147;Meeting&#148;), to vote all Shares of Morgan Stanley Insured Municipal Trust (the &#147;Fund&#148;)
which the undersigned would be entitled to vote, with all powers the undersigned would possess if
personally present, in accordance with the instructions indicated herein. <B>This proxy is solicited
on behalf of the Board of Trustees of the Fund.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt">This proxy, when properly executed, will be voted in accordance with the instructions marked by the
undersigned on the reverse side. <B>If no specification is made, this proxy will be voted &#147;FOR&#148; all of
the nominees listed herein and in the discretion of the proxies upon such other business as may
properly come before the Meeting.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt"><B>Please vote, date and sign on the reverse side and return promptly in the enclosed envelope. Your
signature and return of this proxy card acknowledges receipt of the accompanying Notice of Meeting
and Proxy Statement for the Meeting to be held on October&nbsp;1, 2008.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 12pt; margin-top: 66pt"><B>MORGAN STANLEY INSURED<BR>MUNICIPAL BOND TRUST</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 50%"><FONT style="font-size:12pt"><B>Electronic Voting Instructions</B></FONT><BR>
<FONT style="font-size:10pt"><B>You can vote by Internet or telephone!</B></FONT><BR>
<FONT style="font-size:10pt"><B>Available 24 hours a day, 7&nbsp;days a week!</B></FONT><BR>
Instead of mailing your proxy, you may choose one of the two voting<BR>
methods outlined below to vote your proxy.<BR>
VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.<BR>
<B>Proxies submitted by the Internet or telephone must be<BR>
received by 9:00 a.m., Eastern Time, on October&nbsp;1, 2008.</B><BR>
<FONT style="font-size:10pt"><B>Vote by Internet</B></FONT><BR>
<B>&#149;</B>&nbsp;Log on to the Internet and go to<BR>&nbsp;&nbsp;
<B>www.investorvote.com/IMC</B><BR>
<B>&#149;</B>&nbsp;Follow the steps outlined on the secured website.<BR>
<FONT style="font-size:10pt"><B>Vote by telephone</B></FONT><BR>
<B>&#149;</B>&nbsp;Call toll free 1-800-652-VOTE (8683)&nbsp;within the United<BR>&nbsp;&nbsp;States,
Canada &#038; Puerto Rico any time on a touch tone<BR>&nbsp;&nbsp;telephone.
There is <B>NO CHARGE </B>to you for the call.<BR>
<B>&#149;</B>&nbsp;Follow the instructions provided by the recorded message.

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" >
    <TD valign="top" ALIGN="JUSTIFY"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X </B>as shown in
<BR>
this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt"><FONT face="Wingdings" SIZE=6>&#120;</FONT>
</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Annual Meeting Proxy Card</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:12pt"><B>A</b></FONT><b> Election of Trustees &#151; The Board of Trustees recommends a vote FOR all the nominees listed.</B>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">1. Nominees:

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="17%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
</TR>
<TR valign="bottom">

<TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px">01 - Kathleen A. Dennis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02 - Joseph J. Kearns
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="white-space: nowrap">03 - Fergus Reid</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 70pt">2. To transact such other business as may properly come before the Meeting or any adjournment thereof.

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt"><FONT style="font-size:12pt"><B>B</b></FONT><b> Non-Voting Items</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-size:8pt"><B>Change of Address </B>&#151; Please print your new address below.</FONT>

</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 3pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><FONT style="font-size:12pt"><B>C</B></FONT> <FONT style="font-size:9pt"><B>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign Below</B></FONT>

</DIV>
<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as
attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give
full title.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Date (mm/dd/yyyy) - Please print date below.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 1 - Please keep signature within the box.</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 2 - Please keep signature within the box.</FONT></TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR><BR>
<BR><BR>
<BR><BR>
<BR>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 190pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 70pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Proxy &#151; MORGAN STANLEY INSURED MUNICIPAL BOND TRUST</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 12pt">The undersigned hereby appoints Ronald E. Robison, Stefanie V. Chang Yu, Mary E. Mullin and Amy R.
Doberman and each of them or their respective designees, with full power of substitution and
revocation, as proxies to represent the undersigned at the Annual Meeting of Shareholders to be
held at the offices of Morgan Stanley Investment Management, 522 Fifth Avenue, New York, New York
10036 on October&nbsp;1, 2008 at 9:00 a.m. New York City time, and at any and all adjournments thereof
(the &#147;Meeting&#148;), to vote all Shares of Morgan Stanley
Insured Municipal Bond Trust (the &#147;Fund&#148;)
which the undersigned would be entitled to vote, with all powers the undersigned would possess if
personally present, in accordance with the instructions indicated herein. <B>This proxy is solicited
on behalf of the Board of Trustees of the Fund.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt">This proxy, when properly executed, will be voted in accordance with the instructions marked by the
undersigned on the reverse side. <B>If no specification is made, this proxy will be voted &#147;FOR&#148; all of
the nominees listed herein and in the discretion of the proxies upon such other business as may
properly come before the Meeting.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt"><B>Please vote, date and sign on the reverse side and return promptly in the enclosed envelope. Your
signature and return of this proxy card acknowledges receipt of the accompanying Notice of Meeting
and Proxy Statement for the Meeting to be held on October&nbsp;1, 2008.</B>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 12pt; margin-top: 66pt"><B>MORGAN STANLEY INSURED<BR>
MUNICIPAL INCOME TRUST</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 50%"><FONT style="font-size:12pt"><B>Electronic Voting Instructions</B></FONT><BR>
<FONT style="font-size:10pt"><B>You can vote by Internet or telephone!</B></FONT><BR>
<FONT style="font-size:10pt"><B>Available 24 hours a day, 7&nbsp;days a week!</B></FONT><BR>
Instead of mailing your proxy, you may choose one of the two voting<BR>
methods outlined below to vote your proxy.<BR>
VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.<BR>
<B>Proxies submitted by the Internet or telephone must be<BR>
received by 9:00 a.m., Eastern Time, on October&nbsp;1, 2008.</B><BR>
<FONT style="font-size:10pt"><B>Vote by Internet</B></FONT><BR>
<B>&#149;</B>&nbsp;Log on to the Internet and go to<BR>&nbsp;&nbsp;
<B>www.investorvote.com/IIM</B><BR>
<B>&#149;</B>&nbsp;Follow the steps outlined on the secured website.<BR>
<FONT style="font-size:10pt"><B>Vote by telephone</B></FONT><BR>
<B>&#149;</B>&nbsp;Call toll free 1-800-652-VOTE (8683)&nbsp;within the United<BR>&nbsp;&nbsp;States,
Canada &#038; Puerto Rico any time on a touch tone<BR>&nbsp;&nbsp;telephone.
There is <B>NO CHARGE </B>to you for the call.<BR>
<B>&#149;</B>&nbsp;Follow the instructions provided by the recorded message.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ALIGN="JUSTIFY"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X </B>as shown in
<BR>
this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt"><FONT face="Wingdings" SIZE=6>&#120;</FONT>
</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Annual Meeting Proxy Card</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:12pt"><B>A</b></FONT><b> Election of Trustees &#151; The Board of Trustees recommends a vote </B><U><B>FOR</b></U><b> all the nominees listed.</B>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">1. Nominees:
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="17%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
</TR>
<TR valign="bottom">

<TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px">01 - Kathleen A. Dennis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02 - Joseph J. Kearns
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="white-space: nowrap">03 - Fergus Reid</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 70pt">2. To transact such other business as may properly come before the Meeting or any adjournment thereof.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 36pt"><FONT style="font-size:12pt"><B>B</b></FONT><b> Non-Voting Items</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-size:8pt"><B>Change of Address </B>&#151; Please print your new address below.</FONT>

</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 3pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><FONT style="font-size:12pt"><B>C</B></FONT> <FONT style="font-size:9pt"><B>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign Below</B></FONT>

</DIV>
<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as
attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give
full title.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Date (mm/dd/yyyy) - Please print date below.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 1 - Please keep signature within the box.</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 2 - Please keep signature within the box.</FONT></TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR><BR>
<BR><BR>
<BR><BR>
<BR>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 190pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 70pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Proxy &#151; MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 12pt">The undersigned hereby appoints Ronald E. Robison, Stefanie V. Chang Yu, Mary E. Mullin and Amy R.
Doberman and each of them or their respective designees, with full power of substitution and
revocation, as proxies to represent the undersigned at the Annual Meeting of Shareholders to be
held at the offices of Morgan Stanley Investment Management, 522 Fifth Avenue, New York, New York
10036 on October&nbsp;1, 2008 at 9:00 a.m. New York City time, and at any and all adjournments thereof
(the &#147;Meeting&#148;), to vote all Shares of Morgan  Stanley Insured Municipal Income Trust (the &#147;Fund&#148;)
which the undersigned would be entitled to vote, with all powers the undersigned would possess if
personally present, in accordance with the instructions indicated herein. <B>This proxy is solicited
on behalf of the Board of Trustees of the Fund.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt">This proxy, when properly executed, will be voted in accordance with the instructions marked by the
undersigned on the reverse side. <B>If no specification is made, this proxy will be voted &#147;FOR&#148; all of
the nominees listed herein and in the discretion of the proxies upon such other business as may
properly come before the Meeting.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt"><B>Please vote, date and sign on the reverse side and return promptly in the enclosed envelope. Your
signature and return of this proxy card acknowledges receipt of the accompanying Notice of Meeting
and Proxy Statement for the Meeting to be held on October&nbsp;1, 2008.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 12pt; margin-top: 66pt"><B>MORGAN STANLEY CALIFORNIA<BR>
INSURED MUNICIPAL INCOME TRUST</B>

</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 50%"><FONT style="font-size:12pt"><B>Electronic Voting Instructions</B></FONT><BR>
<FONT style="font-size:10pt"><B>You can vote by Internet or telephone!</B></FONT><BR>
<FONT style="font-size:10pt"><B>Available 24 hours a day, 7&nbsp;days a week!</B></FONT><BR>
Instead of mailing your proxy, you may choose one of the two voting<BR>
methods outlined below to vote your proxy.<BR>
VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.<BR>
<B>Proxies submitted by the Internet or telephone must be<BR>
received by 9:00 a.m., Eastern Time, on October&nbsp;1, 2008.</B><BR>
<FONT style="font-size:10pt"><B>Vote by Internet</B></FONT><BR>
<B>&#149;</B>&nbsp;Log on to the Internet and go to<BR>&nbsp;&nbsp;
<B>www.investorvote.com/IIC</B><BR>
<B>&#149;</B>&nbsp;Follow the steps outlined on the secured website.<BR>
<FONT style="font-size:10pt"><B>Vote by telephone</B></FONT><BR>
<B>&#149;</B>&nbsp;Call toll free 1-800-652-VOTE (8683)&nbsp;within the United<BR>&nbsp;&nbsp;States,
Canada &#038; Puerto Rico any time on a touch tone<BR>&nbsp;&nbsp;telephone.
There is <B>NO CHARGE </B>to you for the call.<BR>
<B>&#149;</B>&nbsp;Follow the instructions provided by the recorded message.

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ALIGN="JUSTIFY"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X </B>as shown in
<BR>
this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt"><FONT face="Wingdings" SIZE=6>&#120;</FONT>
</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Annual Meeting Proxy Card</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:12pt"><B>A</b></FONT><b> Election of Trustees &#151; The Board of Trustees recommends a vote </B><U><B>FOR</b></U><b> all the nominees listed.</B>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">1. Nominees:

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
</TR>
<TR valign="bottom">

<TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px">01 - Kathleen A. Dennis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>02 - Joseph J. Kearns
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="white-space: nowrap">03 - Fergus Reid</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 70pt">2. To transact such other business as may properly come before the Meeting or any adjournment thereof.

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><FONT style="font-size:12pt"><B>B</b></FONT><b> Non-Voting Items</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-size:8pt"><B>Change of Address </B>&#151; Please print your new address below.</FONT>

</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 3pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><FONT style="font-size:12pt"><B>C</B></FONT> <FONT style="font-size:9pt"><B>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign Below</B></FONT>

</DIV>
<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as
attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give
full title.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Date (mm/dd/yyyy) - Please print date below.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 1 - Please keep signature within the box.</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 2 - Please keep signature within the box.</FONT></TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR><BR>
<BR><BR>
<BR><BR>
<BR>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 190pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 70pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Proxy &#151; MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 12pt">The undersigned hereby appoints Ronald E. Robison, Stefanie V. Chang Yu, Mary E. Mullin and Amy R.
Doberman and each of them or their respective designees, with full power of substitution and
revocation, as proxies to represent the undersigned at the Annual Meeting of Shareholders to be
held at the offices of Morgan Stanley Investment Management, 522 Fifth Avenue, New York, New York
10036 on October&nbsp;1, 2008 at 9:00 a.m. New York City time, and at any and all adjournments thereof
(the &#147;Meeting&#148;), to vote all Shares of Morgan Stanley
California Insured Municipal Income Trust (the &#147;Fund&#148;)
which the undersigned would be entitled to vote, with all powers the undersigned would possess if
personally present, in accordance with the instructions indicated herein. <B>This proxy is solicited
on behalf of the Board of Trustees of the Fund.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt">This proxy, when properly executed, will be voted in accordance with the instructions marked by the
undersigned on the reverse side. <B>If no specification is made, this proxy will be voted &#147;FOR&#148; all of
the nominees listed herein and in the discretion of the proxies upon such other business as may
properly come before the Meeting.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt"><B>Please vote, date and sign on the reverse side and return promptly in the enclosed envelope. Your
signature and return of this proxy card acknowledges receipt of the accompanying Notice of Meeting
and Proxy Statement for the Meeting to be held on October&nbsp;1, 2008.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 12pt; margin-top: 66pt"><B>MORGAN STANLEY QUALITY<BR>
MUNICIPAL INCOME TRUST</B>

</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 50%"><FONT style="font-size:12pt"><B>Electronic Voting Instructions</B></FONT><BR>
<FONT style="font-size:10pt"><B>You can vote by Internet or telephone!</B></FONT><BR>
<FONT style="font-size:10pt"><B>Available 24 hours a day, 7&nbsp;days a week!</B></FONT><BR>
Instead of mailing your proxy, you may choose one of the two voting<BR>
methods outlined below to vote your proxy.<BR>
VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.<BR>
<B>Proxies submitted by the Internet or telephone must be<BR>
received by 9:00 a.m., Eastern Time, on October&nbsp;1, 2008.</B><BR>
<FONT style="font-size:10pt"><B>Vote by Internet</B></FONT><BR>
<B>&#149;</B>&nbsp;Log on to the Internet and go to<BR>&nbsp;&nbsp;
<B>www.investorvote.com/IQI</B><BR>
<B>&#149;</B>&nbsp;Follow the steps outlined on the secured website.<BR>
<FONT style="font-size:10pt"><B>Vote by telephone</B></FONT><BR>
<B>&#149;</B>&nbsp;Call toll free 1-800-652-VOTE (8683)&nbsp;within the United<BR>&nbsp;&nbsp;States,
Canada &#038; Puerto Rico any time on a touch tone<BR>&nbsp;&nbsp;telephone.
There is <B>NO CHARGE </B>to you for the call.<BR>
<B>&#149;</B>&nbsp;Follow the instructions provided by the recorded message.

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ALIGN="JUSTIFY"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X </B>as shown in <BR>
this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt"><FONT face="Wingdings" SIZE=6>&#120;</FONT>
</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Annual Meeting Proxy Card</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><FONT style="font-size:12pt"><B>A</b></FONT><b> Election of Trustees &#151; The Board of Trustees recommends a vote </B><U><B>FOR</b></U><b> all the nominees listed.</B>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">1. Nominees:

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
</TR>
<TR valign="bottom">

<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">01 - Frank L. Bowman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>02 - Michael Bozic
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="white-space: nowrap">03 - James F. Higgins</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 70pt">2. To transact such other business as may properly come before the Meeting or any adjournment thereof.

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><FONT style="font-size:12pt"><B>B</b></FONT><b> Non-Voting Items</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-size:8pt"><B>Change of Address </B>&#151; Please print your new address below.</FONT>

</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 3pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><FONT style="font-size:12pt"><B>C</B></FONT> <FONT style="font-size:9pt"><B>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign Below</B></FONT>

</DIV>
<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as
attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give
full title.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Date (mm/dd/yyyy) - Please print date below.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 1 - Please keep signature within the box.</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 2 - Please keep signature within the box.</FONT></TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR><BR>
<BR><BR>
<BR><BR>
<BR>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 190pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 70pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Proxy &#151; MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 12pt">The undersigned hereby appoints Ronald E. Robison, Stefanie V. Chang Yu, Mary E. Mullin and Amy R.
Doberman, and each of them or their respective designees, with full power of substitution and
revocation, as proxies to represent the undersigned at the Annual Meeting of Shareholders to be
held at the offices of Morgan Stanley Investment Management, 522 Fifth Avenue, New York, New York
10036 on October&nbsp;1, 2008 at 9:00 a.m. New York City time, and at any and all adjournments thereof
(the &#147;Meeting&#148;), to vote all Shares of Morgan Stanley Quality Municipal Income Trust (the &#147;Fund&#148;)
which the undersigned would be entitled to vote, with all powers the undersigned would possess if
personally present, in accordance with the instructions indicated herein. <B>This proxy is solicited
on behalf of the Board of Trustees of the Fund.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt">This proxy, when properly executed, will be voted in accordance with the instructions marked by the
undersigned on the reverse side. <B>If no specification is made, this proxy will be voted &#147;FOR&#148; all of
the nominees listed herein and in the discretion of the proxies upon such other business as may
properly come before the Meeting.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt"><B>Please vote, date and sign on the reverse side and return promptly in the enclosed envelope. Your
signature and return of this proxy card acknowledges receipt of the accompanying Notice of Meeting
and Proxy Statement for the Meeting to be held on October&nbsp;1, 2008.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 70pt">&nbsp;</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 6pt"><B>MORGAN STANLEY QUALITY<BR>
MUNICIPAL INVESTMENT TRUST</B>

</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: -26pt; margin-left: 50%"><FONT style="font-size:12pt"><B>Electronic Voting Instructions</B></FONT><BR>
<FONT style="font-size:10pt"><B>You can vote by Internet or telephone!</B></FONT><BR>
<FONT style="font-size:10pt"><B>Available 24 hours a day, 7&nbsp;days a week!</B></FONT><BR>
Instead of mailing your proxy, you may choose one of the two voting<BR>
methods outlined below to vote your proxy.<BR>
VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.<BR>
<B>Proxies submitted by the Internet or telephone must be<BR>
received by 9:00 a.m., Eastern Time, on October&nbsp;1, 2008.</B><BR>
<FONT style="font-size:10pt"><B>Vote by Internet</B></FONT><BR>
<B>&#149;</B>&nbsp;Log on to the Internet and go to<BR>&nbsp;&nbsp;
<B>www.investorvote.com/IQT</B><BR>
<B>&#149;</B>&nbsp;Follow the steps outlined on the secured website.<BR>
<FONT style="font-size:10pt"><B>Vote by telephone</B></FONT><BR>
<B>&#149;</B>&nbsp;Call toll free 1-800-652-VOTE (8683)&nbsp;within the United<BR>&nbsp;&nbsp;States,
Canada &#038; Puerto Rico any time on a touch tone<BR>&nbsp;&nbsp;telephone.
There is <B>NO CHARGE </B>to you for the call.<BR>
<B>&#149;</B>&nbsp;Follow the instructions provided by the recorded message.

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ALIGN=JUSTIFY><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X </B>as shown in <BR>

this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:20pt"><FONT face="Wingdings" SIZE=6>&#120;</FONT>
</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Annual Meeting Proxy Card</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><FONT style="font-size:12pt"><B>A</b></FONT><b> Proposals &#151; The Board of Trustees recommends a vote </B><U><B>FOR</b></U><b> all the nominees listed.</B>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">1. Nominees:

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="9%"></TD>
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
</TR>
<TR valign="bottom">

<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">01 - Frank L. Bowman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>02 - Michael Bozic
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="white-space: nowrap">03 - James F. Higgins</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 70pt">2. To transact such other business as may properly come before the Meeting or any adjournment thereof.

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><FONT style="font-size:12pt"><B>B</b></FONT><b> Non-Voting Items</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-size:8pt"><B>Change of Address </B>&#151; Please print your new address below.</FONT>

</DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 3pt"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><FONT style="font-size:12pt"><B>C</B></FONT> <FONT style="font-size:9pt"><B>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign Below</B></FONT>

</DIV>
<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as
attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give
full title.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Date (mm/dd/yyyy) - Please print date below.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 1 - Please keep signature within the box.</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">
Signature 2 - Please keep signature within the box.</FONT></TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><BR><BR>
<BR><BR>
<BR><BR>
<BR><BR>
<BR>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 190pt"><B>IF YOU HAVE NOT VOTED VIA THE INTERNET </B><U><B>OR</b></U><b> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND
RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 70pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Proxy &#151; Morgan Stanley Quality Municipal Investment Trust</B>
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 12pt">The undersigned hereby appoints Ronald E. Robison, Stefanie V. Chang Yu, Mary E. Mullin and Amy R.
Doberman and each of them or their respective designees, with full power of substitution and
revocation, as proxies to represent the undersigned at the Annual Meeting of Shareholders to be
held at the offices of Morgan Stanley Investment Management, 522 Fifth Avenue, New York, New York
10036 on October&nbsp;1, 2008 at 9:00 a.m. New York City time, and at any and all adjournments thereof
(the &#147;Meeting&#148;), to vote all Shares of Morgan Stanley
Quality Municipal Investment Trust (the &#147;Fund&#148;)
which the undersigned would be entitled to vote, with all powers the undersigned would possess if
personally present, in accordance with the instructions indicated herein. <B>This proxy is solicited
on behalf of the Board of Trustees of the Fund.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt">This proxy, when properly executed, will be voted in accordance with the instructions marked by the
undersigned on the reverse side. <B>If no specification is made, this proxy will be voted &#147;FOR&#148; all of
the nominees listed herein and in the discretion of the proxies upon such other business as may
properly come before the Meeting.</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 6pt"><B>Please vote, date and sign on the reverse side and return promptly in the enclosed envelope. Your
signature and return of this proxy card acknowledges receipt of the accompanying Notice of Meeting
and Proxy Statement for the Meeting to be held on October&nbsp;1, 2008.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><DIV style="position: relative; float: left; width: 37%">

<DIV align="left" style="font-size: 14pt; margin-top: 12pt; margin-bottom: 55pt; margin-left: 20pt"><B>Broadridge</B><SUP style="font-size: 55%; vertical-align: text-top"><B>TM</B></SUP>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: -6pt; margin-bottom: 16pt; margin-left: 20pt"><I>51 MERCEDES WAY<BR>
EDGEWOOD NY 11717</I>

</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 20pt">BROADRIDGE<BR>
FINANCIAL SOLUTIONS, INC.<BR>
ATTENTION:<BR>
TEST PRINT<BR>
51 MERCEDES WAY<BR>
EDGEWOOD, NY<BR>
11717

</DIV>
</DIV>

<DIV style="position: relative; float: left; margin-left: 2%; width: 5%">
</DIV>
<DIV style="position: relative; float: left; width: 50%">

<DIV align="center" style="font-size: 8pt; margin-top: 26pt">ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD OCTOBER 1, 2008
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><B>MS INSURED MUNICIPAL BOND TRUST-ARPS</B>

</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT

</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Internet</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Go to website www.proxyvote.com.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Follow the instructions provided on the website.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Telephone</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Call 1-800-454-8683.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Follow the instructions.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Mail</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Check the appropriate boxes on the voting instruction form below.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sign and date the voting instruction form.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Return the voting instruction form in the envelope provided.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<DIV style="position: relative; float: right; margin-left: 2%; width: 8%">&nbsp;
</DIV>
</DIV>

<BR clear="all"><BR>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>YOUR PROXY VOTE IS IMPORTANT!<br></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">123,456,789,012,00000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Do
<I><U>not</U> </I>mail your Proxy Card when</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A/C</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><font face="wingdings">&nbsp;&nbsp;&#232;</font></TD>

<TD align="right" valign="top" style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black" nowrap>&nbsp;&nbsp;000000000000</TD>
    <TD style="border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>you vote by phone or Internet.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">1234567890123456789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CLIENT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61745P353</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>SEE VOTING INSTRUCTION NO.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">XXX</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED <FONT face="Wingdings">&#120;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">ON REVERSE.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 6pt; margin-top: 6pt">MRGMI2
</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 8px; padding-bottom: 0px;">


<DIV align="center" style="margin-top:-8px">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="60%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05 000000000000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 1pt; margin-left: 4pt"><B>MS INSURED MUNICIPAL BOND TRUST-ARPS</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 2pt">This proxy is solicited on behalf of the Board of Trustees.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center">1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Election of Three Trustees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For All</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">To withhold authority to vote for any individual nominee(s),</FONT></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Nominees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Except</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap"> mark &#147;For All Except&#148; and write the number(s) of the</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nominee(s) on the line below.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kathleen A. Dennis</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joseph J. Kearns</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>

<TD nowrap colspan="1" align="left" valign="top"><DIV style="border-top: 1px solid #000000; margin-right:30pt">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fergus Reid</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148;
HERE ONLY IF YOU PLAN TO ATTEND
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT><BR>
THE MEETING AND VOTE THESE SHARES IN PERSON
</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Election of one Preferred Trustee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Nominee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">04)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manuel H. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt">The Annual Meeting of Shareholders of the above mentioned Fund will be held on October&nbsp;1, 2008 at the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the
proposal set forth in the Notice of Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>This proxy when properly executed will be voted in the manner directed herein by the undersigned shareholder, and in the discretion of such proxies, upon any and all other matters as may
properly come before the meeting or any adjournment thereof. If no direction is made, this proxy will be voted &#147;FOR&#148; the Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>Note: </B>Please sign exactly as your name appears on this proxy card. All joint owners should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a
minor, please give full title as such. If a corporation, please sign in full corporate name and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>*NOTE* SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 4pt"><B><I>PLEASE SIGN, DATE AND RETURN YOUR PROXY TODAY</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">123,456,789,012</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Signature (PLEASE SIGN ON LINE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">S34707</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature (Joint Owners)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61745P353</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1<br>1234567890123456789</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P><DIV style="position: relative; float: left; width: 37%">

<DIV align="left" style="font-size: 14pt; margin-top: 6pt; margin-bottom: 55pt; margin-left: 20pt"><B>Broadridge</B><SUP style="font-size: 55%; vertical-align: text-top"><B>TM</B></SUP>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: -6pt; margin-bottom: 16pt; margin-left: 20pt"><I>51 MERCEDES WAY<BR>
EDGEWOOD NY 11717</I>

</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 20pt">BROADRIDGE<BR>
FINANCIAL SOLUTIONS, INC.<BR>
ATTENTION:<BR>
TEST PRINT<BR>
51 MERCEDES WAY<BR>
EDGEWOOD, NY<BR>
11717

</DIV>
</DIV>

<DIV style="position: relative; float: left; margin-left: 2%; width: 5%">
</DIV>

<DIV style="position: relative; float: left; width: 50%">

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD OCTOBER 1, 2008
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><B>MS CA INSURED MUNICIPAL INCOME TR-SER 1</B>

</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT

</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Internet</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Go to website www.proxyvote.com.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Follow the instructions provided on the website.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Telephone</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Call 1-800-454-8683.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Follow the instructions.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Mail</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Check the appropriate boxes on the voting instruction form below.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sign and date the voting instruction form.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Return the voting instruction form in the envelope provided.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>

<DIV style="position: relative; float: right; margin-left: 2%; width: 8%">&nbsp;
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>YOUR PROXY VOTE IS IMPORTANT!<br></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">123,456,789,012,00000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Do
<I><U>not</U> </I>mail your Proxy Card when</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A/C</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><font face="wingdings">&nbsp;&nbsp;&#232;</font></TD>

<TD align="right" valign="top" style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black" nowrap>&nbsp;&nbsp;000000000000</TD>
    <TD style="border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>you vote by phone or Internet.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">1234567890123456789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CLIENT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61745P353</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>SEE VOTING INSTRUCTION NO.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">XXX</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED
<FONT face="Wingdings">&#120;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">ON REVERSE.</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 6pt; margin-top: 6pt">MRGMI2
</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 8px; padding-bottom: 0px;">


<DIV align="center" style="margin-top:-8px">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="60%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05 000000000000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 1pt; margin-left: 4pt"><B>MS CA INSURED MUNICIPAL INCOME TR-SER 1</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 2pt">This proxy is solicited on behalf of the Board of Trustees.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center">1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Election of Three Trustees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For All</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">To withhold authority to vote for any individual nominee(s),</FONT></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Nominees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Except</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap"> mark &#147;For All Except&#148; and write the number(s) of the</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nominee(s) on the line below.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kathleen A. Dennis</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joseph J. Kearns</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>

<TD nowrap colspan="1" align="left" valign="top"><DIV style="border-top: 1px solid #000000; margin-right:30pt">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fergus Reid</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148;
HERE ONLY IF YOU PLAN TO ATTEND
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT><BR>
THE MEETING AND VOTE THESE SHARES IN PERSON
</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Election of one Preferred Trustee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Nominee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">04)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manuel H. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt">The Annual Meeting of Shareholders of the above mentioned Fund will be held on October 1, 2008 at
 the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the proposal set forth in the Notice of Annual Meeting.</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>This proxy when properly executed will be voted in the manner directed herein by the undersigned shareholder, and in the discretion of such proxies, upon any and all
other matters as may properly come before the meeting or any adjournment thereof.  If no direction is made, this proxy will be voted &#147;FOR&#148; the Proposal.</B></DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>Note: </B>Please sign exactly as your name appears on this proxy card. All joint owners should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a
minor, please give full title as such. If a corporation, please sign in full corporate name and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>*NOTE* SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 4pt"><B><I>PLEASE SIGN, DATE AND RETURN YOUR PROXY TODAY</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">123,456,789,012</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Signature (PLEASE SIGN ON LINE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">S34707</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature (Joint Owners)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61745P353</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1<br>1234567890123456789</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><DIV style="position: relative; float: left; width: 37%">

<DIV align="left" style="font-size: 14pt; margin-top: 6pt; margin-bottom: 55pt; margin-left: 20pt"><B>Broadridge</B><SUP style="font-size: 55%; vertical-align: text-top"><B>TM</B></SUP>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: -6pt; margin-bottom: 24pt; margin-left: 20pt"><I>51 MERCEDES WAY<BR>
EDGEWOOD NY 11717</I></DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 20pt">BROADRIDGE<BR>
FINANCIAL SOLUTIONS, INC.<BR>
ATTENTION:<BR>
TEST PRINT<BR>
51 MERCEDES WAY<BR>
EDGEWOOD, NY<BR>
11717

</DIV>
</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 5%">
</DIV>
<DIV style="position: relative; float: left; width: 50%">

<DIV align="center" style="font-size: 8pt; margin-top: 18pt">ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD OCTOBER 1, 2008
</DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><B>MS INSURED MUNICIPAL INCOME TRUST-SER 5</B>

</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT

</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Internet</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Go to website www.proxyvote.com.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Follow the instructions provided on the website.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Telephone</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Call 1-800-454-8683.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Follow the instructions.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>To vote by Mail</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Read the Proxy Statement.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Check the appropriate boxes on the voting instruction form below.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sign and date the voting instruction form.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Return the voting instruction form in the envelope provided.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>

<DIV style="position: relative; float: right; margin-left: 2%; width: 8%">&nbsp;
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>YOUR PROXY VOTE IS IMPORTANT!<br></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">123,456,789,012,00000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Do
<I><U>not</U> </I>mail your Proxy Card when</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A/C</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><font face="wingdings">&nbsp;&nbsp;&#232;</font></TD>

<TD align="right" valign="top" style="border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black" nowrap>&nbsp;&nbsp;000000000000</TD>
    <TD style="border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>you vote by phone or Internet.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">1234567890123456789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CLIENT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61745P353</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>SEE VOTING INSTRUCTION NO.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">XXX</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED
<FONT face="Wingdings">&#120;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="right">ON REVERSE.</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 6pt; margin-top: 6pt">MRGMI2
</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 8px; padding-bottom: 0px;">


<DIV align="center" style="margin-top:-8px">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="60%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05 000000000000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 1pt; margin-left: 4pt"><B>MS INSURED MUNICIPAL INCOME TRUST-SER 5</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 2pt">This proxy is solicited on behalf of the Board of Trustees.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center">1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Election of Three Trustees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Withhold</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">For All</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">To withhold authority to vote for any individual nominee(s),</FONT></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Nominees:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Except</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap"> mark &#147;For All Except&#148; and write the number(s) of the</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">nominee(s) on the line below.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kathleen A. Dennis</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joseph J. Kearns</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD nowrap colspan="1" align="left" valign="top"><DIV style="border-top: 1px solid #000000; margin-right:30pt">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fergus Reid</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148;
HERE ONLY IF YOU PLAN TO ATTEND
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT><BR>
THE MEETING AND VOTE THESE SHARES IN PERSON
</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Election of one Preferred Trustee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Nominee:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">04)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manuel H. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt">The Annual Meeting of Shareholders of the above mentioned Fund will be held on October 1, 2008 at
 the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the proposal set forth in the Notice of Annual Meeting.</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>This proxy when properly executed will be voted in the manner directed herein by the undersigned shareholder, and in the discretion of such proxies, upon any and all
other matters as may properly come before the meeting or any adjournment thereof.  If no direction is made, this proxy will be voted &#147;FOR&#148; the Proposal.</B></DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>Note: </B>Please sign exactly as your name appears on this proxy card. All joint owners should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a
minor, please give full title as such. If a corporation, please sign in full corporate name and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 18pt; margin-left: 4pt"><B>*NOTE* SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 4pt"><B><I>PLEASE SIGN, DATE AND RETURN YOUR PROXY TODAY</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">123,456,789,012</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Signature (PLEASE SIGN ON LINE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">S34707</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature (Joint Owners)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61745P353</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1<br>1234567890123456789</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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