The Morgan Stanley Municipal Closed-End Funds (the “Funds”) listed below hereby announce the dates for the partial redemptions of their respective auction rate preferred shares (ARPS). The announced partial redemptions total $56.85 million and represent approximately another 7.17 percent of the total outstanding ARPS issued by the Funds, bringing the total announced redemptions to 24.1% of the total outstanding ARPS issued.

This redemption announcement follows the July 11, 2008 press release in which Morgan Stanley announced the initial redemption of a portion of the Funds’ ARPS with the use of tender option bonds (TOBs).

The amount of ARPS being redeemed at this time varies by Fund and ranges between 4 percent and 15 percent of the ARPS outstanding for each Fund based on a number of factors, including the interests of the common shareholders, the availability of high quality municipal bonds at certain yield levels to be transferred to the trust structure and the ability to secure liquidity providers for the put feature.

With respect to this partial redemption, The Depository Trust Company (DTC), the securities’ holder of record, will determine how the partial series redemptions will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn will determine how redeemed shares are to be allocated among its underlying beneficial owners. The procedures used by various broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

Redemption Schedule

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Morgan Stanley Municipal Closed-End Funds
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