Morgan Stanley Municipal Income Opportunities Trust today declared monthly income dividends of $.045 per share from tax-free income. -0- *T RECORD DATE PAYABLE DATE ----------- ------------ 07/07/06 07/21/06 08/04/06 08/18/06 09/08/06 09/22/06 *T

Morgan Stanley Municipal Income Opportunities Trust is a closed-end diversified management investment company investing principally in non-rated Municipal Obligations.

The Trust's investment objective is to provide a high level of current income exempt from federal income tax.