Morgan Stanley Municipal Income Opportunities Trust today declared monthly income dividends of $.045 per share from tax-free income.

                    RECORD DATE         PAYABLE DATE
               --------------     ----------------
                  04/05/07            04/20/07
                  05/04/07            05/18/07
                  06/08/07            06/22/07

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.