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

RECORD DATE           PAYABLE DATE
              10/06/06               10/20/06
              11/03/06               11/17/06
              12/08/06               12/22/06

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.