EX-99.77C VOTES 2 subitem77c.txt PROXY VOTES SUB-ITEM 77(c) MORGAN STANLEY INSURED MUNICIPAL BOND TRUST On November 14, 2008, a Special Meeting of Shareholders of the Trust was scheduled in order to vote on the proposals set forth below. The Special Meeting of Shareholders was adjourned until December 12, 2008 with respect to proposal 1 only. The voting results with respect to all proposals were as follows: (1) Approval of a modification to the Trust's investment policies to allow the Trust to invest, under normal market conditions, at least 80% of the Trust's net assets in municipal obligations which are covered by insurance guaranteeing the timely payment of principal and interest thereon and that are rated at least "A" by a nationally recognized statistical rating organization ("NRSRO") or are unrated but judged to be of similar credit quality by the Trust's Investment Adviser, or covered by insurance issued by insurers rated at least "A" by a NRSRO: FOR AGAINST ABSTAIN BNV* COMMON SHAREHOLDERS 1,850,486 314,837 129,168 0 PREFERRED SHAREHOLDERS 356 8 3 0 (2) Approval of a modification to the Trust's investment policies to allow the Trust to invest up to 20% of the Trust's net assets in taxable or tax-exempt fixed income securities rated at least investment grade by a nationally recognized statistical rating organization or, if not rated, determined by the Trust's Investment Adviser to be of comparable quality, including uninsured municipal obligations, obligations of the U.S. government, its respective agencies or instrumentalities, and other fixed income obligations, and, during periods in which the Investment Adviser believes that changes in economic, financial or political conditions make it advisable to do so, to invest an unlimited extent in such investments for temporary defensive purposes. The Trust may also invest in options, futures, swaps and other derivatives: FOR AGAINST ABSTAIN BNV* 1,702,689 341,872 129,918 0 (3) Eliminate certain fundamental policies and restrictions:
FOR AGAINST ABSTAIN BNV* Eliminate fundamental policy restricting the Trust's ability to pledge assets.......................................................................... 1,637,924 369,124 167,432 0 Eliminate fundamental policy restricting purchases of securities on margin.......................................................................... 1,606,527 402,913 165,040 0 Eliminate fundamental policy prohibiting investments in oil, gas and other types of mineral leases......................................................... 1,617,234 353,935 203,311 0 Eliminate fundamental policy prohibiting investments for purposes of exercising control.............................................................. 1,637,526 374,577 162,376 0 Eliminate fundamental policy regarding investments in unseasoned companies....................................................................... 1,598,106 405,784 170,589 0 Eliminate fundamental policy prohibiting or restricting the purchase of securities of issuers in which trustees or officers have an interest............ 1,599,878 398,757 175,845 0 Eliminate fundamental policy regarding purchase of common stock................. 1,569,732 343,108 261,640 0 Eliminate fundamental policy restricting investments in taxable debt securities of any one issuer.................................................... 1,636,125 368,618 169,737 0 Eliminate fundamental policy regarding the purchase or sale of puts, calls and combinations thereof........................................................ 1,590,596 403,517 180,367 0 Eliminate fundamental policy regarding the short sale of securities............. 1,596,351 408,062 170,067 0 Eliminate fundamental policy prohibiting investments in other investment companies....................................................................... 1,615,115 390,802 168,563 0
(4) Modify certain fundamental investment policies and restrictions:
FOR AGAINST ABSTAIN BNV* Modify fundamental policy regarding diversification............................. 1,617,287 379,116 178,076 0 Modify fundamental policy regarding borrowing money............................. 1,577,991 404,013 192,475 0 Modify fundamental policy regarding loans....................................... 1,578,454 406,163 189,862 0 Modify fundamental policy regarding investment in commodities................... 1,590,854 412,220 171,405 0 Modify fundamental policy regarding issuance of senior securities............... 1,603,479 395,012 175,988 0
* Broker "non-votes" 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.