Morgan Stanley Insured California Municipal Securities (the Trust) is a diversified, closed-end management investment company. The Trust's investment objective is to provide current income, which is exempt from both federal and California income taxes. The Trust's investment objective is to provide current income, which is exempt from both federal and California income taxes. Its portfolio includes tax-exempt municipal bonds. It may invest a portion of its assets in inverse floating-rate instruments. The Trust may invest in put and call options, and futures on its portfolio securities. The Trust’s investment advisor is Morgan Stanley Investment Advisors Inc. Its administrator is Morgan Stanley Services Company Inc.