Morgan Stanley Insured Municipal Trust (the Trust) is a diversified, closed-end management investment company. The Trust’s investment objective is to provide current income, which is exempt from federal income tax. The Trust may invest a portion of its assets in inverse floating-rate instruments. It invests in sectors, such as water and sewer, transportation and public power. The Trust invests in Morgan Stanley Institutional Liquidity Funds-Tax-Exempt Portfolio-Institutional Class, an open-end management investment company managed by an affiliate of the investment advisor. The Trust’s investment advisor is Morgan Stanley Investment Advisors Inc. Its administrator is Morgan Stanley Services Company Inc.