NEW YORK -- (Business Wire)
Morgan Stanley Income Securities Inc. (NYSE:ICB) (the “Fund”) announced
that, after considering the recommendation of the Fund’s investment
adviser, the Board of Directors of the Fund determined that it would be
in the best interest of stockholders of the Fund to approve an Agreement
and Plan of Reorganization by and between the Fund and Morgan Stanley
Institutional Fund Trust, on behalf of its series Corporate Bond
Portfolio (“MSIFT Corporate Bond”), pursuant to which substantially all
of the assets and liabilities of the Fund would be transferred to MSIFT
Corporate Bond and stockholders of the Fund would become shareholders of
MSIFT Corporate Bond, receiving shares of beneficial interest of MSIFT
Corporate Bond equal to the value of their holdings in the Fund (the
“Reorganization”). Upon execution of the Reorganization, shares of the
Fund would cease to trade on the New York Stock Exchange; however, after
the Reorganization, shares of MSIFT Corporate Bond may be purchased and
redeemed at the option of shareholders at net asset value on a daily
basis, subject to the terms described in the registration statement for
MSIFT Corporate Bond.
The Reorganization is subject to certain conditions, including
stockholder approval and customary closing conditions. The
Reorganization of the Fund will be submitted for stockholder approval at
a special meeting of stockholders (the “Meeting”) scheduled to be held
on April 20, 2018, and any adjournments or postponements thereof, to
stockholders of record on February 23, 2018. Further information about
the Reorganization will be included in a proxy statement/prospectus
expected to be mailed to stockholders in the first quarter of 2018.
Any solicitation of proxies by the Fund in connection with the Meeting
will be made only pursuant to separate proxy materials filed with the
U.S. Securities and Exchange Commission (the “SEC”) under applicable
federal securities laws. Because the proxy statement/prospectus will
contain important information, including a more detailed description of
the Agreement and Plan of Reorganization, stockholders are urged to read
these materials carefully when they become available. The Fund and the
Board of Directors may be deemed to be participants in the solicitation
of proxies from stockholders in connection with the Meeting. The Fund
plans to file a proxy statement/prospectus with the SEC in connection
with the solicitation of proxies for the Meeting. Information regarding
the names of the Fund’s Directors is set forth in the Fund’s September
30, 2017 annual report to stockholders, which may be obtained free of
charge at the SEC’s website at www.sec.gov.
Additional information regarding the interests of such potential
participants will be included in the proxy statement/prospectus and
other relevant documents to be filed with the SEC in connection with the
Meeting.
Promptly after filing its definitive proxy statement/prospectus for the
Meeting with the SEC, the Fund will mail the definitive proxy
statement/prospectus and a proxy card to each stockholder entitled to
vote at the Meeting. The Fund urges stockholders to read the
proxy statement/prospectus (including any supplements thereto) and any
other relevant documents that the Fund will file with the SEC when they
become available because they will contain important information. Stockholders
will be able to obtain, free of charge, copies of the proxy
statement/prospectus and any other documents filed by the Fund with the
SEC in connection with the Meeting at the SEC’s website at www.sec.gov,
by calling 1-800-231-2608 or by writing to the Fund at 522 Fifth Avenue,
New York, New York 10036.
The Fund is a diversified, closed-end management investment company that
seeks to provide as high a level of current income for distribution to
stockholders as is consistent with prudent investment risk and, as a
secondary objective, capital appreciation.
Morgan Stanley Investment Management, together with its investment
advisory affiliates, has more than 581 investment professionals around
the world and $482 billion in assets under management or supervision as
of December 31, 2017. Morgan Stanley Investment Management strives to
provide outstanding long-term investment performance, service and a
comprehensive suite of investment management solutions to a diverse
client base, which includes governments, institutions, corporations and
individuals worldwide. For further information about Morgan Stanley
Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm
providing investment banking, securities, wealth management and
investment management services. With offices in more than 42 countries,
the Firm’s employees serve clients worldwide including corporations,
governments, institutions and individuals. For more information about
Morgan Stanley, please visit www.morganstanley.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would
be unlawful under the securities laws of any such state.
Investing involves risk and it is possible to lose money on any
investment in the Fund.
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Contacts:
Morgan Stanley Income Securities Inc.
800-231-2608
Source: Morgan Stanley Income Securities Inc.
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