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INTERCAPITAL CALIFORNIA QUALITY MUNICIPAL SECURITIES OFFERS 1,800 AUCTION RATE PREFERRED SHARES AT $50,000 A SHARE

 NEW YORK, Nov. 9 /PRNewswire/ -- Dean Witter Distributors Inc. and Merrill Lynch & Co. announced today the public offering of 600 Series 1 Auction Rate Preferred Shares (ARPS), 600 Series 2 ARPS and 600 Series 3 ARPS of InterCapital California Quality Municipal Securities at a price of $50,000 per share. The ARPS will be preferred shares of the trust that entitle their holders to receive cash dividends at a rate that may vary for successive dividend periods. It is expected that the initial dividend period for each of Series 1 ARPS and Series 2 ARPS will be a two-week dividend period and for Series 3 ARPS will be a three-month period. Subsequent dividend periods may vary from seven days to five years.
 The initial dividend rate for the ARPS will be 2.35 percent per annum for Series 1, 2.35 percent per annum for Series 2 and 2.65 percent per annum for Series 3. Thereafter, the dividend rate for each subsequent dividend period will be reset according to bid orders, hold orders and sell orders placed by existing and potential holders in an auction.
 InterCapital California Quality Municipal Securities is a closed-end non-diversified management investment company which seeks to provide current income exempt from federal and California income taxes. The trust will seek to achieve its investment objective by investing primarily in a portfolio of Municipal Obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal and California income taxes and which are rated in the three highest grades by Moody's Investors Service, Inc. or Standard & Poor's Corporation (in each case, A or higher) or, if not rated, are determined to be of comparable quality. The trust may invest a portion of its assets in Municipal Obligations the interest on which is exempt from federal but not California income taxes and which are also rated in the three highest grades by Moody's Investors Service, Inc. or Standard & Poor's Corporation (in each case, A or higher) or, if not rated, are determined to be of comparable quality.
 -0- 11/9/93
 /CONTACT: Mike Durbin of Dean Witter Distributors Inc., 212-392-4235/


CO: InterCapital California Quality Municipal Securities ST: IN: FIN SU: OFR

CK -- NY086 -- 2296 11/09/93 13:28 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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