-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LBUT+ZhgB6MCQUmMq9qj9itwG5Sb5WJLL0ET7QnL/s8e+1V/F1oS/1zd9cBOtbN/ e9uWoANeIRGVOIsu5nZyaw== 0000950123-04-012632.txt : 20041028 0000950123-04-012632.hdr.sgml : 20041028 20041028153416 ACCESSION NUMBER: 0000950123-04-012632 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040831 FILED AS OF DATE: 20041028 DATE AS OF CHANGE: 20041028 EFFECTIVENESS DATE: 20041028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY MUNICIPAL PREMIUM INCOME TRUST CENTRAL INDEX KEY: 0000842891 IRS NUMBER: 133498050 STATE OF INCORPORATION: NY FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05688 FILM NUMBER: 041102569 BUSINESS ADDRESS: STREET 1: C/O MORGAN STANLEY TRUST STREET 2: HARBOSIDE FINANCIAL CENTER, PLAZA TWO CITY: JERSEY CITY STATE: NJ ZIP: 07311 BUSINESS PHONE: (212) 869-6397 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER MUNICIPAL PREMIUM INCOME TRUST DATE OF NAME CHANGE: 19981221 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL PREMIUM INCOME TRUST/MA DATE OF NAME CHANGE: 19930721 FORMER COMPANY: FORMER CONFORMED NAME: ALLSTATE MUNICIPAL PREIMIUM INCOME TRUST/MA DATE OF NAME CHANGE: 19930721 N-Q 1 y67823nvq.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-05689 Morgan Stanley Municipal Premium Income Trust (Exact name of registrant as specified in charter) 1221 Avenue of the Americas, New York, New York 10020 (Address of principal executive offices) (Zip code) Ronald E. Robison 1221 Avenue of the Americas, New York, New York 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: May 31, 2005 Date of reporting period: August 31, 2004 ITEM 1. SCHEDULE OF INVESTMENTS. The Fund's schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows: MORGAN STANLEY MUNICIPAL PREMIUM INCOME TRUST PORTFOLIO OF INVESTMENTS August 31, 2004 (unaudited)
PRINCIPAL AMOUNT IN COUPON MATURITY THOUSANDS RATE DATE VALUE - --------- ---- ---- ----- TAX-EXEMPT MUNICIPAL BONDS (147.4%) General Obligation (26.5%) Los Angeles Unified School District, California, $2,000 2003 Ser A (FSA) 5.25 % 07/01/20 $2,175,840 5,000 1997 Ser B (FGIC) 5.00 07/01/23 5,151,250 5,000 San Diego Unified School District, California, 1998 Ser E (FSA) 5.00 07/01/28 5,112,550 2,000 Connecticut, 2001 Ser D 5.00 11/15/20 2,114,260 3,000 Chicago Board of Education, Illinois, Ser 2001 C (FSA) 5.00 12/01/26 3,055,470 2,000 Du Page County Community Unit School District # 200, Illinois, Ser 5.25 11/01/21 2,163,840 2003 B (FSA) Massachusetts, 3,500 1995 Ser A (Ambac) 5.00 07/01/12 3,891,020 6,000 Refg Ser D (Ambac) 5.50 10/01/19 6,963,540 3,000 Barberton City School District, Ohio, Ser 1998 (FGIC) 5.125 11/01/22 3,168,180 Pennsylvania, 1,000 RITES PA - 1112 A (MBIA) 8.175++ 01/01/18 1,148,510 1,000 RITES PA - 1112 B (MBIA) 8.175++ 01/01/19 1,136,790 5,000 Charleston County School District, South Carolina, Ser 2004 A 5.00 02/01/22 5,270,500 3,500 Shelby County, Tennessee, Refg 1995 Ser A 5.625 04/01/11 3,616,620 5,000 La Joya Independent School District, Texas, Ser 2000 (PSF) 5.50 02/15/25 5,403,400 ----- --------- 47,000 50,371,770 ------ ---------- Educational Facilities Revenue (10.7%) 2,500 University of Alabama, Georgia, Ser A 5.25 07/01/20 2,742,275 5,500 Oakland University, Michigan, Ser 1995 (MBIA) 5.75 05/15/26 5,732,870 New York Sate Dormitory Authority, 4,000 State University Refg Ser 1993 A 5.50 05/15/08 4,413,800 890 State University Refg Ser 1999 B 7.50 05/15/11 1,047,895 1,250 Ohio State University, General Receipts Ser 1999 A 5.75 12/01/24 1,390,088 5,000 Swarthmore Boro Authority, Pennsylvania, Swarthmore College 5.00 09/15/31 5,063,500 ----- Ser 2001 --------- 19,140 20,390,428 ------ ---------- Electric Revenue (21.2%) 8,000 Salt River Project Agricultural Improvement & Power District, 5.00 01/01/26 8,205,040 Arizona, Ser 2002 B 1,550 Los Angeles Department of Water & Power, California, 2001 Ser A 5.00 07/01/24 1,581,543 5,000 Orlando Utilities Commission, Florida, Water & Electric Ser 2001 5.00 10/01/22 5,247,000 3,000 Long Island Power Authority, New York, Ser 2004 A (Ambac) 5.00 09/01/34 3,051,510 7,000 South Carolina Public Service Authority, 1995 Refg Ser A (Ambac) 6.25 01/01/22 7,521,710 8,500 San Antonio, Texas, Electric & Gas Refg Ser 1994 C 7.52++ 02/01/06 9,215,105 5,000 Intermountain Power Agency, Utah, Refg 1997 Ser B (MBIA) 5.75 07/01/19 5,538,500 ----- --------- 38,050 40,360,408 ------ ---------- Hospital Revenue (6.0%) 3,500 Birmingham-Carraway Special Care Facilities Financing Authority, 5.875 08/15/15 3,677,170 Alabama, Carraway Methodist Health Ser 1995 A (Connie Lee) 2,000 Louisiana Public Facilities Authority, Oshner Clinic Ser 2002 B 5.50 05/15/32 2,036,500 1,000 Maryland Health & Higher Educational Facilities Authority, Johns 5.00 11/15/28 1,010,520 Hopkins Hospital Ser 2003 5,000 Lehigh County General Purpose Authority, Pennsylvania, St Luke's 5.375 08/15/33 4,774,150 ----- of Bethlehem Hospital Ser A 2003 --------- 11,500 11,498,340 ------ ----------
Industrial Development/Pollution Control Revenue (9.0%) 6,750 Pima County Industrial Development Authority, Arizona, Tucson 7.25 07/15/10 7,116,525 Electric Power Co Refg Ser 1988 A (FSA) 1,000 Salem County Pollution Control Financing Authority, E I du Pont de 6.125 07/15/22 1,013,930 Nemours & Co 1992 Ser A (AMT) 8,000 New York City Industrial Development Agency, New York, 5.65 10/01/28 7,292,240 Brooklyn Navy Yard Cogeneration Partners LP Ser 1997 (AMT) 1,500 Brazos River Authority, Texas, TXU Electric Co Refg Ser 1999 A 7.70 04/01/33 1,753,590 ----- (AMT) --------- 17,250 17,176,285 ------ ---------- Mortgage Revenue - Multi-Family (1.0%) 1,840 Minnesota Housing Finance Agency, Rental 1995 Ser D (MBIA) 6.00 02/01/22 1,886,074 ----- --------- Mortgage Revenue - Single Family (0.5%) 445 Colorado Housing & Finance Authority Ser 1997 A-2 (AMT) 7.25 05/01/27 448,871 40 Kansas City Leavenworth & Lenexa, Kansas, GNMA-Backed Ser 8.00 11/01/20 40,085 1998 C (AMT) 5 Olathe, Kansas, GNMA Collateralized Ser 1989 A (AMT) (MBIA) 8.00 11/01/20 5,003 370 Missouri Housing Development Commission, Homeownership 1996 7.10 09/01/27 372,805 --- Ser D (AMT) ------- 860 866,764 --- ------- Public Facilities Revenue (4.3%) Fort Collins, Colorado, 2,040 Lease Part, Ser A 5.375 06/01/21 2,248,039 2,155 Lease Part, Ser A 5.375 06/01/22 2,362,052 Saint Paul Independent School District #625, Minnesota, 1,700 Ser 1995 C COPs 5.45 02/01/11 1,727,591 1,800 Ser 1995 C COPs 5.50 02/01/12 1,829,592 ----- --------- 7,695 8,167,274 ----- --------- Recreational Facilities Revenue (0.5%) 825 Metropolitan Pier & Exposition Authority, Illinois, McCormick Place 5.50 06/15/18 955,606 --- Refg Ser 1998 A (FGIC) ------- Transportation Facilities Revenue (26.4%) 5,000 Arizona Transportation Board, Highway Ser 2001 5.25 07/01/19 5,465,500 Miami-Dade County, Florida, 2,050 Miami Int'l Airport Refg Ser 2003 B (AMT) (MBIA) 5.25 10/01/17 2,208,670 2,500 Miami Int'l Airport Ser 2000 B (FGIC) 5.75 10/01/24 2,758,850 Georgia State Road & Tollway Authority, 2,000 Ser 2004 5.00 10/01/22 2,120,500 3,000 Ser 2004 5.00 10/01/23 3,159,900 Chicago, Illinois, 5,000 Chicago-O'Hare Int'l Airport Ser 1996 A (Ambac) 5.625 01/01/12 5,325,900 1,805 Midway Airport 1994 Ser A (AMT) (MBIA) 6.25 01/01/24 1,847,165 5,000 New Jersey Turnpike Authority, Ser 2003 A (Ambac) 5.00 01/01/30 5,116,200 3,000 Metropolitan Transportation Authority, New York, State Service 5.50 07/01/20 3,348,390 Contract Refg Ser 2002 B (MBIA) 4,000 Port Authority of New York & New Jersey, Cons 135 Ser (XLCA) 5.00 09/15/29 4,089,760 3,000 Triborough Bridge & Tunnel Authority, New York, Refg Ser 2002 B 5.25 11/15/19 3,265,410 2,000 Pennsylvania Turnpike Commission, Ser R 2001 (Ambac) 5.00 12/01/30 2,040,680 6,835 Austin, Texas, Airport Prior Lien Ser 1995 A (AMT) (MBIA) 6.125 11/15/25 7,272,850 2,000 Richmond Metropolitan Authority, Virginia, Expressway & Refg Ser 5.25 07/15/17 2,253,380 ----- 1998 (FGIC) --------- 47,190 50,273,155 ------ ----------
Water & Sewer Revenue (27.4%) 3,000 Los Angeles, California, Water & Power Ser C 5.00 07/01/25 3,099,870 3,000 Oxnard, California Financing Authority, Redwood Trunk Sewer & 5.00 06/01/29 3,066,000 Headworks Ser 2004 A 3,000 Atlanta, Georgia, Water & Wastewater Ser 1999 A (FGIC) 5.50 11/01/22 3,456,690 4,000 Augusta, Georgia, Water & Sewerage Ser 2000 (FSA) 5.25 10/01/22 4,265,200 5,000 Rockdale County Water & Sewage Authority, Georgia, Ser 1999 A 5.50 07/01/25 5,407,200 (MBIA) Indianapolis Local Public Improvement Bond Bank, Indiana, 1,000 Waterworks Ser 2002 A (MBIA) 5.50 01/01/18 1,122,180 1,000 Waterworks Ser 2002 A (MBIA) 5.50 01/01/19 1,119,650 3,215 Louisville & Jefferson County Metropolitan Sewer District, 5.375 05/15/22 3,482,874 Kentucky, Ser 2001 A (MBIA) 1,755 Detroit, Michigan, Water Supply Sr Lien Ser 2000 A (FGIC) 5.25 07/01/33 1,813,336 3,000 Las Vegas Water District, Nevada, Impr and Refg Ser 2003 A 5.25 06/01/22 3,205,650 (FGIC) 2,960 Passaic Valley Sewerage Commissioners, New Jersey, Ser F 5.00 12/01/19 3,176,139 (FGIC) 3,000 Cleveland, Ohio, Waterworks Impr & Refg 1998 Ser I (FSA) 5.00 01/01/23 3,081,660 5,000 Austin, Texas, Water & Wastewater Refg Ser 2001 A (FSA) 5.125 05/15/27 5,128,150 10,000 Houston, Texas, Combined Utilities System Refg 2004 Ser A (FGIC) 5.25 05/15/23 10,685,300 ------ ---------- 48,930 52,109,899 ------ ---------- Other Revenue (8.4%) 5,000 California, Economic Recovery Ser 2004 A ## 5.00 07/01/16 5,350,100 2,000 New York City Transitional Finance Authority, New York, Refg 5.50 11/01/26 2,251,460 2003 Ser A 8,000 New York Local Government Assistance Corporation, Refg Ser 5.00 04/01/21 8,383,200 ----- 1997 B (MBIA) --------- 15,000 15,984,760 ------ ---------- Refunded (5.5%) 3,000 Hawaii, 1999 Ser CT (FSA) 5.875 09/01/09+ 3,469,710 1,340 Missouri Health & Educational Facilities Authority, Missouri, Baptist 7.625 07/01/18 1,374,197 Medical Center Refg Ser 1989 (ETM) 4,000 Montgomery County, Ohio, Franciscan Medical Center - Dayton Ser 5.50 01/01/10+ 4,462,360 1997 1,165 Austin, Texas, Airport Prior Lien Ser 2003 6.125 11/15/05+ 1,245,035 ----- --------- 9,505 10,551,302 ----- ---------- 264,785 TAX-EXEMPT MUNICIPAL BONDS (Cost $265,857,606) 280,592,065 ------- ----------- SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (3.1%) 550 Idaho Health Facilities Authority, St Luke's Regional Medical Center 1.30 * 07/01/30 550,000 Ser 2000 (FSA) (Demand 09/01/04) 2,000 Missouri Health & Educational Facilities Authority, Cox Health Ser 1.35 * 06/01/15 2,000,000 1997 (MBIA) (Demand 09/01/04) 1,500 New York City Transitional Finance Authority, New York City 1.33 * 11/01/22 1,500,000 Recovery Ser 1 Subser 1 (Demand 09/01/04) 1,900 Lincoln County, Wyoming, Exxon Corp Ser 1984 D 1.21 * 11/01/14 1,900,000 ----- (Demand 09/01/04) --------- 5,950 TOTAL SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (Cost $5,950,000) 5,950,000 ----- --------- $270,735 TOTAL INVESTMENTS (Cost $271,807,606) (a) (b) 150.5% 286,542,065 ======== OTHER ASSETS IN EXCESS OF LIABILITIES 2.1 3,926,025 PREFERRED SHARES OF BENEFICIAL INTEREST (52.6) (100,132,982) ------ ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% $190,335,108 ====== ============
- ----------------- Note: The categories of investments are shown as a percentage of net assets applicable to common shareholders. AMT Alternative Minimum Tax. COPs Certificates of Participation. ETM Escrowed to maturity. PSF Texas Permanent School Fund Guarantee Program. RITES Residual Interest Tax-Exempt Securities. * Current coupon of variable rate demand obligation. + Prerefunded to call date shown. ++ Current coupon rate for inverse floating rate municipal obligation. This rate resets periodically as the auction rate on the related security changes. Positions in inverse floating rate municipal obligation have a total value of $11,500,405 which represents 6.0% of net assets applicable to common shareholders. ## A portion of this security has been physically segregated in connection with open futures contracts in an amount equal to $130,000. (a) Securities have been designated as collateral in an amount equal to $16,449,324 in connection with open futures contracts. (b) The aggregate cost for federal income tax purposes is $271,807,606. The aggregate gross unrealized appreciation is $15,848,653 and the aggregate gross unrealized depreciation is $1,114,194, resulting in net unrealized appreciation of $14,734,459. Bond Insurance: - --------------- Ambac Ambac Assurance Corporation. Connie Lee Connie Lee Insurance Company - A wholly owned subsidiary of Ambac Assurance Corporation. FGIC Financial Guaranty Insurance Company. FSA Financial Security Assurance Inc. MBIA Municipal Bond Investors Assurance Corporation. XLCA XL Capital Assurance Inc. Futures Contracts Open at August 31, 2004:
DESCRIPTION, NUMBER OF DELIVERY MONTH UNDERLYING FACE UNREALIZED CONTRACTS LONG/SHORT AND YEAR AMOUNT AT VALUE DEPRECIATION --------- ---------- -------------- --------------- ------------ 25 Short U.S. Treasury Note 10 Year $(2,836,719) $(149,679) September/2004 50 Short U.S. Treasury Note 5 Year (5,533,594) (19,056) September/2004 200 Short U.S. Treasury Note 10 Year (8,423,437) (46,104) September/2004 ------------ Total unrealized depreciation $(214,839) ============
Geographic Summary of Investments Based on Market Value as a Percent of Total Investments Alabama 1.3 % Arizona 7.2 California 8.9 Colorado 1.8 Connecticut 0.7 Florida 3.6 Georgia 7.4 Hawaii 1.2 Idaho 0.2 Illinois 4.7 Indiana 0.8 Kansas 0.0 Kentucky 1.2 Louisiana 0.7 Maryland 0.3 Massachusetts 3.8 Michigan 2.6 Minnesota 1.9 Missouri 1.3 Nevada 1.1 New Jersey 4.7 New York 13.5 Ohio 4.2 Pennsylvania 4.9 South Carolina 4.5 Tennessee 1.3 Texas 14.2 Utah 1.9 Virginia 0.8 Wyoming 0.7 Joint exemptions* (1.4) ----- Total 100.0% =====
- -------------- * Joint exemptions have been included in each geographic location. ITEM 2. CONTROLS AND PROCEDURES. (a) The Fund's principal executive officer and principal financial officer have concluded that the Fund's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. (b) There were no changes in the Fund's internal control over financial reporting that occurred during the registrant's fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. ITEM 3. EXHIBITS. (a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Morgan Stanley Municipal Premium Income Trust /s/ Ronald E. Robison Ronald E. Robison Principal Executive Officer October 20, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Ronald E. Robison Ronald E. Robison Principal Executive Officer October 20, 2004 /s/ Francis Smith Francis Smith Principal Financial Officer October 20, 2004 3 EX-99.CERT 2 y67823exv99wcert.txt CERTIFICATION EXHIBIT 3 A1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER I, Ronald E. Robison, certify that: 1. I have reviewed this report on Form N-Q of Morgan Stanley Municipal Premium Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Omitted; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: October 20, 2004 /s/ Ronald E. Robison Ronald E. Robison Principal Executive Officer 4 EXHIBIT 3 A2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER I, Francis Smith, certify that: 1. I have reviewed this report on Form N-Q of Morgan Stanley Municipal Premium Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Omitted; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: October 20, 2004 /s/ Francis Smith Francis Smith Principal Financial Officer 5 -----END PRIVACY-ENHANCED MESSAGE-----