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: 811-05597
Morgan Stanley Municipal Income Opportunities 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: February 28, 2005
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 INCOME OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS-February 28, 2005 (unaudited)
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
--------- ------ -------- ------------
TAX-EXEMPT MUNICIPAL BONDS (97.3%)
General Obligation (1.3%)
$1,000 California, Various Purpose dtd 02/01/04 5.00 % 02/01/33 $1,029,340
1,000 Southlands, Colorado, Medical District #1, Colorado, Ser 2004 7.125 12/01/34 1,026,700
---------
2,000 2,056,040
---------
Educational Facilities Revenue (2.7%)
1,200 ABAG Finance Authority for Nonprofit Corporations, California, 7.50 05/01/11 1,261,848
National Center for International Schools COPs
500 San Diego County, California, The Burnham Institute COPs 6.25 09/01/29 524,105
1,000 Bellalago Educational Facilities Benefits District, Florida, 5.80 05/01/34 998,370
Bellalago Charter School Ser 2004 B
500 Illinois, Student Housing Village Project Ser 2004 A 5.125 06/01/35 490,310
1,000 Westchester County Industrial Development Agency, New York, 5.375 08/01/24 1,037,150
Guiding Eyes for The Blind Inc Ser 2004 ---------
4,200
4,311,783
---------
Electric Revenue (0.7%)
1,000 Pennsylvania Economic Development Authority, Reliant Energy 6.75 12/01/36 1,069,970
Ser 2001 A ---------
Hospital Revenue (16.0%)
1,000 Colbert County - Northwest Health Care Authority, Alabama, 5.75 06/01/27 1,019,520
Helen Keller Hospital Ser 2003
2,000 Baxter County, Arkansas, Baxter County Regional Hospital Impr 5.625 09/01/28 2,041,160
& Refg Ser 1999 B
2,000 Hawaii Department of Budget & Finance, Kuakini Health 2002 Ser 6.375 07/01/32 2,090,860
1,000 Indiana Health Facility Financing Authority, Riverview Hospital 6.125 08/01/31 1,053,280
Ser 2002
2,000 Maryland Health & Higher Educational Facilities Authority, 6.75 07/01/30 2,250,480
University of Maryland Medical Center Ser 2000
600 Gaylord Hospital Financing Authority, Michigan, Otsego Memorial 6.50 01/01/37 589,560
Hospital Ser 2004
3,000 Henderson, Nevada, Catholic Health West 1998 Ser A 5.375 07/01/26 3,051,239
1,500 New Hampshire Higher Educational & Health Facilities Authority, 6.00 05/01/28 1,461,060
Littleton Hospital Assn Ser 1998 A
2,000 New Jersey Health Care Facilities Financing Authority, Raritan 7.25 07/01/27 2,100,400
Bay Medical Center Ser 1994
1,105 Nassau County Industrial Development Agency, New York, 5.875 11/01/11 1,210,483
North Shore Health Ser B
1,000 Monroe County Hospital Authority, Pennsylvania, Pocono 6.00 01/01/43 1,057,140
Medical Center Ser 2003
1,560 Philadelphia Hospitals & Higher Education Facilities Authority, 6.375 11/15/11 1,561,030
Pennsylvania, Chestnut Hill Hospital Ser 1992
1,000 St Mary Hospital Authority, Pennsylvania, Catholic Health East Ser B 5.375 11/15/34 1,043,830
2,000 South Carolina Jobs Economic Development Authority, Palmetto 6.875 08/01/27 2,239,560
Health Alliance Refg Ser 2003 C
1,000 Knox County Health, Educational & Housing Facility Board, 6.50 04/15/31 1,027,830
Tennessee, Baptist Health of East Tennessee Ser 2002
1,000 Decatur Hospital Authority, Texas, Wise Regional Health Ser 7.125 09/01/34 1,076,940
2004 A
350 Hidalgo County, Texas, Health Services Mission Hospital Inc. 5.00 08/15/19 348,744
----------
24,115 25,223,116
----------
Industrial Development/Pollution Control Revenue (14.1%)
2,000 Los Angeles, California, American Airlines Inc Terminal 4 Ser 7.50 12/01/24 2,036,300
2002 C (AMT)
360 Metropolitan Washington Airports Authority, District of Columbia 10.125 09/01/11 360,511
& Virginia, CaterAir International Corp Ser 1991 (AMT) +
2,000 Chicago, Illinois, Chicago O'Hare Int'l Airport/United Airlines Inc 6.30 05/01/16 300,000
Refg Ser 2001 C (a)
1,500 Iowa Finance Authority, IPSCO Inc Ser 1997 (AMT) 6.00 06/01/27 1,546,380
1,500 Dayton, Ohio, Emery Air Freight Corp Refg Ser 1998 A 5.625 02/01/18 1,611,690
480 Zanesville-Muskingum County Port Authority, Ohio, Anchor 10.25 12/01/08 479,976
Glass Container Corp Ser 1989 B (AMT)
2,000 Beaver County Industrial Development Authority, Pennsylvania, 7.75 05/01/20 2,112,300
Toledo Edison Co Collateralized Ser 1995 B
3,330 Carbon County Industrial Development Authority, Pennsylvania, 6.65 05/01/10 3,605,558
Panther Creek Partners Refg 2000 Ser (AMT)
2,125 Lexington County, South Carolina, Ellett Brothers Inc Refg Ser 1998 7.50 09/01/08 2,086,453
1,000 Brazos River Authority, Texas, TXU Electric Co Refg Ser 1999 A (AMT) 7.70 04/01/33 1,182,320
1,000 Chesterfield County Industrial Development Authority, Virginia, 5.50 10/01/09 1,053,450
Virginia Electric & Power Co Ser 1985
3,700 Pittsylvania County Industrial Development Authority, Virginia, 7.45 01/01/09 3,793,794
Multi-Trade Pittsylvania County Ser 1994 A (AMT)
2,000 Upshur County, West Virginia, TJ International Inc Ser 1995 (AMT) 7.00 07/15/25 2,068,920
----------
22,995 22,237,652
----------
Mortgage Revenue - Multi-Family (7.0%)
Washington County Housing & Redevelopment Authority, Minnesota,
3,885 Courtly Park Ser 1989 A 9.75 06/15/19 3,024,278
1,165 Courtly Park Ser 1989 A (AMT) 10.25 06/15/19 907,220
24,080 Courtly Park Ser 1989 B 0.00 06/15/19 379,500
8,678 Courtly Park Ser 1989 B (AMT) 0.00 06/15/19 136,763
White Bear Lake, Minnesota,
3,715 White Bear Woods Apts Phase II Refg 1989 Ser A 9.75 06/15/19 3,208,423
19,771 White Bear Woods Apts Phase II Refg 1989 Ser B 0.00 06/15/19 311,598
3,000 Brookhaven Industrial Development Agency, New York, 6.375 12/01/37 2,983,290
Woodcrest Estates Ser 1998 A (AMT) ----------
64,294 10,951,072
----------
Mortgage Revenue - Single Family (6.4%)
Colorado Housing & Finance Authority,
180 1996 Ser B (AMT) 7.65 11/01/26 181,431
800 Ser 1998 D-2 (AMT) 6.35 11/01/29 817,456
25,155 New Hampshire Housing Finance Authority, Residential 1983 Ser B 0.00 01/01/15 9,098,312
----------
26,135 10,097,199
----------
Nursing & Health Related Facilities Revenue (11.0%)
Escambia County, Florida,
5,470 Pensacola Care Development Centers Ser 1989 10.25 07/01/11 5,527,599
1,255 Pensacola Care Development Centers Ser 1989 A 10.25 07/01/11 1,268,215
1,000 Orange County Health Facilities Authority, Florida, Westminister 6.75 04/01/34 871,640
Community Care Services Inc Ser 1999
1,000 Pinellas County Health Facilities Authority, Florida, Oaks of 6.25 06/01/34 1,035,520
Clearwater Ser 2004
1,965 Iowa Health Facilities Development Financing Authority, Care 9.25 07/01/25 2,378,809
Initiatives Ser 1996
515 Kentucky Economic Development Financing Authority, 6.50 # 01/01/29 509,407
AHF/Kentucky-Iowa Inc Ser 2003
1,000 Westside Habilitation Center, Louisiana, Intermediate Care 8.375 10/01/13 1,010,960
Facility for the Mentally Retarded Refg Ser 1993
1,775 Massachusetts Development Finance Agency, New England 5.875 11/01/18 1,781,426
Center for Children Ser 1998
1,000 Massachusetts Health & Educational Facilities Authority, The 6.125 07/01/29 981,060
Learning Center for Deaf Children Ser C
870 Mount Vernon Industrial Development Agency, New York, 6.00 06/01/09 880,310
Meadowview at the Wartburg Ser 1999
1,000 St Louis County Industrial Development Authority, Missouri, 6.625 11/15/35 1,013,260
Pediatric Rehabilitation Center Ser 2003 A ----------
16,850 17,258,206
----------
Recreational Facilities Revenue (5.7%)
2,000 Sacramento Financing Authority, California, Convention Center 6.25 01/01/30 2,113,800
Hotel 1999 Ser A
1,000 San Diego County, San Diego Natural History Museum COPs 5.70 02/01/28 944,200
Mashantucket (Western) Pequot Tribe, Connecticut,
1,010 1996 Ser A (b) 6.40 09/01/11 1,068,378
1,000 1997 Ser B (b) 5.75 09/01/27 1,029,730
2,000 St Louis Industrial Development Authority, Missouri, St Louis 6.875 12/15/20 1,693,000
Convention Center Headquarters Hotel Ser 2000 (AMT)
2,000 Austin Convention Enterprises Inc, Texas, Convention Center 6.70 01/01/32 2,123,460
Hotel Ser 2000 A ----------
9,010 8,972,568
----------
Retirement & Life Care Facilities Revenue (15.7%)
1,000 St Johns County Industrial Development Authority, Florida, 8.00 01/01/30 1,061,860
Glenmoor Ser 1999 A
1,000 Hawaii Department of Budget & Finance, Kahala Nui, 2003 Ser A 8.00 11/15/33 1,067,180
1,500 Lenexa, Kansas, Lakeview Village - Southridge Ser 2002 C 6.875 05/15/32 1,610,685
1,500 Maryland Health & Higher Educational Facilities Authority, Mercy 6.00 04/01/35 1,553,985
Ridge 2003 Ser A
1,500 Massachusetts Development Finance Agency, Loomis 5.75 07/01/23 1,436,640
Communities Ser 1999 A
1,500 Kansas City Industrial Development Agency, Missouri, Bishop 6.50 01/01/35 1,531,185
Spencer 2004 Ser A
New Jersey Economic Development Authority,
1,000 Cedar Crest Villiage Inc Ser 2001 A 7.25 11/15/31 1,051,600
1,000 Franciscan Oaks Ser 1997 5.70 10/01/17 986,970
1,000 The Presbyterian Home at Montgomery Ser 2001 A 6.375 11/01/31 1,019,800
2,000 United Methodist Homes of New Jersey Ser 1998 5.125 07/01/25 1,822,040
3,250 Suffolk County Industrial Development Agency, New York, 7.25 11/01/28 3,408,535
Jefferson's Ferry Ser 1999
1,000 North Carolina Medical Care Commission, The Given Estate, Ser 6.50 07/01/32 1,052,050
2003 A
1,000 Chester County Health & Education Facilities Authority, 7.625 07/01/34 1,076,750
Pennsylvania, Jenner's Pond Inc Ser 2002
1,000 Montgomery County Industry Development Authorty, 6.25 02/01/35 1,017,690
Pennsylvania, Whitemarsch Care Project
750 Shelby County Health, Educational & Housing Facilities Board, 7.25 12/01/34 773,783
Tennessee, Village at Germantown Ser 2003 A
1,000 Houston, Health Facilities Authority, Texas, Buckingham Senior 7.125 02/15/34 1,076,490
Living Community Ser 2003 A
2,100 Vermont Economic Development Authority, Wake Robin Corp 6.75 03/01/29 2,067,870
Ser 1999 A
1,000 Peninsula Ports Authorty of Virginia, Virginia Baptist Homes Ser 7.375 12/01/32 1,052,820
2003 A -----------
24,100 24,667,933
-----------
Tax Allocation Revenue (11.5%)
500 Carlsbad California Improvemnet Act 1915 Assessment District 5.20 09/02/35 495,690
No 2002-2001 Ser A
1,000 San Marcos Community Facilities District No 2002-01, California, 5.95 09/01/35 1,024,590
University Commons Ser 2004
2,000 Elk Valley Public Improvement Corporation, Colorado, Ser 2001 7.35 09/01/31 2,135,620
2,000 Beacon Lakes, Community Development District, Florida, Ser 2003 A 6.90 05/01/35 2,098,760
1,000 Midtown Miami Community Development District, Florida, Ser 2004 A 6.25 05/01/37 1,035,960
2,000 Chicago, Illinois, Lake Shore East, Ser 2002 6.75 12/01/32 2,069,760
725 Lincolnshire, Illinois, Special Service Area No 1 Ser 2004 6.25 03/01/34 766,158
2,000 Des Peres, Missouri, West County Center Ser 2002 5.75 04/15/20 2,055,700
4,000 Fenton, Missouri, Gravois Bluffs Redevelopment Ser 2001 A Refg 7.00 10/01/21 4,315,480
1,995 Las Vegas District No 808, Nevada, Summerlin Area Ser 2001 6.75 06/01/21 2,060,576
-----------
17,220 18,058,294
-----------
Transportation Facilities Revenue (4.4%)
5,000 E-470 Public Highway Authority, Colorado, Ser 1997 B (MBIA) 0.00 09/01/15 3,178,800
1,780 Mid-Bay Bridge Authority, Florida, Sr Lien Crossover Refg Ser 5.85 10/01/13 1,948,815
1993 A (Ambac)
750 Augusta, Georgia, Airport Passengers Facilities Ser A 5.15 01/01/35 751,328
1,000 Nevada Department of Business & Industry, Las Vegas Monorail 7.375 01/01/40 1,020,360
2nd Tier Ser 2000 -----------
8,530 6,899,303
-----------
Refunded (0.8%)
1,000 Illinois Health Facilities Authority, Riverside Health Ser 2000 6.85 11/15/29++ 1,191,890
-----------
221,449 TOTAL TAX-EXEMPT MUNICIPAL BONDS (Cost $161,386,367) 152,995,026
-----------
SHORT TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (1.7%)
1,700 Harris County Health Facilities Development Corporation, Texas, 1.80* 07/01/37 1,700,000
Methodist Hospital Ser 2002 (Demand 03/01/05)
1,025 North Central Texas Health Facilities Development Corporation, 1.79* 12/01/15 1,025,000
Presbyterian Medical Center Ser 1985 D (MBIA) (Demand 03/01/05) -----------
2,725 TOTAL SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (Cost $2,725,000) 2,725,000
-----------
$224,174 TOTAL INVESTMENTS (Cost $164,111,367)(c) 99.0% 155,720,026
OTHER ASSETS IN EXCESS OF LIABILITIES 1.0% 1,616,085
----- ------------
NET ASSETS 100.0% $157,336,111
===== ============
--------------
AMT Alternative Minimum Tax.
COPs Certificates of Participation.
* Current coupon of variable rate demand obligation.
+ Joint exemption in locations shown.
++ Prerefunded to call date shown.
# Currently a 6.50% coupon; increases to 8.00% on January 1, 2009.
(a) Issuer in bankruptcy; non-income producing security
(b) Resale is restricted to qualified institutional investors.
(c) The aggregate cost for federal income tax purposes approximates the
aggregate cost for book purposes. The aggregate gross unrealized
appreciation is $7,018,234 and the aggregate gross unrealized depreciation
is $15,409,575 , resulting in net unrealized depreciation of $8,391,341.
Bond Insurance:
----------------
Ambac Ambac Assurance Corporation.
MBIA Municipal Bond Investors Assurance Corporation.
GEOGRAPHIC SUMMARY OF INVESTMENTS
Based on Market Value as a Percent of Net Assets
Alabama 0.7 %
Arkansas 1.3
California 6.0
Colorado 4.7
Connecticut 1.3
District of Columbia 0.2
Florida 10.1
Georgia 0.5
Hawaii 2.0
Illinois 3.1
Indiana 0.7
Iowa 2.5
Kansas 1.0
Kentucky 0.3
Louisiana 0.6
Maryland 2.4
Massachusetts 2.7
Michigan 0.4
Minnesota 5.1
Missouri 6.7
Nevada 3.9
New Hampshire 6.7
New Jersey 4.4
New York 6.1
North Carolina 0.7
Ohio 1.3
Pennsylvania 8.0
South Carolina 2.7
Tennessee 1.1
Texas 5.4
Vermont 1.3
Virginia 3.8
West Virginia 1.3
Joint exemptions* 0.0
----
Total 99.0%
====
------------
* 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 Income Opportunities Trust
/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
April 19, 2005
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
April 19, 2005
/s/ Francis Smith
Francis Smith
Principal Financial Officer
April 19, 2005
3