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)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Ronald E. Robison
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-296-6990
Date of fiscal year end: May 31, 2008
Date of reporting period: February 29, 2008
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 29, 2008 (UNAUDITED)
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
--------- ------ -------- ------------
TAX-EXEMPT MUNICIPAL BONDS (108.5%)
ALABAMA (0.7%)
$ 1,000 Colbert County Northwest Health Care Authority, Helen Keller
Hospital, Ser 2003 5.75% 06/01/27 $ 913,060
------------
ARIZONA (3.2%)
1,225 Pima County Arizona Industrial Development Authority, Constellation
Schools, Ser 2008 7.00 01/01/38 1,108,748
800 Pima County Arizona Industrial Development Authority Water and
Wastewater Global Water Resources LLC, Ser 2007 (ATM) 6.55 12/01/37 724,128
2,900 Salt Verde Financial Corp., Ser 2007 @@ 5.25 12/01/24 2,629,154
------------
4,462,030
------------
CALIFORNIA (7.9%)
1,955 California County Tobacco Securitization Agency, Gold County
Settlement Funding Corp, Ser 2006 0.00 06/01/33 315,811
500 California Housing Finance Agency, RITES PA 1417 Ser 2006 (AMT) 4.117# 08/01/31 221,860
500 California Housing Finance Agency, RITES PA 1417 Ser 2006 (AMT) 4.317# 08/01/36 211,630
1,000 California Statewide Community, Baptist University, Ser 2007 A 5.50 11/01/38 853,090
1,000 Daily City California Housing Development Finance 6.50 12/15/47 859,820
4,000 Golden State Tobacco Securitization Corporation, Enhanced Asset
Backed, Ser 2007 A-1 @@ 5.125 06/01/47 3,221,228
800 Quechan Indian Tribe FT Yuma Indian Reservation, Ser 2008 7.00 12/01/27 765,168
2,000 Sacramento Financing Authority, Convention Center Hotel, Ser 1999 A 6.25 01/01/30 1,831,920
1,000 San Diego County, San Diego Natural History Museum COPs 5.70 02/01/28 883,740
1,000 San Marcos Community Facilities District # 2002-01, University
Commons, Ser 2004 5.95 09/01/35 897,710
1,000 Santa Ana, Unified School District Community Facilities,
District # 2004-1, Central Park, Ser 2005 5.10 09/01/35 790,240
13,000 Silicon Valley Tobacco Securitization Authority, Santa Clara
Tobacco Securitization Corp, Ser 2007 0.00 06/01/56 288,340
------------
11,140,557
------------
COLORADO (4.0%)
1,000 Colorado Health Facilities Authority, Christian Living Communities,
Ser 2006 5.75 01/01/37 859,550
25 Colorado Housing & Finance Authority, Ser 1996 Ser B-1 (AMT) 7.65 11/01/26 25,460
340 Colorado Housing & Finance Authority, Ser 1998 Ser D-2 (AMT) 6.35 11/01/29 354,402
1,000 Copperleaf Metropolitan District # 2, Ser 2006 5.95 12/01/36 788,480
2,000 Elk Valley Public Improvement Corporation, Ser 2001 A 7.35 09/01/31 2,009,020
2,000 Northwest Metropolitan District #3, Ser 2005 6.25 12/01/35 1,639,200
------------
5,676,112
------------
CONNECTICUT (1.7%)
2,000 Georgetown Special Taxing District, Ser 2006 A * 5.125 10/01/36 1,516,280
1,000 Mashantucket (Western) Pequot Tribe, Special Ser 1997 B * 5.75 09/01/27 917,230
------------
2,433,510
------------
FLORIDA (16.8%)
500 Alachua County Florida Industrial Development Revenue,
North Florida, Retirement Village, Ser 2007 5.25 11/15/17 463,960
800 Alachua County Florida Industrial Development Revenue,
North Florida, Retirement Village, Ser 2007 5.875 11/15/36 696,936
2,000 Beacon Lakes, Community Development District, Ser 2003 A 6.90 05/01/35 1,888,900
960 Bellalago Educational Facilities Benefits District, Bellalago
Charter School, Ser 2004 B 5.80 05/01/34 804,010
650 Brevard County Health Facilities Authority, Buena Vida Estate, Inc.
Ser 2007 6.75 01/01/37 621,010
3,550 Escambia County, Pensacola Care Development Centers, Ser 1989 10.25 07/01/11 3,582,801
820 Escambia County,Pensacola Care Development Centers, Ser 1989 A 10.25 07/01/11 827,577
1,000 Fiddlers Creek Community Development District # 1, Ser 2005 6.00 05/01/38 842,790
500 Fountainbleau Lakes Florida Community Development District,
Ser 2007 B * 6.00 05/01/15 462,695
750 Grand Bay at Doral Community Development District, Florida,
Ser 2007 A 6.00 05/01/39 626,280
1,000 Lee County Florida Industrial Development Authority, Ser 2007 A 5.375 06/15/37 776,840
1,415 Mid-Bay Bridge Authority, Sr Lien Crossover Refg,
Ser 1993 A (AMBAC Insd) 5.85 10/01/13 1,474,529
1,000 Midtown Miami Community Development District, Parking Garage,
Ser 2004 A 6.25 05/01/37 911,150
500 Orange County Health Facilities Authority, Orlando Lutheran
Towers Inc, Ser 2005 5.70 07/01/26 441,030
2,000 Orange County Health Facilities Authority,Orlando Lutheran
Towers Inc, Ser 2007 5.50 07/01/32 1,676,980
1,000 Orange County Health Facilities Authority, Westminster
Community Care Services Inc, Ser 1999 6.75 04/01/34 1,006,960
1,000 Pinellas County Health Facilities Authority, Oaks of Clearwater,
Ser 2004 6.25 06/01/34 982,170
980 Renaissance Commons Community Development District, Ser 2005 A 5.60 05/01/36 797,308
2,860 South Miami Health Facilities Authority, Baptist Health South
Florida Obligated Group @@ 5.00 08/15/32 2,608,091
500 Split Pine Community Development District,Ser 2007 A 5.25 05/01/39 378,670
1,000 St Johns County Industrial Development Authority, Glenmoor
Ser 1999 A 8.00 01/01/10+ 1,107,010
600 Tolomato Community Developement District, Special Assessment,
Ser 2007 6.55 05/01/27 564,750
------------
23,542,447
------------
GEORGIA (1.2%)
2,000 Atlanta, Georgia, Eastside, Ser 2005 B 5.60 01/01/30 1,744,560
------------
HAWAII (2.2%)
1,000 Hawaii Department of Budget & Finance, Kahala Nui, Ser 2003 A 8.00 11/15/33 1,083,100
2,000 Hawaii Department of Budget & Finance, Kuakini Health, Ser 2002 A 6.375 07/01/32 2,008,400
------------
3,091,500
------------
IDAHO (0.7%)
1,000 Idaho Health Facilities Authority Revenue, Valley Vista Care
Corp Refg,, Ser 2007 6.125 11/15/27 915,040
------------
ILLINOIS (6.2%)
1,000 Bolingbrook, Sales Tax, Ser 2005 6.25 01/01/24 966,010
2,000 Chicago, Lake Shore East, Ser 2002 6.75 12/01/32 2,003,479
500 Hampshire, Special Service Area #18, Ser 2007 A 6.00 03/01/44 410,990
1,000 Illinois Finance Authority, Landing at Plymouth, Ser 2005 A 6.00 05/15/37 880,080
1,000 Illinois Finance Authority, Luther Oaks, Ser 2006 A 6.00 08/15/39 879,780
1,650 Illinois Finance Authority, Montgomery Place, Ser 2006 A 5.75 05/15/38 1,426,937
725 Lincolnshire, Service Area #1-Sedgebrook, Ser 2004 6.25 03/01/34 683,806
1,000 Yorkville, Cannonball/Beecher Road, Ser 2007 5.75 03/01/28 855,520
650 Will-Kankakee Regional Development Authority, Senior Estates
Support Living, Ser 2007 (ATM) 7.00 12/01/42 591,825
------------
8,698,427
------------
IOWA (1.9%)
1,000 Iowa Finance Authority, Bethany Life Communities Refg, Ser 2006 A 5.55 11/01/41 813,390
750 Iowa Financial Authority Health Care Facilities, Madrid Homes,
Ser 2007 5.90 11/15/37 644,910
785 Jefferson County Iowa Hospital Revenue, Jefferson County Hospital
Project Ser C 5.95 08/01/37 685,195
525 Washington County Hospital, Iowa, Ser 2006 5.375 07/01/26 480,690
------------
2,624,185
------------
LOUISIANA (0.5%)
800 Lakeshore Vilages Master Community Development District,
Special Assessment, Ser 2007 5.250 07/01/17 703,912
------------
MARYLAND (1.8%)
750 Maryland Health & Higher Educational Facilities Authority,
King Farm Presbyterian Community, Ser 2007 A 5.30 01/01/37 589,223
800 Maryland Health & Higher Educational Facilities Authority,
Washington Christian Academy, Ser 2006 5.50 07/01/38 631,088
500 Maryland Industrial Development Financing Authority, Our Lady of
Good Counsel High School, Ser 2005 A 6.00 05/01/35 451,535
1,000 Maryland State Economic Development Corporation, Chesapeake
Bay Conference Center, Ser 2006 A 5.00 12/01/31 810,340
------------
2,482,186
------------
MASSACHUSETTS (2.8%)
1,500 Massachusetts Development Finance Agency, Loomis Communities,
Ser 1999 A 5.75 07/01/23 1,442,265
1,625 Massachusetts Development Finance Agency, New England Center for
Children, Ser 1998 5.875 11/01/18 1,551,729
1,000 Massachusetts Health & Educational Facilities Authority, The
Learning Center for Deaf Children, Ser 1999 C 6.125 07/01/29 943,750
------------
3,937,744
------------
MICHIGAN (1.7%)
600 Gaylord Hospital Financing Authority, Otsego Memorial Hospital,
Ser 2004 6.50 01/01/37 563,316
2,000 Michigan Tobacco Settlement Financial Authority, Asset Backed
Ser 2007 6.00 06/01/48 1,854,960
------------
2,418,276
------------
MINNESOTA (0.5%)
750 North Oaks Minnesota, Presbyterian Homes, Ser 2007 6.125 10/01/39 701,033
------------
MISSOURI (6.7%)
750 Branson Hills Community Improvement District, Ser 2007 A 5.50 04/01/27 637,695
500 Branson, Missouri Regional Airport Transportation Development
District, Ser 2007 B (ATM) 6.00 07/01/37 423,080
2,000 Des Peres, West County Center, Ser 2002 5.75 04/15/20 1,871,320
3,850 Fenton, Gravois Bluffs Redevelopment, Ser 2001 A 7.00 10/01/11+ 4,356,198
1,500 Kansas City Industrial Development Agency, Bishop Spencer,
Ser 2004 A 6.50 01/01/35 1,420,830
750 St Louis County Industrial Development Authority, Pediatric
Rehabilitation Center, Ser 2007 A 6.375 12/01/41 686,355
------------
9,395,478
------------
NEVADA (0.9%)
1,050 Mesquite Nevada Special Impt Dist No 07-01 Loc Impt-Anthem At
Mesquite 6.00 08/01/23 951,384
1,000 Nevada Department of Business & Industry, Las Vegas Monorail 2nd
Tier Ser 2000 7.375 01/01/40 344,710
------------
1,296,094
------------
NEW HAMPSHIRE (3.8%)
10,735 New Hampshire Housing Finance Authority, Residential Ser 1983 B 0.00 01/01/15 5,305,665
------------
NEW JERSEY (5.6%)
1,000 New Jersey Economic Development Authority, Cedar Crest Village Inc,
Ser 2001 A 7.25 11/15/11+ 1,144,370
1,000 New Jersey Economic Development Authority, Franciscan Oaks, Ser 1997 5.70 10/01/17 968,750
730 New Jersey Economic Development Authority, Lions Gate, Ser 2005 A 5.875 01/01/37 638,283
700 New Jersey Economic Development Authority, Seashore Gardens Living
Center, Ser 2006 5.375 11/01/36 570,675
1,000 New Jersey Economic Development Authority, The Presbyterian Home at
Montgomery, Ser 2001 A 6.375 11/01/31 949,650
2,000 New Jersey Economic Development Authority, United Methodist Homes
of New Jersey, Ser 1998 5.125 07/01/25 1,650,700
2,000 New Jersey Health Care Facilities Financing Authority, Raritan Bay
Medical Center, Ser 1994 7.25 07/01/27 1,895,540
------------
7,817,968
------------
NEW YORK (7.6%)
3,000 Brookhaven Industrial Development Agency, Woodcrest Estates,
Ser 1998 A (AMT) 6.375 12/01/37 2,897,010
415 Mount Vernon Industrial Development Agency, Meadowview at the
Wartburg, Ser 1999 6.00 06/01/09 413,792
2,000 New York City Industrial Development Agency, 7 World Trade Center
LLC, Ser 2005 A 6.50 03/01/35 2,021,900
2,000 New York City Industrial Development Agency, American Airlines Inc,
Ser 2005 (AMT) 7.75 08/01/31 2,074,299
1,000 New York Liberty Development Corporation, National Sports Museum,
Ser 2006 A 6.125 02/15/19 951,430
1,500 Suffolk County Industrial Development Agency, Medford Hamlet,
Ser 2006 6.375 01/01/39 1,357,575
1,000 Westchester County Industrial Development Agency, Guiding Eyes for
The Blind Inc, Ser 2004 5.375 08/01/24 966,620
------------
10,682,626
------------
NORTH CAROLINA (1.0%)
1,000 North Carolina Medical Care Commission, Presbyterian Homes, Ser 2006 5.50 10/01/31 909,750
500 North Carolina Medical Care Commission Healthcare Facilities,
Southminster, Ser 2007 A 5.75 10/01/37 467,080
------------
1,376,830
------------
NORTH DAKOTA (1.2%)
1,500 Grand Forks, North Dakota, 4000 Valley Square, Ser 2006 5.30 12/01/34 1,201,425
500 Ward County Health Care Facilities Trinity Obligated Group, Ser 2006 5.125 07/01/29 436,290
------------
1,637,715
------------
OHIO (3.2%)
3,300 Buckeye Tobacco Settlement Financing Authority, Asset Backed
Ser 2007 A2 @@ 5.875 06/01/30 3,088,162
850 Cuyahoga County Health Care and Independent Living Facilities
Eliza Jennings Senior Care, Ser 2007 A 5.75 05/15/27 752,072
650 Tuscarawas County Hospital Facilities, Twin City Hospital Ser 2007 6.35 11/01/37 582,517
125 Zanesville-Muskingum County Port Authority, Anchor Glass
Container Corp, Ser 1989 B (AMT) 10.25 12/01/08 125,266
------------
4,548,017
------------
OKLAHOMA (0.4%)
650 Chickasaw Nation Health Systems, Ser 2007 6.25 12/01/32 631,215
------------
PENNSYLVANIA (10.0%)
2,900 Allegheny County Hospital Development Authority, West Penn
Allegheny Health, Ser 2007 A @@ 5.375 11/15/40 2,374,738
1,500 Bucks County Industrial Development Authority, Ann's Choice,
Ser 2005 A 6.125 01/01/25 1,436,865
2,120 Carbon County Industrial Development Authority, Panther
Creek Partners Refg, Ser 2000 (AMT) 6.65 05/01/10 2,165,453
1,000 Chester County Health & Education Facilities Authority,
Jenner's Pond Inc, Ser 2002 7.625 07/01/12+ 1,175,640
500 Fulton County Industrial Development Authority, Fulton
County Medical Center, Ser 2006 5.875 07/01/31 449,870
1,000 Harrisburg Authority, Pennsylvania, Harrisburg University of
Science & Technology, Ser 2007 B 6.00 09/01/36 884,480
1,000 Montgomery County Industry Development Authority, Whitemarsh
Community, Ser 2005 6.25 02/01/35 921,470
1,000 Pennsylvania Economic Development Financing Authority, Reliant
Energy Inc, Ser 2001 A (AMT) 6.75 12/01/36 999,230
2,860 Pennsylvania Housing Finance Agency, Ser 2007-100A (ATM) @@ 5.375 10/01/22 2,768,409
1,000 Washington County, Victory Centre/Tanger Outlet, Redevelopment
Authority, Ser 2006 A 5.45 07/01/35 826,340
------------
14,002,495
------------
SOUTH CAROLINA (1.4%)
1,000 Myrtle Beach, Air Force Base Redevelopment, Ser 2006 A 5.30 11/01/35 781,910
750 South Carolina Jobs-Economic Development Authority, Wesley Commons,
Ser 2006 5.30 10/01/36 598,313
625 South Carolina Jobs Economic Development Woodlands At Furman
Project - Ser A 6.00 11/15/37 550,431
------------
1,930,654
------------
TENNESSEE (1.5%)
650 Chattanooga Health Educational & Housing Facilities Board,
Student Housing Refg, Ser 2005 A 5.00 10/01/25 551,980
500 Shelby County Health, Educational & Housing Facilities Board,
Trezevant Manor, Ser 2006 A 5.75 09/01/37 454,680
750 Shelby County Health, Educational & Housing Facilities Board,
Village at Germantown, Ser 2003 A 7.25 12/01/34 704,130
500 Shelby County Health, Educational & Housing Facilities Board,
Village at Germantown, Ser 2006 6.25 12/01/34 403,730
------------
2,114,520
------------
TEXAS (7.9%)
2,000 Austin Convention Enterprises Inc, Convention Center Hotel,
Ser 2000 A 6.70 01/01/11+ 2,183,580
2,000 Austin Convention Enterprises Inc, Convention Center Hotel,
Ser 2006 B 5.75 01/01/34 1,726,580
1,000 Brazos River Authority, Texas Utilities Electric Co Refg,
Ser 1999 A (AMT) 7.70 04/01/33 1,004,460
1,000 Decatur Hospital Authority, Wise Regional Health, Ser 2004 A 7.125 09/01/34 1,013,980
1,250 HFDC Central Texas Inc, Legacy at Willow Bend, Ser 2006 A 5.75 11/01/36 1,057,688
1,000 Lubbock, Health Facilities Development Corporation, Texas, Carillon
Senior Lifecare, Ser 2005 A 6.50 07/01/26 951,150
3,375 Texas Department of Housing and Community Affairs,
Ser 2007 B (ATM) @@ 5.15 09/01/27 3,146,546
------------
11,083,984
------------
VERMONT (0.8%)
1,000 Vermont Economic Development Authority, Wake Robin Corp, Ser 1999 A 6.75 03/01/09+ 1,056,510
------------
VIRGINIA (2.2%)
2,000 Peninsula Ports Authority of Virginia, Virginia Baptist Homes
Ser 2006 C 5.40 12/01/33 1,640,560
700 Peninsula Town Center Community Development Authority, Ser 2007 6.45 09/01/37 618,772
1,000 Virginia Beach Development Authority, Westminster-Canterbury Refg,
Ser 2005 A 5.25 11/01/26 882,580
------------
3,141,912
------------
WASHINGTON (0.6%)
1,000 Washington Housing Finance Commission, Skyline at First Hill
Ser 2007 A 5.625 01/01/38 831,370
------------
TOTAL TAX-EXEMPT MUNICIPAL BONDS
(Cost $162,106,371) 152,337,632
------------
SHORT-TERM INVESTMENTS (1.3%)
SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (1.2%)
ALABAMA (0.9%)
1,200 Health Care Authority for Baptist Health, Ser 2006 B 11.00++ 11/15/37 1,200,000
CALIFORNIA (0.2%)
250 California Statewide Communities Development Authority,
Ser 2004 D (FSA Insd) 10.00++ 04/01/32 250,000
------------
GEORGIA (0.2%)
250 Gwinnett County Hospital Authority, Gwinnett Hospital Systems, Inc.
Ser 2007 E (FSA Insd) 7.84++ 07/01/34 250,000
------------
TOTAL SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS
(Cost $1,700,000) 1,700,000
------------
NUMBER OF
SHARES
(000)
---------
INVESTMENT COMPANY (A) (0.1%)
193 Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio -
Institutional Class
(Cost $192,875) 192,875
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,892,875) 1,892,875
------------
PRINCIPAL
AMOUNT IN
THOUSANDS
---------
$ (16,035) FLOATING RATE NOTES RELATED TO SECURITIES HELD (- 11.4%)
Notes with interest rates ranging from 3.20% to 3.75% at
February 29, 2008 and contractual maturities of collateral
ranging from 10/01/22 to 06/01/47 +++ (b)
(Cost ($16,035,000)) (16,035,000)
------------
TOTAL NET INVESTMENTS
(Cost $156,166,522) (c) 98.4% 138,195,507
OTHER ASSETS IN EXCESS OF LIABILITIES 1.6 2,263,382
----- ------------
NET ASSETS 100.0% $140,458,889
===== ============
COPs Certificate of Participation.
AMT Alternative Minimum Tax.
RITES Residual Interest Tax-Exempt Security.
+ Prerefunded to call date shown.
++ Auction Rate Security.
+++ Floating rate note obligations related to securities held. The interest
rates shown reflect the rates in effect at February 29, 2008.
@@ Underlying security related to inverse floater entered into by the Fund
# 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 obligations have a
total value of $433,490 which represents 0.3% of net assets.
* Resale is restricted to qualified institutional Investors.
(a) The Fund invests in Morgan Stanley Institutional Liquidity Tax-Exempt
Portfolio - Institutional Class, an open-end management investment
company managed by the Investment Adviser.Investment Advisory fees paid
by the Fund are reduced by an amount equal to the advisory and
administrative service fees paid by Morgan Stanley Institutional
Liquidity Tax-Exempt Portfolio - Institutional Class with respect to
assets invested by the Fund in Morgan Stanley Institutional Liquidity
Tax-Exempt Portfolio - Institutional Class.
(b) Floating Rate Note Obligations Related to Securities Held - The Fund
enters into transactions in which it transfers to Dealer Trusts ("Dealer
Trusts"), fixed rate bonds in exchange for cash and residual interests
in the Dealer Trusts' assets and cash flows, which are in the form of
inverse floating rate investments. The Dealer Trusts fund the purchases
of the fixed rate bonds by issuing floating rate notes to third parties
and allowing the Fund to retain residual interest in the bonds. The Fund
enters into shortfall agreements with the Dealer Trusts which commit the
Fund to pay the Dealer Trusts, in certain circumstances, the difference
between the liquidation value of the fixed rate bonds held by the Dealer
Trusts and the liquidation value of the floating rate notes held by
third parties, as well as any shortfalls in interest cash flows. The
residual interests held by the Fund (inverse floating rate investments)
include the right of the Fund (1) to cause the holders of the floating
rate notes to tender their notes at par at the next interest rate reset
date, and (2) to transfer the municipal bond from the Dealer Trusts to
the Fund, thereby collapsing the Dealer Trusts. The Fund accounts for
the transfer of bonds to the Dealer Trusts as secured borrowings, with
the securities transferred remaining in the Fund's investment assets,
and the related floating rate notes reflected as Fund liabilities. The
notes issued by the Dealer Trusts have interest rates that reset weekly
and the floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date. At
February 29, 2008, Fund investments with a value of $19,836,327 are held
by the Dealer Trusts and serve as collateral for the $16,035,000 in
floating rate note obligations outstanding at that date. Contractual
maturities of the floating rate note obligations and interest rates in
effect at February 29, 2008 are presented in the "Portfolio of
Investments".
(c) The aggregate cost for federal income tax purposes approximates the
aggregate cost for book purposes.
Bond Insurance:
AMBAC AMBAC Assurance Corporation.
FSA Financial Security Assurance Inc.
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 17, 2008
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 17, 2008
/s/ Francis Smith
Francis Smith
Principal Financial Officer
April 17, 2008
3