Morgan Stanley Municipal Premium Income Trust (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income exempt from federal income tax. It invests in sectors, such as hospital, general obligation, transportation and airport. The Fund may invest a portion of its assets in inverse floating-rate municipal securities. The Fund invests in Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio -- Institutional Class, an open-end management investment company managed by the Fund’s investment advisor. The Fund’s investment advisor is Morgan Stanley Investment Advisors Inc.