UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-07263 Morgan Stanley Hawaii Municipal 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: November 30, 2003 Date of reporting period: May 31, 2003


PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE			MATURITY DATE		VALUE
		Hawaii Tax-Exempt Municipal Bonds* (94.0%)
		General Obligation (27.3%)
		Hawaii,
$	500	Ser 2002 CY (FSA)		5.75	%		02/01/15	$	609,140
	500	Ser 2001 CV (FGIC)		5.375			08/01/18		564,185
		Hawaii County,
	300	Ser 1999 A (FSA)		5.50			05/15/17		343,608
	150	Ser 2001 A (FGIC)		5.00			07/15/19		161,751
	500	Honolulu City & County, Ser 2001 A (FSA)		5.125			09/01/21		538,585
		Maui County,
	400	Ser 2002 B (MBIA)		5.375			09/01/13		468,724
	300	Ser 2002 A (MBIA)		5.25			03/01/18		334,956
	200	Ser 2001 A		5.00			03/01/21		212,628
	300	Puerto Rico, Public Impr Refg Ser 2001 A (MBIA)		5.50			07/01/21		359,250
	3,150								3,592,827
		Educational Facilities Revenue (6.9%)
	500	University of Hawaii, Refg Ser 2001 B (FSA)		5.25			10/01/17		560,680
	300	University of Puerto Rico, Ser O (MBIA)		5.75			06/01/19		351,141
	800								911,821
		Electric Revenue (3.6%)
		Puerto Rico Electric Power Authority,
	300	Power Ser DD (FSA)		4.50			07/01/19		311,229
	150	Power Ser X		5.50			07/01/25		158,505
	450								469,734
		Hospital Revenue (6.3%)
		Hawaii Department of Budget & Finance,
	200	Kapiolani Health Care Ser 1996		6.25			07/01/21		209,178
	100	Queens Health 1996 Ser A		5.875			07/01/11		108,285
	500	Wilcox Memorial Hospital Ser 1998		5.35			07/01/18		509,565
	800								827,028
		Industrial Development/Pollution Control Revenue (6.8%)
		Hawaii Department of Budget & Finance,
	500	Hawaiian Electric Co Ser 1999 B (AMT) (Ambac)		5.75			12/01/18		568,615
	100	Hawaiian Electric Co Ser 1995 A (AMT) (MBIA)		6.60			01/01/25		107,409
	200	Hawaiian Electric Co Ser 1996 A (AMT) (MBIA)		6.20			05/01/26		222,684
	800								898,708
		Mortgage Revenue – Multi-Family (8.9%)
	125	Hawaii Housing Finance & Development Corporation, University of Hawaii Faculty Ser 1995 (Ambac)		5.65			10/01/16		137,307
	500	Honolulu City & County, Smith-Beretania FHA Insured Ser 2002 A		5.45			01/01/25		509,370
	500	Honolulu, Waipahu Towers GNMA Collateralized 1995 Ser A (AMT)		6.90			06/20/35		525,850
	1,125								1,172,527

Item 9 - Controls and Procedures 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-CSR 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. There were no significant changes or corrective actions with regard to significant deficiencies or material weaknesses in the Fund's internal controls or in other factors that could significantly affect the Fund's internal controls subsequent to the date of their evaluation. Item 10b Exhibits A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT. Items 2 - 8 and Item 10a are not applicable 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 Hawaii Municipal Trust Ronald E. Robison Principal Executive Officer July 22, 2003 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. Ronald E. Robison Principal Executive Officer July 22, 2003 Francis Smith Principal Financial Officer July 22, 2003 EXHIBIT B1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER CERTIFICATIONS I, Ronald E. Robison, certify that: 1. I have reviewed this report on Form N-CSR of Morgan Stanley Hawaii Municipal 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures 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) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, 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 in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: July 22, 2003 Ronald E. Robison Principal Executive Officer EXHIBIT B2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER CERTIFICATIONS I, Francis Smith, certify that: 1. I have reviewed this report on Form N-CSR of Morgan Stanley Hawaii Municipal 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: (i) designed such disclosure controls and procedures 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; (ii) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and (iii) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, 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 in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: July 22, 2003 Francis Smith Principal Financial Officer SECTION 906 CERTIFICATION Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Morgan Stanley Hawaii Municipal Trust In connection with the Report on Form N-CSR (the "Report") of the above-named issuer for the period ended May 31, 2003 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: July 22, 2003 Ronald E. Robison Principal Executive Officer A signed original of this written statement required by Section 906 has been provided to Morgan Stanley Hawaii Municipal Trust and will be retained by Morgan Stanley Hawaii Municipal Trust and furnished to the Securities and Exchange Commission or its staff upon request. SECTION 906 CERTIFICATION Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Morgan Stanley Hawaii Municipal Trust In connection with the Report on Form N-CSR (the "Report") of the above-named issuer for the period ended May 31, 2003 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: July 22, 2003 Francis Smith Principal Financial Officer A signed original of this written statement required by Section 906 has been provided to Morgan Stanley Hawaii Municipal Trust and will be retained by Morgan Stanley Hawaii Municipal Trust and furnished to the Securities and Exchange Commission or its staff upon request.


1 Year	9.83	% ⁽¹⁾	6.54	% ⁽²⁾
5 Years	5.66	% ⁽¹⁾	5.01	% ⁽²⁾
Since Inception (06/16/95)	6.16	% ⁽¹⁾	5.75	% ⁽²⁾


PRINCIPAL AMOUNT IN THOUSANDS			COUPON RATE			MATURITY DATE		VALUE
		Mortgage Revenue – Single Family (2.4%)
$	300	Hawaii Housing Finance & Development Corporation, Purchase 1994 Ser B (MBIA)		5.90	%		07/01/27	$	309,744
		Public Facilities Revenue (2.1%)
	250	Hawaii, Kapolei State Office Building 1998 Ser A COPs (Ambac)		5.00			05/01/18		270,840
		Transportation Facilities Revenue (13.9%)
		Hawaii,
	200	Airports Refg Ser 2001 (AMT) (FGIC)		5.25			07/01/21		210,480
	200	Harbor Ser 1997 (AMT) (MBIA)		5.75			07/01/17		225,448
	500	Highway Ser 2000 (FSA)		5.375			07/01/18		563,945
	300	Highway Ser 2001 (FSA)		5.375			07/01/20		334,095
	500	Puerto Rico Highway & Transportation Authority, Ser 1998 A#		4.75			07/01/38		489,115
	1,700								1,823,083
		Water & Sewer Revenue (6.3%)
	300	Honolulu Board of Water Supply, Ser 2001 (FSA)		5.125			07/01/21		323,022
		Honolulu City and County,
	200	Wastewater Jr Ser 1998 (FGIC)		5.25			07/01/17		223,962
	250	Wastewater Sr Ser 2001 (Ambac)		5.50			07/01/18		285,433
	750								832,417
		Other Revenue (2.4%)
	300	Hawaiian Department of Home Lands, Refg Ser 1999		4.45			07/01/11		319,098
		Refunded (7.1%)
	300	Kauai County, Ser 2000 A (FGIC)		6.25			08/01/10†		370,746
	500	Puerto Rico Infrastructure Financing Authority, 2000 Ser A (ETM)		5.375			10/01/24		557,370
	800								928,116


$	11,225	Total Hawaii Tax-Exempt Municipal Bonds (Cost $11,345,283) (a) (b)	94.0	%		12,355,943
		Other Assets in Excess of Liabilities	6.0			783,540
		Net Assets	100.0	%	$	13,139,483


NUMBER OF CONTRACTS	LONG/SHORT		DESCRIPTION, DELIVERY MONTH, AND YEAR	UNDERLYING FACE AMOUNT AT VALUE			UNREALIZED DEPRECIATION
25		Short	U.S. Treasury Note 10 Yr June/2003	$	(2,904,102	)	$	(72,561	)


Assets:
Investments in securities, at value (cost $11,345,283)	$	12,355,943
Cash		557,822
Receivable for:
Interest		212,450
Shares of beneficial interest sold		9,144
Variation margin on futures contracts		391
Receivable from affiliate		19,708
Prepaid expenses		16,720
Total Assets		13,172,178
Liabilities:
Payable for:
Dividends to shareholders		2,876
Distribution fee		2,216
Accrued expenses		27,603
Total Liabilities		32,695
Net Assets	$	13,139,483
Composition of Net Assets:
Paid-in-capital	$	12,312,153
Net unrealized appreciation		938,099
Accumulated undistributed net investment income		1,671
Accumulated net realized loss		(112,440	)
Net Assets	$	13,139,483
Net Asset Value Per Share, 1,222,344 shares outstanding (unlimited shares authorized of $.01 par value)	$	10.75
Maximum Offering Price Per Share, (net asset value plus 3.09% of net asset value)	$	11.08


Net Investment Income:
Interest Income	$	296,348
Expenses
Investment management fee		22,627
Professional fees		21,585
Shareholder reports and notices		18,167
Distribution fee		12,444
Trustees' fees and expenses		6,700
Transfer agent fees and expenses		2,037
Custodian fees		448
Other		4,579
Total Expenses		88,587
Less: amounts waived/reimbursed		(52,538	)
Less: expense offset		(448	)
Net Expenses		35,601
Net Investment Income		260,747
Net Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		7,404
Futures contracts		(78,716	)
Net Realized Loss		(71,312	)
Net Change in Unrealized Appreciation/ Depreciation on:
Investments		652,763
Futures contracts		(72,561	)
Net Appreciation		580,202
Net Gain		508,890
Net Increase	$	769,637


	FOR THE SIX MONTHS ENDED MAY 31, 2003			FOR THE YEAR ENDED NOVEMBER 30, 2002
		(unaudited	)
Increase (Decrease) in Net Assets:
Operations:
Net investment income	$	260,747		$	469,652
Net realized gain (loss)		(71,312	)		33,352
Net change in unrealized appreciation		580,202			138,031
Net Increase		769,637			641,035
Dividends to shareholders from net investment income		(260,606	)		(468,484	)
Net increase from transactions in shares of beneficial interest		120,738			1,851,886
Net Increase		629,769			2,024,437
Net Assets:
Beginning of period		12,509,714			10,485,277
End of Period (Including accumulated undistributed net investment income of $1,671 and $1,530, respectively)	$	13,139,483		$	12,509,714


	FOR THE SIX MONTHS ENDED MAY 31, 2003						FOR THE YEAR ENDED NOVEMBER 30, 2002
	(unaudited)
	SHARES			AMOUNT			SHARES			AMOUNT
Sold		130,280		$	1,368,017			412,371		$	4,272,006
Reinvestment of dividends		10,296			108,762			18,464			189,521
		140,576			1,476,779			430,835			4,461,527
Redeemed		(128,889	)		(1,356,041	)		(251,032	)		(2,609,641	)
Net increase		11,687		$	120,738			179,803		$	1,851,886


	FOR THE SIX MONTHS ENDED MAY 31, 2003			FOR THE YEAR ENDED NOVEMBER 30
	FOR THE SIX MONTHS ENDED MAY 31, 2003			2002			2001			2000			1999			1998
	(unaudited)
Selected Per Share Data:
Net asset value, beginning of period	$	10.33		$	10.17		$	9.78		$	9.47		$	10.41		$	10.12
Income (loss) from investments operations:
Net investment income		0.21			0.43			0.44			0.45			0.46			0.49
Net realized and unrealized gain (loss)		0.42			0.16			0.39			0.31			(0.88	)		0.29
Total income (loss) from investment operations		0.63			0.59			0.83			0.76			(0.42	)		0.78
Less dividends and distributions from:
Net investment income		(0.21	)		(0.43	)		(0.44	)		(0.45	)		(0.46	)		(0.49	)
Net realized gain		—			—			—			—			(0.06	)		—
Total dividends and distributions		(0.21	)		(0.43	)		(0.44	)		(0.45	)		(0.52	)		(0.49	)
Net asset value, end of period	$	10.75		$	10.33		$	10.17		$	9.78		$	9.47		$	10.41
Total Return†		6.18	% ⁽¹⁾		5.92	%		8.62	%		8.26	%		(4.20	)%		7.87	%
Ratios to Average Net Assets⁽³⁾:
Expenses		0.56	% ⁽²⁾		0.56	%		0.56	%		0.56	%		0.52	%		0.20	%
Net investment income		4.03	% ⁽²⁾		4.20	%		4.33	%		4.70	%		4.54	%		4.72	%
Supplemental Data:
Net assets, end of period, in thousands		$13,139			$12,510			$10,485			$7,198			$7,257			$6,998
Portfolio turnover rate		1	% ⁽¹⁾		13	%		12	%		19	%		18	%		26	%


PERIOD ENDED:	EXPENSE RATIO			NET INVESTMENT INCOME RATIO			EXPENSE OFFSET
May 31, 2003		1.37	%		3.22	%		0.01	%
November 30, 2002		1.60			3.16			0.01
November 30, 2001		1.85			3.04			0.01
November 30, 2000		2.37			2.89			0.01
November 30, 1999		2.45			2.61			0.01
November 30, 1998		2.42			2.50			0.01

Charles A. Fiumefreddo
Chairman of the Board

Mitchell M. Merin
President