Possible to use MSDN Ultimate to upgrade Home Premium?

Hi all, I was searching around but wasn't able to find an answer to this
question but hopefully it should be a quick yes/no from someone knowledgeable.

I'm getting a new laptop which will have some flavor of windows vista on it.
As it turns out we have 5 nice Ultimate licenses unused from our msdn
subscription; do I need a special 'upgrade' version or can I use those discs
/ etc and upgrade from say, home premium? That would be a great way for me to
save some cash on this configuration.

Thanks so much!