Morgan Stanley Quality Municipal Sec.-Quarterly Schedule of Portfolio Holdings of Reg'd Management Investment Company (N-Q)
March 27 2008 - 9:16AM
Edgar (US Regulatory)
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:
811-07560
Morgan Stanley Quality Municipal Securities
(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)
Registrants telephone number, including area code: 212-296-6990
Date of fiscal year end: October 31, 2008
Date of reporting period: January 31, 2008
Item 1. Schedule of Investments.
The Trusts 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 Quality Municipal Securities
Portfolio of Investments January 31, 2008 (unaudited)
PRINCIPAL
AMOUNT IN
THOUSANDS
|
|
|
|
COUPON
RATE
|
|
MATURITY
DATE
|
|
VALUE
|
|
|
|
|
Tax-Exempt Municipal Bonds (153.4%)
|
|
|
|
|
|
|
|
|
|
|
|
Alabama (1.1%)
|
|
|
|
|
|
|
|
|
$
|
2,000
|
|
Jefferson County, Alabama, School Ser 2004 A
|
|
5.50
|
%
|
01/01/22
|
|
$
|
2,160,420
|
|
|
|
|
Alaska (1.2%)
|
|
|
|
|
|
|
|
|
|
3,000
|
|
Northern Tobacco Securitization Corporation, Alaska, Asset Backed Ser 2006 A
|
|
5.00
|
|
06/01/46
|
|
|
2,526,300
|
|
|
|
|
Arizona (2.5%)
|
|
|
|
|
|
|
|
|
|
3,890
|
|
Salt River Project Agricultural Improvement & Power District, Arizona, 2002 Ser B
|
|
5.00
|
|
01/01/22
|
|
|
4,102,783
|
|
|
1,000
|
|
Surprise Municipal Property Corporation, Arizona, Ser 2007
|
|
4.90
|
|
04/01/32
|
|
|
936,210
|
|
|
|
|
|
|
|
|
|
|
|
5,038,993
|
|
|
|
|
Arkansas (1.0%)
|
|
|
|
|
|
|
|
|
|
1,000
|
|
Baxter County Regional Hospital Inc, Arkansas Ser 2007
|
|
5.00
|
|
09/01/22
|
|
|
1,005,160
|
|
|
1,000
|
|
Baxter County Regional Hospital Inc, Arkansas Ser 2007
|
|
5.00
|
|
09/01/26
|
|
|
974,570
|
|
|
|
|
|
|
|
|
|
|
|
1,979,730
|
|
|
|
|
California (32.3%)
|
|
|
|
|
|
|
|
|
|
5,000
|
|
California Economic Recovery, Ser 2004 A
|
|
5.00
|
|
07/01/16
|
|
|
5,372,800
|
|
|
3,000
|
|
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Ser 2005
|
|
5.00
|
|
11/15/34
|
|
|
2,973,540
|
|
|
5,000
|
|
California Public Works Board, Mental Health 2004 Ser A
|
|
5.00
|
|
06/01/24
|
|
|
5,049,650
|
|
|
4,000
|
|
California, Ser 2007 (MBIA Insd)
|
|
4.25
|
|
08/01/33
|
|
|
3,664,640
|
|
|
3,000
|
|
California, Various Purpose dtd 05/01/03
|
|
5.00
|
|
02/01/32
|
|
|
3,013,170
|
|
|
2,000
|
|
California, Various Purpose dtd 12/01/05
|
|
5.00
|
|
03/01/27
|
|
|
2,032,480
|
|
|
12,000
|
|
California, Various Purpose dtd 11/01/06
|
|
4.50
|
|
10/01/36
|
|
|
11,168,280
|
|
|
2,000
|
|
Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2005 A (AMBAC Insd)
|
|
5.00
|
|
06/01/29
|
|
|
2,004,880
|
|
|
4,000
|
|
Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2007 A
|
|
5.125
|
|
06/01/47
|
|
|
3,465,320
|
|
|
4,000
|
|
Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2007 A
|
|
5.75
|
|
06/01/47
|
|
|
3,834,720
|
|
|
5,000
|
|
Los Angeles Department of Water & Power, California, Water 2004 Ser C (MBIA Insd)
|
|
5.00
|
|
07/01/23
|
|
|
5,264,150
|
|
|
4,000
|
|
Los Angeles, Community College District, California, 2003 Ser B (FSA Insd)
|
|
5.00
|
|
08/01/27
|
|
|
4,203,200
|
|
|
3,040
|
|
Milpitas Redevelopment Agency, California, Area #1 Ser 2003 (MBIA Insd)
|
|
5.00
|
|
09/01/22
|
|
|
3,187,714
|
|
|
4,240
|
|
San Diego County Water Authority, California, Ser 2004 A COPs (FSA Insd)
|
|
5.00
|
|
05/01/29
|
|
|
4,357,745
|
|
|
1,000
|
|
San Diego County, Burnham Institute for Medical Research Ser 2006 COPs
|
|
5.00
|
|
09/01/34
|
|
|
924,630
|
|
|
4,000
|
|
San Francisco City & County, California, Laguna Honda Hospital Ser 2005 I (FSA Insd)*
|
|
5.00
|
|
06/15/30
|
|
|
4,148,780
|
|
|
2,000
|
|
Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corporation Ser 2006 A-1
|
|
5.00
|
|
06/01/37
|
|
|
1,724,120
|
|
|
|
|
|
|
|
|
|
|
|
66,389,819
|
|
|
|
|
Colorado (4.9%)
|
|
|
|
|
|
|
|
|
|
2,590
|
|
Arkansas River Power Authority, Colorado, Power Ser 2006 (XLCA Insd)
|
|
5.25
|
|
10/01/40
|
|
|
2,624,369
|
|
|
2,000
|
|
Colorado Health Facilities Authority, Adventist/Sunbelt Ser 2006 D
|
|
5.25
|
|
11/15/35
|
|
|
2,031,500
|
|
|
5,000
|
|
Colorado Health Facilities Authority, Catholic Health Initiatives Ser 2001 A
|
|
5.25
|
|
09/01/11
|
|
|
5,456,150
|
|
|
|
|
|
|
|
|
|
|
|
10,112,019
|
|
|
|
|
Connecticut (0.7%)
|
|
|
|
|
|
|
|
|
|
1,500
|
|
Mashantucket (Western) Pequot Tribe, Connecticut, 2006 Ser A
|
|
5.50
|
|
09/01/36
|
|
|
1,406,730
|
|
|
|
|
District of Columbia (1.0%)
|
|
|
|
|
|
|
|
|
|
2,000
|
|
District of Columbia Ballpark, Ser 2006 B-1 (FGIC Insd)
|
|
5.00
|
|
02/01/31
|
|
|
2,004,580
|
|
|
|
|
Florida (8.0%)
|
|
|
|
|
|
|
|
|
|
1,000
|
|
Highlands County Health Facilities Authority, Florida, Adventist Health/Sunbelt Ser 2006 C
|
|
5.25
|
|
11/15/36
|
|
|
1,011,140
|
|
|
1,000
|
|
Lee County Industrial Development Authority, Florida, Shell Point Village/The Alliance Community for Retirement Living Inc, Ser 2006
|
|
5.125
|
|
11/15/36
|
|
|
890,030
|
|
|
5,000
|
|
Miami-Dade County, Florida, Miami Int'l Airport Ser 2000 A (AMT) (FGIC Insd)
|
|
6.00
|
|
10/01/24
|
|
|
5,264,700
|
|
|
1,995
|
|
Miami-Dade County, Florida, Ser 2005 A (MBIA Insd)
|
|
0.00
|
|
10/01/30
|
|
|
1,543,372
|
|
|
4,000
|
|
South Miami Health Facilities Authority, Florida, Baptist Health South Florida Ser 2007 *
|
|
5.00
|
|
08/15/42
|
|
|
3,966,380
|
|
|
1,000
|
|
St Johns County Industrial Development Authority, Florida, Glenmoor Ser 2006 A
|
|
5.25
|
|
01/01/26
|
|
|
907,580
|
|
|
3,250
|
|
St Johns, Florida, Industrial Development Authority, Glenmoor Refg 2006 Ser A
|
|
5.375
|
|
01/01/40
|
|
|
2,850,575
|
|
|
|
|
|
|
|
|
|
|
|
16,433,777
|
|
|
|
|
Georgia (8.3%)
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Atlanta, Georgia, Airport Ser 2004 C (FSA Insd)
|
|
5.00
|
|
01/01/33
|
|
|
5,102,900
|
|
|
1,200
|
|
De Kalb County, Georgia, Water & Sewer Ser 2003 A
|
|
5.00
|
|
10/01/23
|
|
|
1,264,284
|
|
|
3,000
|
|
Fulton County, Georgia, Water & Sewerage Ser 2004 (FGIC Insd)
|
|
5.25
|
|
01/01/35
|
|
|
3,092,040
|
|
|
2,000
|
|
Georgia Road & Tollway Authority, Ser 2001
|
|
5.375
|
|
03/01/17
|
|
|
2,189,680
|
|
|
2,000
|
|
Georgia Road & Tollway Authority, Ser 2004
|
|
5.00
|
|
10/01/22
|
|
|
2,130,660
|
|
|
3,000
|
|
Georgia Road & Tollway Authority, Ser 2004
|
|
5.00
|
|
10/01/23
|
|
|
3,195,990
|
|
|
|
|
|
|
|
|
|
|
|
16,975,554
|
|
|
|
|
Hawaii (10.6%)
|
|
|
|
|
|
|
|
|
|
10,000
|
|
Hawaii Department of Budget & Finance, Hawaiian Electric Co Inc Ser 1993 (AMT) (MBIA Insd)
|
|
5.45
|
|
11/01/23
|
|
|
10,085,000
|
|
|
3,000
|
|
Hawaii, Airports Refg Ser 2000 B (AMT) (FGIC Insd)
|
|
6.625
|
|
07/01/18
|
|
|
3,190,050
|
|
|
8,000
|
|
Honolulu City & County, Hawaii, Ser 2003A (MBIA Insd) *
|
|
5.25
|
|
03/01/24
|
|
|
8,523,760
|
|
|
|
|
|
|
|
|
|
|
|
21,798,810
|
|
|
|
|
Illinois (9.3%)
|
|
|
|
|
|
|
|
|
|
3,600
|
|
Chicago Park District, Illinois, Harbor Ser A (AMBAC Insd)
|
|
5.00
|
|
01/01/27
|
|
|
3,722,544
|
|
|
3,000
|
|
Chicago, Illinois, O'Hare Int'l Airport 3rd Lien Ser 2005 A (MBIA Insd)
|
|
5.25
|
|
01/01/26
|
|
|
3,084,930
|
|
|
3,000
|
|
Chicago, Illinois, O'Hare Int'l Airport Passenger Fee Ser 2001 A (AMT) (AMBAC Insd)
|
|
5.375
|
|
01/01/32
|
|
|
3,027,450
|
|
|
3,000
|
|
Illinois Toll Highway Authority, Priority Refg 1998 Ser A (FSA Insd)
|
|
5.50
|
|
01/01/15
|
|
|
3,442,050
|
|
|
8,480
|
|
Metropolitan Pier & Exposition Authority, Illinois, McCormick Place Ser 2002 A (MBIA Insd)
|
|
0.00
|
|
06/15/26
|
|
|
5,895,042
|
|
|
|
|
|
|
|
|
|
|
|
19,172,016
|
|
|
|
|
Indiana (1.5%)
|
|
|
|
|
|
|
|
|
|
3,000
|
|
Indiana Health & Educational Facility Financing Authority, Clarian Health Ser 2006 A
|
|
5.25
|
|
02/15/40
|
|
|
2,993,010
|
|
|
|
|
Kansas (1.3%)
|
|
|
|
|
|
|
|
|
|
2,500
|
|
Wyandotte County/Kansas City, Kansas, Ser 2004 B (FSA Insd)
|
|
5.00
|
|
09/01/28
|
|
|
2,585,550
|
|
|
|
|
Louisiana (0.5%)
|
|
|
|
|
|
|
|
|
|
1,000
|
|
Louisiana Public Facilities Authority, Pennington Medical Foundation Ser 2006
|
|
5.00
|
|
07/01/31
|
|
|
979,020
|
|
|
|
|
Maine (0.0%)
|
|
|
|
|
|
|
|
|
|
60
|
|
Maine Health & Higher Educational Facilities Authority, Ser 1993 D (FSA Insd)
|
|
5.50
|
|
07/01/18
|
|
|
60,113
|
|
|
|
|
Maryland (3.8%)
|
|
|
|
|
|
|
|
|
|
1,000
|
|
Baltimore County, Maryland, Oak Crest Village Ser 2007 A
|
|
5.00
|
|
01/01/37
|
|
|
923,230
|
|
|
1,500
|
|
Maryland Health & Higher Educational Facilities Authority, King Farm Presbyterian Community 2006 Ser B
|
|
5.00
|
|
01/01/17
|
|
|
1,494,600
|
|
|
2,000
|
|
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical Ser 2001
|
|
5.25
|
|
07/01/11
|
|
|
2,181,400
|
|
|
3,000
|
|
Northeast Maryland Waste Disposal Authority, Montgomery County Ser 2003 (AMT) (AMBAC Insd)
|
|
5.50
|
|
04/01/16
|
|
|
3,241,410
|
|
|
|
|
|
|
|
|
|
|
|
7,840,640
|
|
|
|
|
Michigan (1.4%)
|
|
|
|
|
|
|
|
|
|
3,000
|
|
Michigan Hospital Finance Authority, Henry Ford Health Refg Ser 2006 A
|
|
5.25
|
|
11/15/46
|
|
|
2,976,630
|
|
|
|
|
Missouri (2.1%)
|
|
|
|
|
|
|
|
|
|
4,000
|
|
Missouri Health & Educational Facilities Authority, Barnes-Jewish/Christian Health Ser 1993 A
|
|
5.25
|
|
05/15/14
|
|
|
4,408,480
|
|
|
|
|
Nebraska (2.5%)
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Nebraska Public Power District, 2003 Ser A (AMBAC Insd)
|
|
5.00
|
|
01/01/35
|
|
|
5,062,450
|
|
|
|
|
Nevada (2.0%)
|
|
|
|
|
|
|
|
|
|
3,000
|
|
Clark County, Nevada, Airport SubLien Ser 2004 (AMT) (FGIC Insd)
|
|
5.50
|
|
07/01/20
|
|
|
3,202,500
|
|
|
1,000
|
|
Reno, Nevada, Renown Regional Medical Center Ser 2007 A
|
|
5.25
|
|
06/01/37
|
|
|
980,130
|
|
|
|
|
|
|
|
|
|
|
|
4,182,630
|
|
|
|
|
New Hampshire (1.5%)
|
|
|
|
|
|
|
|
|
|
3,000
|
|
Manchester, New Hampshire, Water Works Ser 2003 (FGIC Insd)
|
|
5.00
|
|
12/01/34
|
|
|
3,047,550
|
|
|
|
|
New Jersey (5.3%)
|
|
|
|
|
|
|
|
|
|
3,000
|
|
New Jersey Economic Development Authority, Cigarette Tax Ser 2004 #
|
|
5.75
|
|
06/15/29
|
|
|
2,989,890
|
|
|
1,500
|
|
New Jersey Economic Development Authority, Seabrook Village Inc Ser 2006
|
|
5.25
|
|
11/15/36
|
|
|
1,315,995
|
|
|
3,300
|
|
Newark Housing Authority, New Jersey, Port Authority-Port Newark Marine Terminal Ser 2004 (MBIA Insd)
|
|
5.00
|
|
01/01/14
|
|
|
3,684,681
|
|
|
3,000
|
|
Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1A
|
|
4.625
|
|
06/01/26
|
|
|
2,625,060
|
|
|
3,000
|
|
Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1B
|
|
0.00
|
|
06/01/41
|
|
|
320,310
|
|
|
|
|
|
|
|
|
|
|
|
10,935,936
|
|
|
|
|
New York (10.2%)
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Metropolitan Transportation Authority, New York, Transportation Ser 2003 B (MBIA Insd)
|
|
5.25
|
|
11/15/22
|
|
|
5,341,149
|
|
|
3,000
|
|
Nassau County Tobacco Settlement Corporation, New York, Ser 2006 A-3
|
|
5.125
|
|
06/01/46
|
|
|
2,871,480
|
|
|
3,000
|
|
New York City Municipal Water Finance Authority, New York, 2005 Ser B (AMBAC Insd)
|
|
5.00
|
|
06/15/28
|
|
|
3,111,900
|
|
|
6,000
|
|
Tobacco Settlement Financing Corporation, New York, State Contingency Ser 2003 B-1C
|
|
5.50
|
|
06/01/21
|
|
|
6,483,420
|
|
|
3,000
|
|
Triborough Bridge & Tunnel Authority, New York, Refg Ser 2002 B
|
|
5.25
|
|
11/15/19
|
|
|
3,256,320
|
|
|
|
|
|
|
|
|
|
|
|
21,064,269
|
|
|
|
|
North Carolina (1.0%)
|
|
|
|
|
|
|
|
|
|
2,000
|
|
North Carolina Municipal Power Agency #1, Catawba Ser 1993 (MBIA Insd)
|
|
5.25
|
|
01/01/20
|
|
|
2,133,040
|
|
|
|
|
Ohio (2.6%)
|
|
|
|
|
|
|
|
|
|
5,000
|
|
Cuyahoga County, Ohio, Cleveland Clinic Ser 2003 A
|
|
6.00
|
|
01/01/32
|
|
|
5,417,950
|
|
|
|
|
Pennsylvania (1.9%)
|
|
|
|
|
|
|
|
|
|
2,000
|
|
Allegheny County Redevelopment Authority, Pennsylvania, West Penn Allegheny Health 2007 A *
|
|
5.375
|
|
11/15/40
|
|
|
1,743,340
|
|
|
2,000
|
|
Pennsylvania, First Ser 2003 (MBIA Insd) *
|
|
5.00
|
|
01/01/13
|
|
|
2,210,910
|
|
|
|
|
|
|
|
|
|
|
|
3,954,250
|
|
|
|
|
Rhode Island (0.8%)
|
|
|
|
|
|
|
|
|
|
1,500
|
|
Rhode Island Economic Development Corporation, Airport Refg Ser 2004 A (AMT) (FSA Insd)
|
|
5.00
|
|
07/01/21
|
|
|
1,550,205
|
|
|
|
|
South Carolina (5.5%)
|
|
|
|
|
|
|
|
|
|
2,000
|
|
Charleston Educational Excellence Financing Corporation, South Carolina, Charleston County School District Ser 2005
|
|
5.25
|
|
12/01/29
|
|
|
2,058,700
|
|
|
4,565
|
|
Grand Strand Water & Sewer Authority, South Carolina, Refg Ser 2002 (FSA Insd)
|
|
5.375
|
|
06/01/19
|
|
|
4,972,244
|
|
|
40
|
|
Lexington County, South Carolina Health Services District, Lexmed Inc Ser 2007
|
|
5.00
|
|
11/01/16
|
|
|
42,804
|
|
|
210
|
|
Richland County Enviromental Improvement Revenue, South Carolina, International Paper Company Ser 2007 A
|
|
4.60
|
|
09/01/12
|
|
|
212,545
|
|
|
4,000
|
|
South Carolina Public Service Authority, Santee Cooper Ser 2003 A (AMBAC Insd)
|
|
5.00
|
|
01/01/27
|
|
|
4,102,760
|
|
|
|
|
|
|
|
|
|
|
|
11,389,053
|
|
|
|
|
Tennessee (2.0%)
|
|
|
|
|
|
|
|
|
|
4,000
|
|
Tennessee Energy Acquisition Corporation, Ser 2006 A *
|
|
5.25
|
|
09/01/19
|
|
|
4,202,660
|
|
|
|
|
Texas (11.8%)
|
|
|
|
|
|
|
|
|
|
2,000
|
|
Alliance Airport Authority, Texas, Federal Express Corp Refg Ser 2006 (AMT)
|
|
4.85
|
|
04/01/21
|
|
|
1,941,320
|
|
|
1,000
|
|
Austin, Texas, Water & Sewer, ROLS RRII R-574
|
|
10.384
|
|
05/15/27
|
|
|
1,098,460
|
|
|
2,000
|
|
Brazos River Authority, Texas, TXU Electric Co Ser 1999 C (AMT)
|
|
7.70
|
|
03/01/32
|
|
|
2,073,400
|
|
|
5,000
|
|
Houston, Texas, Combined Utility First Lien Refg 2004 Ser A (MBIA Insd)
|
|
5.25
|
|
05/15/25
|
|
|
5,221,150
|
|
|
5,000
|
|
Houston, Texas, Water & Sewer Jr Lien Refg Ser 2001 A (FSA Insd)
|
|
5.50
|
|
12/01/16
|
|
|
5,503,150
|
|
|
1,000
|
|
Tarrant County Cultural Educational Facilities Finance Corp, Texas, Air Force Village II Inc Ser 2007
|
|
5.125
|
|
05/15/37
|
|
|
958,980
|
|
|
4,000
|
|
Tarrant County Regional Water District, Texas, Refg & Impr Ser 2002 (FSA Insd)
|
|
5.25
|
|
03/01/17
|
|
|
4,398,520
|
|
|
3,000
|
|
West Harris County Regional Water Authority, Texas, Water Ser 2005 (FSA Insd)
|
|
5.00
|
|
12/15/24
|
|
|
3,159,210
|
|
|
|
|
|
|
|
|
|
|
|
24,354,190
|
|
|
|
|
Utah (1.3%)
|
|
|
|
|
|
|
|
|
|
2,500
|
|
Intermountain Power Agency, Utah, 2003 Ser A (FSA Insd)
|
|
5.00
|
|
07/01/21
|
|
|
2,698,225
|
|
|
|
|
Virginia (10.6%)
|
|
|
|
|
|
|
|
|
|
1,250
|
|
Fairfax County Economic Development Authority, Virginia, Goodwin House Inc Ser 2007
|
|
5.125
|
|
10/01/42
|
|
|
1,171,813
|
|
|
10,000
|
|
Fairfax County Industrial Development Authority, Virginia, Inova Health Refg Ser 1993 A
|
|
5.25
|
|
08/15/19
|
|
|
11,257,500
|
|
|
4,000
|
|
Norfolk, Virginia, Water Ser 1993 (AMBAC Insd)
|
|
5.375
|
|
11/01/23
|
|
|
4,006,160
|
|
|
3,000
|
|
Prince William County Service Authority, Virginia, Water & Sewer Refg Ser 2003
|
|
5.00
|
|
07/01/19
|
|
|
3,265,110
|
|
|
2,000
|
|
Prince William County Service Authority, Virginia, Water & Sewer Refg Ser 2003
|
|
5.00
|
|
07/01/21
|
|
|
2,152,120
|
|
|
|
|
|
|
|
|
|
|
|
21,852,703
|
|
|
|
|
Washington (2.8%)
|
|
|
|
|
|
|
|
|
|
1,705
|
|
Grant County Public Utility District #2, Washington, Wanapum Hydroelectric 2005 Ser A (FGIC Insd)
|
|
5.00
|
|
01/01/34
|
|
|
1,735,349
|
|
|
4,010
|
|
Port of Seattle, Washington, Passenger Facility Ser 1998 A (MBIA Insd) *
|
|
5.00
|
|
12/01/23
|
|
|
4,056,560
|
|
|
|
|
|
|
|
|
|
|
|
5,791,909
|
|
|
|
|
Total Tax-Exempt Municipal Bonds
(Cost $308,537,284)
|
|
|
|
|
|
|
315,479,211
|
|
NUMBER OF
SHARES (000)
|
|
|
|
|
|
|
|
Short-Term Investment (a) (1.8%)
|
|
|
|
|
|
|
Investment Company
|
|
|
|
|
3,641
|
|
Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class
(Cost $3,641,062)
|
|
|
3,641,062
|
|
|
|
Total Investments
(Cost $312,178,346)
|
|
|
319,120,273
|
|
PRINCIPAL
AMOUNT IN
THOUSANDS
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Note Obligations Related to Securities Held (-9.6%)
|
|
|
|
|
|
$
|
(19,510)
|
|
Notes with interest rates ranging from 2.26% to 3.78% at January 31, 2008 and contractual maturities of collateral ranging from 01/01/13 to 08/15/42
(b)
(Cost $(19,658,780))
|
|
|
|
(19,658,780)
|
|
|
|
|
Total Net Investments
(Cost $292,519,566) (c) (d)
|
|
145.6
|
%
|
299,461,493
|
|
|
|
|
Other Assets in Excess of Liabilites
|
|
1.5
|
|
3,173,818
|
|
|
|
|
Preferred Shares of Beneficial Interest
|
|
(47.2
|
)
|
(97,000,000)
|
|
|
|
|
Net Assets Applicable to Common Shareholders
|
|
100.0
|
%
|
205,635,311
|
|
Note:
The categories of
investments are shown as a percentage of net assets applicable to common shareholders.
AMT
|
|
Alternative Minimum Tax.
|
COPs
|
|
Certificates of Participation.
|
ROLS
|
|
Reset Option Longs.
|
#
|
|
A portion of this security has been physically segregated in connection with open futures
|
|
|
contracts in the amount of $188,330.
|
|
|
Current coupon rate for inverse rate municipal obligation. This rate resets periodically as the auction rate on the related security changes. Position in an inverse floating rate municipal obligation has a total value of $1,098,460 which represents 0.5% of net assets applicable to common shareholders.
|
|
|
Prerefunded to call date shown.
|
|
|
Currently a zero coupon security; will convert to 5.00% on October 1, 2013.
|
|
|
Currently a zero coupon security; will convert to 5.75% on June 15, 2017.
|
|
|
Floating rate note obligations related to securities held. The interest rate shown reflects the rate in effect at January 31, 2008.
|
*
|
|
Underlying securities related to inverse floaters entered into by the Trust.
|
(a)
|
|
The Trust 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 Trust are reduced by an amount equal to the advisory and administrative services fees paid by Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio Institutional Class with respect to assets invested by the Trust in Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio Institutional Class. For the period ended January 31, 2008, advisory fees paid were reduced by $2,053 relating to the Trust's investment in Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio Institutional Class.
|
(b)
|
|
Floating Rate Note Obligations Related to Securities Held The Trust 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 Trust to retain residual interest in the bonds. The Trust enters into shortfall agreements with the Dealer Trusts which commit the Trust 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 Trust (inverse floating rate investments) include the right of the Trust (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 Trust, thereby collapsing the Dealer Trusts. The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust 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 January 31, 2008, Trust investments with a value of $28,852,390 are held by the Dealer Trusts and serve as collateral for the $19,658,780 in floating rate note obligations outstanding
at that date.
|
(c)
|
|
Securities have been designated as collateral in an amount equal to $70,688,386 in connection with open futures contracts.
|
(d)
|
|
The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.
|
Bond insurance:
|
|
|
AMBAC
|
|
AMBAC Assurance Corporation.
|
FGIC
|
|
Financial Guaranty Insurance Company.
|
FSA
|
|
Financial Security Assurance Inc.
|
MBIA
|
|
Municipal Bond Investors Assurance Corporation.
|
XLCA
|
|
XL Capital Assurance Inc.
|
Futures Contracts Open at January 31, 2008:
NUMBER OF
CONTRACTS
|
|
LONG/SHORT
|
|
DESCRIPTION, DELIVERY
MONTH AND YEAR
|
|
UNDERLYING FACE
AMOUNT AT VALUE
|
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
|
|
190
|
|
Long
|
|
Swap Futures 10 Year,
|
|
|
|
|
|
|
|
|
|
March 2008
|
|
$
|
21,481,875
|
|
$
|
223,133
|
|
62
|
|
Long
|
|
U.S. Treasury Notes 2 Year,
|
|
|
|
|
|
|
|
|
|
|
|
March 2008
|
|
|
13,195,336
|
|
|
92,889
|
|
28
|
|
Short
|
|
U.S. Treasury Bonds 20 Year,
|
|
|
|
|
|
|
|
|
|
|
|
March 2008
|
|
|
(3,312,750
|
)
|
|
(8,401
|
)
|
84
|
|
Short
|
|
U.S. Treasury Notes 5 Year,
|
|
|
|
|
|
|
|
|
|
|
|
March 2008
|
|
|
(9,457,875
|
)
|
|
(198,352
|
)
|
205
|
|
Short
|
|
U.S. Treasury Notes 10 Year,
|
|
|
|
|
|
|
|
|
|
|
|
March 2008
|
|
|
(23,780,000
|
)
|
|
(207,704
|
)
|
Net Unrealized Depreciation
|
|
|
|
|
$
|
(98,435
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 2. Controls and Procedures.
(a) The Trusts principal executive officer and principal financial officer have concluded that the Trusts disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trusts in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions 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 Trusts internal control over financial reporting that occurred during the registrants fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts 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 Quality Municipal Securities
|
|
|
|
/s/ Ronald E. Robison
|
|
|
|
Ronald E. Robison
Principal Executive Officer
March 20, 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
March 20, 2008
|
|
|
|
/s/ Francis Smith
|
|
|
|
Francis Smith
Principal Financial Officer
March 20, 2008
|
|
|
|
3
Exhibit 3 A1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, Ronald E. Robison, certify that:
1.
|
I have reviewed this report on Form N-Q of Morgan Stanley Quality Municipal Securities;
|
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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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;
|
|
(c)
|
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
|
5.
|
The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
|
Date: March 20, 2008
|
|
|
|
|
|
|
/s/ Ronald E. Robison
|
|
|
|
Ronald E. Robison
Principal Executive Officer
|
4
Exhibit 3 A2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, Francis Smith, certify that:
1.
|
I have reviewed this report on Form N-Q of Morgan Stanley Quality Municipal Securities;
|
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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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;
|
|
(c)
|
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
|
5.
|
The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
|
Date: March 20, 2008
|
|
|
|
|
|
|
/s/ Francis Smith
|
|
|
|
Francis Smith
Principal Financial Officer
|
5
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