UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York (Address of principal executive offices)		10036 (Zip code)

Randy Takian
522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-296-6963

Date of fiscal year end: October 31, 2009

Date of reporting period: July 31, 2009

 

 

Item 1. Schedule of Investments.

The Trust’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 Quality Municipal Securities

Portfolio of Investments July 31, 2009 (unaudited)

PRINCIPAL
AMOUNT IN						COUPON				MATURITY
THOUSANDS						RATE				DATE				VALUE
				Tax-Exempt Municipal Bonds (157.4%)
				Alabama (0.7%)
$	2,000			Jefferson County, School Ser 2004 A			5.50	%			01/01/22			$	1,184,220
				Alaska (0.9%)
	3,000			Northern Tobacco Securitization Corporation, Asset Backed Ser 2006 A			5.00				06/01/46				1,641,210
				Arizona (3.5%)
	1,010			Arizona, Ser 2008 A (FSA Insd)			5.00				09/01/24				1,028,301
	425			Maricopa County, Pollution Control Corp., 2009 Ser A			6.00				05/01/29				432,438
	3,890			Salt River Project Agricultural Improvement & Power District, 2002 Ser B (a)			5.00				01/01/22				3,989,154
	1,000			Surprise Municipal Property Corporation,Ser 2007			4.90				04/01/32				761,120
															6,211,013
				California (26.4%)
	1,010			Alhambra Unified School District 2009 Ser B (g)			0.00				08/01/35				181,588
	1,635			Alhambra Unified School District 2009 Ser B (g)			0.00				08/01/36				276,626
	765			Alvord Unified School District, Ser 2007 A (FSA Insd)			5.00				08/01/24				774,287
	710			Beverly Hills, Unified School District Ser 2009 (g)			0.00				08/01/26				298,626
	1,370			Beverly Hills, Unified School District Ser 2009 (g)			0.00				08/01/31				413,480
	900			California Department of Water Reserve and Power Supply, Ser 2008 H (FSA Insd)			5.00				05/01/22				945,477
	3,000			California Health Facilities Financing Authority, Cedars-Sinai Medical Center Ser 2005			5.00				11/15/34				2,618,880
	5,000			California Public Works Board, Mental Health 2004 Ser A			5.00				06/01/24				4,564,350
	3,000			California, Various Purpose dtd 05/01/03			5.00				02/01/32				2,811,390
	2,000			California, Various Purpose dtd 12/01/05			5.00				03/01/27				1,974,580
	355			Clovis Unified School District Election of 2004 Ser A (FGIC Insd) (g)			0.00				08/01/29				97,479
	2,690			Dry Creek Joint Elementary School District Election 2008 E Ser 2009 (g)			0.00				08/01/43				264,642
	4,825			Dry Creek Joint Elementary School District Election 2008 E Ser 2009 (g)			0.00				08/01/44				442,646
	1,980			EL Segundo California School District Election of 2008 Ser A (g)			0.00				08/01/32				436,828
	4,000			Golden State Tobacco Securitization Corporation, Asset Backed Ser 2007 A			5.125				06/01/47				2,162,960
	1,400			Golden State Tobacco Securitization Corporation, Asset Backed Ser 2007 A			5.75				06/01/47				840,210
	2,000			Golden State Tobacco Securitization Corporation, Asset Backed Ser 2005 A (AMBAC Insd)			5.00				06/01/29				1,703,700
	310			Indio Redevelopment Agency, Ser A			5.00				08/15/23				281,514
	310			Indio Redevelopment Agency, Ser A			5.00				08/15/24				279,846
	4,000			Los Angeles, Community College District, 2003 Ser B (FSA Insd)			5.00				08/01/27				4,002,880
	5,000			Los Angeles Department of Water & Power, Water 2004 Ser C (NATL-RE Insd) (a)			5.00				07/01/23				5,125,018
	1,010			Menifee Union School District, Election of 2008 Ser 2008 C (AGC Insd) (g)			0.00				08/01/34				192,476
	3,040			Milpitas Redevelopment Agency, Area #1 Ser 2003 (NATL-RE Insd)			5.00				09/01/22				2,798,806
	1,120			Moreland School District, Santa Clara County 2006 Ser C (AMBAC Insd) (g)			0.00				08/01/29				293,698
	815			Oak Grove School District, Santa Clara County Election 2008 Ser A (g)			0.00				08/01/28				241,729
	4,025			Paterson Joint Unified School District, Election of 2008 Ser 2009 B (FSA Insd) (g)			0.00				08/01/36				691,736
	1,590			Paterson Joint Unified School District, Election of 2008 Ser 2009 B (FSA Insd) (g)			0.00				08/01/37				251,872
	2,040			Poway Unified School District, School Facilities Improvement District No. 2007-1 Election 2008 Ser A (g)			0.00				08/01/27				654,106
	2,545			Poway Unified School District, School Facilities Improvement District No. 2007-1 Election 2008 Ser A (g)			0.00				08/01/31				604,743
	20,480			San Bernardino Community College District Election 2002 Ser B (g)			0.00				08/01/48				1,434,829
	1,000			San Diego County, Burnham Institute for Medical Research Ser 2006 (COPs)			5.00				09/01/34				737,030
	4,240			San Diego County Water Authority, Ser 2004 (COPs) (FSA Insd) (a)			5.00				05/01/29				4,248,077
	540			San Francisco City & County, Laguana Honda Hospital (FSA Insd) (a)			5.00				06/15/28				543,356
	465			San Rafael City Elementary School District, Marin County Election 2002 Ser B (g)			0.00				08/01/25				185,121
	2,000			Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corporation Ser 2006 A-1			5.00				06/01/37				1,207,820
	850			Twin Rivers Unified School District, Ser 2009 (BANs) (g)			0.00				04/01/14				674,424
	1,170			William S. Hart Union High School District, Los Angeles County Election 2008 Ser A (g)			0.00				08/01/32				258,125

PRINCIPAL
AMOUNT IN						COUPON				MATURITY
THOUSANDS						RATE				DATE				VALUE
	5,725			William S. Hart Union High School District, Los Angeles County Election 2008 Ser A (g)			0.00				08/01/33				1,179,980
															46,694,935
				Colorado (2.3%)
	2,590			Arkansas River Power Authority, Power Ser 2006 (XLCA Insd)			5.25				10/01/40				2,033,176
	2,000			Colorado Health Facilities Authority, Adventist/Sunbelt Ser 2006 D			5.25				11/15/35				1,865,080
	165			Public Authority for Colorado Energy, Natural Gas Purchase Revenue Ser 2008			6.25				11/15/28				159,603
															4,057,859
				Connecticut (0.4%)
	1,500			Mashantucket (Western) Pequot Tribe, 2006 Ser A			5.50				09/01/36				727,455
				District of Columbia (2.9%)
	2,000			District of Columbia Ballpark, Ser 2006 B-1 (FGIC Insd)			5.00				02/01/31				1,635,180
	1,540			District of Columbia Income Tax Ser 2009 A (a)			5.25				12/01/27				1,658,835
	855			District of Columbia Water & Sewer Authority, Ser 2008 A (AGC Insd)			5.00				10/01/25				904,017
	1,000			Metropolitan Washington Airport Authority, Airport System Ser 2009 B (BHAC Insd)			5.00				10/01/29				1,024,780
															5,222,812
				Florida (10.3%)
	25			Highlands County Health Facilities Authority, Adventist Health/ Sunbelt Ser 2006 C			5.25				11/15/16	(c)			29,563
	975			Highlands County Health Facilities Authority, Adventist Health/ Sunbelt Ser 2006 C			5.25				11/15/36				917,114
	1,000			Lee County Industrial Development Authority, Shell Point Village/ The Alliance Community for Retirement Living Inc, Ser 2006			5.125				11/15/36				622,430
	1,350			Miami-Dade County, Educational Facilities Authority, University of Miami Ser 2008 A (BHAC Insd)			5.50				04/01/38				1,382,387
	5,000			Miami-Dade County, Miami Int’l Airport Ser 2000 A (AMT) (FGIC Insd)			6.00				10/01/24				5,043,850
	800			Miami-Dade County, Miami International Airport Ser 2009 A			5.00				10/01/25				805,016
	1,995			Miami-Dade County, Ser 2005 A (NATL-RE Insd)			0.00	(d)			10/01/30				1,279,334
	750			Palm Beach County, Solid Waste Authority Ser 2009 (BHAC Insd)			5.50				10/01/23				828,000
	4,000			South Miami Health Facilities Authority, Baptist Health South Florida Ser 2007 (a)			5.00				08/15/42				3,386,608
	1,000			St Johns County Industrial Development Authority, Glenmoor Ser 2006 A			5.25				01/01/26				716,110
	3,250			St Johns, Industrial Development Authority, Glenmoor Refg 2006 Ser A			5.375				01/01/40				2,085,720
	1,000			Tampa Bay Water Authority, Ser 2001 A (FGIC Insd)			6.00				10/01/29				1,156,700
															18,252,832
				Georgia (6.5%)
	5,000			Atlanta, Airport Ser 2004 J (FSA Insd)			5.00				01/01/34				5,007,775
	1,200			De Kalb County, Water & Sewer Ser 2003 A			5.00				10/01/23				1,262,364
	2,000			Georgia Road & Tollway Authority, Ser 2004			5.00				10/01/22				2,122,060
	3,000			Georgia Road & Tollway Authority, Ser 2004			5.00				10/01/23				3,171,360
															11,563,559
				Hawaii (9.3%)
	5,000			Hawaii Department of Budget & Finance, Hawaiian Electric Co Inc Ser 1993 (AMT) (NATL-RE Insd)			5.45				11/01/23				4,854,950
	3,000			Hawaii, Airports Refg Ser 2000 B (AMT) (FGIC Insd)			6.625				07/01/18				3,060,720
	8,000			Honolulu City & County, Ser 2003A (NATL-RE Insd) (a)			5.25				03/01/24				8,492,320
															16,407,990
				Illinois (11.7%)
	3,600			Chicago Park District, Harbor Ser A (AMBAC Insd)			5.00				01/01/27				3,676,860
	3,000			Chicago,O’Hare Int’l Airport 3rd Lien Ser 2005 A (NATL-RE Insd)			5.25				01/01/26				3,040,590
	3,000			Chicago,O’Hare Int’l Airport Passenger Fee Ser 2001 A (AMT) (AMBAC Insd)			5.375				01/01/32				2,672,310
	1,070			Chicago, Transit Authority Ser 2008 (AGC Insd)			5.25				06/01/23				1,146,259
	725			De Kalb County, Community Unit School District No. 428 (FSA Insd)			5.00				01/01/23				773,684
	415			Illinois Finance Authority, Rush University Medical Center Obligated Group Ser 2009 A			7.25				11/01/38				437,505
	965			Illinois Finance Authority, Northwestern Memorial Hospital Ser 2009 B			5.375				08/15/24				994,809
	2,780			Kendall Kane & Will County, Community Unit School District No. 308 (FSA Insd) (g)			0.00				02/01/20				1,662,468
	8,480			Metropolitan Pier & Exposition Authority, McCormick Place Ser 2002 A (NATL-RE Insd)			0.00	(e)			06/15/26				6,210,073
															20,614,558
				Indiana (1.8%)
	3,000			Indiana Health & Educational Facility Financing Authority, Clarian Health Ser 2006 A			5.25				02/15/40				2,622,510
	530			Rockport Indiana Michigan Power Company Project, Refg Ser 2009 B			6.25				06/01/25				555,323
															3,177,833
				Iowa (1.4%)
	1,355			Iowa State LJOBS Program Ser 2009 A			5.00				06/01/25				1,456,304
	1,015			Iowa State LJOBS Program Ser 2009 A			5.00				06/01/26				1,082,057
															2,538,361

PRINCIPAL
AMOUNT IN						COUPON				MATURITY
THOUSANDS						RATE				DATE				VALUE
				Kansas (0.3%)
	470			Kansas Development Finance Authority, Adventist Health System Sunbelt Obligated Group Ser 2009 C			5.50				11/15/29				474,000
				Maine (0.0%)
	60			Maine Health & Higher Educational Facilities Authority, Ser 1993 D (FSA Insd)			5.50				07/01/18				60,097
				Maryland (2.8%)
	705			Baltimore County, Oak Crest Village Ser 2007 A			5.00				01/01/37				607,322
	1,440			Maryland Health & Higher Educational Facilities Authority, King Farm Presbyterian Community 2006 Ser B			5.00				01/01/17				1,207,786
	3,000			Northeast Maryland Waste Disposal Authority, Montgomery County Ser 2003 (AMT) (AMBAC Insd)			5.50				04/01/16				3,137,310
															4,952,418
				Massachusetts (2.9%)
	4,850			Massachusetts Health and Educational Facilities Authority, Harvard University Ser 2009 A (a)			5.50				11/15/36				5,225,665
				Michigan (1.0%)
	900			Detroit Water Supply System, Refg Ser 2006 C (FSA Insd)			5.00				07/01/26				877,896
	1,100			Michigan Hospital Finance Authority, Henry Ford Health Refg Ser 2006 A			5.25				11/15/46				850,316
															1,728,212
				Missouri (2.5%)
	4,000			Missouri Health & Educational Facilities Authority, Barnes-Jewish / Christian Health Ser 1993 A			5.25				05/15/14				4,353,040
				Nebraska (2.4%)
	4,240			Nebraska Public Power District, 2003 Ser A (AMBAC Insd)			5.00				01/01/35				4,185,728
				Nevada (1.9%)
	3,000			Clark County, Airport SubLien Ser 2004 (AMT) (FGIC Insd)			5.50				07/01/20				2,985,270
	410			Las Vegas Redevelopment Agency, Tax Increment Ser 2009 A			6.25				06/15/16				434,096
															3,419,366
				New Hampshire (0.8%)
	1,500			Manchester, Water Works Ser 2003 (FGIC Insd)			5.00				12/01/34				1,506,855
				New Jersey (2.8%)
	1,500			New Jersey Economic Development Authority, Seabrook Village Inc Ser 2006			5.25				11/15/36				1,054,230
	4,300			New Jersey Transportation Trust Fund Authority, Transportation System 2006 Ser C (AGC Insd) (g)			0.00				12/15/26				1,618,047
	3,000			Tobacco Settlement Financing Corporation, Ser 2007-1A			4.625				06/01/26				2,078,430
	3,000			Tobacco Settlement Financing Corporation, Ser 2007-1B (g)			0.00				06/01/41				131,880
															4,882,587
				New Mexico (0.6%)
	940			New Mexico Finance Authority, Ser A			5.00				06/01/27				982,253
				New York (13.7%)
	5,000			Metropolitan Transportation Authority, Transportation Ser 2003 B (NATL-RE Insd)			5.25				11/15/22				5,079,300
	980			New York City, 2009 Subser A-1 (a)			5.25				08/15/27				1,020,509
	980			New York City, 2009 Subser A-1 (a)			5.25				08/15/28				1,020,509
	13,505			New York City Transitional Finance Authority, 2010 Subser A-1 (a)			5.00				05/01/28				1,348,558
	1,045			New York City Transitional Finance Authority, 2010 Subser A-1 (a)			5.00				05/01/29				1,079,880
	1,045			New York City Transitional Finance Authority, 2010 Subser A-1 (a)			5.00				05/01/30				1,079,880
	1,950			New York City Trust for Cultural Resources, Museum of Modern Art Refg Ser 2008 1A (a)			5.00				04/01/28				2,054,785
	705			New York State Dormitory Authority, Court Facilities Lease Ser 2005 A			5.50				05/15/29				741,632
	1,310			New York State Thruway Authority, State Personal Income Tax Ser 2009 A			5.00				03/15/25				1,390,919
	6,000			Tobacco Settlement Financing Corporation, State Contingency Ser 2003 B-1C			5.50				06/01/21				6,232,440
	3,000			Triborough Bridge & Tunnel Authority, Refg Ser 2002 B			5.25				11/15/19				3,276,600
															24,325,012
				Ohio (3.7%)
	1,000			American Municipal Power — Ohio, Inc., Prairie State Energy Campus Ser 2008 A (AGC Insd) (a)			5.25				02/15/33				1,015,182
	5,000			Cuyahoga County, Cleveland Clinic Ser 2003 A			6.00				01/01/32				5,206,250
	265			Ohio State Water Development Authority 2009 Ser A			5.875				06/01/33				275,666
															6,497,098
				Pennsylvania (1.6%)
	2,000			Allegheny County Redevelopment Authority, West Penn Allegheny Health Ser 2007 A			5.375				11/15/40				1,205,380
	1,500			Philadelphia School District, Ser 2008 E (BHAC Insd)			5.125				09/01/23				1,616,865
															2,822,245

PRINCIPAL
AMOUNT IN						COUPON				MATURITY
THOUSANDS						RATE				DATE				VALUE
				Puerto Rico (0.5%)
	875			Puerto Rico, Sales Tax Financing 2009 Subser A			5.00				08/01/39				889,971
				Rhode Island (0.8%)
	1,500			Rhode Island Economic Development Corporation, Airport Refg Ser 2004 A (AMT) (FSA Insd)			5.00				07/01/21				1,458,615
				South Carolina (6.9%)
	2,000			Charleston Educational Excellence Financing Corporation, Charleston County School District Ser 2005			5.25				12/01/29				2,026,720
	4,565			Grand Strand Water & Sewer Authority, Refg Ser 2002 (FSA Insd)			5.375				06/01/19				4,878,250
	40			Lexington County, Health Services District, Lexmed Inc, Ser 2007 A			5.00				11/01/16				41,820
	210			Richland County Environmental Improvement Revenue, International Paper Company Ser 2007 A			4.60				09/01/12				205,714
	4,000			South Carolina Public Service Authority, Santee Cooper Ser 2003 A (AMBAC Insd) (a)			5.00				01/01/27				4,106,542
	1,000			South Carolina Public Transportation Infrastructure Bank Ser 2002 A (AMBAC Insd)			5.25				10/01/22				1,022,790
															12,281,836
				Tennessee (0.6%)
	1,040			Tennessee Energy Acquisition Corporation, Ser 2006 A			5.25				09/01/19				999,263
	2,000			Alliance Airport Authority, Federal Express Corp Refg Ser 2006 (AMT)			4.85				04/01/21				1,708,060
	1,500			Arlington City, Special Tax Ser 2009			5.00				08/15/28				1,476,450
	1,360			Austin, Water & Sewer, ROLS RRII R-574			9.627	(f)			05/15/27				1,412,578
	575			Friendswood, Independent School District (PSF Insd)			5.00				02/15/25				617,056
	1,360			Harris County Health Facilities Development Corp,TECO Project, Ser 2008 (AGC Insd)			5.25				11/15/23				1,375,844
	1,530			Harris County, Toll Road Unlimited Tax Ser 2007 C			5.25				08/15/31				1,669,046
	2,350			Houston, Hotel Occupancy Ser B (g)			0.00				09/01/25				888,488
	5,000			Houston, Combined Utility First Lien Refg 2004 Ser A (NATL-RE Insd)			5.25				05/15/25				5,157,400
	5,200			North Texas Tollway Authority Refg First Tier Ser 2008 D (g)			0.00				01/01/28				1,710,332
	1,065			North Texas Tollway Authority Refg First Tier Ser 2008 D (g)			0.00				01/01/31				282,108
	1,000			Tarrant County Cultural Educational Facilities Finance Corp, Air Force Village II Inc Ser 2007			5.125				05/15/37				719,650
	4,000			Tarrant County Regional Water District, Refg & Impr Ser 2002 (FSA Insd)			5.25				03/01/17				4,411,120
	1,665			Texas A&M University System Health Science Center,, Financing System Ser 2009 A			5.00				05/15/26				1,795,869
	325			Texas Municipal Gas Aqusition & Supply Corp., Gas Supply Revenue Senior Lien Series 2008 D			6.25				12/15/26				314,288
	335			University of Houston System Refg Ser 2008 (FSA Insd) (a)			5.00				02/15/33				1,006,931
	3,000			West Harris County Regional Water Authority, Water Ser 2005 (FSA Insd)			5.00				12/15/24				3,040,710
															27,585,930
				Utah (1.5%)
	2,500			Intermountain Power Agency, 2003 Ser A (FSA Insd)			5.00				07/01/21				2,652,625
				Virginia (10.1%)
	1,250			Fairfax County Economic Development Authority,Goodwin House Inc Ser 2007			5.125				10/01/42				953,100
	10,000			Fairfax County Industrial Development Authority, Inova Health Refg Ser 1993 A			5.25				08/15/19				10,695,300
	4,000			Norfolk, Water Ser 1993 (AMBAC Insd)			5.375				11/01/23				4,000,640
	2,000			Prince William County Service Authority, Water & Sewer Refg Ser 2003			5.00				07/01/21				2,152,180
															17,801,220
				Washington (5.7%)
	1,705			Grant County Public Utility District #2, Wanapum Hydroelectric 2005 Ser A (FGIC Insd)			5.00				01/01/34				1,654,634
	3,450			Port of Seattle,Passenger Facility Ser 1998 A (NATL-RE Insd)			5.00				12/01/23				3,414,983
	2,380			Washington State, Various Purpose Ser 2010 A (a)			5.00				08/01/29				2,482,740
	2,500			Washington State, Various Purpose Ser 2010 A (a)			5.00				08/01/30				2,607,921
															10,160,278
				Wisconsin (0.6%)
	1,000			Wisconsin, 2009 Ser A			5.625				05/01/28				1,079,730
				Total Tax-Exempt Municipal Bonds (Cost $285,097,219)											278,618,681
NUMBER OF
SHARES (000)
				Short-Term Investment (i) (2.0%)
				Investment Company
	3,530			Morgan Stanley Institutional Liquidity Funds — Tax-Exempt Portfolio — Institutional Class (Cost $3,529,731)											3,529,731

				Total Investments (Cost $288,626,950) (k) (j)			159.4	%							282,148,412
				Other Assets in Excess of Liabilities			1.5								2,705,207
				Floating Rate Note Obligations Related to Securities Held
				Notes with interest rates ranging from 0.32% to 0.91% at July 31, 2009 and contractual maturities of collateral ranging from 06/01/17 to 08/15/42 (h) (Cost $(35,442,000))			(20.0	)							(35,442,000	)
				Preferred Shares of Beneficial Interest			(40.9	)							(72,450,000	)
				Net Assets Applicable to Common Shareholders			100.0	%						$	176,961,619

Morgan Stanley Quality Municipal Securities
Futures Contracts Open at July 31, 2009:

										UNREALIZED
NUMBER OF				DESCRIPTION, DELIVERY		UNDERLYING FACE				APPRECIATION/
CONTRACTS		LONG/SHORT		MONTH AND YEAR		AMOUNT AT VALUE				(DEPRECIATION)
62		Long		U.S. Treasury Bond 2 Year September 2009		$	13,427,843			$	21,638
22		Long		U.S. Treasury Notes 10 Year September 2009			2,580,188				(13,659	)
14		Long		U.S. Treasury Notes 5 Year September 2009			1,615,359				8,562
173		Short		U.S. Treasury Notes 20 Year September 2009			(20,587,000	)			(465,399	)
				Net Unrealized Depreciation						$	(448,858	)

Morgan Stanley Quality Municipal Securities
Notes to the Portfolio of Investments
SFAS 157 Disclosure
7/31/2009

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), effective November 1, 2008. In accordance with SFAS 157, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. SFAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.

		Level 1 — unadjusted quoted prices in active markets for identical investments
		Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
		Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used as of July 31, 2009 in valuing the Fund’s investments carried at value:

		Fair Value Measurements at July 31, 2009 Using
						Unadjusted
						Quoted Prices In				Significant				Significant
						Active Market for				Other Observable				Unobservable
						Identical Investments				Inputs				Inputs
Investment Type		Total				(Level 1)				(Level 2)				(Level 3)
Assets
Tax-Exempt Municipal Bonds		$	278,618,681				—			$	278,618,681				—
Short-Term Investment — Investment Company			3,529,731			$	3,529,731				—				—
Futures			30,200				30,200				—				—
Total		$	282,178,612			$	3,559,931			$	278,618,681				—
Liabilities
Futures			($479,058	)			($479,058	)			—				—

Valuation of Investments — (1) portfolio securities are valued by an outside independent pricing service approved by the Trustees. The pricing service uses both a computerized grid matrix of tax-exempt securities and and evaluations by its staff, in each case based on information concerning market transactions and quotations from dealers which reflect the mean between the last reported bid and asked price. The portfolio securities are thus valued by reference to a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. The Trustees believe that timely and reliable market quotations are generally not readily available for purposes of valuing tax-exempt securities and that the valuations supplied by the pricing service are more likely to approximate the fair value of such securities; (2) futures are valued at the latest sale price on the commodities exchange on which they trade unless it is determined that such price does not reflect their market value, in which case they will be valued at their fair value as determined in good faith under procedures established by and under the supervision of the Trustees; (3) interest rate swaps are marked-to-market daily based upon quotations from market makers; (4) investments in open-end mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (5) short-term debt securities having a maturity date of more than sixty days at time of purchase are valued on a mark-to-market basis until sixty days prior to maturity and thereafter at amortized cost based on their value on the 61st day. Short-term debt securities having a maturity date of sixty days or less at the time of purchase are valued at amortized cost, which approximates market value.

Item 2. Controls and Procedures.

(a) The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust’s 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 Trust’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 Trust’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.

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/ Randy Takian

     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/ Randy Takian

/s/ Francis Smith