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) 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: October 31, 2007 Date of reporting period: January 31, 2007 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 January 31, 2006 (unaudited) PRINCIPAL AMOUNT IN COUPON MATURITY THOUSANDS RATE DATE VALUE --------- ------ -------- ----------- TAX-EXEMPT MUNICIPAL BONDS (142.6%) General Obligation (15.6%) California, $ 2,000 Various Purpose dtd 12/01/05 5.00% 03/01/27 $ 2,103,520 3,000 Various Purpose dtd 05/01/03 5.00 02/01/32 3,111,630 4,000 Los Angeles, Community College District, California, 2003 Ser B (FSA) 5.00 08/01/27 4,185,000 4,000 San Francisco, Laguna Honda Hospital Ser 2005 I (FSA)** 5.00 06/15/30 4,189,260 8,000 Honolulu City & County, Hawaii, Ser 2003A (MBIA)** 5.25 03/01/24 8,521,680 3,600 Chicago Park District, Illinois, Harbor Ser A (Ambac) 5.00 01/01/27 3,773,592 1,000 New York City, New York, 2005 Ser G 5.00 12/01/23 1,055,610 2,000 Pennsylvania, First Ser 2003 (MBIA)** 5.00 01/01/19 2,129,860 5,000 Metropolitan Government of Nashville & Davidson County, Tennessee, Refg Ser 1997 5.125 05/15/25 5,105,850 ------- ------------ 32,600 34,176,002 ------- ------------ Educational Facilities Revenue (0.9%) 1,000 San Diego County, California, Burnham Institute for Medical Research Ser 2006 COPs 5.00 09/01/34 1,036,150 1,000 Louisiana Public Facilities Authority, Pennington Medical Foundation Ser 2006 5.00 07/01/31 1,029,100 ------- ------------ 2,000 2,065,250 ------- ------------ Electric Revenue (13.1%) 3,890 Salt River Project Agricultural Improvement & Power District, Arizona, 2002 Ser B 5.00 01/01/22 4,080,493 2,590 Arkansas River Power Authority, Colorado, Power Ser 2006 (XLCA) 5.25 10/01/40 2,775,366 2,500 Wyandotte County/Kansas City, Kansas, Ser 2004 B (FSA) Nebraska Public Power District, 5.00 09/01/28 2,627,825 5,000 2003 Ser A (Ambac) 5.00 01/01/35 5,228,500 3,000 Ser 2005 C (FGIC) 5.00 01/01/41 3,137,100 2,000 North Carolina Municipal Power Agency #1, Catawba Ser 1993 (MBIA) 5.25 01/01/20 2,134,280 4,000 South Carolina Public Service Authority, Santee Cooper Ser 2003 A (Ambac) 5.00 01/01/27 4,182,800 2,500 Intermountain Power Agency, Utah, 2003 Ser A (FSA) 5.00 07/01/21 2,645,250 1,755 Grant County Public Utility District #2, Washington, Wanapum Hydroelectric 2005 Ser A (FGIC) 5.00 01/01/34 1,833,642 ------- ------------ 27,235 28,645,256 ------- ------------ Hospital Revenue (15.2%) 3,000 California Health Facilities Financing Authority, Cedars-Sinai Medical Center Ser 2005 5.00 11/15/34 3,097,800 1,000 Highlands County Health Facilities Authority, Florida, Hospital Adventist Health/Sunbelt Ser 2006 C 5.25 11/15/36 1,057,570 3,000 Indiana Health & Educational Facility Financing Authority, Clarian Health Ser 2006 A 5.25 02/15/40 3,153,030 60 Maine Health & Higher Educational Facilities Authority, Ser 1993 D (FSA) 5.50 07/01/18 60,071 Maryland Health & Higher Educational Facilities Authority, 2,000 University of Maryland Medical Ser 2001 5.25 07/01/34 2,071,140 3,000 Michigan Hospital Finance Authority, Henry Ford Health Refg Ser 2006 A 5.25 11/15/46 3,152,340 4,000 Missouri Health & Educational Facilities Authority, Barnes-Jewish/Christian Health Ser 1993 A 5.25 05/15/14 4,283,400 5,000 Cuyahoga County, Ohio, Cleveland Clinic Ser 2003 A 6.00 01/01/32 5,489,650 10,000 Fairfax County Industrial Development Authority, Virginia, Inova Health Refg Ser 1993 A 5.25 08/15/19 10,948,800 ------- ------------ 31,060 33,313,801 ------- ------------ Industrial Development/Pollution Control Revenue (10.1%) 10,000 Hawaii Department of Budget & Finance, Hawaiian Electric Co Inc Ser 1993 (AMT) (MBIA) 5.45 11/01/23 10,050,500 4,000 Tennessee Energy Acquisition Corporation Ser 2006 A** 5.25 09/01/19 4,396,840 2,000 Alliance Airport Authority, Texas, Federal Express Corp Refg Ser 2006 (AMT) 4.85 04/01/21 2,025,280 2,000 Brazos River Authority, Texas, TXU Electric Co Ser 1999 C (AMT) 7.70 03/01/32 2,324,080 3,000 Sabine River Authority, Texas, TXU Electric Co Refg Ser 2001 B 5.75 05/01/30 3,177,990 -------- ------------ (AMT) (Mandatory Tender 11/01/11) 21,000 21,974,690 ------- ------------ Mortgage Revenue - Single Family (1.0%) 2,120 Alaska Housing Finance Corporation, 1997 Ser A (MBIA) 6.00 06/01/27 2,152,309 ------- ------------ Public Facilities Revenue (5.8%) 2,000 Jefferson County, Alabama, School Ser 2004 A 5.50 01/01/22 2,167,700 5,000 California Public Works Board, Mental Health 2004 Ser A 5.00 06/01/24 5,222,650 3,000 Miami-Dade County School Board, Florida, 2003 Ser A (FGIC) 5.00 08/01/29 3,115,410 2,000 Charleston Educational Excellence Financing Corporation, South Carolina, Charleston County School District Ser 2005 5.25 12/01/29 2,136,020 ------- ------------ 12,000 12,641,780 ------- ------------ Recreational Facilities Revenue (5.7%) 1,500 Mashantucket (Western) Pequot Tribe, Connecticut, 2006 Ser A 5.50 09/01/36 1,580,430 1,995 Miami-Dade County, Florida, Ser 2005 A (MBIA) 0.00++ 10/01/30 1,486,993 2,000 District of Columbia Ballpark, Ser 2006 B-1 (FGIC) 5.00 02/01/31 2,104,340 8,480 Metropolitan Pier & Exposition Authority, Illinois, McCormick Place Ser 2002 A (MBIA) 0.00+++ 06/15/26 5,585,946 1,500 Baltimore, Maryland, Convention Center Hotel Ser 2006 A (XLCA) 5.25 09/01/39 1,622,535 ------- ------------ 15,475 12,380,244 ------- ------------ Resource Recovery Revenue (1.5%) 3,000 Northeast Maryland Waste Disposal Authority, Montgomery County Ser 2003 (AMT) (Ambac) 5.50 04/01/16 3,207,750 ------- ------------ Retirement & Life Care Facilities Revenue (3.4%) 2,000 Colorado Health Facilities Authority, Adventist/Sunbelt Ser 2006 D 5.25 11/15/35 2,108,660 1,000 Lee County Industrial Development Authority, Florida, Shell Point/Village Ser 2006 5.125 11/15/36 1,016,090 1,250 St Johns, Florida, Industrial Development Authority, Glenmoor Refg 2006 Ser A 5.375 01/01/40 1,271,813 Maryland Health & Higher Educational Facilities Authority, 1,500 King Farm Presbyterian Community 2007 Ser B 5.00 01/01/17 1,503,465 1,500 New Jersey Economic Development Authority, Seabrook Village, Ser 2006 5.25 11/15/36 1,506,150 ------- ------------ 7,250 7,406,178 ------- ------------ Tax Allocation Revenue (1.5%) 3,040 Milpitas Redevelopment Agency, California, Area #1 Ser 2003 (MBIA) 5.00 09/01/22 3,195,466 ------- ------------- Tobacco Revenue (5.7%) 3,000 Northern Tobacco Securitization Corporation, Alaska, Asset Backed Ser 2006 A 5.00 06/01/46 3,015,330 2,000 Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corporation Ser 2005 A-1 5.00 06/01/37 2,017,580 Tobacco Settlement Financing Corporation, New Jersey, 3,000 Ser 2007 1A 4.625 06/01/26 2,889,870 3,000 Ser 2007 1B 0.00 06/01/41 443,130 3,000 Nassau County Tobacco Settlement Corporation, New York, Ser 2006 5.125 06/01/46 3,062,280 1,000 Tobacco Settlement Financing Corporation, Virginia, Ser 2005 5.625 06/01/37 1,069,580 ------- ------------ 15,000 12,497,770 ------- ------------ Transportation Facilities Revenue (25.1%) Arizona Transportation Board, 1,000 Ser 2003 5.00 07/01/21 1,058,100 1,000 Ser 2003 5.00 07/01/22 1,052,600 3,150 Orange County Transportation Authority, California, Toll Road Refg Ser 2003 A (Ambac) 5.00 08/15/18 3,354,782 5,000 Miami-Dade County, Florida, Miami Int'l Airport Ser 2000 A (AMT) (FGIC) 6.00 10/01/24 5,372,850 5,000 Atlanta, Georgia, Airport Ser 2004 C (FSA) Georgia Road & Tollway Authority, 5.00 01/01/33 5,208,800 2,000 Ser 2001 5.375 03/01/17 2,140,300 2,000 Ser 2004 5.00 10/01/22 2,115,920 3,000 Ser 2004 5.00 10/01/23 3,170,280 3,000 Hawaii, Airports Refg Ser 2000 B (AMT) (FGIC) 6.625 07/01/18 3,270,720 Chicago, Illinois, 3,000 O'Hare Int'l Airport 3rd Lien Ser 2005 A (MBIA) 5.25 01/01/26 3,233,310 3,000 O'Hare Int'l Airport Passenger Fee Ser 2001 A (AMT) (Ambac) 5.375 01/01/32 3,127,800 3,000 Illinois Toll Highway Authority, Priority Refg 1998 Ser A (FSA) 5.50 01/01/15 3,320,910 3,000 Clark County, Nevada, Airport SubLien Ser 2004 A (AMT) (FGIC) 5.50 07/01/20 3,230,370 5,000 Metropolitan Transportation Authority, New York, Transportation Ser 2003 B (MBIA) 5.25 11/15/22 5,371,150 3,000 Triborough Bridge & Tunnel Authority, New York, Refg Ser 2002 B 5.25 11/15/19 3,216,720 1,500 Rhode Island Economic Development Corporation, Airport Refg Ser 2004 A (AMT) (FSA) 5.00 07/01/21 1,555,410 1,000 Harris County, Texas, Toll Road Sr Lien Ser 2005 A (FSA) 5.25 08/15/35 1,038,510 4,010 Port of Seattle, Washington, Passenger Facility Ser 1998 A (MBIA)** 5.00 12/01/23 4,100,960 ------- ------------- 51,660 54,939,492 ------- ------------ Water & Sewer Revenue (24.7%) 5,000 Los Angeles Department of Water & Power, California, Water 2004 Ser C (MBIA) 5.00 07/01/23 5,283,450 4,240 San Diego County Water Authority, California, Ser 2004 A COPs (FSA) 5.00 05/01/29 4,460,564 1,200 De Kalb County, Georgia, Water & Sewer Ser A 5.00 10/01/23 1,261,308 3,000 Fulton County, Georgia, Water & Sewerage Ser 2004 (FGIC) 5.25 01/01/35 3,204,900 3,000 Manchester, New Hampshire, Water Works Ser 2003 (FGIC) 5.00 12/01/34 3,120,330 3,000 New York City Municipal Water Finance Authority, New York, 2005 Ser B (Ambac) 5.00 06/15/28 3,162,390 4,565 Grand Strand Water & Sewer Authority, South Carolina, Refg Ser 2002 (FSA) 5.375 06/01/19 4,885,006 1,000 Austin, Texas, Water & Sewer, ROLS RRII R-574 Houston, Texas, 9.194*** 05/15/27 1,151,540 5,000 Water & Sewer Jr Lien Refg Ser 2001 A (FSA) 5.50 12/01/16 5,371,850 5,000 Combined Utility First Lien Refg 2004 Ser A (MBIA) 5.25 05/15/25 5,367,250 4,000 Tarrant County Regional Water District, Texas, 5.25 03/01/17 4,271,480 Refg & Impr Ser 2002 (FSA) 3,000 West Harris County Regional Water Authority, Texas, Water Ser 2005 (FSA) 5.00 12/15/24 3,152,130 4,000 Norfolk, Virginia, Water Ser 1993 (Ambac) Prince William County Service Authority, Virginia, 5.375 11/01/23 4,004,600 3,000 Water & Sewer Refg Ser 2003 5.00 07/01/19 3,213,600 2,000 Water & Sewer Refg Ser 2003 5.00 07/01/21 2,135,040 ------- ------------ 51,005 54,045,438 ------- ------------ Other Revenue (7.8%) 5,000 California, Economic Recovery Ser 2004 A 5.00 07/01/16 5,260,400 2,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2005 A (Ambac) 5.00 06/01/29 2,068,380 3,000 New Jersey Economic Development Authority, Cigarette Tax Ser 2004 5.75 06/15/29 3,226,650 Tobacco Settlement Financing Corporation, 6,000 New York, State Contingency Ser 2003 C-1 5.50 06/01/21 6,486,600 ------- ------------ 16,000 17,042,030 ------- ------------ Refunded (5.5%) 5,000 Colorado Health Facilities Authority, Catholic Health Initiatives Ser 2001 A 5.25 09/01/11+ 5,294,600 3,300 Newark Housing Authority, New Jersey, Port Authority-Port Newark Marine Terminal Ser 2004 (MBIA) 5.00 01/01/14+ 3,441,834 3,000 Pennsylvania Public School Building Authority, Philadelphia School District Ser 2003 (FSA) 5.00 06/01/13+ 3,206,910 ------- ------------ 11,300 11,943,344 ------- ------------ 301,745 TOTAL TAX-EXEMPT MUNICIPAL BONDS (Cost $298,682,039) 311,626,800 ------- ------------ SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (7.3%) 2,700 Connecticut Health & Educational Facilities, Quinnipac University Ser F (Demand 02/01/07) 3.65* 07/01/31 2,700,000 2,600 Missouri State Health & Educational Facilities Authority, BJC Health System Ser 2005 B (Demand 02/01/07) 3.73* 05/15/34 2,600,000 6,850 Rutgers University, New Jersey (Demand 02/01/07) 3.62* 05/01/18 6,850,000 3,000 Roanoke Industrial Development Authority, Virginia, Carilion Health System Ser 2005 C-1(Demand 02/01/07) 3.73* 07/01/27 3,000,000 800 Wisconsin Health & Educational Facilities Authority, Ser A (Demand 02/01/07) 3.76* 05/01/20 800,000 ------- ------------ 15,950 TOTAL SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (Cost $15,950,000) 15,950,000 ------- ------------ 317,695 TOTAL INVESTMENTS (Cost $314,632,039) 327,576,800 ------- ------------ (15,010) FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (-6.9%) Notes with interest rates ranging from 3.61% to 3.66% at January 31, 2007 and contractual maturities of collateral ranging from 01/01/19 to 06/15/30++++ (b)(Cost ($15,199,260)) (15,199,260) ------- ------------ $302,685 TOTAL NET INVESTMENTS (Cost $299,432,779) (a) 143.0% 312,377,540 ======== ------------ OTHER ASSETS IN EXCESS OF LIABILITIES 1.4 3,127,239 PREFERRED SHARES OF BENEFICIAL INTEREST (44.4) (97,019,734) ----- ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% $218,485,045 ===== ============ ---------- 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. * Current coupon of variable rate demand obligation. ** Underlying security related to inverse floaters entered into by the Trust. *** Current coupon rate for inverse floating rate municipal obligation. This rate resets periodically as the auction rate on the related security changes. Positions in inverse floating rate municipal obligations have a total value of $1,151,540 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, 2007. (a) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $12,999,120 and the aggregate gross unrealized depreciation is $54,359, resulting in net unrealized appreciation of $12,944,761. (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 Trust's investment assets, and the related floating rate notes reflected as Trust liabilities. The notes issued by the Dealer Trust have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trust for redemption at par at each reset date. At January 31, 2007, Trust investments with a value of $23,338,600 are held by the Dealer Trust and serve as collateral for the $15,199,260 in floating rate note obligations outstanding at that date. Contractual maturities of the floating rate note obligations and interest rates in effect at January 31, 2007 are presented in the "Portfolio of Investments". 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. Geographic Summary of Investments Based on Market Value as a Percent of Total Net Investments Alabama 0.7% Alaska 1.6 Arizona 2.0 California 14.2 Colorado 3.3 Connecticut 1.4 District of Columbia 0.7 Florida 4.3 Georgia 5.5 Hawaii 5.7 Illinois 6.1 Indiana 1.0 Kansas 0.8 Louisiana 0.3 Maine 0.0 Maryland 2.7 Michigan 1.0 Missouri 2.2 Nebraska 2.7 Nevada 1.0 New Hampshire 1.0 New Jersey 5.9 New York 7.1 North Carolina 0.7 Ohio 1.8 Pennsylvania 1.4 Rhode Island 0.5 South Carolina 3.6 Tennessee 2.1 Texas 8.9 Utah 0.8 Virginia 7.8 Washington 0.9 Wisconsin 0.3 ----- Total 100.0% ===== 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 provide reasonable assurance that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's ("SEC") 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. The Trust's principal executive officer and principal financial officer have also concluded that the Trust's disclosure controls and procedures designed to ensure that information required to be disclosed by the Trust in this Form N-Q is accumulated and communicated to the Trust's management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure were effective. Management of the Trust has determined that as of and prior to November 30, 2006, the Trust's fiscal quarter end period, the Trust had a deficiency in its internal control over financial reporting related to the review, analysis and determination of whether certain transfers of municipal securities qualified for sale accounting under the provisions of Statement of Financial Accounting Standards No. 140 "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities." Since November 30, 2006, and prior to the issuance of the Trust's quarterly schedule of portfolio holdings, management has revised its disclosure controls and procedures and its internal control over financial reporting in order to improve the controls' effectiveness to ensure that transactions in transfer of municipal securities are accounted for properly. Management notes that other investment companies investing in similar investments over similar time periods had been accounting for such investments in a similar manner as the Trust. Accordingly, other investment companies are also concluding that there was a material weakness in their internal control over financial reporting of such investments. There was no impact to the net asset value of the Trust's shares or the Trust's total return for any period as a result of the changes in financial reporting of such investments. (b) There were no changes in the Trust's internal control over financial reporting that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting. However, as discussed above, subsequent to November 30, 2006, the Trust's internal control over financial reporting was revised. 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 22, 2007 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 22, 2007 /s/ Francis Smith ------------------------------------- Francis Smith Principal Financial Officer March 22, 2007 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 registrant's 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; (b) Omitted; (c) Evaluated the effectiveness of the registrant's 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 registrant's 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 registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's 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 registrant's internal control over financial reporting. Date: March 22, 2007 /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 registrant's 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; (b) Omitted; (c) Evaluated the effectiveness of the registrant's 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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's 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 registrant's internal control over financial reporting. Date: March 22, 2007 /s/ Francis Smith ---------------------------------------- Francis Smith Principal Financial Officer 5