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) Registrant's telephone number, including area code: 212-296-6990 Date of fiscal year end: October 31, 2007 Date of reporting period: July 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 JULY 31, 2007 (UNAUDITED) PRINCIPAL AMOUNT IN COUPON MATURITY THOUSANDS RATE DATE VALUE --------- --------- ---------- ------------ TAX-EXEMPT MUNICIPAL BONDS (153.8%) ALABAMA (1.0%) $2,000 Jefferson County, Alabama, School Ser 2004 A 5.50 % 01/01/22 $2,141,940 ------------ ALASKA (1.3%) 3,000 Northern Tobacco Securitization Corporation, Alaska, Asset Backed Ser 2006 A 5.00 06/01/46 2,744,610 ------------ ARIZONA (2.4%) 3,890 Salt River Project Agricultural Improvement & Power District, Arizona, 2002 Ser B 5.00 01/01/22 4,029,690 1,000 Surprise Municipal Property Corporation, Arizona, Ser 2007 4.90 04/01/32 960,510 ------------ 4,990,200 ------------ ARKANSAS (1.0%) 1,000 Baxter County Regional Hospital Inc, Arkansas Ser 2007 5.00 09/01/22 1,003,940 1,000 Baxter County Regional Hospital Inc, Arkansas Ser 2007 5.00 09/01/26 999,350 ------------ 2,003,290 ------------ CALIFORNIA (32.2%) 5,000 California Economic Recovery, Ser 2004 A 5.00 07/01/16 5,215,350 3,000 California Health Facilities Financing Authority, Cedars-Sinai Medical Center Ser 2005 5.00 11/15/34 3,021,030 5,000 California Public Works Board, Mental Health 2004 Ser A 5.00 06/01/24 5,146,850 4,000 California, Ser 2007 (MBIA) 4.25 08/01/33 3,689,160 2,000 California, Various Purpose dtd 12/01/05 5.00 03/01/27 2,068,320 12,000 California, Various Purpose dtd 11/01/06 ** 4.50 10/01/36 11,320,560 3,000 California, Various Purpose dtd 05/01/03 5.00 02/01/32 3,062,940 2,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2005 A (Ambac) 5.00 06/01/29 2,038,020 4,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2007 A ** 5.75 06/01/47 4,125,420 4,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser Refg 2007 A ** 5.125 06/01/47 3,737,080 5,000 Los Angeles Department of Water & Power, California, Water 2004 Ser C (MBIA) 5.00 07/01/23 5,256,150 4,000 Los Angeles, Community College District, California, 2003 Ser B (FSA) 5.00 08/01/27 4,146,680 3,040 Milpitas Redevelopment Agency, California, Area #1 Ser 2003 (MBIA) 5.00 09/01/22 3,154,213 4,240 San Diego County Water Authority, California, Ser 2004 A COPs (FSA) 5.00 05/01/29 4,381,319 1,000 San Diego County, Burnham Institute for Medical Research Ser 2006 COPs 5.00 09/01/34 995,550 4,000 San Francisco City & County, California, Lagunda Honda Hospital Ser 2005 I (FSA) ** 5.00 06/15/30 4,520,080 2,000 Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corporation Ser 2006 A-1 5.00 06/01/37 1,858,200 ------------ 67,736,922 ------------ COLORADO (4.8%) 2,590 Arkansas River Power Authority, Colorado, Power Ser 2006 (XLCA) 5.25 10/01/40 2,723,489 2,000 Colorado Health Facilities Authority, Adventist/Sunbelt Ser 2006 D 5.25 11/15/35 2,041,100 5,000 Colorado Health Facilities Authority, Catholic Health Initiatives Ser 2001 A 5.25 09/01/11 + 5,253,900 ------------ 10,018,489 ------------ CONNECTICUT (0.7%) 1,500 Mashantucket (Western) Pequot Tribe, Connecticut, 2006 Ser A 5.50 09/01/36 1,530,540 ------------ DISTRICT OF COLUMBIA (1.0%) 2,000 District of Columbia Ballpark, Ser 2006 B-1 (FGIC) 5.00 02/01/31 2,073,560 ------------ FLORIDA (9.6%) 1,000 Highlands County Health Facilities Authority, Florida, Adventist Health/Sunbelt Ser 2006 C 5.25 11/15/36 1,012,750 1,000 Lee County Industrial Development Authority, Florida, Shell Point Village/The Alliance Community for Retirement Living Inc, Ser 2006 5.125 11/15/36 966,100 3,000 Miami-Dade County School Board, Florida, 2003 Ser A (FGIC) 5.00 08/01/29 3,067,830 5,000 Miami-Dade County, Florida, Miami Int'l Airport Ser 2000 A (AMT) (FGIC) 6.00 10/01/24 5,308,550 1,995 Miami-Dade County, Florida, Ser 2005 A (MBIA) 0.00 ++ 10/01/30 1,514,803 4,000 South Miami Health Facilities Authority, Florida, Baptist Health South Florida Ser 2007 ** 5.00 08/15/42 4,017,160 1,000 St Johns County Industrial Development Authority, Florida, Glenmoor Ser 2006 A 5.25 01/01/26 989,140 3,250 St Johns, Florida, Industrial Development Authority, Glenmoor Refg 2006 Ser A 5.375 01/01/40 3,238,950 ------------ 20,115,283 ------------ GEORGIA (8.0%) 5,000 Atlanta, Georgia, Airport Ser 2004 C (FSA) 5.00 01/01/33 5,139,500 1,200 De Kalb County, Georgia, Water & Sewer Ser 2003 A 5.00 10/01/23 1,247,316 3,000 Fulton County, Georgia, Water & Sewerage Ser 2004 (FGIC) 5.25 01/01/35 3,147,090 2,000 Georgia Road & Tollway Authority, Ser 2001 5.375 03/01/17 2,119,900 2,000 Georgia Road & Tollway Authority, Ser 2004 5.00 10/01/22 2,087,120 3,000 Georgia Road & Tollway Authority, Ser 2004 5.00 10/01/23 3,130,680 ------------ 16,871,606 ------------ HAWAII (10.3%) 10,000 Hawaii Department of Budget & Finance, Hawaiian Electric Co Inc Ser 1993 (AMT) (MBIA) 5.45 11/01/23 10,052,400 3,000 Hawaii, Airports Refg Ser 2000 B (AMT) (FGIC) 6.625 07/01/18 3,224,610 8,000 Honolulu City & County, Hawaii, Ser 2003A (MBIA) ** 5.25 03/01/24 8,418,000 ------------ 21,695,010 ------------ ILLINOIS (9.0%) 3,600 Chicago Park District, Illinois, Harbor Ser A (Ambac) 5.00 01/01/27 3,719,880 3,000 Chicago, Illinois, O'Hare Int'l Airport 3rd Lien Ser 2005 A (MBIA) 5.25 01/01/26 3,178,710 3,000 Chicago, Illinois, O'Hare Int'l Airport Passenger Fee Ser 2001 A (AMT) (Ambac) 5.375 01/01/32 3,091,740 3,000 Illinois Toll Highway Authority, Priority Refg 1998 Ser A (FSA) 5.50 01/01/15 3,287,250 8,480 Metropolitan Pier & Exposition Authority, Illinois, McCormick Place Ser 2002 A (MBIA) 0.00 +++ 06/15/26 5,604,856 ------------ 18,882,436 ------------ INDIANA (1.4%) 3,000 Indiana Health & Educational Facility Financing Authority, Clarian Health Ser 2006 A 5.25 02/15/40 3,040,080 ------------ KANSAS (1.2%) 2,500 Wyandotte County/Kansas City, Kansas, Ser 2004 B (FSA) 5.00 09/01/28 2,589,575 ------------ LOUISIANA (0.5%) 1,000 Louisiana Public Facilities Authority, Pennington Medical Foundation Ser 2006 5.00 07/01/31 1,000,670 ------------ MAINE (0.0%) 60 Maine Health & Higher Educational Facilities Authority, Ser 1993 D (FSA) 5.50 07/01/18 60,071 ------------ MARYLAND (3.7%) 1,000 Baltimore County, Maryland, Oak Crest Village Ser 2007 A 5.00 01/01/37 984,060 1,500 Maryland Health & Higher Educational Facilities Authority, King Farm Presbyterian Community 2006 Ser B 5.00 01/01/17 1,494,930 2,000 Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical Ser 2001 5.25 07/01/34 2,020,680 3,000 Northeast Maryland Waste Disposal Authority, Montgomery County Ser 2003 (AMT) (Ambac) 5.50 04/01/16 3,185,040 ------------ 7,684,710 ------------ MICHIGAN (1.4%) 3,000 Michigan Hospital Finance Authority, Henry Ford Health Refg Ser 2006 A 5.25 11/15/46 3,044,490 ------------ MISSOURI (2.0%) 4,000 Missouri Health & Educational Facilities Authority, Barnes-Jewish /Christian Health Ser 1993 A 5.25 05/15/14 4,240,040 ------------ NEBRASKA (3.9%) 5,000 Nebraska Public Power District, 2003 Ser A (Ambac) 5.00 01/01/35 5,148,850 3,000 Nebraska Public Power District, Ser 2005 C (FGIC) 5.00 01/01/41 3,090,240 ------------ 8,239,090 ------------ NEVADA (2.0%) 3,000 Clark County, Nevada, Airport SubLien Ser 2004 (AMT) (FGIC) 5.50 07/01/20 3,192,990 1,000 Reno, Nevada, Renown Regional Medical Center Ser 2007 A 5.25 06/01/37 1,009,490 ------------ 4,202,480 ------------ NEW HAMPSHIRE (1.5%) 3,000 Manchester, New Hampshire, Water Works Ser 2003 (FGIC) 5.00 12/01/34 3,082,530 ------------ NEW JERSEY (5.4%) 3,000 New Jersey Economic Development Authority, Cigarette Tax Ser 2004 # 5.75 06/15/29 3,197,130 1,500 New Jersey Economic Development Authority, Seabrook Village Inc Ser 2006 5.25 11/15/36 1,490,100 3,300 Newark Housing Authority, New Jersey, Port Authority-Port Newark Marine Terminal Ser 2004 (MBIA) 5.00 01/01/14 + 3,507,108 3,000 Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1A 4.625 06/01/26 2,695,920 3,000 Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1B 0.00 06/01/41 443,910 ------------ 11,334,168 ------------ NEW YORK (9.9%) 5,000 Metropolitan Transportation Authority, New York, Transportation Ser 2003 B (MBIA) 5.25 11/15/22 5,301,400 3,000 Nassau County Tobacco Settlement Corporation, New York, Ser 2006 A-3 5.125 06/01/46 2,943,750 3,000 New York City Municipal Water Finance Authority, New York, 2005 Ser B (Ambac) 5.00 06/15/28 3,116,910 6,000 Tobacco Settlement Financing Corporation, New York, State Contingency Ser 2003 B-1C 5.50 06/01/21 6,401,100 3,000 Triborough Bridge & Tunnel Authority, New York, Refg Ser 2002 B 5.25 11/15/19 3,170,400 ------------ 20,933,560 ------------ NORTH CAROLINA (1.0%) 2,000 North Carolina Municipal Power Agency #1, Catawba Ser 1993 (MBIA) 5.25 01/01/20 2,103,200 ------------ OHIO (2.6%) 5,000 Cuyahoga County, Ohio, Cleveland Clinic Ser 2003 A 6.00 01/01/32 5,420,650 ------------ PENNSYLVANIA (1.9%) 2,000 Allegheny County Redevelopment Authority, Pennsylvania, West Penn Allegheny Health Ser 2007 A ** 5.375 11/15/40 1,965,750 2,000 Pennsylvania, First Ser 2003 (MBIA) ** 5.00 01/01/13 + 2,110,920 ------------ 4,076,670 ------------ RHODE ISLAND (0.7%) 1,500 Rhode Island Economic Development Corporation, Airport Refg Ser 2004 A (AMT) (FSA) 5.00 07/01/21 1,540,515 ------------ SOUTH CAROLINA (5.3%) 2,000 Charleston Educational Excellence Financing Corporation, South Carolina, Charleston County School District Ser 2005 5.25 12/01/29 2,108,120 4,565 Grand Strand Water & Sewer Authority, South Carolina, Refg Ser 2002 (FSA) 5.375 06/01/19 4,824,749 40 Lexington County, South Carolina Health Services District, Lexmed Inc Ser 2007 5.00 11/01/16 41,176 4,000 South Carolina Public Service Authority, Santee Cooper Ser 2003 A (Ambac) 5.00 01/01/27 4,136,320 ------------ 11,110,365 ------------ TENNESSEE (2.0%) 4,000 Tennessee Energy Acquisition Corporation, Ser 2006 A ** 5.25 09/01/19 4,195,260 ------------ TEXAS (12.0%) 2,000 Alliance Airport Authority, Texas, Federal Express Corp Refg Ser 2006 (AMT) 4.85 04/01/21 1,961,680 1,000 Austin, Texas, Water & Sewer, ROLS RRII R-574 9.135 ## 05/15/27 1,119,620 2,000 Brazos River Authority, Texas, TXU Electric Co Ser 1999 C (AMT) 7.70 03/01/32 2,242,500 5,000 Houston, Texas, Combined Utility First Lien Refg 2004 Ser A (MBIA) 5.25 05/15/25 5,303,950 5,000 Houston, Texas, Water & Sewer Jr Lien Refg Ser 2001 A (FSA) 5.50 12/01/16 5,316,050 1,000 Sabine River Authority, Texas, TXU Electric Co Refg Ser 2001 B (AMT) (Mandatory Tender 11/01/11) 5.75 05/01/30 1,015,880 1,000 Tarrant County Cultural Educational Facilities Finance Corp, Texas, Air Force Village II Inc Ser 2007 5.125 05/15/37 993,870 4,000 Tarrant County Regional Water District, Texas, Refg & Impr Ser 2002 (FSA) 5.25 03/01/17 4,228,960 3,000 West Harris County Regional Water Authority, Texas, Water Ser 2005 (FSA) 5.00 12/15/24 3,116,910 ------------ 25,299,420 ------------ UTAH (1.2%) 2,500 Intermountain Power Agency, Utah, 2003 Ser A (FSA) 5.00 07/01/21 2,607,050 ------------ VIRGINIA (10.1%) 1,250 Fairfax County Economic Development Authority, Virginia, Goodwin House Inc Ser 2007 5.125 10/01/42 1,234,450 10,000 Fairfax County Industrial Development Authority, Virginia, Inova Health Refg Ser 1993 A 5.25 08/15/19 10,705,500 4,000 Norfolk, Virginia, Water Ser 1993 (Ambac) 5.375 11/01/23 4,004,600 3,000 Prince William County Service Authority, Virginia, Water & Sewer Refg Ser 2003 5.00 07/01/19 3,167,370 2,000 Prince William County Service Authority, Virginia, Water & Sewer Refg Ser 2003 5.00 07/01/21 2,106,060 ------------ 21,217,980 ------------ WASHINGTON (2.8%) 1,705 Grant County Public Utility District #2, Washington, Wanapum Hydroelectric 2005 Ser A (FGIC) 5.00 01/01/34 1,754,394 4,010 Port of Seattle, Washington, Passenger Facility Ser 1998 A (MBIA) ** 5.00 12/01/23 4,079,020 ------------ 5,833,414 ------------ TOTAL TAX-EXEMPT MUNICIPAL BONDS (Cost $317,413,076) 323,659,874 ------------ SHORT-TERM INVESTMENT (a) (7.5%) INVESTMENT COMPANY 15,871 Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class 15,870,551 ------------ (Cost $15,870,551) 336,086 TOTAL INVESTMENTS (Cost $333,283,627) 339,530,425 FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (-16.6%) (34,510) Notes with interest rates ranging from 3.62% to 3.69% at July 31, 2007 and contractual maturities of collateral ranging from 01/01/13 to 06/01/47 ++++ (b) (35,030,080) ------------ (Cost $(35,030,080)) $301,576 TOTAL NET INVESTMENTS (Cost $298,253,547) (c) (d) 144.7 304,500,345 ========= OTHER ASSETS IN EXCESS OF LIABILITES 1.4 3,009,124 PREFERRED SHARES OF BENEFICIAL INTEREST (46.1) (97,055,567) ------ ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% 210,453,902 ====== ============ Percentages are calculated as a percentage of net assets. -------------------------------------------------------------------------------- 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 $128,000. ## 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 $1,119,620 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 July 31, 2007. ** 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 July 31, 2007, advisory fees paid were reduced by $56 relating to the Trust's investment in Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class. Income distributions earned by the Trust totaled $39,581, for the period ended July 31, 2007. (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 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 July 31, 2007, Trust investments with a value of $48,489,250 are held by the Dealer Trusts and serve as collateral for the $35,030,080 in floating rate note obligations outstanding at that date. Contractual maturities of the floating rate note obligations and interest rates in effect at July 31, 2007 are presented in the "Portfolio of Investments". (c) Securities have been designated as collateral in an amount equal to $13,936,063 in connection with open futures contracts. (d) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $8,489,652 and the aggregate gross unrealized depreciation is $2,242,854 resulting in net unrealized appreciation of $6,246,798. 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 JULY 31, 2007: NUMBER OF LONG/ DESCRIPTION, DELIVERY UNDERLYING FACE UNREALIZED CONTRACTS SHORT MONTH AND YEAR AMOUNT AT VALUE DEPRECIATION -------------------------------------------------------------------------------------------------------------------- 50 Short U.S. Treasury Bonds 20 Year, September 2007 $ (5,503,125) $ (4,825) 80 Short U.S. Treasury Notes 10 Year, September 2007 (8,593,750) (28,345) ------------- TOTAL UNREALIZED DEPRECIATION........................................ $ (33,170) ============= 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. 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 September 20, 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 September 20, 2007 /s/ Francis Smith Francis Smith Principal Financial Officer September 20, 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: September 20, 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: September 20, 2007 /s/ Francis Smith Francis Smith Principal Financial Officer 5