- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
01 April 2009 - 12:52AM
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)
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522 Fifth Avenue, New York, New York
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10036
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(Address of principal executive offices)
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(Zip code)
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Randy Takian
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrants telephone number, including area code: 212-296-6963
Date of fiscal year end: October 31, 2009
Date of reporting period: January 31, 2009
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, 2009 (unaudited)
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PRINCIPAL
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AMOUNT IN
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COUPON
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MATURITY
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THOUSANDS
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RATE
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DATE
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VALUE
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Tax-Exempt Municipal Bonds (155.1%)
Alabama (0.8%)
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$
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2,000
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Jefferson County, Alabama, School Ser 2004 A
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5.50
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%
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01/01/22
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$
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1,327,860
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Alaska (0.9%)
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3,000
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Northern Tobacco Securitization Corporation, Alaska, Asset Backed Ser 2006 A
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5.00
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06/01/46
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1,564,860
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Arizona (3.4%)
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1,010
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Arizona, Ser 2008 A (FSA Insd)
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5.00
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09/01/24
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1,039,462
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3,890
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Salt River Project Agricultural Improvement & Power District, Arizona, 2002 Ser B (a)
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5.00
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01/01/22
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3,929,487
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1,000
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Surprise Municipal Property Corporation, Arizona, Ser 2007
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4.90
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04/01/32
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697,360
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5,666,309
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Arkansas (0.9%)
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1,000
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Baxter County Regional Hospital Inc, Arkansas Ser 2007
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5.00
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09/01/22
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804,930
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1,000
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Baxter County Regional Hospital Inc, Arkansas Ser 2007
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5.00
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09/01/26
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736,340
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1,541,270
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California (30.1%)
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765
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Alvord Unified School District, California, Ser 2007 A (FSA Insd)
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5.00
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08/01/24
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793,588
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710
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Beverly Hills, Unified School District Ser 2009 (g) (WI)
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0.00
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08/01/26
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265,036
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1,370
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Beverly Hills, Unified School District Ser 2009 (g) (WI)
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0.00
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08/01/31
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356,721
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900
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California Department of Water Reserve and Power Supply, Ser 2008 H (FSA Insd)
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5.00
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05/01/22
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939,510
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5,000
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California Economic Recovery, Ser 2004 A (a)
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5.00
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07/01/16
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5,177,100
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3,000
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California Health Facilities Financing Authority, Cedars-Sinai Medical Center Ser 2005
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5.00
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11/15/34
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2,504,010
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5,000
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California Public Works Board, Mental Health 2004 Ser A
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5.00
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06/01/24
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4,641,050
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3,000
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California, Various Purpose dtd 05/01/03
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5.00
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02/01/32
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2,761,170
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5,000
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California, Various Purpose dtd 11/01/06
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4.50
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10/01/36
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4,109,300
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2,000
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California, Various Purpose dtd 12/01/05
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5.00
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03/01/27
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1,932,900
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355
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Clovis, Unified School District 2004 Ser A (g)
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0.00
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08/01/29
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105,893
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1,980
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El Segundo, California, University School District Ser A (g) (WI)
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0.00
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08/01/32
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443,322
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4,000
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Golden State Tobacco Securitization Corporation, California, Asset Backed Ser 2007 A
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5.125
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06/01/47
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2,151,360
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4,000
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Golden State Tobacco Securitization Corporation, California, Asset Backed Ser 2007 A
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5.75
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06/01/47
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2,416,200
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2,000
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Golden State Tobacco Securitization Corporation, California, Asset Backed Ser 2005 A (AMBAC Insd)
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5.00
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06/01/29
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1,720,440
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310
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Indio Redevelopment Agency, California, Ser A
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5.00
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08/15/23
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285,107
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310
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Indio Redevelopment Agency, California, Ser A
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5.00
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08/15/24
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279,521
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4,000
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Los Angeles, Community College District, California, 2003 Ser B (FSA Insd)
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5.00
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08/01/27
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4,007,960
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5,000
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Los Angeles Department of Water & Power, California, Water 2004 Ser C (MBIA Insd) (a)
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5.00
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07/01/23
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5,125,477
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3,040
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Milpitas Redevelopment Agency, Area #1 Ser 2003 (MBIA Insd)
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5.00
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09/01/22
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2,983,182
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2,545
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Poway Unified School District, California, (g)
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0.00
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08/01/31
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662,667
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2,040
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Poway Unified School District, California, (g)
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0.00
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08/01/27
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706,982
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1,000
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San Diego County, Burnham Institute for Medical Research Ser 2006 (COPs)
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5.00
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09/01/34
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647,080
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4,240
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San Diego County Water Authority, California, Ser 2004 (COPS) (FSA Insd) (a)
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5.00
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05/01/29
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4,202,434
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540
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San Francisco City & County, Laguana Honda Hospital (FSA Insd) (a)
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5.00
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06/15/28
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538,969
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2,000
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Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corporation Ser 2006 A-1
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5.00
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06/01/37
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1,099,180
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50,856,159
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Colorado (2.3%)
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2,590
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Arkansas River Power Authority, Colorado, Power Ser 2006 (XLCA Insd)
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5.25
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10/01/40
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2,082,800
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2,000
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Colorado Health Facilities Authority, Adventist/Sunbelt Ser 2006 D
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5.25
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11/15/35
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1,677,860
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165
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Public Authority for Colorado Energy, Colorado, Natural Gas Purchase Revenue Ser 2008
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6.25
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11/15/28
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134,064
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3,894,724
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Connecticut (0.5%)
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1,500
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Mashantucket (Western) Pequot Tribe, Connecticut, 2006 Ser A
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5.50
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09/01/36
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903,555
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PRINCIPAL
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AMOUNT IN
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COUPON
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MATURITY
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THOUSANDS
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RATE
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DATE
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VALUE
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District of Columbia (1.5%)
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2,000
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District of Columbia Ballpark, Ser 2006 B-1 (FGIC Insd)
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5.00
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02/01/31
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1,637,320
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855
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District of Columbia Water & Sewer Authority, Ser 2008 A (AGC Insd)
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5.00
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10/01/25
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872,228
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2,509,548
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Florida (8.2%)
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25
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Highlands County Health Facilities Authority, Florida, Adventist Health/Sunbelt Ser 2006 C
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5.25
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11/15/16
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(c)
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29,986
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975
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Highlands County Health Facilities Authority, Florida, Adventist Health/Sunbelt Ser 2006 C
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5.25
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11/15/36
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815,821
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1,000
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Lee County Industrial Development Authority, Florida, Shell Point Village/The Alliance
Community for Retirement Living Inc, Ser 2006
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5.125
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11/15/36
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537,750
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1,350
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Miami-Dade County, Florida, Educational Facilities
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5.50
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04/01/38
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1,357,830
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5,000
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Miami-Dade County, Florida, Miami Intl Airport Ser 2000 A (AMT) (FGIC Insd)
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6.00
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10/01/24
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4,822,550
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1,995
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Miami-Dade County, Florida, Ser 2005 A (MBIA Insd)
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0.00
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(d)
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10/01/30
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1,280,690
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4,000
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South Miami Health Facilities Authority, Florida, Baptist Health South Florida Ser 2007 (a)
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5.00
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08/15/42
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2,628,592
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1,000
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St Johns County Industrial Development Authority, Florida, Glenmoor Ser 2006 A
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5.25
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01/01/26
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617,480
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3,250
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St Johns, Florida, Industrial Development Authority, Glenmoor Refg 2006 Ser A
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5.375
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01/01/40
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1,766,570
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13,857,269
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Georgia (8.0%)
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5,000
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Atlanta, Georgia, Airport Ser 2004 C (FSA Insd) (a)
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5.00
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01/01/23
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4,819,412
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1,200
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De Kalb County, Georgia, Water & Sewer Ser 2003 A
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5.00
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10/01/23
|
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1,249,440
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2,000
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Georgia Road & Tollway Authority, Ser 2001
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5.375
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03/01/17
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2,180,600
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2,000
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Georgia Road & Tollway Authority, Ser 2004
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5.00
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10/01/22
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2,102,840
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3,000
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Georgia Road & Tollway Authority, Ser 2004
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5.00
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10/01/23
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3,128,670
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13,480,962
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Hawaii (11.6%)
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10,000
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Hawaii Department of Budget & Finance, Hawaiian Electric Co Inc Ser 1993 (AMT) (MBIA Insd)
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5.45
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11/01/23
|
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8,269,600
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3,000
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Hawaii, Airports Refg Ser 2000 B (AMT) (FGIC Insd)
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6.625
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07/01/18
|
|
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3,072,990
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|
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8,000
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Honolulu City & County, Hawaii, Ser 2003A (MBIA Insd) (a)
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5.25
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03/01/24
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|
|
8,287,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,630,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (10.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,600
|
|
|
Chicago Park District, Illinois, Harbor Ser A (AMBAC Insd)
|
|
|
5.00
|
|
|
|
01/01/27
|
|
|
|
3,627,036
|
|
|
3,000
|
|
|
Chicago, Illinois, OHare Intl Airport 3rd Lien Ser 2005 A (MBIA Insd)
|
|
|
5.25
|
|
|
|
01/01/26
|
|
|
|
2,876,520
|
|
|
3,000
|
|
|
Chicago, Illinois, OHare Intl Airport Passenger Fee Ser 2001 A (AMT) (AMBAC Insd)
|
|
|
5.375
|
|
|
|
01/01/32
|
|
|
|
2,519,100
|
|
|
1,070
|
|
|
Chicago, Illinois, Transit Authority Ser 2008 (AGC Insd)
|
|
|
5.25
|
|
|
|
06/01/23
|
|
|
|
1,135,420
|
|
|
725
|
|
|
De Kalb County, Illinois, Community Unit School District No. 428 (FSA Insd)
|
|
|
5.00
|
|
|
|
01/01/23
|
|
|
|
755,153
|
|
|
2,780
|
|
|
Kendall Kane & Will County, Illinois, Community Unit School District No. 308 (FSA Insd) (g)
|
|
|
0.00
|
|
|
|
02/01/20
|
|
|
|
1,782,563
|
|
|
8,480
|
|
|
Metropolitan Pier & Exposition Authority, Illinois, McCormick Place Ser 2002 A (MBIA Insd)
|
|
|
0.00
|
(e)
|
|
|
06/15/26
|
|
|
|
5,742,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,438,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana (1.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Indiana Health & Educational Facility Financing Authority, Clarian Health Ser 2006 A
|
|
|
5.25
|
|
|
|
02/15/40
|
|
|
|
2,170,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine (0.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60
|
|
|
Maine Health & Higher Educational Facilities Authority, Ser 1993 D (FSA Insd)
|
|
|
5.50
|
|
|
|
07/01/18
|
|
|
|
60,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (2.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Baltimore County, Maryland, Oak Crest Village Ser 2007 A
|
|
|
5.00
|
|
|
|
01/01/37
|
|
|
|
707,060
|
|
|
1,500
|
|
|
Maryland Health & Higher Educational Facilities Authority, King Farm Presbyterian Community 2006 Ser B
|
|
|
5.00
|
|
|
|
01/01/17
|
|
|
|
1,136,625
|
|
|
3,000
|
|
|
Northeast Maryland Waste Disposal Authority, Montgomery County Ser 2003 (AMT) (AMBAC Insd)
|
|
|
5.50
|
|
|
|
04/01/16
|
|
|
|
3,112,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,956,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan (1.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
|
Detroit Michigan Water Supply System
|
|
|
5.00
|
|
|
|
07/01/26
|
|
|
|
814,797
|
|
|
3,000
|
|
|
Michigan Hospital Finance Authority, Henry Ford Health Refg Ser 2006 A
|
|
|
5.25
|
|
|
|
11/15/46
|
|
|
|
1,968,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,783,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri (2.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Missouri Health & Educational Facilities Authority, Barnes-Jewish /Christian Health Ser 1993 A
|
|
|
5.25
|
|
|
|
05/15/14
|
|
|
|
4,382,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska (2.8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Nebraska Public Power District, 2003 Ser A (AMBAC Insd)
|
|
|
5.00
|
|
|
|
01/01/35
|
|
|
|
4,682,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNT IN
|
|
|
|
|
COUPON
|
|
|
MATURITY
|
|
|
|
|
THOUSANDS
|
|
|
|
|
RATE
|
|
|
DATE
|
|
|
VALUE
|
|
|
|
|
|
Nevada (2.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Clark County, Nevada, Airport SubLien Ser 2004 (AMT) (FGIC Insd)
|
|
|
5.50
|
|
|
|
07/01/20
|
|
|
|
2,948,760
|
|
|
1,000
|
|
|
Reno, Nevada, Renown Regional Medical Center Ser 2007 A
|
|
|
5.25
|
|
|
|
06/01/37
|
|
|
|
728,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,677,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire (1.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Manchester, New Hampshire, Water Works Ser 2003 (FGIC Insd)
|
|
|
5.00
|
|
|
|
12/01/34
|
|
|
|
2,915,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (3.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
New Jersey Economic Development Authority, Cigarette Tax Ser 2004 (b)
|
|
|
5.75
|
|
|
|
06/15/29
|
|
|
|
2,244,300
|
|
|
1,500
|
|
|
New Jersey Economic Development Authority, Seabrook Village Inc Ser 2006
|
|
|
5.25
|
|
|
|
11/15/36
|
|
|
|
881,490
|
|
|
3,000
|
|
|
Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1A
|
|
|
4.625
|
|
|
|
06/01/26
|
|
|
|
1,915,530
|
|
|
3,000
|
|
|
Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1B (g)
|
|
|
0.00
|
|
|
|
06/01/41
|
|
|
|
97,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,138,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico (0.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
940
|
|
|
New Mexico Finance Authority, Ser A
|
|
|
5.00
|
|
|
|
06/01/27
|
|
|
|
953,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York (12.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Metropolitan Transportation Authority, New York, Transportation Ser 2003 B (MBIA Insd)
|
|
|
5.25
|
|
|
|
11/15/22
|
|
|
|
5,165,750
|
|
|
3,000
|
|
|
Nassau County Tobacco Settlement Corporation, New York, Ser 2006 A-3
|
|
|
5.125
|
|
|
|
06/01/46
|
|
|
|
1,852,860
|
|
|
980
|
|
|
New York City, 2009 Subser A-1 (a)
|
|
|
5.25
|
|
|
|
08/15/27
|
|
|
|
977,373
|
|
|
980
|
|
|
New York City, 2009 Subser A-1 (a)
|
|
|
5.25
|
|
|
|
08/15/28
|
|
|
|
977,373
|
|
|
465
|
|
|
New York City, New York, Subser L-1
|
|
|
5.00
|
|
|
|
04/01/26
|
|
|
|
456,039
|
|
|
1,950
|
|
|
New York City, New York, Cultural Resources Revenue Refg Ser 2008 1-A (a)
|
|
|
5.00
|
|
|
|
04/01/27
|
|
|
|
1,976,667
|
|
|
6,000
|
|
|
Tobacco Settlement Financing Corporation, New York, State Contingency Ser 2003 B-1C
|
|
|
5.50
|
|
|
|
06/01/21
|
|
|
|
6,143,400
|
|
|
3,000
|
|
|
Triborough Bridge & Tunnel Authority, New York, Refg Ser 2002 B
|
|
|
5.25
|
|
|
|
11/15/19
|
|
|
|
3,230,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,779,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (1.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
North Carolina Municipal Power Agency #1, Catawba Ser 1993 (MBIA Insd)
|
|
|
5.25
|
|
|
|
01/01/20
|
|
|
|
2,050,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio (3.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
American Municipal Power, Ohio, Prairie State Energy Campus (AGC Insd) (a)
|
|
|
5.25
|
|
|
|
02/15/33
|
|
|
|
996,623
|
|
|
5,000
|
|
|
Cuyahoga County, Ohio, Cleveland Clinic Ser 2003 A
|
|
|
6.00
|
|
|
|
01/01/32
|
|
|
|
4,990,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,987,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania (1.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Allegheny County Redevelopment Authority, Pennsylvania, West Penn Allegheny Health Ser 2007 A
|
|
|
5.375
|
|
|
|
11/15/40
|
|
|
|
1,043,600
|
|
|
1,500
|
|
|
Philadelphia School District, Ser 2008 E (BHAC Insd)
|
|
|
5.125
|
|
|
|
09/01/23
|
|
|
|
1,577,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,620,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island (0.8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Rhode Island Economic Development Corporation, Airport Refg Ser 2004 A (AMT) (FSA Insd)
|
|
|
5.00
|
|
|
|
07/01/21
|
|
|
|
1,424,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina (6.5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Charleston Educational Excellence Financing Corporation, South Carolina, Charleston County School District Ser 2005
|
|
|
5.25
|
|
|
|
12/01/29
|
|
|
|
1,926,280
|
|
|
4,565
|
|
|
Grand Strand Water & Sewer Authority, South Carolina, Refg Ser 2002 (FSA Insd)
|
|
|
5.375
|
|
|
|
06/01/19
|
|
|
|
4,921,618
|
|
|
40
|
|
|
Lexington County, South Carolina, Health Services District, Lexmed Inc, Ser 2007 A
|
|
|
5.00
|
|
|
|
11/01/16
|
|
|
|
41,934
|
|
|
210
|
|
|
Richland County Environmental Improvement Revenue, South Carolina, International Paper Company Ser 2007 A
|
|
|
4.60
|
|
|
|
09/01/12
|
|
|
|
189,647
|
|
|
4,000
|
|
|
South Carolina Public Service Authority, Santee Cooper Ser 2003 A (AMBAC Insd) (a)
|
|
|
5.00
|
|
|
|
01/01/27
|
|
|
|
3,948,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,028,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee (1.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Tennessee Energy Acquisition Corporation, Ser 2006 A
|
|
|
5.25
|
|
|
|
09/01/19
|
|
|
|
3,230,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNT IN
|
|
|
|
|
COUPON
|
|
|
MATURITY
|
|
|
|
|
THOUSANDS
|
|
|
|
|
RATE
|
|
|
DATE
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (13.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Alliance Airport Authority, Texas, Federal Express Corp Refg Ser 2006 (AMT)
|
|
|
4.85
|
|
|
|
04/01/21
|
|
|
|
1,503,280
|
|
|
1,360
|
|
|
Austin, Texas, Water & Sewer, ROLS RRII R-574
|
|
|
9.627
|
(f)
|
|
|
05/15/27
|
|
|
|
1,386,738
|
|
|
575
|
|
|
Friendswood, Texas, Independent School District (PSF Gtd)
|
|
|
5.00
|
|
|
|
02/15/25
|
|
|
|
600,018
|
|
|
1,360
|
|
|
Harris County, Texas, Health Facilities Development Corp.
|
|
|
5.25
|
|
|
|
11/15/23
|
|
|
|
1,437,098
|
|
|
2,350
|
|
|
Houston, Texas, Hotel Occupancy Ser B (g)
|
|
|
0.00
|
|
|
|
09/01/25
|
|
|
|
953,982
|
|
|
1,460
|
|
|
Houston, Texas, Independent School District
|
|
|
5.00
|
|
|
|
02/15/28
|
|
|
|
1,485,112
|
|
|
5,000
|
|
|
Houston, Texas, Combined Utility First Lien Refg 2004 Ser A (MBIA Insd)
|
|
|
5.25
|
|
|
|
05/15/25
|
|
|
|
5,095,699
|
|
|
5,200
|
|
|
North Texas Tollway Authority, Ser D (g)
|
|
|
0.00
|
|
|
|
01/01/28
|
|
|
|
1,620,060
|
|
|
1,000
|
|
|
Tarrant County Cultural Educational Facilities Finance Corp,
|
|
|
5.125
|
|
|
|
05/15/37
|
|
|
|
631,290
|
|
|
4,000
|
|
|
Tarrant County Regional Water District, Texas, Refg & Impr Ser 2002 (FSA Insd)
|
|
|
5.25
|
|
|
|
03/01/17
|
|
|
|
4,453,800
|
|
|
325
|
|
|
Texas Municipal Gas Aqusition & Supply Corp., Gas Supply Revenue Senior Lien Series 2008 D
|
|
|
6.25
|
|
|
|
12/15/26
|
|
|
|
271,362
|
|
|
1,000
|
|
|
University of Houston, Texas, Refg Ser 2008 (FSA Insd) (a)
|
|
|
5.00
|
|
|
|
02/15/33
|
|
|
|
983,428
|
|
|
3,000
|
|
|
West Harris County Regional Water Authority, Texas, Water Ser 2005 (FSA Insd)
|
|
|
5.00
|
|
|
|
12/15/24
|
|
|
|
3,047,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,469,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah (1.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Intermountain Power Agency, Utah, 2003 Ser A (FSA Insd)
|
|
|
5.00
|
|
|
|
07/01/21
|
|
|
|
2,618,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia (10.5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Fairfax County Economic Development Authority, Virginia, Goodwin House Inc Ser 2007
|
|
|
5.125
|
|
|
|
10/01/42
|
|
|
|
713,000
|
|
|
10,000
|
|
|
Fairfax County Industrial Development Authority, Virginia, Inova Health Refg Ser 1993 A
|
|
|
5.25
|
|
|
|
08/15/19
|
|
|
|
10,891,200
|
|
|
4,000
|
|
|
Norfolk, Virginia, Water Ser 1993 (AMBAC Insd)
|
|
|
5.375
|
|
|
|
11/01/23
|
|
|
|
4,000,760
|
|
|
2,000
|
|
|
Prince William County Service Authority, Virginia, Water & Sewer Refg Ser 2003
|
|
|
5.00
|
|
|
|
07/01/21
|
|
|
|
2,153,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,758,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington (3.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,705
|
|
|
Grant County Public Utility District #2, Washington, Wanapum Hydroelectric 2005 Ser A (FGIC Insd)
|
|
|
5.00
|
|
|
|
01/01/34
|
|
|
|
1,564,099
|
|
|
4,010
|
|
|
Port of Seattle, Washington, Passenger Facility Ser 1998 A (MBIA Insd)
|
|
|
5.00
|
|
|
|
12/01/23
|
|
|
|
3,867,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,431,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Tax-Exempt Municipal Bonds
(Cost $285,975,456)
|
|
|
|
|
|
|
|
|
|
|
261,788,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES (000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Investment (i) (3.5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,848
|
|
|
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio Institutional Class
(Cost $5,847,999)
|
|
|
|
|
|
|
|
|
|
|
5,847,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
(Cost $291,823,455)
|
|
|
|
|
|
|
|
|
|
|
267,636,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNT IN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THOUSANDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Note Obligations Related to Securities Held (-17.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(28,677
|
)
|
|
Notes with interest rates ranging from 0.43% to 2.28% at January 31, 2009 and
contractual maturities of collateral ranging from 07/01/16 to 08/15/42 (h)
(Cost $(28,677,000))
|
|
|
|
|
|
|
|
|
|
|
(28,677,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Investments
(Cost $263,146,455) (k) (j)
|
|
|
|
|
|
|
141.6
|
%
|
|
|
238,959,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities
|
|
|
|
|
|
|
1.3
|
|
|
|
2,234,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares of Beneficial Interest
|
|
|
|
|
|
|
(42.9
|
)
|
|
|
(72,450,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders
|
|
|
|
|
|
|
100.0
|
%
|
|
$
|
168,743,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
WI
|
|
Securities purchased on a when-issued basis.
|
|
(a)
|
|
Floating rate note obligations related to securities held The Fund 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 Fund to retain residual interest in the bonds. The Fund enters into shortfall agreements
with the Dealer Trusts which commit the Fund 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 Fund (inverse floating rate investments) include the right of the Fund (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 Fund, thereby collapsing the Dealer Trusts.
The Fund accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities
transferred remaining in the Funds investment assets, and the related floating rate notes reflected as Fund
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, 2009, Fund investments with a value of $44,569,360 are held by the Dealer Trusts
and serve as collateral for the $28,677,000 in floating rate note obligations outstanding at that
date.
|
|
(b)
|
|
A portion of this security has been physically segregated in connection with open futures contracts in the amount of $513,132.
|
|
(c)
|
|
Prerefunded to call date shown.
|
|
(d)
|
|
Currently a zero coupon security, will convert to 5.00% on October 1, 2013.
|
|
(e)
|
|
Currently a zero coupon security, will convert to 5.75% on June 15, 2017.
|
|
(f)
|
|
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 obligation has a total value of $1,386,738 which represents 0.8% of net assets applicable to
common shareholders.
|
|
(g)
|
|
Capital Appreciation Bond.
|
|
(h)
|
|
Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at January 31, 2009.
|
|
(i)
|
|
The Fund invests in Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio Institutional
Class, an open-end management investment company managed by the Investment Adviser.
Investment Advisory fees paid by the Fund are reduced by an amount equal to the advisory and
administrative service fees paid by Morgan Stanley Institutional Liquidity Funds Tax-Exempt
Portfolio Institutional Class with respect to assets invested by the Fund in Morgan Stanley
Institutional Liquidity Funds Tax-Exempt Portfolio Institutional Class .
|
|
(j)
|
|
Securities have been designated as collateral in an amount equal to $91,169,749 in connection with open futures and when issued securities.
|
|
(k)
|
|
The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.
|
|
Bond Insurance
:
|
|
AGC
|
|
Assured Guaranty Corporation.
|
|
AMBAC
|
|
AMBAC Assurance Corporation.
|
|
BHAC
|
|
Berkshire Hathaway Assurance Corporation.
|
|
FGIC
|
|
Financial Guaranty Insurance Company.
|
|
FSA
|
|
Financial Security Assurance Inc.
|
|
MBIA
|
|
Municipal Bond Investors Assurance Corporation.
|
|
PSF
|
|
Texas Permanent School Fund Guarantee Program.
|
|
XLCA
|
|
XL Capital Assurance Inc.
|
Futures Contracts Open at January 31, 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF
|
|
|
|
DESCRIPTION, DELIVERY
|
|
UNDERLYING FACE
|
|
|
UNREALIZED
APPRECIATION
|
|
CONTRACTS
|
|
LONG/SHORT
|
|
MONTH AND YEAR
|
|
AMOUNT AT VALUE
|
|
|
(DEPRECIATION)
|
|
64
|
|
Long
|
|
U.S. Treasury Future
March 2009
|
|
$
|
13,928,000
|
|
|
$
|
1,921
|
|
|
70
|
|
Long
|
|
U.S. Treasury Notes Future
March 2009
|
|
|
8,585,938
|
|
|
|
(70,158
|
)
|
|
177
|
|
Long
|
|
Swap Future 5 Year
March 2009
|
|
|
20,545,829
|
|
|
|
159,878
|
|
|
164
|
|
Short
|
|
U.S. Treasury Notes 5 year
March 2009
|
|
|
(19,380,188
|
)
|
|
|
148,056
|
|
|
26
|
|
Short
|
|
U.S. Treasury Bonds 20 year
March 2009
|
|
|
(3,294,281
|
)
|
|
|
49,957
|
|
|
183
|
|
Short
|
|
Swap Future 10 Year
March 2009
|
|
|
(22,837,829
|
)
|
|
|
231,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Unrealized Appreciation
|
|
|
|
|
|
$
|
520,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MS Quality Municipal Securities
Notes to the Portfolio of Investments
FAS 157
1/31/2009
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 entitys 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 Funds investments. The inputs are summarized in the three broad
levels listed below.
|
|
|
Level 1 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 Funds 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 January 31, 2009 in valuing the Funds investments carried
at value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at January 31, 2009 Using
|
|
|
|
|
|
|
|
Quoted Prices In
|
|
|
Significant
|
|
|
Significant
|
|
|
|
|
|
|
|
Active Market for
|
|
|
Other Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
Identical Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
|
Total
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
Investments in Securities
|
|
$
|
267,636,422
|
|
|
$
|
5,847,999
|
|
|
$
|
261,788,423
|
|
|
|
|
|
Other Financial
Instruments*
|
|
|
520,894
|
|
|
|
520,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
268,157,316
|
|
|
$
|
6,368,893
|
|
|
$
|
261,788,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Other financial instruments include futures contracts.
|
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
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.
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/ Randy Takian
Randy Takian
Principal Executive Officer
March 19, 2009
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
Randy Takian
Principal Executive Officer
March 19, 2009
/s/ Francis Smith
Francis Smith
Principal Financial Officer
March 19, 2009
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