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<SEC-DOCUMENT>0000950123-04-011506.txt : 20040929
<SEC-HEADER>0000950123-04-011506.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929092301
ACCESSION NUMBER: 0000950123-04-011506
CONFORMED SUBMISSION TYPE: N-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20040731
FILED AS OF DATE: 20040929
DATE AS OF CHANGE: 20040929
EFFECTIVENESS DATE: 20040929

FILER:

COMPANY DATA:
COMPANY CONFORMED NAME: MORGAN STANLEY NEW YORK QUALITY MUNICIPAL SECURI
CENTRAL INDEX KEY: 0000898659
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1031

FILING VALUES:
FORM TYPE: N-Q
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07562
FILM NUMBER: 041051265

BUSINESS ADDRESS:
STREET 1: C/O MORGAN STANLEY TRUST
STREET 2: HARBORSIDE FINANCIAL CENTER, PLAZA TWO
CITY: JERSEY CITY
STATE: NJ
ZIP: 07311
BUSINESS PHONE: (212) 869-6397

MAIL ADDRESS:
STREET 1: C/O MORGAN STANLEY TRUST
STREET 2: HARBORSIDE FINANCIAL CENTER, PLAZA TWO
CITY: JERSEY CITY
STATE: NJ
ZIP: 07311

FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER NEW YORK QUALITY MUNICIPAL SECURI
DATE OF NAME CHANGE: 19981221

FORMER COMPANY:
FORMER CONFORMED NAME: INTERCAPITAL NEW YORK QUALITY MUNICIPAL SECURITIES
DATE OF NAME CHANGE: 19930716

FORMER COMPANY:
FORMER CONFORMED NAME: NEW YORK TAX ADVANTAGED MUNICIPAL TRUST /NY/
DATE OF NAME CHANGE: 19930716
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>y02774nvq.txt
<DESCRIPTION>MORGAN STANLEY NEW YORK QUALITY
<TEXT>
<PAGE>
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: 811-07562

Morgan Stanley New York 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, 2004

Date of reporting period: July 31, 2004


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:
<PAGE>
MORGAN STANLEY NEW YORK QUALITY MUNICIPAL SECURITIES
PORTFOLIO OF INVESTMENTS July 31, 2004 (unaudited)

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON MATURITY
THOUSANDS RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW YORK TAX -EXEMPT MUNICIPAL BONDS (129.9%)
General Obligation (1.6%)

$ 1,000 Puerto Rico, Public Improvement Refg Ser 1999 5.25% 07/01/16 $ 1,087,350
------- -----------
Educational Facilities Revenue (12.4%)
New York State Dormitory Authority,
1,000 Fordham University Ser 2002 (FGIC) 5.00 07/01/21 1,036,670
1,000 Fordham University, Ser 2002 (FGIC) 5.00 07/01/22 1,031,280
1,795 New York District 2003 Ser A 5.25 07/01/20 1,899,487
1,000 New York School Districts, 2002 Ser D (MBIA) 5.00 10/01/30 1,002,260
2,000 Personal Income Tax, Education Ser 2003 A 5.375 03/15/20 2,157,200
1,000 Winthrop South Nassau University Health System Ser 2003 B 5.50 07/01/23 1,024,370
------- -----------
7,795 8,151,267
------- -----------
Electric Revenue (10.6%)
Long Island Power Authority,
1,705 Electric System Ser 2004 A (Ambac) (WI) 5.00 09/01/34 1,696,782
3,000 Ser 2003 B 5.25 06/01/14 3,229,200
1,000 Ser 1998 A (FSA) 5.125 12/01/22 1,035,030
1,000 Puerto Rico Electric Power Authority, Power Ser DD (FSA) 4.50 07/01/19 1,011,100
------- -----------
6,705 6,972,112
------- -----------
Hospital Revenue (23.6%)
2,000 New York City Health & Hospitals Corporation, Health System 2003
Ser A (Ambac) 5.25++ 02/15/21 2,116,260
New York State Dormitory Authority,
1,000 Dept of Health Ser 2004 5.00 07/01/23 1,012,050
3,000 Hospital Insurance Meeting Ser A (FSA) 5.25 08/15/19 3,221,520
4,000 Memorial Sloan-Kettering Cancer Center 2003 Ser I 5.00 07/01/34 3,957,560
1,645 Rochester General Hospital - FHA Insured Mtge Ser 1993 5.70 08/01/33 1,665,809
New York State Medical Care Facilities Finance Agency,
1,520 Hospital & Nursing Home - FHA Insured Mtge 1993 Ser B 5.50 02/15/22 1,542,876
2,000 St Lukes - Roosevelt Hospital - FHA Insured Mtge Ser A 5.625 08/15/18 2,033,400
------- -----------
15,165 15,549,475
------- -----------
Industrial Development/Pollution Control Revenue (4.6%)
3,000 New York State Energy Research & Development Authority,
------- New York State Electric & Gas Co Ser A (AMT) 5.95 12/01/27 3,005,040
-----------
Mortgage Revenue - Multi-Family (4.0%)
2,535 New York State Housing Finance Agency, 1996 Ser A Refg (FSA) 6.10 11/01/15 2,636,248
------- -----------
Mortgage Revenue - Single Family (2.4%)
1,500 New York State Mortgage Agency, 27th Ser (AMT) 5.875 04/01/30 1,582,095
------- -----------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
Public Facilities Revenue (8.0%)
1,000 Empire State Development Corporation, Personal Income Tax
Ser 2002 C-1 (FGIC) 5.50 03/15/20 1,095,090

1,000 New York City Cultural Resource Trust Wildlife Conservation
Society Ser 2004 (FGIC) 5.00 02/01/34 1,001,800
3,000 New York State Dormitory Authority, Court Facilities New York City
------- Ser 2003 A 5.375 05/15/21 3,158,580
-----------
5,000 5,255,470
------- -----------
Transportation Facilities Revenue (27.2%)
1,000 Buffalo & Fort Erie Public Bridge Authority, Toll Bridge Ser 1995
(MBIA) 5.75 01/01/25 1,023,210
Metropolitan Transportation Authority,
2,000 Dedicated Tax Fund Refg Ser 2002 A (FSA) 5.25 11/15/24 2,090,740
4,000 Transportation Ser 2003 A (FSA) 5.00 11/15/25 4,069,640
New York State Thruway Authority,
1,000 Local Hwy & Bridge Ser 2000 A (FSA) 5.75 04/01/17 1,119,400
2,500 Personal Income Tax Transportation Ser 2003 A (MBIA) 5.00 03/15/21 2,598,375
1,500 Port Authority of New York & New Jersey, Cons 135th Ser (XLCA)** 5.00 09/15/29 1,501,875
Triborough Bridge & Tunnel Authority,
2,000 Ser 1993 B (ETM) 5.00 01/01/20 2,130,940
1,500 Ser 2003 A (Ambac) 5.00 11/15/28 1,505,640
2,000 Puerto Rico Highway & Transportation Authority, Ser 1998 A 4.75 07/01/38 1,866,200
------- -----------
17,500 17,906,020
------- -----------

Water & Sewer Revenue (14.2%)
New York City Municipal Water Finance Authority,
2,000 2003 Ser A 5.375 06/15/18 2,156,780
5,000 2004 Ser C 5.00 06/15/22 5,163,050
1,940 New York State Environmental Facilities Corporation, Clean
------- Water Ser 2003 B 5.00 12/15/22 2,004,272
-----------
8,940 9,324,102
------- -----------
Other Revenue (17.9%)
2,000 Battery Park City Authority, Ser 2003A 5.00 11/01/24 2,052,760
1,250 Nassau County Interim Finance Authority, Sales Tax Ser A (Ambac) 4.75 11/15/23 1,255,975
New York City Transitional Finance Authority,
1,000 2004 Ser C 5.00 02/01/21 1,041,060
1,000 Refg 2003 Ser D (MBIA) 5.25 02/01/21 1,063,030
3,000 2004 Ser B 5.00 08/01/23 3,077,640
2,000 Refg 2003 Ser A 5.50# 11/01/26 2,214,980
1,000 Tobacco Settlement Financing Corporation, State
------- Contingency Ser 2003 C-1 5.50 06/01/21 1,059,830
-----------
11,250 11,765,275
------- -----------
Refunded (3.4%)
New York State Dormitory Authority,
2,000 State University Ser 2002 5.375+ 07/01/20 2,251,480
------- -----------

82,390 TOTAL NEW YORK TAX-EXEMPT MUNICIPAL BONDS (COST $84,343,142) 85,485,934
------- -----------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
NEW YORK SHORT - TERM TAX - EXEMPT MUNICIPAL OBLIGATIONS (7.5%)
1,100 Nassau County Industrial Development Agency, 1999 Cold Spring 1.08* 01/01/34 1,100,000
Harbor Lab (Demand 08/02/04)

1,500 New York State Energy Research & Development Authority, Brooklyn
Union Gas Co 1991 Ser D (Demand 08/02/04) 11.012++ 04/01/20 1,847,310
2,000 Port Authority of New York & New Jersey, Versatile Structure
------- Ser 2 (Demand 08/02/04)** 1.07* 05/01/19 2,000,000
-----------
4,600 TOTAL NEW YORK SHORT - TERM TAX - EXEMPT MUNICIPAL OBLIGATIONS (COST $4,621,698) 4,947,310
------- -----------

$86,990 TOTAL INVESTMENTS (COST $88,964,840)(A) (B) 137.4% 90,433,244
------- -----------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.9) (574,341)

PREFERRED SHARES OF BENEFICIAL INTEREST (36.5) (24,029,323
----- -----------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% $65,829,580
===== ===========
</TABLE>

- ----------------------------

Note: The categories of investments are shown as a percentage of net
assets applicable to common shareholders.

AMT Alternative Minimum Tax.

ETM Escrowed to maturity.

WI Security purchased on a when-issued basis.

+ Prerefunded to call date shown.

++ A portion of this security has been physically segregated in
connection with open futures contracts in the amount of
$52,000.

* Current coupon of variable rate demand obligation.

** Joint exemption in New York and New Jersey.

# Step up security; will convert to 14% on November 1, 2011.

++ Current coupon rate for inverse floating rate municipal
obligations. This rate resets periodically as the auction
rate on the related security changes. Positions in inverse
floating rate municipal obligations have total value of
$1,847,310 which represents 2.8% of net assets applicable
to common shareholders.

(a) Securities have been designated as collateral in an amount
equal to $8,071,477 in connection with open futures contracts
and securities purchased on a when-issued basis.

(b) The aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The
aggregate gross unrealized appreciation is $2,087,870 and the
aggregate gross unrealized depreciation is $619,466, resulting
in net unrealized appreciation of $1,468,404.

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.


<PAGE>
Future Contracts Open at July 31, 2004:

<TABLE>
<CAPTION>
DESCRIPTION,
NUMBER OF DELIVERY MONTH UNDERLYING FACE UNREALIZED
CONTRACTS LONG/SHORT AND YEAR AMOUNT AT VALUE DEPRECIATION
- --------- ---------- -------- --------------- ------------
<S> <C> <C> <C> <C>
20 Short U.S. Treasury Note 5 yr $(2,190,000) $ (42,238)

September/2004

40 Short U.S. Treasury Note 10 yr (4,428,750) (132,063)

September/2004
---------

Total unrealized depreciation............... $(174,301)
=========
</TABLE>
<PAGE>
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
<PAGE>
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 New York Quality Municipal Securities

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
September 20, 2004

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, 2004

/s/ Francis Smith
Francis Smith
Principal Financial Officer
September 20, 2004


3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>y02774exv99wcert.txt
<DESCRIPTION>CERTIFICATION
<TEXT>
<PAGE>
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 New York 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, 2004

/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer


4
<PAGE>
EXHIBIT 3 A2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Francis Smith, certify that:

6. I have reviewed this report on Form N-Q of Morgan Stanley New York Quality
Municipal Securities;

7. 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;

8. 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;

9. 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

10. 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, 2004

/s/ Francis Smith
Francis Smith
Principal Financial Officer


5

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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https://www.sec.gov/Archives/edgar/data/898659/000095012304011506/0000950123-04-011506.txt