N-Q 1 y06143bnvq.txt FORM N-Q 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: 811-06346 Morgan Stanley Quality Municipal Investment Trust (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, 2005 Date of reporting period: January 31, 2005 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 INVESTMENT TRUST PORTFOLIO OF INVESTMENTS January 31, 2005 (unaudited)
PRINCIPAL AMOUNT IN COUPON MATURITY THOUSANDS RATE DATE VALUE --------- ---- ---- ----- TAX-EXEMPT MUNICIPAL BONDS (139.7%) General Obligation (23.6%) $ 4,000 North Slope Borough, Alaska, Ser 2000 B (MBIA) 0.00 % 06/30/09 $3,484,240 3,000 California, Various Purpose Dtd 05/01/03 5.00 02/01/24 3,166,770 2,000 Los Angeles, California, Ser 2004 A (MBIA) 5.00 09/01/24 2,143,860 3,300 San Diego Unified School District, California, 2003 Ser E (FSA) 5.00 07/01/28 3,465,132 Florida State Board of Education, 6,890 Capital Outlay Refg Ser 2001 D 5.375 06/01/18 7,709,428 3,000 Capital Outlay Refg 2002 Ser C (MBIA) 5.00 06/01/20 3,258,960 5,000 Chicago School Reform Board, Illinois, Dedicated Tax Ser 1997 5.75 12/01/27 5,535,150 (Ambac) 7,000 New Jersey, 2001 Ser H++ 5.25 07/01/19 8,030,190 2,000 New York, Ser G 5.00 12/01/23 2,118,600 5,000 North Carolina, Public School Building Ser 1999 4.60 04/01/17 5,254,500 480 Oregon, Veterans' Welfare Ser 75 6.00 04/01/27 493,286 Pennsylvania, 1,000 First Ser 2003 RITES PA - 1112 A (MBIA) 7.572+++ 01/01/18 1,173,530 1,000 First Ser 2003 RITES PA - 1112 B (MBIA) 7.572+++ 01/01/19 1,224,080 2,000 Charleston County School District, South Carolina, Ser 2004 A 5.00 02/01/22 2,156,980 5,000 Aldine Independent School District, Texas, Bldg & Refg Ser 2001 5.00 02/15/26 5,188,350 (PSF) 2,500 Mission Consolidated Independent School District, Texas, Bldg 5.50 02/15/25 2,724,275 ----------- Ser 2000 (PSF) ---------- 53,170 57,127,331 ----------- ---------- Educational Facilities Revenue (3.4%) 1,480 Indiana University, Student Fee Ser K (MBIA) 5.875 08/01/20 1,537,217 1,200 University of North Carolina, Chapel Hill Ser 2003 5.00 12/01/24 1,284,804 5,000 Texas State University, Ser 2000 (FSA) 5.50 03/15/20 5,503,400 ----------- ---------- 7,680 8,325,421 ----------- ---------- Electric Revenue (15.5%) 5,000 California Department of Water Resources, Power Supply 5.875 05/01/16 5,713,750 Ser 2002 A 5,000 Colorado Springs, Colorado, Utilities Ser 2001 A 5.00 11/15/29 5,184,500 Municipal Electric Authority of Georgia, 2,000 Combustion Turbine Ser 2002 A (MBIA) 5.25 11/01/21 2,212,780 1,500 Combustion Turbine Ser 2002 A (MBIA) 5.25 11/01/22 1,657,995 1,700 Indiana Municipal Power Agency, Power Supply 2004 Ser A (FGIC) 5.00 01/01/32 1,773,559 Long Island Power Authority, New York, 4,000 Ser 2003 B 5.25 06/01/13 4,453,040 2,000 Ser 2004 A (Ambac) 5.00 09/01/34 2,093,740 South Carolina Public Service Authority, 1,500 2002 Refg Ser A (FSA) 5.125 01/01/20 1,640,640 1,000 2002 Refg Ser A (FSA) 5.125 01/01/21 1,090,840 4,000 2003 Ser A (Ambac) 5.00 01/01/27 4,214,600 2,000 1997 Refg Ser A (MBIA) 5.00 01/01/29 2,083,760 1,000 Intermountain Power Agency, Utah, Refg 1996 Ser D 5.00 07/01/21 1,044,830 (Secondary FSA) 2,000 Grant County, Washington, Public Utilities District Ser A (WI) 5.00 01/01/29 2,091,440 2,000 Lewis County Public Utility District No 1, Washington, Cowlitz 5.00 10/01/22 2,151,840 ----------- Falls Hydroelectric Refg Ser 2003 (MBIA) ---------- 34,700 37,407,314 ----------- ---------- Hospital Revenue (6.8%) Maryland Health & Higher Educational Facilities Authority, 3,000 Medstar Health Refg Ser 2004 5.375 08/15/24 3,115,350
2,000 University of Maryland Medical Ser 2002 5.75 07/01/17 2,203,080 2,500 University of Maryland Medical Ser 2001 5.25 07/01/34 2,572,375 3,000 Lorain County, Ohio, Catholic Healthcare Partners Ser 2001 A 5.75 10/01/18 3,298,770 5,000 Lehigh County General Purpose Authority, Pennsylvania, St Luke's 5.25 08/15/23 5,145,050 ------ Hospital of Bethlehem Ser 2003 ---------- 15,500 16,334,625 ------ ---------- Industrial Development/Pollution Control Revenue (5.6%) 2,000 Chicago, Illinois, Peoples Gas Light & Coke Co Refg 1995 Ser A 6.10 06/01/25 2,060,800 3,500 Michigan Strategic Fund, Detroit Edison Co Ser 2001 C 5.45 09/01/29 3,669,015 2,000 New York State Energy Research & Development Authority, 11.643++ 07/01/26 2,294,500 Brooklyn Union Gas Co 1991 Ser D (AMT) 5,000 Sabine River Authority, Texas, TXU Electric Co Refg Ser 2001 B 5.75 05/01/30 5,409,250 ------ (AMT) (Mandatory Tender 11/01/11) ---------- 12,500 13,433,565 ------ ---------- Mortgage Revenue - Multi-Family (2.4%) 5,795 Illinois Housing Development Authority, 1991 Ser A 8.25 07/01/16 5,816,152 ------ ---------- Mortgage Revenue - Single Family (1.1%) 480 Colorado Housing & Finance Authority, 2000 Ser D-2 (AMT) 6.90 04/01/29 490,930 615 District of Columbia Housing Finance Agency, GNMA Collateralized 7.10 12/01/24 617,036 Ser 1990 B (AMT) 1,500 Pennsylvania Housing Finance Agency, Ser 2000-70 A (AMT) 5.90 04/01/31 1,558,800 ------ ---------- 2,595 2,666,766 ------ ---------- Nursing & Health Related Facilities Revenue (0.7%) 1,500 New York State Dormitory Authority, Mental Health Ser 2003 B 5.25 02/15/17 1,656,000 ---------- Public Facilities Revenue (6.1%) 2,000 Jefferson County, Alabama, Ser A 5.50 01/01/22 2,201,020 5,000 Arizona School Facilities Board, School Impr Ser 2001 5.00 07/01/19 5,454,550 1,000 Phoenix Civic Improvement Corporation, Arizona, Phoenix 5.25 07/01/24 1,089,060 Municipal Courthouse Sr Lien Excise Tax Ser 1999 A 1,585 Colorado Educational & Cultural Facilities Authority, Peak to 5.25 08/15/34 1,689,642 Peak Charter School Refg & Impr Ser 2004 (XLCA) 1,900 Jacksonville, Florida, Sales Tax Ser 2001 (Ambac) 5.50 10/01/18 2,149,432 2,000 Pennsylvania Public School Building Authority, Philadelphia 5.00 06/01/33 2,079,300 ------ School District Ser 2003 (FSA) ---------- 13,485 14,663,004 ------ ---------- Resource Recovery Revenue (1.7%) 3,000 Northeast Maryland Waste Disposal Authority, Montgomery County 5.50 04/01/16 3,309,600 Ser 2003 (AMT) (Ambac) 900 Warren County Pollution Control Financing Authority, New Jersey, 6.60 12/01/07 912,924 ------ Warren Energy Resource Co Ltd Partnership Ser 1984 (MBIA) ---------- 3,900 4,222,524 ------ ---------- Transportation Facilities Revenue (30.0%) Alaska International Airports, 1,500 Ser 2002 B (Ambac) 5.75 10/01/18 1,725,150 1,500 Ser 2002 B (Ambac) 5.75 10/01/19 1,725,150 3,000 Metropolitan Washington Airports Authority, District of 5.00 10/01/20 3,173,010 Columbia & Virginia Ser 2004 C (AMT) (FSA) # 10,000 Hillsborough County Port District, Florida, Tampa Port Authority 6.00 06/01/20 10,307,500 Special & Refg Ser 1995 (AMT) (FSA) Georgia State Road & Toll Authority, 10,000 Ser 2001 5.375 03/01/17 11,220,300 2,000 Ser 2004 5.00 10/01/22 2,164,660 3,000 Ser 2004 5.00 10/01/23 3,235,980 2,000 Chicago, Illinois, O' Hare Int'l Airport Third Lien Ser 2003 B-2 5.75 01/01/23 2,237,180 (AMT) (FSA) 5,000 Massachusetts Bay Transportation Authority, Assess 2000 Ser A 5.25 07/01/30 5,366,950
2,000 Clark County, Nevada, Airport Sub Lien Ser 2004 A (AMT) (FGIC) 5.50 07/01/22 2,204,520 5,000 New Jersey Turnpike Authority, Ser 2003 A (Ambac) 5.00 01/01/30 5,232,200 Metropolitan Transportation Authority, New York, 3,000 State Service Contract Ser 2002 A (MBIA) 5.50 01/01/19 3,386,760 3,000 State Service Contract Ser 2002 B (MBIA) 5.50 07/01/20 3,386,760 3,000 Triborough Bridge & Tunnel Authority, New York, Ser 2001 A 5.00 01/01/32 3,099,900 5,000 Pennsylvania Turnpike Commission, 2004 Ser A (Ambac) 5.00 12/01/34 5,255,450 5,000 Dallas-Fort Worth International Airport, Texas, Ser 2003 A (AMT) 5.375 11/01/22 5,415,850 (FSA) 3,000 Port of Seattle, Washington, Sub Lien Ser 1999 A (FGIC) 5.25 09/01/22 3,271,590 ------- ------------- 67,000 72,408,910 ------- ------------- Water & Sewer Revenue (29.4%) 1,920 Los Angeles Department of Water & Power, California, Water 5.00 07/01/23 2,063,904 2004 Ser C (MBIA) 4,000 Oxnard Financing Authority, California, Redwood Trunk Sewer & 5.00 06/01/29 4,195,920 Headworks, Ser 2004 A (FGIC) 2,000 Martin County, Florida, Utilities Ser 2001 (FGIC) 5.00 10/01/26 2,104,500 8,000 Tampa Bay Water, Florida, Ser 2001 B (FGIC) 5.00 10/01/31 8,281,280 Louisville & Jefferson County Metropolitan Sewer District, Kentucky, 2,925 Ser 2001 A (MBIA) 5.375 05/15/20 3,271,144 3,075 Ser 2001 A (MBIA) 5.375 05/15/21 3,436,159 5,000 Ser 1999 A (FGIC) 5.75 05/15/33 5,604,600 1,585 Massachusetts Water Resources Authority, 2000 Ser A (FGIC) 6.00 08/01/13 1,827,267 2,925 Las Vegas Water District, Nevada, Impr and Refg Ser 2003 A 5.25 06/01/22 3,220,893 (FGIC) New York City Municipal Water Finance Authority, New York, 3,000 2003 Ser A 5.375 06/15/18 3,346,080 4,000 1998 Ser D (MBIA) 4.75 06/15/25 4,070,080 5,000 2002 Ser G (FSA) 5.00 06/15/34 5,169,100 7,500 Portland, Oregon, Sewer 2000 Ser A (FGIC) 5.75 08/01/19 8,459,550 Houston, Texas, 10,000 Combined Utility, First Lien Refg 2004 Ser A (FGIC) 5.25 05/15/23 11,014,300 4,500 Combined Utility, First Lien Refg 2004 Ser A (MBIA) 5.25 05/15/25 4,912,470 ------- ------------- 65,430 70,977,247 ------- ------------- Other Revenue (3.6%) 5,000 California Economic Recovery, Ser 2004 A 5.00 07/01/16 5,429,050 1,000 New Jersey Economic Development Authority, Cigarette Tax 5.75 06/15/34 1,055,890 Ser 2004 2,000 New York City Transitional Finance Authority, New York, Refg 2003 Ser A** 5.50 11/01/26 2,245,320 ------ ------------- 8,000 8,730,260 ------- ------------- Refunded (9.8%) Atlanta, Georgia, 7,250 Airport Ser 2000 A (FGIC) 5.50 01/01/10+ 8,168,937 3,000 Airport Ser J (FSA) 5.00 01/01/34 3,127,350 7,000 Hawaii, Airports Second Ser of 1991 (AMT) (ETM) 6.90 07/01/12 8,223,670 1,120 Chicago School Reform Board, Illinois, Dedicated Tax Ser 1997 5.75 12/01/07 1,229,726 (Ambac) 3,000 Salt Lake City, Utah, IHC Hospitals Inc Refg Ser 1991 (Ambac) 11.492++ 05/15/20 3,020,400 ------- (ETM) ------------- 21,370 23,770,083 ------- ------------- 312,625 TOTAL TAX-EXEMPT MUNICIPAL BONDS (Cost $313,385,681) 337,539,202 ------- ------------- SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (2.2%) 3,210 Indiana Health Facility Financing Authority, Clarian Health 1.87* 03/01/30 3,210,000 Ser 2000 B (Demand 02/01/05) 2,000 Harris County Health Facilities Development Corporation, Texas, 1.90* 12/01/32 2,000,000 ------- Methodist Hospital Ser 2002 (Demand 02/01/05) ------------- 5,210 TOTAL SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS ------- (Cost $5,210,000) 5,210,000 -------------
$ 317,835 TOTAL INVESTMENTS (Cost $318,595,681) (a) (b) 141.9% 342,749,202 ------- OTHER ASSETS IN EXCESS OF LIABILITIES 1.6 3,988,254 PREFERRED SHARES OF BENEFICIAL INTEREST (43.5) (105,171,493) ----- ------------- NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% $ 241,565,963 ===== =============
----------- 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. PSF Texas Permanent School Fund Guarantee Program. RITES Residual Interest Tax-Exempt Securities (Illiquid Securities). WI Security purchased on a when-issued basis. # Joint exemption in locations shown. + Prerefunded to call date shown. ++ A portion of this security has been physically segregated in connection with open futures contracts in the amount of $136,500. +++ 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 a total value of $7,712,510, which represents 3.2% of net assets applicable to common shareholders. * Current coupon of variable rate demand obligation. ** Currently a 5.50% coupon security: will convert to 14.00% on November 1, 2011. (a) Securities have been designated as collateral in an amount equal to $24,900,512 in connection with the open futures contracts and securities purchased on a when-issued basis. (b) The aggregate cost for federal income tax purposes is $318,595,681. The aggregate gross unrealized appreciation is $24,184,004 and the aggregate gross unrealized depreciation is $30,483, resulting in net unrealized appreciation of $24,153,521. 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 Corporation. Futures Contracts Open at January 31, 2005:
DESCRIPTION, UNDERLYING NUMBER OF DELIVERY MONTH FACE AMOUNT UNREALIZED CONTRACTS LONG/SHORT AND YEAR AT VALUE DEPRECIATION --------- ---------- -------- -------- ------------ 140 Short U.S. Treasury Notes 5 Year, $(15,295,000) $ (72,572) March/2005 70 Short U.S. Treasury Notes 10 Year, (7,858,594) (111,208) March /2005 ---------- Total unrealized depreciation......... $ (183,780) ==========
GEOGRAPHIC SUMMARY OF INVESTMENTS BASED ON MARKET VALUE AS A PERCENT OF TOTAL INVESTMENTS Alabama 0.6% Alaska 2.0 Arizona 1.9 California 7.6 Colorado 2.1 District of Columbia 1.1 Florida 9.9 Georgia 9.3 Hawaii 2.4 Illinois 4.9 Indiana 1.9 Kentucky 3.6 Maryland 3.3 Massachusetts 2.1 Michigan 1.1 Nevada 1.6 New Jersey 4.4 New York 10.9 North Carolina 1.9 Ohio 1.0 Oregon 2.6 Pennsylvania 4.8 South Carolina 3.3 Texas 12.3 Utah 1.2 Virginia 0.9 Washington 2.2 Joint Exemption* (0.9) ----- Total 100.0% =====
---------- * Joint exemptions have been included in each geographic location. + Does not include open short futures contracts with an underlying face amount of $23,153,594 with unrealized depreciation of $183,780. 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 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 Investment Trust /s/ Ronald E. Robison Ronald E. Robison Principal Executive Officer March 22, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Ronald E. Robison Ronald E. Robison Principal Executive Officer March 22, 2005 /s/ Francis Smith Francis Smith Principal Financial Officer March 22, 2005 3