N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07562

Morgan Stanley New York 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)

Randy Takian
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, 2009

Date of reporting period: April 30, 2009

Item 1 — Report to Shareholders

INVESTMENT MANAGEMENT

Welcome, Shareholder:

In this report, you’ll learn about how your investment in Morgan Stanley New York Quality Municipal Securities performed during the semiannual period. We will provide an overview of the market conditions, and discuss some of the factors that affected performance during the reporting period. In addition, this report includes the Trust’s financial statements and a list of Trust investments.

Market forecasts provided in this report may not necessarily come to pass. There is no assurance that the Trust will achieve its investment objective. The Trust is subject to market risk, which is the possibility that market values of securities owned by the Trust will decline and, therefore, the value of the Trust’s shares may be less than what you paid for them. Accordingly, you can lose money investing in this Trust.

Income earned by certain securities in the portfolio may be subject to the federal alternative minimum tax (AMT).

Fund Report

For the six months ended April 30, 2009

Market Conditions

Although economic indicators remained weak at the end of the reporting period, most appeared to be showing signs of a possible bottom. First quarter 2009 gross domestic product declined 6.1 percent, which was marginally better than the fourth quarter 2008 decline of 6.3 percent. Overall, we believe broad economic stimulus, lower inventories, and easy capital conditions in both the consumer and business segments point to the potential for an upturn in the economy in the second half of 2009.

The municipal market posted its best year-to-date return in 2009 since 1995. Furthermore, it has done so with less volatility than has been seen in the taxable market. Yield spreads have tightened toward their historic averages, although spreads at the longer end of the municipal yield curve remain well above these averages. For the overall period, high-grade municipal bonds outpaced high-yield municipal issues although the high-yield sector did outperform in the latter months as investor risk appetite returned. In terms of issuance, year-to-date 2009 levels are almost half that of the same period last year, despite a pick-up in issuance over the third and fourth quarters of 2008.

New York continues to struggle with a large budget deficit. Over the past year, net personal income tax revenues declined 51 percent. As a result, major spending cuts, job cuts, and an increase in the New York City sales tax have been proposed.

Performance Analysis

For the six-month period ended April 30, 2009, the net asset value (NAV) of Morgan Stanley New York Quality Municipal Securities (IQN) increased from $12.75 to $13.53 per share. Based on this change plus reinvestment of tax-free dividends totaling $0.32 per share and a long-term capital gain distribution of $0.031798 per share, the Trust’s total NAV return was 9.78 percent. IQN’s value on the New York Stock Exchange (NYSE) moved from $10.52 to $11.41 per share during the same period. Based on this change plus reinvestment of dividends and distributions, the Trust’s total market return was 12.20 percent. IQN’s NYSE market price was at a 15.67 percent discount to its NAV. Past performance is no guarantee of future results.

Monthly dividends for the second quarter of 2009, declared in April, increased from $0.0525 to $0.06 per share. The dividend reflects the current level of the Trust’s net investment income. IQN’s level of undistributed net investment income was $0.091 per share on April 30, 2009 versus $0.038 per share six months earlier.¹

The portfolio maintained an overall focus on higher-quality municipal securities throughout the period. This positioning enhanced returns as risk aversion and widening credit spreads led the lower-quality segment of the market to underperform. Overweight allocations to the high-quality essential services sectors were particularly beneficial.

The longer-dated municipal bonds held in the portfolio were the primary detractors from the Trust’s performance during the period, as the steepening of the municipal yield curve led to the relative outperformance of shorter-dated bonds. Additionally, a rally in the Treasury market during the period resulted in the underperformance of the hedges we

2

used to offset the interest rate risk imposed by holdings in longer-dated municipal issues.

The Trust’s procedure for reinvesting all dividends and distributions in common shares is through purchases in the open market. This method helps support the market value of the Trust’s shares. In addition, we would like to remind you that the Trust’s Board of Trustees has approved a share repurchase program whereby the Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

The Trust may also take action to reduce or eliminate the amount of Auction Rate Preferred Shares (ARPS) outstanding.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment return, net asset value and common share market price will fluctuate and Trust shares, when sold, may be worth more or less than their original cost.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Trust in the future.

¹ Income earned by certain securities in the portfolio may be subject to the federal alternative minimum tax (AMT).

TOP FIVE SECTORS as of 04/30/09
Other Revenue	20	.4%
Hospital	17	.4
Transportation	10	.4
Appropriation	10	.2
Dedicated Tax	8	.1

LONG-TERM CREDIT ANALYSIS as of 04/30/09
Aaa/AAA	34	.1%
Aa/AA	34	.4
A/A	14	.9
Baa/BBB	11	.5
Ba/BB or Less	2	.6
Non-Rated	2	.5

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Top five sectors are as a percentage of total investments. Long-term credit analysis are as a percentage of long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Morgan Stanley is a full-service securities firm engaged in securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor’s and Moody’s, respectively.

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For More Information About Portfolio Holdings

Each Morgan Stanley trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the trust’s second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semiannual and annual reports to trust shareholders and makes these reports available on its public web site, www.morganstanley.com. Each Morgan Stanley trust also files a complete schedule of portfolio holdings with the SEC for the trust’s first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC’s web site, http://www.sec.gov. You may also review and copy them at the SEC’s public reference room in Washington, DC. Information on the operation of the SEC’s public reference room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC’s e-mail address (publicinfo@sec.gov) or by writing the public reference section of the SEC, Washington, DC 20549-0102.

4

Morgan Stanley New York Quality Municipal Securities

Portfolio of Investments - April 30, 2009 (unaudited)

PRINCIPAL
AMOUNT IN			COUPON				MATURITY
THOUSANDS			RATE				DATE	VALUE
		Tax-Exempt Municipal Bonds (139.2%)
		New York (135.6%)
$	2,000	Battery Park City Authority, Ser 2003A		5	.00	%	11/01/24	$	2,101,840
	395	Hempstead Industrial Development Agency, Adelphi UniversityCivic Facility Ser 2002		5	.50		06/01/32		396,643
	500	Hudson Yards Infrastructure Corp, 2007 Ser A (NATL-RE Insd)		4	.50		02/15/47		381,465
	1,705	Long Island Power Authority, Ser 2004 A (AMBAC Insd)		5	.00		09/01/34		1,631,719
	1,000	Long Island Power Authority, Ser 2006 B		5	.00		12/01/35		954,700
	1,000	Madison County Industrial Development Agency, Colgate University Project, Ser 2003B		5	.00		07/01/33		1,001,050
	2,000	Metropolitan Transportation Authority, Dedicated Tax Fund Refg Ser 2002 A (FSA Insd)		5	.25		11/15/24		2,049,880
	3,000	Metropolitan Transportation Authority, Transportation Ser 2003 A (FSA Insd)		5	.00		11/15/25		3,029,040
	1,000	Montgomery County Industrial Development Agency, Hamilton Fulton Montgomery BOCES Ser 2004 A (XLCA Insd)		5	.00		07/01/34		815,270
	500	Nassau County Sewer & Storm Water Finance Authority, 2004 Ser B (NATL-RE Insd)		5	.00		10/01/22		512,540
	500	Nassau County Sewer & Storm Water Finance Authority, 2004 Ser B (NATL-RE Insd)		5	.00		10/01/23		511,165
	1,000	Nassau County Tobacco Settlement Corporation, Ser 2006		0	.00	(a)	06/01/26		838,250
	1,000	New York City Cultural Resource Trust, Wildlife Conservation Society Ser 2004 (FGIC Insd)		5	.00		02/01/34		1,000,340
	2,000	New York City Health & Hospitals Corporation, 2003 Ser B (AMBAC Insd)		5	.25		02/15/21		2,039,320
	2,000	New York City Industrial Development Agency, IAC/Interactive Corp Ser 2005		5	.00		09/01/35		1,233,180
	1,325	New York City Industrial Development Agency, New York Stock Exchange Project 2004 Ser A		5	.40		05/01/19		1,327,835
	500	New York City Industrial Development Agency, Polytechnic University Project Ser 2007 (ACA Insd)		5	.25		11/01/37		381,395
	1,500	New York City Industrial Development Agency, Queens Baseball Stadium Ser 2006 (AMBAC Insd)		5	.00		01/01/46		1,195,530
	2,000	New York City Industrial Development Agency, Terminal One Group Association Ser 2005 (AMT)		5	.50		01/01/24		1,776,100
	1,500	New York City Industrial Development Agency, Yankee Stadium Ser 2006 (FGIC Insd)		5	.00		03/01/46		1,184,625
	500	New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution 2007 Ser DD		5	.00		06/15/39		493,075
	1,500	New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution 2009 Ser FF-2		5	.50		06/15/40		1,581,495
	1,000	New York City Transitional Finance Authority, 2004 Ser C (NATL-RE Insd)		5	.00		02/01/21		1,052,300
	500	New York City Transitional Finance Authority, Building Aid 2009 Ser S-3		5	.25		01/15/39		491,830
	1,000	New York City Transitional Finance Authority, Refg 2003 Ser D (NATL-RE Insd)		5	.25		02/01/21		1,050,710

See Notes to Financial Statements

5

Morgan Stanley New York Quality Municipal Securities

Portfolio of Investments - April 30, 2009 (unaudited) continued

PRINCIPAL
AMOUNT IN			COUPON				MATURITY
THOUSANDS			RATE				DATE	VALUE
$	2,250	New York City Trust and Cultural Resources, The Museum of Modern Art Refg Ser 2008-1-A (b)		5	.00	%	04/01/28	$	2,124,553
	1,500	New York City, 2005 Ser G		5	.00		12/01/23		1,525,650
	1,140	New York City, 2009 Subser A-1 (b)		5	.25		08/15/27		1,262,218
	1,140	New York City, 2009 Subser A-1 (b)		5	.25		08/15/28		1,262,218
	750	New York City, 2009 Subser F-1		5	.50		11/15/28		780,473
	1,000	New York Counties Tobacco Trust IV, Ser 2005 A (c)		5	.00		06/01/45		618,180
	2,000	New York Local Government Assistance Corporation, Ser 1993 C		5	.50		04/01/17		2,318,580
	2,500	New York State Dormitory Authority, Catholic Health Long Island – St Francis Hospital Ser 2004		5	.10		07/01/34		1,827,350
	1,000	New York State Dormitory Authority, Department of Health Ser 2004		5	.00		07/01/23		1,032,550
	3,000	New York State Dormitory Authority, Hospital – FHA Insured Mtge 2004 Ser A (FSA Insd)		5	.25		08/15/19		3,098,700
	2,000	New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center 2003 Ser I		5	.00		07/01/34		1,971,680
	500	New York State Dormitory Authority, Mental Health Services Facilities Improvement Ser 2007A		5	.00		02/15/27		509,005
	2,000	New York State Dormitory Authority, Montefiore Hospital – FHA Insured Mtge Ser 2004 (FGIC Insd)		5	.00		08/01/29		1,979,760
	1,000	New York State Dormitory Authority, New York School Districts 2002 Ser D (NATL-RE Insd)		5	.00		10/01/30		976,830
	1,795	New York State Dormitory Authority, New York School Districts 2003 Ser A		5	.25		07/01/20		1,909,521
	500	New York State Dormitory Authority, New York School Districts 2008 Ser D (AGC Insd)		5	.75		10/01/24		546,730
	550	New York State Dormitory Authority, New York University Ser 1 (BHAC AMBAC Insd)		5	.50		07/01/31		607,734
	470	New York State Dormitory Authority, New York University Ser 2008C		5	.00		07/01/38		467,109
	375	New York State Dormitory Authority, Orange Regional Medical Center Ser 2008		6	.125		12/01/29		285,379
	1,000	New York State Dormitory Authority, Winthrop South Nassau University Health Ser 2003 B		5	.50		07/01/23		897,100
	1,500	New York State Energy & Research Development Authority, Brooklyn Union Gas Co 1991 Ser D (AMT) (NATL-RE Insd)		8	.53	(d)	04/01/20		1,527,120
	1,940	New York State Environmental Facilities Corporation, Clean Water Ser 2003 B		5	.00		12/15/22		2,004,544
	1,000	New York State Mortgage Agency Homeowner Ser 143 (AMT)		4	.90		10/01/37		871,590
	2,500	New York State Thruway Authority, Personal Income Tax Transportation Ser 2003 A (NATL-RE Insd)		5	.00		03/15/21		2,621,375
	750	New York State Urban Development Corporation, Service Contract Refg Ser 2008B		5	.25		01/01/24		770,820
	1,000	Niagara Falls City School District, Ser 2005 (COPs) (FSA Insd)		5	.00		06/15/28		845,770
	1,000	Niagara Falls Public Water Authority, Ser 2005 (XLCA Insd)		5	.00		07/15/26		1,004,160
	940	North Syracuse Central School District, Onondaga County Refg Ser 2007 A (NATL-RE FGIC Insd)		5	.00		06/15/23		1,002,491

See Notes to Financial Statements

6

Morgan Stanley New York Quality Municipal Securities

Portfolio of Investments - April 30, 2009 (unaudited) continued

PRINCIPAL
AMOUNT IN				COUPON				MATURITY
THOUSANDS				RATE				DATE	VALUE
$	1,500		Sales Tax Asset Receivable Corporation, 2005 Ser A (AMBAC Insd)		5	.00	%	10/15/29	$	1,536,060
	1,000		Suffolk County Industrial Development Agency, Jeffersons Ferry Ser 2006		5	.00		11/01/28		729,690
	1,000		Tobacco Settlement Financing Corporation, State Contingency Ser 2003 B-1C		5	.50		06/01/21		1,024,790
	1,000		Triborough Bridge & Tunnel Authority, Refg Ser 2002 E (NATL-RE Insd) (b)		5	.00		11/15/32		1,005,156
	1,500		Triborough Bridge & Tunnel Authority, Ser 2003 A (AMBAC Insd)		5	.00		11/15/28		1,516,950
	1,000		TSASC Inc, Tobacco Settlement Ser 2006-1		5	.125		06/01/42		637,650
	1,000		Westchester Tobacco Asset Securitization Corporation, Ser 2005		5	.125		06/01/45		632,340
	660		Willsboro Central School District, Essex County Refg Ser 2002 (NATL-RE Insd)		5	.75		06/15/27		675,893
	610		Willsboro Central School District, Essex County Refg Ser 2002 (NATL-RE Insd)		5	.75		06/15/28		624,445
										74,063,461
			Puerto Rico (3.6%)
	1,000		Puerto Rico Electric Power Authority, Power Ser DD (FSA Insd)		4	.50		07/01/19		977,200
	1,000		Puerto Rico, Public Impr Refg Ser 1999		5	.25		07/01/16		974,310
										1,951,510
			Total Tax-Exempt Municipal Bonds (Cost $79,821,608)							76,014,971
			Short-Term Tax-Exempt Municipal Obligations (1.5%)
			New York
	100		New York City Municipal Water Finance Authority, Water & Sewer Ser 2008 Subser B-3 (Demand 05/01/09)		0	.45	(e)	06/15/25		100,000
	500		New York Dormitory Authority, Cornell University Ser 1990 B (Demand 05/01/09)		0	.40	(e)	07/01/25		500,000
	200		Tompkins County Industrial Development Agency, Cornell University Ser 2008 A-1 (Demand 05/01/09)		0	.40	(e)	07/01/37		200,000
			Total Short-Term Tax-Exempt Municipal Obligations (Cost $800,000)							800,000
			Total Investments (Cost $80,621,608)							76,814,971
			Floating Rate Note and Dealer Trust Obligations Related to Securities Held (-6.4%)
	(3,495	)	Notes with interest rates ranging from 0.53% to 0.81% at April 30, 2009 and contractual maturities of collateral ranging from 08/15/27 to 11/15/32 (See Note 1D) (f) (Cost ($3,495,000))							(3,495,000	)
			Total Net Investments (Cost $77,126,608) (g)(h)					134.3%		73,319,971
			Other Assets in Excess of Liabilities					2.2		1,189,682
			Preferred Shares of Beneficial Interest					(36.5)		(19,900,000	)
			Net Assets Applicable to Common Shareholders					100.0%	$	54,609,653

See Notes to Financial Statements

7

Morgan Stanley New York Quality Municipal Securities

Portfolio of Investments - April 30, 2009 (unaudited) continued

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.
FHA	Federal Housing Authority.
(a)	Security is a “step-up” bond where the coupon increases on a predetermined future date.
(b)	Underlying security related to inverse floaters entered into by the Trust. (See Note 1D).
(c)	A portion of this security has been physically segregated in connection with open futures contracts.
(d)	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 $1,527,120 which represents 2.8% of net assets applicable to common shareholders.
(e)	Current coupon of variable rate demand obligation.
(f)	Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at April 30, 2009.
(g)	Securities have been designated as collateral in connection with open futures contracts and inverse floating rate municipal obligations.
(h)	The aggregate cost for federal income tax purposes is $77,126,608. The aggregate gross unrealized appreciation is $1,049,095 and the aggregate gross unrealized depreciation is $4,855,732, resulting in net unrealized depreciation of $3,806,637.
Bond Insurance:
ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AMBAC	Ambac Assurance Corporation.
BHAC	Berkshire Hathaway Assurance Corp.
FGIC	Financial Guaranty Insurance Company.
FSA	Financial Security Assurance Inc.
NATL-RE	National Public Finance Guarantee Corporation
XLCA	XL Capital Assurance Inc.

Futures Contracts Open at April 30, 2009:

							UNREALIZED
NUMBER OF			DESCRIPTION, DELIVERY	UNDERLYING FACE			APPRECIATION
CONTRACTS		LONG/SHORT	MONTH AND YEAR	AMOUNT AT VALUE			(DEPRECIATION)
	56	Long	U.S. Treasury Note 2 Year	$	12,182,625		$	31,259
			June 2009
	34	Long	U.S. Treasury Note 5 Year		3,982,782			(3,863	)
			June 2009
	17	Short	U.S. Treasury Bond 20 Year		(2,083,562	)		49,551
			June 2009
	44	Short	U.S. Treasury Note 10 Year		(5,321,250	)		73,709
			June 2009
			Net Unrealized Appreciation				$	150,656

See Notes to Financial Statements

8

Morgan Stanley New York Quality Municipal Securities

Financial Statements

Statement of Assets and Liabilities

April 30, 2009 (unaudited)

Assets:
Investments in securities, at value (cost $80,621,608)	$	76,814,971
Cash		54,878
Receivable for:
Interest		1,168,037
Variation margin		17,906
Prepaid expenses and other assets		28,265
Total Assets		78,084,057
Liabilities:
Floating rate note and dealer trusts obligations		3,495,000
Payable for:
Investment advisory fee		19,316
Administration fee		5,723
Transfer agent fee		1,708
Accrued expenses and other payables		52,657
Total Liabilities		3,574,404
Preferred shares of beneficial interest, (at liquidation value), (1,000,000 shares authorized of non-participating $.01 par value, 398 shares outstanding)		19,900,000
Net Assets Applicable to Common Shareholders	$	54,609,653
Composition of Net Assets Applicable to Common Shareholders:
Common shares of beneficial interest (unlimited shares authorized of $.01 par value, 4,036,155 shares outstanding)	$	58,297,502
Net unrealized depreciation		(3,655,981	)
Accumulated undistributed net investment income		367,883
Accumulated net realized loss		(399,751	)
Net Assets Applicable to Common Shareholders	$	54,609,653
Net Asset Value Per Common Share ($54,609,653 divided by 4,036,155 common shares outstanding)		$13.53

See Notes to Financial Statements

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Morgan Stanley New York Quality Municipal Securities

Financial Statements continued

Statement of Operations

For the six months ended April 30, 2009 (unaudited)

Net Investment Income:
Interest Income	$	1,906,852
Expenses
Investment advisory fee		101,180
Professional fees		38,758
Administration fee		29,979
Auction commission fees		23,285
Interest and residual trust expenses		19,540
Shareholder reports and notices		14,589
Auction agent fees		11,043
Listing fees		9,398
Custodian fees		5,908
Transfer agent fees and expenses		5,078
Trustees’ fees and expenses		925
Other		15,709
Total Expenses		275,392
Net Investment Income		1,631,460
Realized and Unrealized Gain (Loss):
Realized Gain (Loss) on:
Investments		87,961
Futures contracts		(285,027	)
Net Realized Loss		(197,066	)
Change in Unrealized Appreciation/Depreciation on:
Investments		3,307,640
Futures contracts		(55,591	)
Net Change in Unrealized Appreciation/Depreciation		3,252,049
Net Gain		3,054,983
Dividends to preferred shareholders from net investment income		(123,408	)
Net Increase	$	4,563,035

See Notes to Financial Statements

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Morgan Stanley New York Quality Municipal Securities

Financial Statements continued

Statements of Changes in Net Assets

	FOR THE SIX			FOR THE YEAR
	MONTHS ENDED			ENDED
	APRIL 30, 2009			OCTOBER 31, 2008
	(unaudited)
Increase (Decrease) in Net Assets:
Operations:
Net investment income	$	1,631,460		$	3,262,712
Net realized loss		(197,066	)		(75,923	)
Net change in unrealized appreciation/depreciation		3,252,049			(8,096,569	)
Dividends to preferred shareholders from net investment income		(123,408	)		(841,407	)
Net Increase (Decrease)		4,563,035			(5,751,187	)
Dividends and Distributions to Common Shareholders from:
Net investment income		(1,291,569	)		(2,536,033	)
Net realized gain		(128,342	)		—
Total Dividends and Distributions		(1,419,911	)		(2,536,033	)
Decrease from transactions in common shares of beneficial interest		—			(334,838	)
Net Increase (Decrease)		3,143,124			(8,622,058	)
Net Assets Applicable to Common Shareholders:
Beginning of period		51,466,529			60,088,587
End of Period
(Including accumulated undistributed net investment income of $367,883 and $151,400, respectively)	$	54,609,653		$	51,466,529

See Notes to Financial Statements

11

Morgan Stanley New York Quality Municipal Securities

Financial Statements continued

Statement of Cash Flows

For the six months ended April 30, 2009 (unaudited)

Increase (Decrease) in cash:
Cash Flows Provided by Operating Activities:
Net increase in net assets from operations (including preferred share distributions)	$	4,563,035
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Net realized gain on investments		(87,961	)
Net change in unrealized appreciation/depreciation on investments		(3,307,640	)
Amortization of premium		94,353
Accretion of discount		(31,544	)
Cost of purchases of investments		(12,967,221	)
Proceeds from sales of investments		5,242,633
Net sales of short-term investments		8,100,000
Increase in interest receivables and other assets		(150,333	)
Decrease in accrued expenses and other payables		(10,752	)
Total Adjustments		(3,118,465	)
Net Cash Provided by Operating Activities		1,444,570
Cash Flows Used for Financing Activities
Dividends and distributions paid		(1,419,911	)
Net Increase in Cash		24,659
Cash at the Beginning of the Period		30,219
Cash at the End of the Period	$	54,878
Supplemental Disclosure of Cash Flow Information
Cash paid during the year for interest	$	19,540

See Notes to Financial Statements

12

Morgan Stanley New York Quality Municipal Securities

Notes to Financial Statements - April 30, 2009 (unaudited)

1. Organization and Accounting Policies

Morgan Stanley New York Quality Municipal Securities (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company. The Trust’s investment objective is to provide current income which is exempt from federal, New York State and New York City income taxes. The Trust was organized as a Massachusetts business trust on March 3, 1993 and commenced operations on September 29, 1993.

The Trust may be affected by economic and political developments in the state of New York.

The following is a summary of significant accounting policies:

A. 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; and (4) 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, which approximates market value.

B. Accounting for Investments — Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on security transactions are determined by the identified cost method. Discounts are accreted and premiums are amortized over the life of the respective securities and are included in interest income. Interest income is accrued daily.

C. Futures Contracts — A futures contract is an agreement between two parties to buy and sell financial instruments or contracts based on financial indices at a set price on a future date. Upon entering into such a contract, the Trust is required to pledge to the broker cash, U.S. Government securities or other liquid portfolio securities equal to the minimum initial margin requirements of the applicable futures exchange.

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Notes to Financial Statements - April 30, 2009 (unaudited) continued

Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments known as variation margin are recorded by the Trust as unrealized gains and losses. Upon closing of the contract, the Trust realizes a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

D. Floating Rate Note and Dealer Trust 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 under the caption “floating rate note and dealer trust obligations” on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption “interest income” and records the expenses related to floating rate note obligations and any administrative expenses of the Dealer Trusts under the caption “interest and residual trust expenses” in the Trust’s Statement of Operations. The floating rate 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 April 30, 2009, Trust investments with a value of $5,654,145 are held by the Dealer Trusts and serve as collateral for the $3,495,000 in the floating rate note and dealer trusts obligations outstanding at that date. The range of contractual maturities of the floating rate note obligations and interest rates in effect at April 30, 2009 are presented in the Portfolio of Investments.

E. Interest Rate Swaps — The Trust may enter into interest rate swaps primarily to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. Interest rate swaps are contractual agreements to exchange periodic interest payment streams calculated on a predetermined notional principal amount. Interest rate swaps generally involve one party paying a fixed interest rate and the other party paying a variable rate. The Trust will usually enter into interest rate swaps on a net basis, i.e, the two payment streams are netted out in a cash settlement on the payment date or

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Morgan Stanley New York Quality Municipal Securities

Notes to Financial Statements - April 30, 2009 (unaudited) continued

dates specified in the instrument, with the Trust receiving or paying, as the case may be, only the net amount of the two payments. The Trust accrues the net amount with respect to each interest rate swap on a daily basis. This net amount is recorded within realized gains/losses on swap contracts on the Statement of Operations.

Swap agreements are not entered into or traded on exchanges and there is no central clearing or guaranty function for swaps. Therefore, swaps are subject to the risk of default or non-performance by the counterparty. If there is a default by the counterparty to a swap agreement, the Trust will have contractual remedies pursuant to the agreements related to the transaction. Counterparties are required to pledge collateral daily (based on the valuation of each swap) on behalf of the Trust with a value approximately equal to the amount of any unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap contract, the Trust has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. For cash collateral received, the Trust pays a monthly fee to the counterparty based on the effective rate for Federal Funds.

F. Federal Income Tax Policy — It is the Trust’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable and non-taxable income to its shareholders. Therefore, no federal income tax provision is required. The Trust files tax returns with the U.S. Internal Revenue Service, New York State and New York City. The Trust follows the provisions of the Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty in Income Taxes. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statement of Operations. Each of the tax years in the four year period ended October 31, 2008 remains subject to examination by taxing authorities.

The Trust purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (“IRS”) will agree with this opinion. In the event the IRS determines that the issuer does not comply with the relevant tax requirements, interest payments from a security could become federally taxable.

G. Dividends and Distributions to Shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date.

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Morgan Stanley New York Quality Municipal Securities

Notes to Financial Statements - April 30, 2009 (unaudited) continued

H. Use of Estimates — The preparation of financial statements in accordance with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

2. Investment Advisory/Administration Agreements

Pursuant to an Investment Advisory Agreement with Morgan Stanley Investment Advisors Inc. (the “Investment Adviser”), the Trust pays an advisory fee, calculated weekly and payable monthly, by applying the annual rate of 0.27% to the Trust’s average weekly net assets, including current preferred shares and floating rate note and dealer trust obligations of $3,495,000 entered into to retire outstanding preferred shares of the Trust.

Pursuant to an Administration Agreement with Morgan Stanley Services Company Inc. (the “Administrator”), an affiliate of the Investment Adviser, the Trust pays an administration fee, calculated weekly and payable monthly, by applying the annual rate of 0.08% to the Trust’s average weekly net assets, including current preferred shares and floating rate note and dealer trust obligations of $3,495,000 entered into to retire outstanding preferred shares of the Trust.

Under an agreement between the Administrator and State Street Bank and Trust Company (“State Street”), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Trust.

3. Security Transactions and Transactions with Affiliates

The cost of purchases and proceeds from sales of portfolio securities, excluding short-term investments, for the six months ended April 30, 2009 aggregated $12,967,221 and $5,242,633, respectively.

The Trust has an unfunded Deferred Compensation Plan (the “Compensation Plan”) which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Trust.

4. Preferred Shares of Beneficial Interest

The Trust is authorized to issue up to 1,000,000 non-participating preferred shares of beneficial interest having a par value of $.01 per share, in one or more series, with rights as determined by the Trustees, without approval of the common shareholders. The Trust has issued Series 1 and 2 Auction Rate Preferred Shares (“preferred shares”) which have a liquidation value of $50,000 per share plus the redemption premium, if any, plus accumulated but unpaid dividends, whether or not declared, thereon to the date of distribution. The Trust may redeem such shares, in whole or in part, at the original purchase price of

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Morgan Stanley New York Quality Municipal Securities

Notes to Financial Statements - April 30, 2009 (unaudited) continued

$50,000 per share plus accumulated but unpaid dividends, whether or not declared, thereon to the date of redemption.

Dividends, which are cumulative, are reset through auction procedures.

				AMOUNT IN					RESET		RANGE OF
SERIES		SHARES+		THOUSANDS+		RATE+			DATE		DIVIDEND RATES++
	1		216	$	10,800		0.792	%		05/05/09		0.594% – 2.557%
	2		182		9,100		0.762			05/08/09		0.594 – 1.691

+	As of April 30, 2009.
++	For the six months ended April 30, 2009.

Subsequent to April 30, 2009 and up through June 5, 2009, the Trust paid dividends to Series 1 and 2 at rates ranging from 0.442% to 0.792%, in the aggregate amount of $12,375.

The Trust is subject to certain restrictions relating to the preferred shares. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of preferred shares at liquidation value.

The preferred shares, which are entitled to one vote per share, generally vote with the common shares but vote separately as a class to elect two Trustees and on any matters affecting the rights of the preferred shares.

The Trust entered into additional floating rate note and dealer trust obligations as an alternative form of leverage in order to redeem and retire a portion of its preferred shares. Transactions in preferred shares were as follows:

	SHARES			VALUE
Outstanding at October 31, 2007		480		$	24,000,000
Shares retired		(82	)		(4,100,000	)
Outstanding at October 31, 2008		398			19,900,000
Shares retired		—			—
Outstanding at April 30, 2009		398		$	19,900,000

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Morgan Stanley New York Quality Municipal Securities

Notes to Financial Statements - April 30, 2009 (unaudited) continued

5. Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:

							CAPITAL
							PAID IN
							EXCESS OF
	SHARES			PAR VALUE			PAR VALUE
Balance, October 31, 2007		4,061,568		$	40,615		$	58,595,741
Shares repurchased (weighted average discount 10.69%)+++		(25,413	)		(254	)		(334,584	)
Reclassification due to permanent book/tax differences		—			—			(4,016	)
Balance, October 31, 2008		4,036,155			40,361			58,257,141
Shares repurchased		—			—			—
Balance, April 30, 2009		4,036,155		$	40,361		$	58,257,141

The Trustees have approved a share repurchase program whereby the Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

+++ The Trustees have voted to retire the shares purchased.

6. Dividends to Common Shareholders

On April 7, 2009, the Trust declared the following dividends from net investment income:

AMOUNT	RECORD	PAYABLE
PER SHARE	DATE	DATE
$0.06	May 22, 2009	May 29, 2009
$0.06	June 19, 2009	June 26, 2009

7. Expense Offset

The expense offset represents a reduction of the fees and expenses for interest earned on cash balances maintained by the Trust with the transfer agent and custodian.

8. Purposes of and Risks Relating to Certain Financial Instruments

The Trust may invest a portion of its assets in inverse floating rate municipal securities, which are variable debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates. These investments are typically used by the Trust in seeking to enhance the yield of the portfolio or used as an alternative form of leverage in order to redeem a portion of the Trust’s preferred shares. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Inverse floating rate investments have varying degrees of liquidity. Inverse floating rate securities in which the Trust may invest include derivative instruments such as residual interest bonds (“RIBs”) or tender

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Morgan Stanley New York Quality Municipal Securities

Notes to Financial Statements - April 30, 2009 (unaudited) continued

option bonds (“TOBs”). Such instruments are typically created by a special purpose trust that holds long-term fixed rate bonds (which may be tendered by the Trust in certain instances) and sells two classes of beneficial interests: short-term floating rate interests, which are sold to third party investors, and inverse floating residual interests, which are purchased by the Trust. The short-term floating rate interests have first priority on the cash flow from the bonds held by the special purpose trust and the Trust is paid the residual cash flow from the bonds held by the special purpose trust.

The Trust generally invests in inverse floating rate investments that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The market value of a “leveraged” inverse floating rate investment generally will fluctuate in response to changes in market rates of interest to a greater extent than the value of an unleveraged investment. The extent of increases and decreases in the value of inverse floating rate investments generally will be larger than changes in an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate investments.

In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

To hedge against adverse interest rate changes, the Trust may invest in financial futures contracts or municipal bond index futures contracts (“futures contracts”). These futures contracts involve elements of market risk in excess of the amount reflected in the Statement of Assets and Liabilities. The Trust bears the risk of an unfavorable change in the value of the underlying securities. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

The Trust may enter into interest rate swaps and may purchase or sell interest rate caps, floors and collars. The Trust expects to enter into these transactions primarily to manage interest rate risk, hedge portfolio positions and preserve a return or spread on a particular investment or portion of its portfolio. The Trust may also enter into these transactions to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. Interest rate swap transactions are subject to market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk. Such risks may exceed the related amounts shown in the Statements of Assets and Liabilities.

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Notes to Financial Statements - April 30, 2009 (unaudited) continued

9. Federal Income Tax Status

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from generally accepted accounting principles. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for tax purposes are reported as distributions of paid-in-capital.

As of October 31, 2008, the Trust had temporary book/tax differences primarily attributable to book amortization of discounts on debt securities, mark-to-market of open futures contracts and tax adjustments on inverse floaters.

10. Fair Valuation Measurements

The Trust adopted FASB 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 Trust 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 entity’s 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 Trust’s 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 Trust’s 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.

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Notes to Financial Statements - April 30, 2009 (unaudited) continued

The following is a summary of the inputs used as of April 30, 2009 in valuing the Trust’s investments carried at value:

			FAIR VALUE MEASUREMENTS AT APRIL 30, 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	$	76,814,971		—		$76,814,971		—
Other Financial Instruments*		150,656	$	150,656		—		—
Total	$	76,965,627	$	150,656		$76,814,971		—

* Other financial instruments include futures contracts.

11. Accounting Pronouncements

On March 19, 2008, FASB released Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133 (“SFAS 161”). SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of SFAS 161 is required for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS 161 and its impact on the Trust’s financial statements has not been determined.

On April 9, 2009, FASB issued Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS 157, when the volume and level of activity for the asset or liability have significantly decreased. FSP 157-4 also requires additional disaggregation of the current SFAS 157 required disclosures. FSP 157-4 is effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. At this time, management is evaluating the implications of FSP 157-4 and the impact it will have on the Trust’s financial statement.

In May 2009, the FASB issued Statement of Financial Accounting Standards No. 165 (“SFAS 165”), Subsequent Events, which is intended to establish general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS 165 is effective for interim or annual financial periods ending after June 15, 2009. Management is currently evaluating the impact that the adoption of SFAS 165 will have on the Trust’s financial statement disclosures.

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Morgan Stanley New York Quality Municipal Securities

Financial Highlights

Selected ratios and per share data for a common share of beneficial interest outstanding throughout each period:

	FOR THE SIX
	MONTHS ENDED				FOR THE YEAR ENDED OCTOBER 31,
	APRIL 30, 2009				2008				2007				2006				2005				2004
	(unaudited)
Selected Per Share Data:
Net asset value, beginning of period		$12.75				$14.79				$15.32				$15.21				$15.38				$15.00
Income (loss) from investment operations:
Net investment income(1)		0.40				0.81				0.84				0.83				0.82				0.84
Net realized and unrealized gain (loss)		0.76				(2.02	)			(0.55	)			0.42				(0.12	)			0.40
Common share equivalent of dividends paid to preferred shareholders(1)		(0.03	)			(0.21	)			(0.20	)			(0.17	)			(0.09	)			(0.08	)
Total income (loss) from investment operations		1.13				(1.42	)			0.09				1.08				0.61				1.16
Less dividends and distributions from:
Net Investment income		(0.32	)			(0.63	)			(0.60	)			(0.71	)			(0.75	)			(0.81	)(2)
Net realized gain		(0.03	)			—				(0.05	)			(0.31	)			(0.07	)			—
Total dividends and distributions		(0.35	)			(0.63	)			(0.65	)			(1.02	)			(0.82	)			(0.81	)
Anti-dilutive effect of acquiring treasury shares(1)		—				0.01				0.03				0.05				0.04				0.03
Net asset value, end of period		$13.53				$12.75				$14.79				$15.32				$15.21				$15.38
Market value, end of period		$11.41				$10.52				$13.17				$13.92				$13.30				$13.72
Total Return(3)		12.20%(6	)			(16.04	)	%		(0.83	)	%		12.76		%		2.93		%		8.81	%
Ratios to Average Net Assets of Common Shareholders:
Total expenses (before expense offset)		1.07%(7	)			1.00%(5	)			1.07%(4	)			0.87%(4	)			0.91%(4	)			0.91	%(4)
Total expenses (before expense offset, exclusive of interest and residual trust expenses)		0.99%(7	)			0.94%(5	)			0.89%(4	)			0.87%(4	)			0.91%(4	)			0.91	%(4)
Net investment income before preferred stock dividends		6.32%(7	)			5.64%(5	)			5.59%(4	)			5.56%(4	)			5.36%(4	)			5.53	%(4)
Preferred stock dividends		0.48%(7	)			1.45		%		1.33		%		1.15		%		0.59		%		0.56	%
Net investment income available to common shareholders		5.84%(7	)			4.19%(5	)			4.26%(4	)			4.41% (4	)			4.77%(4	)			4.97	%(4)
Supplemental Data:
Net assets applicable to common shareholders, end of period, in thousands		$54,610				$51,467				$60,089				$63,501				$65,323				$67,643
Asset coverage on preferred shares at end of period		374		%		359		%		350		%		365		%		372		%		382	%
Portfolio turnover rate		8%(6	)			6		%		8		%		17		%		27		%		26	%

(1)	The per share amounts were computed using an average number of common shares outstanding during the period.
(2)	Includes capital gain distribution of $0.001 per share.
(3)	Total return is based upon the current market value on the last day of each period reported. Dividends and distributions are assumed to be reinvested at the prices obtained under the Trust’s dividend reinvestment plan. Total return does not reflect brokerage commissions.
(4)	Does not reflect the effect of expense offset of 0.01%.
(5)	Does not reflect the effect of expense offset of 0.03%.
(6)	Not annualized.
(7)	Annualized.

See Notes to Financial Statements

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Morgan Stanley New York Quality Municipal Securities

Portfolio Management (unaudited)

The Trust is managed within the Municipals team. The team consists of portfolio managers and analysts. The current member of the team primarily responsible for the day-to-day management of the Trust’s portfolio is Neil Stone, a Managing Director of the Investment Adviser.

Mr. Stone has been associated with the Investment Adviser in an investment management capacity since March 1995 and began managing the Trust in September 2007.

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Morgan Stanley New York Quality Municipal Securities

Morgan Stanley Advisor Closed-End Funds
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Morgan Stanley New York Quality Municipal Securities

Morgan Stanley Advisor Closed-End Funds
An Important Notice Concerning Our U.S. Privacy Policy (unaudited) continued

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To provide you with the products and services you request, to serve you better and to manage our business, we may disclose personal information we collect about you to our affiliated companies and to non-affiliated third parties as required or permitted by law.

A. Information We Disclose to Our Affiliated Companies.  We do not disclose personal information that we collect about you to our affiliated companies except to enable them to provide services on our behalf or as otherwise required or permitted by law.

B. Information We Disclose to Third Parties.  We do not disclose personal information that we collect about you to non-affiliated third parties except to enable them to provide services on our behalf, to perform joint marketing agreements with other financial institutions, or as otherwise required or permitted by law. For example, some instances where we may disclose information about you to non-affiliated third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with these companies, they are required to limit their use of personal information to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose.

3.  How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?

We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information, and we require them to adhere to confidentiality standards with respect to such information.

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Trustees

Frank L. Bowman

Michael Bozic

Kathleen A. Dennis

James F. Higgins

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Michael E. Nugent

W. Allen Reed

Fergus Reid

Officers

Michael E. Nugent

Chairperson of the Board

Randy Takian

President and Principal Executive Officer

Kevin Klingert

Vice President

Carsten Otto

Chief Compliance Officer

Stefanie V. Chang Yu

Vice President

Francis J. Smith

Treasurer and Chief Financial Officer

Mary E. Mullin

Secretary

Transfer Agent

Computershare Trust Company, N.A.

P.O. Box 43078

Providence, RI 02940-3078

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Two World Financial Center

New York, New York 10281

Legal Counsel

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Investment Adviser

Morgan Stanley Investment Advisors Inc.

522 Fifth Avenue

New York, New York 10036

The financial statements included herein have been taken from the records of the Fund without examination by the independent auditors and accordingly they do not express an opinion thereon.

(c)  2009 Morgan Stanley

INVESTMENT MANAGEMENT

Morgan Stanley

New York Quality

Municipal Securities

NYSE: IQN

Semiannual
Report

April 30, 2009

IQNSAN

IU09-02678P-Y04/09

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semiannual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

REGISTRANT PURCHASE OF EQUITY SECURITIES

				(d) Maximum
			(c) Total	Number (or
			Number of	Approximate
			Shares (or	Dollar Value)
			Units)	of Shares (or
	(a) Total		Purchased as	Units)that May
	Number of		Part of Publicly	Yet Be
	Shares (or	(b) Average	Announced	Purchased
	Units)	Price Paid per	Plans or	Under the Plans
Period	Purchased	Share (or Unit)	Programs	or Programs
mo-da-year — mo-da-year			N/A	N/A
mo-da-year — mo-da-year			N/A	N/A
mo-da-year — mo-da-year			N/A	N/A
mo-da-year — mo-da-year			N/A	N/A
mo-da-year — mo-da-year			N/A	N/A
mo-da-year — mo-da-year			N/A	N/A
Total			N/A	N/A

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

(a) The Trust’s/Fund’s principal executive officer and principal financial officer have concluded that the Trust’s/Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust/Fund in this Form N-CSR 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.

2

(b) There were no changes 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.

Item 12. Exhibits

(a) Code of Ethics — Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT.

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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/ Randy Takian
Randy Takian
Principal Executive Officer
June 23, 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
June 23, 2009

/s/ Francis Smith
Francis Smith
Principal Financial Officer
June 23, 2009

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EX-99.CERT

EXHIBIT 12 B1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

CERTIFICATIONS

I, Randy Takian, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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):

5

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 controls over financial reporting.

Date: June 23, 2009

/s/ Randy Takian

Randy Takian

Principal Executive Officer

6

EXHIBIT 12 B2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

CERTIFICATIONS

I, Francis Smith, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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):

7

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 controls over financial reporting.

Date: June 23, 2009

/s/ Francis Smith

Francis Smith

Principal Financial Officer

8

EX-99.906CERT

SECTION 906 CERTIFICATION

Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley New York Quality Municipal Securities

     In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended April 30, 2009 that is accompanied by this certification, the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: June 23, 2009	/s/ Randy Takian
	Randy Takian
	Principal Executive Officer

A signed original of this written statement required by Section 906 has been provided to Morgan Stanley New York Quality Municipal Securities and will be retained by Morgan Stanley New York Quality Municipal Securities and furnished to the Securities and Exchange Commission or its staff upon request.

9

SECTION 906 CERTIFICATION

Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

Morgan Stanley New York Quality Municipal Securities

     In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended April 30, 2009 that is accompanied by this certification, the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: June 23, 2009	/s/ Francis Smith
	Francis Smith
	Principal Financial Officer

A signed original of this written statement required by Section 906 has been provided to Morgan Stanley New York Quality Municipal Securities and will be retained by Morgan Stanley New York Quality Municipal Securities and furnished to the Securities and Exchange Commission or its staff upon request.

10