INTERCAPITAL QUALITY MUNICIPAL SECURITIES TRUST
N-23C-1, 1995-01-24
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                                                       OMB APPROVAL
                              UNITED STATES            OMB Number:  3235-0230
               SECURITIES AND EXCHANGE COMMISSION      Expires:  April 30, 1994
                         Washington, D.C.  20549       Estimated average burden
                                                       hours per form .....1.00


                                  FORM N-23C-1


                       STATEMENT BY REGISTERED CLOSED-END
             INVESTMENT COMPANY WITH RESPECT TO PURCHASES OF ITS OWN
       SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH

(See rules and instructions on back of this form.  If acknowledgment is desired,
file this form with the Commission in triplicate.)

         REPORT FOR CALENDAR MONTH ENDING    December 31, 1994         
 
               InterCapital Quality Municipal Securities                     
               (Name of registered closed-end investment company)


                                                  Approximate
                                                  Asset
                                                  Value or
                                                  Approximate               
                                                  Asset
                                                  Coverage
Date of                                           Per
Each      Ident-         Number of      Price     Share at       Name of Seller
Trans-    ification      Shares         Per       Time of           or of  
action    of Security    Purchased      Share     Purchase       Seller's Broker


12/5/94   Auction Rate      51          $50,000   $ 2,550,000    Merrill, Lynch
          Preferred Shares
          Series 1


REMARKS:                           InterCapital Quality Municipal Securities
                                             Name of Registrant


                                        By /s/ Sheldon Curtis               
                                             (Name)


Date of                                 Sheldon Curtis      
Statement:     January 23, 1995         Vice President & General Counsel
                                             (Title)




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