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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Morgan Stanley Long Duration Government Opportunities Fund

USGAX | Fund

$6.80

$225 M

5.29%

$0.36

1.23%

Vitals

YTD Return

-0.9%

1 yr return

8.5%

3 Yr Avg Return

2.8%

5 Yr Avg Return

-0.9%

Net Assets

$225 M

Holdings in Top 10

46.3%

52 WEEK LOW AND HIGH

$6.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.23%

SALES FEES

Front Load 3.25%

Deferred Load N/A

TRADING FEES

Turnover 376.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Morgan Stanley Long Duration Government Opportunities Fund

USGAX | Fund

$6.80

$225 M

5.29%

$0.36

1.23%

USGAX - Profile

Distributions

  • YTD Total Return -0.9%
  • 3 Yr Annualized Total Return 2.8%
  • 5 Yr Annualized Total Return -0.9%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 1.98%
DIVIDENDS
  • Dividend Yield 5.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Morgan Stanley Long Duration Government Opportunities Fund
  • Fund Family Name
    Morgan Stanley Funds
  • Inception Date
    Jul 28, 1997
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Neil Stone

Fund Description

divspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"The Fund normally invests at least 80% of its net assets in a portfolio of U.S. government securities. This policy may be /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"changed without shareholder approval; however, you would be notified upon 60 days’ notice in writing of any changes. In /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"making investment decisions, the Adviser considers economic developments, interest rate trends and other factors./spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"  /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"The Fund /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"is not limited as to the maturities of the U.S. government securities in which it may invest. The/spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"  /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"U.S. government securities that /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"the Fund may purchase include: U.S. Treasury bills, notes and bonds, all of which are direct obligations of the U.S. Government; /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"securities (including mortgage-backed securities) issued by agencies and instrumentalities of the U.S. Government which are /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"backed by the full faith and credit of the United States; securities (including mortgage-backed securities) issued by agencies /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"and instrumentalities which are not backed by the full faith and credit of the United States, but whose issuing agency or /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"instrumentality has the right to borrow, to meet its obligations, from the U.S. Treasury; securities issued by agencies and /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"instrumentalities which are backed solely by the credit of the issuing agency or instrumentality; and securities guaranteed by /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"the U.S. Government or its agencies and instrumentalities or securities supported by the U.S. Government in some other way, /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"such as the discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality. The /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"Fund’s investments may include zero coupon securities, which are purchased at a discount and generally accrue interest, but /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"make no payment until maturity. Under normal circumstances, the Adviser expects to construct an investment portfolio for the /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"Fund with a dollar-weighted average effective duration of at least ten years. Duration measures the time-weighted expected /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"cash flows of a fixed-income security./span/divdivspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"The mortgage-backed securities in which the Fund may invest include mortgage pass-through securities, commercial /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"mortgage-backed securities (“CMBS”), collateralized mortgage obligations (“CMOs”), stripped mortgage-backed securities /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"(“SMBS”) and inverse floating rate obligations (“inverse floaters”). In addition, the Fund may invest in to-be-announced pass-/spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"through mortgage securities, which settle on a delayed delivery basis (“TBAs”)./span/divdivspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"The Fund may also invest in (i) asset-backed securities and (ii) commercial paper rated in the highest investment grade /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"(currently A1/P1/F1) by Moody’s Investors Service, Inc. (“Moody’s”), Samp;P Global Ratings Group, a division of Samp;P Global Inc. /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"(“Samp;P”) or Fitch Ratings Inc. (“Fitch”). For purposes of rating restrictions, if securities are rated differently by two or more rating /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"agencies, the highest rating is used. The Fund may invest in restricted and illiquid securities./span/divdivspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"The Fund may, but it is not required to, use derivative instruments for risk management or other portfolio management /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"purposes, including to adjust the Fund’s dollar-weighted average effective duration. The Fund’s use of derivatives may involve /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques, /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"such as reverse repurchase agreements. These derivative instruments will be counted toward the Fund’s 80% policy discussed /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"above to the extent they have economic characteristics similar to the securities included within that policy./span/divdivspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"The Fund is not a money market fund, does not seek to maintain a stable NAV and does not qualify for the tax relief afforded to /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"money market funds by the U.S. Treasury./span/div
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USGAX - Performance

Return Ranking - Trailing

Period USGAX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.9% -3.4% 4.8% 97.95%
1 Yr 8.5% -0.8% 14.1% 1.48%
3 Yr 2.8%* -3.9% 13.5% 95.33%
5 Yr -0.9%* -5.3% 6.0% 92.10%
10 Yr 0.7%* -0.4% 74.5% 96.31%

* Annualized

Return Ranking - Calendar

Period USGAX Return Category Return Low Category Return High Rank in Category (%)
2025 8.1% -4.7% 18.4% 0.68%
2024 -11.2% -13.2% 4.6% 98.86%
2023 1.4% -16.2% 6.8% 77.97%
2022 -15.4% -34.7% 2.1% 33.14%
2021 -4.3% -11.6% 4.4% 84.90%

Total Return Ranking - Trailing

Period USGAX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.9% -3.4% 4.8% 97.95%
1 Yr 8.5% -0.8% 14.1% 1.48%
3 Yr 2.8%* -3.9% 13.5% 95.33%
5 Yr -0.9%* -5.3% 6.0% 92.10%
10 Yr 0.7%* -0.4% 74.5% 96.31%

* Annualized

Total Return Ranking - Calendar

Period USGAX Return Category Return Low Category Return High Rank in Category (%)
2025 14.1% -2.0% 22.5% 0.34%
2024 -6.4% -12.6% 12.0% 99.43%
2023 6.0% -11.3% 11.9% 51.60%
2022 -13.1% -32.2% 3.6% 35.71%
2021 -1.9% -5.9% 9.2% 82.95%

NAV & Total Return History

USGAX - Holdings

Concentration Analysis

USGAX Category Low Category High USGAX % Rank
Net Assets 225 M 3.02 M 390 B 84.41%
Number of Holdings 179 1 17368 89.94%
Net Assets in Top 10 105 M 1.89 M 44 B 75.09%
Weighting of Top 10 46.31% 4.8% 128.8% 10.33%

Top 10 Holdings

  1. Uniform Mortgage-Backed Security, TBA 10.68%
  2. Government National Mortgage Association 5.26%
  3. Government National Mortgage Association 4.48%
  4. Freddie Mac REMICS 4.36%
  5. Uniform Mortgage-Backed Security, TBA 4.27%
  6. Uniform Mortgage-Backed Security, TBA 4.04%
  7. Government National Mortgage Association 3.73%
  8. Government National Mortgage Association 3.43%
  9. Tennessee Valley Authority 3.22%
  10. Freddie Mac REMICS 2.85%

Asset Allocation

Weighting Return Low Return High USGAX % Rank
Bonds 		118.66% 0.00% 222.86% 4.32%
Cash 		1.30% -24.88% 99.53% 65.26%
Stocks 		0.00% 0.00% 100.02% 89.42%
Preferred Stocks 		0.00% 0.00% 74.76% 89.60%
Convertible Bonds 		0.00% 0.00% 7.93% 97.93%
Other 		-3.51% -14.76% 71.36% 98.51%

Bond Sector Breakdown

Weighting Return Low Return High USGAX % Rank
Securitized 		57.36% 0.00% 98.40% 7.49%
Government 		22.77% 0.00% 86.23% 56.57%
Municipal 		12.62% 0.00% 100.00% 3.23%
Cash & Equivalents 		1.30% 0.00% 91.82% 60.80%
Corporate 		0.25% 0.00% 100.00% 97.70%
Derivative 		-0.93% -10.74% 33.51% 98.74%

Bond Geographic Breakdown

Weighting Return Low Return High USGAX % Rank
US 		118.66% 0.00% 222.86% 2.63%
Non US 		0.00% 0.00% 36.90% 91.77%

USGAX - Expenses

Operational Fees

USGAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.23% 0.01% 30.45% 14.68%
Management Fee 0.42% 0.00% 1.76% 79.20%
12b-1 Fee 0.25% 0.00% 1.00% 57.46%
Administrative Fee 0.08% 0.01% 0.50% 51.03%

Sales Fees

USGAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 2.00% 5.75% 83.90%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

USGAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

USGAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 376.00% 2.00% 493.39% 89.13%

USGAX - Distributions

Dividend Yield Analysis

USGAX Category Low Category High USGAX % Rank
Dividend Yield 5.29% 0.00% 10.11% 10.69%

Dividend Distribution Analysis

USGAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

USGAX Category Low Category High USGAX % Rank
Net Income Ratio 1.98% -1.28% 4.79% 33.85%

Capital Gain Distribution Analysis

USGAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Distributions History

View More +

USGAX - Fund Manager Analysis

Managers

Neil Stone

Start Date

Tenure

Tenure Rank

Jan 17, 2012

10.38

10.4%

Neil is a member of the Fixed Income team. He joined Morgan Stanley Investment Management in 1995 and has been with financial industry since 1985. Previously, he served as a vice president in mortgage research at Morgan Stanley. Prior to joining the firm, Neil was a director of fixed income research at Credit Suisse First Boston. He received a B.S. in accounting and decision sciences and an M.B.A. in social systems sciences from the Wharton School of the University of Pennsylvania.

James Caron

Start Date

Tenure

Tenure Rank

Jan 16, 2013

9.38

9.4%

Jim is a portfolio manager and senior member of the MSIM Global Fixed Income team and a member of the Asset Allocation Committee focusing on macro strategies. He joined Morgan Stanley in 2006 and has been with financial industry since 1992. Prior to this role, Jim held the position of global head of interest rates, foreign exchange and emerging markets strategy with Morgan Stanley Research. He authored two interest rate publications, the monthly Global Perspectives and the weekly Interest Rate Strategist. Previously, he was a director at Merrill Lynch where he headed the U.S. interest rate strategy group. Prior to that, Jim held various trading positions. He headed the U.S. options trading desk at Sanwa Bank, was a proprietary trader at Tokai Securities and traded U.S. Treasuries at JP Morgan. Jim received a B.A. in physics from Bowdoin College, a B.S. in aeronautical engineering from the California Institute of Technology and an M.B.A in finance from New York University, Stern School of Business.

Matthew Dunning

Start Date

Tenure

Tenure Rank

Oct 03, 2014

7.66

7.7%

Matt is a portfolio manager on the Global Fixed Income team. He re-joined Morgan Stanley in 2014 and has been with financial industry since 1994. Prior to re-joining the firm, Matt managed the Municipal Valuation Rates group and was a senior taxable municipal bond analyst for the BVAL group at Bloomberg. Previously, he worked for the Customized Fixed Income group at MSIM (formerly Miller, Anderson & Sherred) in trading and portfolio management roles. Matt received a B.A. in business management and business administration from Lycoming College and an M.B.A. in financial institutions management from St. Joseph's University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.81 1.16

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