Investment objective & strategy
As of June 26, 2025 · prospectusObjective. Morgan Stanley Long Duration Government Opportunities Fund (the Fund) seeks a high level of current income consistent with safety of principal.
Strategy. The fourth paragraph of the section of the Prospectus titled "Fund SummaryPrincipal Investment Strategies" is hereby deleted in its entirety and replaced with the following: The Fund may, but it is not required to, use derivative instruments for risk management or other portfolio management purposes, including to adjust the Fund's dollar-weighted average effective duration. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques, such as reverse repurchase agreements. These derivative instruments will be counted toward the Fund's 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy. The fourth paragraph of the section of the Prospectus titled "Fund SummaryPrincipal Investment Strategies" is hereby deleted in its entirety and replaced with the following: The Fund may, but it is not required to, use derivative instruments for risk management or other portfolio management purposes, including to adjust the Fund's dollar-weighted average effective duration. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques, such as reverse repurchase agreements. These derivative instruments will be counted toward the Fund's 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| FNCL 5 4/26 | — | $24.15M | 10.68% |
| Government National Mortgage Association | — | $11.89M | 5.26% |
| Government National Mortgage Association | — | $10.12M | 4.48% |
| Freddie Mac REMICS | — | $9.86M | 4.36% |
| FNCL 4.5 4/26 | — | $9.65M | 4.27% |
| FNCL 5.5 4/26 | — | $9.14M | 4.04% |
| Government National Mortgage Association | — | $8.43M | 3.73% |
| Government National Mortgage Association | — | $7.75M | 3.43% |
| TENN VALLEY AUTH | — | $7.28M | 3.22% |
| Freddie Mac REMICS | — | $6.45M | 2.85% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Calvert Mortgage Access Fund · CMMRX, CMMAX, CMMCX, CMMIX | 23% | 1.51% |
| Eaton Vance Total Return Bond ETF · EVTR | 14% | 0.32% |
| BlackRock Total Return Fund | 12% | 0.37% |
Advisers
| Firm | Role |
|---|---|
| Morgan Stanley Investment Management Inc. | Adviser |
Footnotes
- Expense ratio as of April 30, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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