Morgan Stanley U.S. Government Securities Trust
Financial Highlights
continued
|
|
FOR THE YEAR ENDED DECEMBER 31,
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010^
|
|
2009^
|
|
Class I Shares
|
|
Selected Per Share Data:
|
|
Net asset value, beginning of period
|
|
$
|
9.04
|
|
|
$
|
8.92
|
|
|
$
|
8.58
|
|
|
$
|
8.42
|
|
|
$
|
8.54
|
|
|
Income (loss) from investment operations:
|
|
Net investment income
|
|
|
0.18
|
|
|
|
0.16
|
|
|
|
0.23
|
|
|
|
0.23
|
|
|
|
0.23
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(0.36
|
)
|
|
|
0.21
|
|
|
|
0.43
|
|
|
|
0.21
|
|
|
|
(0.08
|
)
|
|
Total income (loss) from investment operations
|
|
|
(0.18
|
)
|
|
|
0.37
|
|
|
|
0.66
|
|
|
|
0.44
|
|
|
|
0.15
|
|
|
Less dividends from net investment income
|
|
|
(0.23
|
)
|
|
|
(0.25
|
)
|
|
|
(0.32
|
)
|
|
|
(0.28
|
)
|
|
|
(0.27
|
)
|
|
Net asset value, end of period
|
|
$
|
8.63
|
|
|
$
|
9.04
|
|
|
$
|
8.92
|
|
|
$
|
8.58
|
|
|
$
|
8.42
|
|
|
Total Return
(1)
|
|
|
(1.98
|
)%
|
|
|
4.21
|
%
|
|
|
7.80
|
%
|
|
|
5.30
|
%
|
|
|
1.67
|
%
|
|
Ratios to Average Net Assets:
|
|
Net expenses
|
|
|
0.65
|
%
(2)
|
|
|
0.65
|
%
(2)(3)
|
|
|
0.66
|
%
(2)(3)
|
|
|
0.63
|
%
(2)(3)
|
|
|
0.66
|
%
(2)(3)
|
|
Net investment income
|
|
|
2.00
|
%
(2)
|
|
|
1.89
|
%
(2)(3)
|
|
|
2.70
|
%
(2)(3)
|
|
|
2.74
|
%
(2)(3)
|
|
|
2.88
|
%
(2)(3)
|
|
Rebate from Morgan Stanley affiliate
|
|
|
0.01
|
%
|
|
|
0.01
|
%
|
|
|
0.00
|
%
(4)
|
|
|
0.00
|
%
(4)
|
|
|
0.01
|
%
|
|
Supplemental Data:
|
|
Net assets, end of period, in thousands
|
|
$
|
91,558
|
|
|
$
|
114,630
|
|
|
$
|
128,294
|
|
|
$
|
151,694
|
|
|
$
|
177,120
|
|
|
Portfolio turnover rate
|
|
|
264
|
%
|
|
|
257
|
%
|
|
|
161
|
%
|
|
|
228
|
%
|
|
|
375
|
%
|
|
^ Beginning with the year ended December 31, 2011, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(1) Calculated based on the net asset value as of the last business day of the period.
(2) The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as "Rebate from Morgan Stanley affiliate."
(3) Reflects overall Fund ratios for investment income and non-class specific expenses.
(4) Amount is less than 0.005%.
See Notes to Financial Statements
42
Morgan Stanley U.S. Government Securities Trust
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
Morgan Stanley U.S. Government Securities Trust:
We have audited the accompanying statement of assets and liabilities of Morgan Stanley U.S. Government Securities Trust (the "Fund"), including the portfolio of investments, as of December 31, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the two years ended December 31, 2010 were audited by another independent registered public accounting firm whose report, dated February 25, 2011, expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Morgan Stanley U.S. Government Securities Trust at December 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Boston, Massachusetts
February 26, 2014
43
Morgan Stanley U.S. Government Securities Trust
U.S. Privacy Policy (unaudited)
An Important Notice Concerning Our U.S. Privacy Policy
This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").
We are required by federal law to provide you with notice of our U.S. privacy policy ("Policy"). This Policy applies to both our current and former clients unless we state otherwise and is intended for individual clients who purchase products or receive services from us for personal, family or household purposes. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, or accounts subject to the Uniform Gifts to Minors Act.
This notice sets out our business practices to protect your privacy; how we collect and share personal information about you; and how you can limit our sharing or certain uses by others of this information. We may amend this Policy at any time, and will inform you of any changes to our Policy as required by law.
We Respect Your Privacy
We appreciate that you have provided us with your personal financial information and understand your concerns about your information. We strive to safeguard the information our clients entrust to us. Protecting the confidentiality and security of client information is an important part of how we conduct our business.
This notice describes what personal information we collect about you, how we collect it, when we may share it with others, and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you with our affiliated companies, including, but not limited to our affiliated banking businesses, brokerage firms and credit service affiliates. It also discloses how you may limit our affiliates' use of shared information for marketing purposes.
Throughout this Policy, we refer to the nonpublic information that personally identifies you as "personal information." We also use the term "affiliated company" in this notice. An affiliated company is a company in our family of companies and includes companies with the Morgan Stanley name. These affiliated companies are financial institutions such as broker-dealers, banks, investment advisers and credit card issuers. We refer to any company that is not an affiliated company as a nonaffiliated third party. For purposes of Section 5 of this notice, and your ability to limit certain uses of personal information by our affiliates, this notice applies to the use of personal information by our affiliated companies.
44
Morgan Stanley U.S. Government Securities Trust
U.S. Privacy Policy (unaudited)
continued
1. What Personal Information Do We Collect From You?
We may collect the following types of information about you: (i) information provided by you, including information from applications and other forms we receive from you, (ii) information about your transactions with us or our affiliates, (iii) information about your transactions with nonaffiliated third parties, (iv) information from consumer reporting agencies, (v) information obtained from our websites, and (vi) information obtained from other sources. For example:
• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.
• We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.
• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.
• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.
2. When Do We Disclose Personal Information We Collect About You?
We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.
a. Information We Disclose to Affiliated Companies.
We may disclose personal information that we collect about you to our affiliated companies to manage your account(s) effectively, to service and process your transactions, and to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.
b. Information We Disclose to Third Parties.
We may disclose personal information that we collect about you to nonaffiliated third parties to provide marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose all of the information we collect to other nonaffiliated third parties for our everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, report to credit bureaus, offer our own products and services, protect against fraud, for institutional risk control, to perform services on our behalf, and as otherwise required or permitted by law.
45
Morgan Stanley U.S. Government Securities Trust
U.S. Privacy Policy (unaudited)
continued
When we share personal information about you with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be permitted or required by law.
3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?
We maintain physical, electronic and procedural security measures that comply with applicable law and regulations to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information by employees. Third parties that provide support or marketing services on our behalf may also receive personal information about you, and we require them to adhere to appropriate security standards with respect to such information.
4. How Can You Limit Our Sharing Certain Personal Information About You With Our Affiliated Companies For Eligibility Determination?
By following the opt-out procedures in Section 6 below, you may limit the extent to which we share with our affiliated companies, personal information that was collected to determine your eligibility for products and services such as your credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with our affiliated companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account.
5. How Can You Limit the Use of Certain Personal Information About You by Our Affiliated Companies for Marketing?
By following the opt-out instructions in Section 6 below, you may limit our affiliated companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit our affiliated companies from using personal information about you that we may share with them for marketing their products and services to you, our affiliated companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the affiliated party has its own relationship with you.
46
Morgan Stanley U.S. Government Securities Trust
U.S. Privacy Policy (unaudited)
continued
6. How Can You Send Us an Opt-Out Instruction?
If you wish to limit our sharing of eligibility information about you with our affiliated companies, or our affiliated companies' use of personal information for marketing purposes, as described in this notice, you may do so by:
• Calling us at (800) 548-7786
MondayFriday between 8a.m. and 5p.m. (EST)
• Writing to us at the following address:
Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121
If you choose to write to us, your request should include: your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or information used for marketing (Section 5 above), or both. Written opt-out requests should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account.
Please understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about our affiliated companies' products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.
If you have more than one account or relationship with us, please specify the accounts to which you would like us to apply your privacy choices. If you have accounts or relationships with our affiliates, you may receive multiple privacy policies from them, and will need to separately notify those companies of your privacy choices for those accounts or relationships.
7. What if an affiliated company becomes a nonaffiliated third party?
If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies,
47
Morgan Stanley U.S. Government Securities Trust
U.S. Privacy Policy (unaudited)
continued
your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a nonaffiliated third party.
Special Notice to Residents of Vermont
The following section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.
The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with nonaffiliated third parties, or eligibility information with affiliated companies, other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or eligibility information with affiliated companies, unless you provide us with your written consent to share such information.
Special Notice to Residents of California
The following section supplements our Policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above Policy with respect to those clients only.
In response to a California law, if your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
48
Morgan Stanley U.S. Government Securities Trust
Trustee and Officer Information (unaudited)
Name, Age and Address of
Independent Trustee
|
|
Position(s)
Held with
Registrant
|
|
Length of
Time Served
*
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios
in Fund
Complex
Overseen by
Independent
Trustee
**
|
|
Other Directorships
Held by Independent Trustee
***
|
|
Frank L. Bowman (69)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Trustees
1177 Avenue of the Americas
New York, NY 10036
|
|
Trustee
|
|
Since August 2006
|
|
President, Strategic Decisions, LLC (consulting) (since February 2009); Director or Trustee of various Morgan Stanley Funds (since August 2006); Chairperson of the Insurance Sub-Committee of the Compliance and Insurance Committee (since February 2007); served as President and Chief Executive Officer of the Nuclear Energy Institute (policy organization) (February 2005-November 2008); retired as Admiral, U.S. Navy after serving over 38 years on active duty including 8 years as Director of the Naval Nuclear Propulsion Program in the Department of the Navy and the U.S. Department of Energy (1996-2004); served as Chief of Naval Personnel (July 1994-September 1996); and on the Joint Staff as Director of Political Military Affairs (June 1992-July 1994); knighted as Honorary Knight Commander of the Most Excellent Order of the British Empire; awarded the Officier de l'Orde National du Mérite by the French Government; elected to the National Academy of Engineering (2009).
|
|
|
98
|
|
|
Director of BP p.l.c.; Director of Naval and Nuclear Technologies LLP; Director of the Armed Services YMCA of the USA and the U.S. Naval Submarine League; Director of the American Shipbuilding Suppliers Association; Member of the National Security Advisory Council of the Center for U.S. Global Engagement and a member of the CNA Military Advisory Board; Chairman of the Charity J Street Cup Golf; Trustee of Fairhaven United Methodist Church.
|
|
49
Morgan Stanley U.S. Government Securities Trust
Trustee and Officer Information (unaudited)
continued
Name, Age and Address of
Independent Trustee
|
|
Position(s)
Held with
Registrant
|
|
Length of
Time Served
*
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios
in Fund
Complex
Overseen by
Independent
Trustee
**
|
|
Other Directorships
Held by Independent Trustee
***
|
|
Michael Bozic (73)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Trustees
1177 Avenue of the Americas
New York, NY 10036
|
|
Trustee
|
|
Since April 1994
|
|
Private investor and a member of the advisory board of American Road Group LLC (retail) (since June 2000); Chairperson of the Compliance and Insurance Committee (since October 2006); Director or Trustee of various Morgan Stanley Funds (since April 1994); formerly, Chairperson of the Insurance Committee (July 2006-September 2006); Vice Chairman of Kmart Corporation (December 1998-October 2000); Chairman and Chief Executive Officer of Levitz Furniture Corporation (November 1995-November 1998) and President and Chief Executive Officer of Hills Department Stores (May 1991-July 1995); variously Chairman, Chief Executive Officer, President and Chief Operating Officer (1987-1991) of the Sears Merchandise Group of Sears, Roebuck & Co.
|
|
|
100
|
|
|
Trustee and member of the Hillsdale College Board of Trustees
|
|
Kathleen A. Dennis (60)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Trustees
1177 Avenue of the Americas
New York, NY 10036
|
|
Trustee
|
|
Since August 2006
|
|
President, Cedarwood Associates (mutual fund and investment management consulting) (since July 2006); Chairperson of the Money Market and Alternatives Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Senior Managing Director of Victory Capital Management (1993-2006).
|
|
|
98
|
|
|
Director of various non-profit organizations.
|
|
50
Morgan Stanley U.S. Government Securities Trust
Trustee and Officer Information (unaudited)
continued
Name, Age and Address of
Independent Trustee
|
|
Position(s)
Held with
Registrant
|
|
Length of
Time Served
*
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios
in Fund
Complex
Overseen by
Independent
Trustee
**
|
|
Other Directorships
Held by Independent Trustee
***
|
|
Dr. Manuel H. Johnson (65)
c/o Johnson Smick
International, Inc.
220 I Street, NE Suite 200
Washington, D.C. 20002
|
|
Trustee
|
|
Since July 1991
|
|
Senior Partner, Johnson Smick International, Inc. (consulting firm); Chairperson of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since July 1991); Co-Chairman and a founder of the Group of Seven Council (G7C) (international economic commission); formerly, Chairperson of the Audit Committee (July 1991-September 2006); Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury.
|
|
|
100
|
|
|
Director of NVR, Inc. (home construction).
|
|
Joseph J. Kearns (71)
c/o Kearns & Associates LLC PMB754
22631 Pacific Coast Highway
Malibu, CA 90265
|
|
Trustee
|
|
Since August 1994
|
|
President, Kearns & Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of various Morgan Stanley Funds (since August 1994); CFO of the J. Paul Getty Trust.
|
|
|
101
|
|
|
Director of Electro Rent Corporation (equipment leasing) and The Ford Family Foundation.
|
|
51
Morgan Stanley U.S. Government Securities Trust
Trustee and Officer Information (unaudited)
continued
Name, Age and Address of
Independent Trustee
|
|
Position(s)
Held with
Registrant
|
|
Length of
Time Served
*
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios
in Fund
Complex
Overseen by
Independent
Trustee
**
|
|
Other Directorships
Held by Independent Trustee
***
|
|
Michael F. Klein (55)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Trustees
1177 Avenue of the Americas
New York, NY 10036
|
|
Trustee
|
|
Since August 2006
|
|
Managing Director, Aetos Capital, LLC (since March 2000) and Co-President, Aetos Alternatives Management, LLC (since January 2004) and Co-Chief Executive Officer of Aetos Capital LLC (since August 2013); Chairperson of the Fixed Income Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Managing Director, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management, President, various Morgan Stanley Funds (June 1998-March 2000) and Principal, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management (August 1997-December 1999).
|
|
|
98
|
|
|
Director of certain investment funds managed or sponsored by Aetos Capital, LLC. Director of Sanitized AG and Sanitized Marketing AG (specialty
chemicals).
|
|
Michael E. Nugent (77)
522
Fifth Avenue
New York, NY 10036
|
|
Chairperson of the Board and Trustee
|
|
Chairperson of the Boards since July 2006 and Trustee since July 1991
|
|
Chairperson of the Boards of various Morgan Stanley Funds (since July 2006); Chairperson of the Closed-End Fund Committee (since June 2012) and Director or Trustee of various Morgan Stanley Funds (since July 1991); formerly, Chairperson of the Insurance Committee (until July 2006), General Partner, Triumph Capital, L.P. (private investment partnership) (1988-2013).
|
|
|
100
|
|
|
None.
|
|
W. Allen Reed (66)
c/o Kramer Levin Naftalis & Frankel LLP
Counsel to the Independent Trustees
1177 Avenue of the Americas
New York, NY 10036
|
|
Trustee
|
|
Since August 2006
|
|
Chairperson of the Equity Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, President and CEO of General Motors Asset Management; Chairman and Chief Executive Officer of the GM Trust Bank and Corporate Vice President of General Motors Corporation (August 1994-December 2005).
|
|
|
98
|
|
|
Director of Temple-Inland Industries (packaging and forest products); Director of Legg Mason, Inc. and Director of the Auburn University Foundation.
|
|
52
Morgan Stanley U.S. Government Securities Trust
Trustee and Officer Information (unaudited)
continued
Name, Age and Address of
Independent Trustee
|
|
Position(s)
Held with
Registrant
|
|
Length of
Time Served
*
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios
in Fund
Complex
Overseen by
Independent
Trustee
**
|
|
Other Directorships
Held by Independent Trustee
***
|
|
Fergus Reid (81)
c/o Joe Pietryka, Inc.
85 Charles Colman Blvd.
Pawling, NY 12564
|
|
Trustee
|
|
Since June 1992
|
|
Chairman, Joe Pietryka, Inc.; Chairperson of the Governance Committee and Director or Trustee of various Morgan Stanley Funds (since June 1992).
|
|
|
101
|
|
|
Through December 31, 2012, Trustee and Director of certain investment companies in the JPMorgan Fund Complex.
|
|
Interested Trustee:
Name, Age and Address of
Interested Trustee
|
|
Position(s)
Held with
Registrant
|
|
Length of
Time Served
*
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios
in Fund
Complex
Overseen by
Interested
Trustee
**
|
|
Other Directorships
Held by Interested Trustee
***
|
|
James F. Higgins (66)
One New York Plaza,
New York, NY 10004
|
|
Trustee
|
|
Since June 2000
|
|
Director or Trustee of various Morgan Stanley Funds (since June 2000); Senior Advisor of Morgan Stanley (since August 2000).
|
|
|
99
|
|
|
Formerly, Director of AXA Financial, Inc. and The Equitable Life Insurance Company (2002-2011) and Director of AXA MONY Life Insurance Company and AXA MONY Life Insurance Company of America (2004-2011).
|
|
*
Each Trustee serves an indefinite term, until his or her successor is elected.
**
The Fund Complex includes (as of December 31, 2013) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley Investment Management Inc. (the "Adviser") and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley AIP GP LP).
***
This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.
53
Morgan Stanley U.S. Government Securities Trust
Trustee and Officer Information (unaudited)
continued
Name, Age and Address of
Executive Officer
|
|
Position(s)
Held with
Registrant
|
|
Length of
Time Served
*
|
|
Principal Occupation(s) During Past 5 Years
|
|
John H. Gernon (50)
522
Fifth Avenue
New York, NY 10036
|
|
President and Principal Executive Officer Equity, Fixed Income and AIP Funds
|
|
Since September 2013
|
|
President and Principal Executive Officer of the Equity and Fixed Income Funds and the Morgan Stanley AIP Funds (since September 2013) in the Fund Complex, Managing Director of the Adviser.
|
|
Stefanie V. Chang Yu (47)
522
Fifth Avenue
New York, NY 10036
|
|
Chief Compliance Officer
|
|
Since January 2014
|
|
Managing Director of the Adviser and various entities affiliated with the Adviser; Chief Compliance Officer of various Morgan Stanley Funds and the Adviser (since January 2014); formerly, Vice President of various Morgan Stanley Funds (December 1997-January 2014).
|
|
Joseph C. Benedetti (48)
522
Fifth Avenue
New York, NY 10036
|
|
Vice President
|
|
Since January 2014
|
|
Managing Director of the Adviser and various entities affiliated with the Adviser; Vice President of various Morgan Stanley Funds (since January 2014); formerly, Assistant Secretary of various Morgan Stanley Funds (October 2004-January 2014).
|
|
Francis J. Smith (48)
522
Fifth Avenue
New York, NY 10036
|
|
Treasurer and Principal Financial Officer
|
|
Treasurer since July 2003 and Principal Financial Officer since September 2002
|
|
Executive Director of the Adviser and various entities affiliated with the Adviser; Treasurer and Principal Financial Officer of various Morgan Stanley Funds (since July 2003).
|
|
Mary E. Mullin (46)
522
Fifth Avenue
New York, NY 10036
|
|
Secretary
|
|
Since June 1999
|
|
Executive Director of the Adviser and various entities affiliated with the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).
|
|
*
Each officer serves an indefinite term, until his or her successor is elected.
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