USGAX Fees and Costs — Morgan Stanley Long Duration Government Opportunities Fund, Class A
Data updated: 2026-08-21
The net expense ratio is 0.85%: a 0.42% management fee, a 0.25% 12b-1 fee plus 0.56% other expenses, less a 0.38% fee waiver. This share class carries a maximum front-end sales load of 3.25% and a deferred sales charge of up to 0.75%. In fiscal 2025 the fund paid $26K in broker commissions, 0.0122% of average net assets, and portfolio turnover was 349%.
USGAX Fees and Expenses
Annual operating expenses and sales charges of USGAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.42% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.56% |
| Gross expense ratio | 1.23% |
| Fee waiver | −0.38% |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | 3.25% |
| Max deferred load | 0.75% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
USGAX Costs Over Time
On $10,000 invested in USGAX, assuming 5% a year before costs, total costs come to $938 over 5 years, cutting the return by 1.59% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $401 | $325 | $325 |
| Fund expenses (net expense ratio 0.85%) | $86 | $270 | $469 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $16 | $65 | $138 |
| Total costs | $504 | $663 | $938 |
| Value after costs | $9,996 | $10,913 | $11,825 |
| Impact on return, per year | 5.04% | 2.05% | 1.59% |
USGAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0122%
- Total broker commissions: $26K
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 349%
- Securities lending: none during the year
USGAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $26K | 100.00% |
USGAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $737.4M | 36.42% |
| Goldman Sachs & Co. LLC | $554.1M | 27.37% |
| Wells Fargo Securities, LLC | $202.7M | 10.01% |
| State Street Bank and Trust Company | $182.3M | 9.00% |
| BMO Capital Markets Corp. | $160.6M | 7.93% |
| BNP Paribas Securities Corp. | $85.3M | 4.21% |
| Mizuho Securities USA LLC | $37.5M | 1.85% |
| Barclays Capital Inc. | $31.1M | 1.54% |
| Citigroup Global Markets Inc. | $20.2M | 1.00% |
| Nomura Securities International, Inc. | $13.7M | 0.68% |
Morgan Stanley Long Duration Government Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| USGDX | Class I | 0.49% | none |
| USGAX | Class A | 0.85% | 3.25% |
| USGCX | Class L | 1.12% | none |
| MSGVX | Class C | 1.62% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.