UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-03870

Morgan Stanley U.S. Government Securities Trust

(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York             10036

    (Address of principal executive offices)            (Zip code)

Arthur Lev

522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: 201-830-8894

Date of fiscal year end: December 31, 2013

Date of reporting period: March 28, 2013

Item 1. Schedule of Investments.

The Fund’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:

Morgan Stanley U.S. Government Securities Trust

Portfolio of Investments ¡ March 28, 2013 (unaudited) R

 

PRINCIPAL
AMOUNT
    (000)     		            COUPON
RATE 		    MATURITY
DATE 		   VALUE  
   Agency Adjustable Rate Mortgages (0.9%)        
   Federal Home Loan Mortgage Corporation,        
   Conventional Pools:        
  $  1,123            2.83   %    11/01/36    $ 1,202,771   
  952            2.933      01/01/38      1,023,231   
  1,878            2.944      10/01/36      2,018,796   
  3,771       Federal National Mortgage Association, Conventional Pool      2.341      05/01/35      4,016,748   
          

 

 

 
  

Total Agency Adjustable Rate Mortgages (Cost $8,148,687)

          8,261,546   
          

 

 

 
  

Agency Bond - Banking (FDIC Guaranteed) (0.2%)

       
  2,080       NCUA Guaranteed Notes, Series A2 (Cost $2,077,109)      1.40        06/12/15      2,126,696   
          

 

 

 
  

Agency Bonds - Consumer Discretionary (U.S. Government Guaranteed) (1.5%)

       
  8,077       Amal Ltd. (Cayman Islands)      3.465      08/21/21      8,826,345   
  4,448       Safina Ltd.      2.00        12/30/23      4,595,340   
          

 

 

 
  

Total Agency Bonds - Consumer Discretionary (U.S. Government Guaranteed) (Cost $12,524,548)

          13,421,685   
          

 

 

 
  

Agency Fixed Rate Mortgages (37.6%)

       
   Federal Home Loan Mortgage Corporation,        
   April TBA:        
  12,240               (a)      3.50        04/01/43      12,884,035   
   Gold Pools:        
  5,290            3.50        08/01/42      5,585,051   
  17,172            4.00        12/01/41–11/01/42      18,692,417   
  9,684            4.50        06/01/39      10,363,369   
  11,141            5.00        10/01/35–01/01/40      12,100,671   
  3,285            5.50        11/01/39      3,580,368   
  1,969            6.00        07/01/38      2,152,421   
  2,165            6.50        03/01/29–09/01/36      2,436,924   
  874            7.50        05/01/35      1,068,984   
  489            8.00        08/01/32      605,184   
  525            8.50        08/01/31      657,450   
   Federal National Mortgage Association,        
   April TBA:        
  9,745               (a)      2.50        04/01/28      10,111,961   
  6,282               (a)      3.50        04/01/43      6,635,362   
  3,685               (a)      4.00        04/01/43      3,929,707   
   Conventional Pools:        
  25,347            3.50        12/01/42      26,906,120   
  23,781            4.00        11/01/41–01/01/42      25,378,215   
  23,087            4.50        01/01/25–08/01/41      25,218,005   
  25,099            5.00        05/01/35–02/01/41      27,890,525   
  22,743            5.50        03/01/35–08/01/38      24,941,687   
  248            6.50        06/01/29–02/01/33      288,845   
  3            7.00        05/01/31      3,005   
  1,366            7.50        08/01/37      1,670,396   
  1,085            8.00        04/01/33      1,339,722   
  963            8.50        10/01/32      1,202,687   
   Government National Mortgage Association,        
   April TBA:        
  26,120               (a)      4.00        04/15/43      28,367,351   
  8,050               (a)      4.50        04/15/43      8,803,429   
   Various Pools:        
  26,839            3.50        12/15/41–01/15/43      28,397,133   
  7,003            4.00        10/20/41–11/20/42      7,583,796   
  5,423            4.50        04/15/40–06/15/40      5,951,513   

Morgan Stanley U.S. Government Securities Trust

Portfolio of Investments ¡ March 28, 2013 (unaudited) R continued

 

 

PRINCIPAL
AMOUNT
    (000)     		            COUPON
RATE 		  MATURITY
DATE 		   VALUE  
  $  5,580            6.00        %   03/15/26–09/20/34    $ 6,344,385   
  1,179            6.50   03/15/14–04/15/19      1,242,158   
  326            7.00   03/20/26–07/20/29      398,754   
  10,430            7.50   11/15/32      12,340,671   
  2,724            8.00   06/15/16–08/15/31      2,956,502   
  4,468            8.50   07/15/30      5,211,533   
  2,507            9.00   11/15/15–02/15/25      2,584,441   
  1,810            9.50   02/15/16–12/15/20      1,872,013   
  2,164          10.00   06/15/13–11/15/20      2,211,894   
  23          12.25   09/15/13–06/15/15      23,183   
          

 

 

 
  

Total Agency Fixed Rate Mortgages (Cost $331,762,064)

          339,931,867   
          

 

 

 
  

Asset-Backed Securities (4.4%)

       
  1,284       Enterprise Fleet Financing LLC (b)      1.62   05/20/17      1,292,373   
  2,478       Hyundai Auto Lease Securitization Trust (b)      1.02   08/15/14      2,481,525   
  1,377       Mercedes-Benz Auto Receivables Trust      0.85   03/16/15      1,379,942   
  349       Nationstar Agency Advance Funding Trust (b)      1.892   02/18/48      351,412   
   North Carolina State Education Assistance Authority        
  2,275            1.101(c)   07/25/25      2,297,454   
  3,400            1.201(c)   01/26/26      3,430,940   
  4,544       North Texas Higher Education Authority      1.408(c)   04/01/40      4,641,124   
  825       Panhandle-Plains Higher Education Authority, Inc.      1.234(c)   07/01/24      835,131   
  5,395       PFS Financing Corp., Class A (b)      1.703(c)   10/17/16      5,461,143   
   Small Business Administration Participation Certificates        
  4,159            2.42   06/01/32      4,283,538   
  9,490            2.67   04/01/32      9,891,533   
  3,369       United States Small Business Administration      2.245   09/10/22      3,418,392   
          

 

 

 
  

Total Asset-Backed Securities (Cost $38,848,382)

          39,764,507   
          

 

 

 
  

Collateralized Mortgage Obligations - Agency Collateral Series (11.3%)

       
   Federal Home Loan Mortgage Corporation        
  4,019            1.883   05/25/19      4,123,028   
  2,665            2.086   03/25/19      2,767,139   
  3,265            2.355   07/25/22      3,286,585   
  9,875            2.373   05/25/22      9,983,669   
  4,700            2.682   10/25/22      4,845,521   
  5,560            2.699   05/25/18      5,957,587   
  5,025            2.789   01/25/22      5,263,263   
  3,700            3.154   02/25/18      4,033,988   
  5,125            3.871   04/25/21      5,784,119   
  35,524           IO      0.675(c)   01/25/21      1,387,797   
  27,106           IO PAC REMIC      6.267(c)   06/15/40      5,215,721   
  12,720           IO REMIC      5.847(c)   04/15/39      2,876,767   
  5,558           REMIC      3.50   12/15/42      5,541,614   
   Federal National Mortgage Association        
  1,720            3.763   06/25/21      1,892,260   
  28,084           IO      6.186(c)   09/25/20      7,772,360   
       IO REMIC        
  35,209            3.50   02/25/39      5,542,628   
  44,676            6.346(c)   02/25/41–08/25/41      7,882,589   
  9,720            6.396(c)   09/25/38      2,262,754   
  2,536           REMIC      9.193(d)   10/25/41      2,615,822   

Morgan Stanley U.S. Government Securities Trust

Portfolio of Investments ¡ March 28, 2013 (unaudited) R continued

 

 

PRINCIPAL
AMOUNT
    (000)     		            COUPON
RATE 		  MATURITY
DATE 		     VALUE  
   Government National Mortgage Association,        
       IO        
  $  2,253            5.00      %     02/16/41       $ 418,998   
  25,289            5.797(c)     02/16/41         5,832,408   
  16,046            5.847(c)     11/16/40         3,243,269   
  15,532            6.397(c)     04/16/41         3,550,336   
          

 

 

 
  

Total Collateralized Mortgage Obligations - Agency Collateral Series

(Cost $89,292,856)

          102,080,222   
          

 

 

 
  

Commercial Mortgage-Backed Securities (2.3%)

       
  1,853       BWAY Mortgage Trust (b)      2.809     03/10/33         1,906,050   
  1,297       Citigroup Commercial Mortgage Trust (e)      2.11     01/12/18         1,332,077   
  2,432       COMM Mortgage Trust      3.282     01/10/46         2,491,910   
   JP Morgan Chase Commercial Mortgage Securities Trust        
  2,095            4.171     08/15/46         2,356,946   
  3,400               (b)      4.388     07/15/46         3,868,046   
  2,023       Queens Center Mortgage Trust (b)      3.275     01/11/37         2,042,075   
  5,645       WF-RBS Commercial Mortgage Trust (b)      4.869(c)     02/15/44         6,607,455   
          

 

 

 
  

Total Commercial Mortgage-Backed Securities (Cost $19,097,311)

          20,604,559   
          

 

 

 
  

Mortgages - Other (0.6%)

       
  2,440       FDIC Guaranteed Notes Trust (b)      0.754(c)     02/25/48         2,446,114   
  2,730       GS Mortgage Securities Corp. II (b)      1.052(c)     11/08/29         2,747,978   
  455       Wells Fargo Mortgage Backed Securities Trust      4.423(c)     10/25/33         459,506   
          

 

 

 
  

Total Mortgages - Other (Cost $5,628,735)

          5,653,598   
          

 

 

 
  

Municipal Bonds (6.5%)

       
  3,615       Bay Area Toll Authority      6.263     04/01/49         4,948,899   
  3,875       City of New York, NY, Series G-1      5.968     03/01/36         4,950,816   
  3,060       City of San Francisco, CA, Public Utilities Commission Water Revenue      6.00     11/01/40         3,827,448   
  5,980       Los Angeles Unified School District      5.75     07/01/34         7,360,902   
  1,450       Metropolitan Transportation Authority      6.668     11/15/39         1,901,660   
  6,245       Missouri Highway & Transportation Commission      5.445     05/01/33         7,599,790   
  1,760       Municipal Electric Authority of Georgia      6.637     04/01/57         2,095,474   
  3,085            6.655     04/01/57         3,643,971   
  4,000       New Jersey Economic Development Authority      1.28(c)     06/15/13         4,001,520   
  1,360       New Jersey Transportation Trust Fund Authority      6.561     12/15/40         1,811,860   
  3,625       New York City, NY, Transitional Finance Authority Future Tax Secured Revenue      5.267     05/01/27         4,414,090   
  3,000       New York State Dormitory Authority      5.628     03/15/39         3,657,000   
  2,575       Oregon Department of Transportation      5.834     11/15/34         3,315,776   
   State of Washington        
  2,440            5.09     08/01/33         2,883,421   
  1,580            5.481     08/01/39         1,985,823   
          

 

 

 
  

Total Municipal Bonds (Cost $48,501,359)

          58,398,450   
          

 

 

 
  

Sovereign (5.6%)

       
  29,130       Egypt Government AID Bonds      4.45     09/15/15         31,987,595   
  14,175       Israel Government AID Bond      5.50     09/18/23         18,455,906   
          

 

 

 
  

Total Sovereign (Cost $44,158,564)

          50,443,501   
          

 

 

 
  

U.S. Agency Securities (3.8%)

       
   Private Export Funding Corp.        
  5,300            1.45     08/15/19         5,367,395   
  6,960            4.30     12/15/21         8,232,037   

Morgan Stanley U.S. Government Securities Trust

Portfolio of Investments ¡ March 28, 2013 (unaudited) R continued

 

 

PRINCIPAL
AMOUNT
    (000)     		            COUPON
RATE 		  MATURITY
DATE 		    VALUE  
   Tennessee Valley Authority       
  $  6,935            5.25  %     09/15/39      $ 8,883,368   
  8,085            7.125     05/01/30        12,201,785   
         

 

 

 
  

Total U.S. Agency Securities (Cost $29,632,501)

         34,684,585   
         

 

 

 
  

U.S. Treasury Securities (23.8%)

      
   U.S. Treasury Bonds       
  1,500            3.00     05/15/42        1,468,829   
  14,128            3.125     11/15/41        14,214,096   
   U.S. Treasury Notes       
  44,600            0.375     01/15/16        44,652,271   
  25,600            0.875     12/31/16        25,950,003   
  65,400            1.25     10/31/15        66,968,619   
  47,350               (f)      1.875     09/30/17        49,898,756   
  11,120            2.75     02/15/19        12,261,535   
         

 

 

 
  

Total U.S. Treasury Securities (Cost $214,450,431)

         215,414,109   
         

 

 

 
  

Short-Term Investments (9.2%)

      
   U.S. Treasury Security (4.1%)       
  37,000      

U.S. Treasury Bill (Cost $36,974,706) (g)

     0.109     11/14/13        36,974,951   
         

 

 

 
 
  		NUMBER OF
    SHARES (000)     		  
   		         
   Investment Company (5.1%)       
  45,838      

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (h)

     (Cost $45,838,047)

      45,838,047   
         

 

 

 
   Total Short-Term Investments (Cost $82,812,753)          82,812,998   
         

 

 

 
   Total Investments (Cost $926,935,300) (i)(j)        107.7 %      973,598,323   
   Liabilities in Excess of Other Assets        (7.7 )      (69,302,019 ) 
       

 

 

   

 

 

 
   Net Assets        100.0 %    $ 904,296,304   
       

 

 

   

 

 

 

 

 

FDIC      Federal Deposit Insurance Corporation.
IO      Interest Only.
PAC      Planned Amortization Class.
REMIC      Real Estate Mortgage Investment Conduit.
TBA      To Be Announced.
R      March 28, 2013 represents the last business day of the Fund’s quarterly period.
(a)      Security is subject to delayed delivery.
(b)      144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c)      Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on March 28, 2013.
(d)      Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 28, 2013.
(e)      For the three months ended March 28, 2013, the cost of purchases of Citigroup Commercial Mortgage Trust, Commercial Mortgage-Backed Securities, an affiliate of the Investment Adviser, Administrator and Distributor, was $1,329,385.
(f)      All or a portion of this security has been physically segregated in connection with open futures contracts.
(g)      Rate shown is the yield to maturity at March 28, 2013.
(h)      The Fund invests in the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Liquidity Funds with respect to assets invested by the Fund in the Liquidity Funds.
(i)      Securities are available for collateral in connection with securities purchased on a forward commitment basis, open futures contracts and swap agreements.
(j)      The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

Morgan Stanley U.S. Government Securities Trust

Portfolio of Investments ¡ March 28, 2013 (unaudited) R continued

 

Futures Contracts Open at March 28, 2013:

NUMBER OF
CONTRACTS 		   LONG/
SHORT 		  

DESCRIPTION,

DELIVERY MONTH

AND YEAR

   UNDERLYING
FACE
AMOUNT AT
VALUE 		    UNREALIZED
APPRECIATION
(DEPRECIATION) 		 

986

   Long    U.S. Treasury 5 yr. Note, Jun-13    $ 122,317,923      $ 100,579   

81

   Long    U.S. Treasury 2 yr. Note, Jun-13      17,856,703        (3,797 ) 

24

   Short    U.S. Treasury 10 yr. Note, Jun-13      (3,167,625 )      (13,500 ) 

89

   Short    U.S. Treasury 30 yr. Bond, Jun-13      (12,857,719 )      (31,289 ) 
          

 

 

 
      Net Unrealized Appreciation      $ 51,993   
          

 

 

 

Morgan Stanley U.S. Government Securities Trust

Portfolio of Investments ¡ March 28, 2013 (unaudited) R continued

 

Interest Rate Swap Agreements Open at March 28, 2013:

SWAP COUNTERPARTY    NOTIONAL
AMOUNT
(000) 		    

FLOATING RATE

INDEX

   PAY/RECEIVE
FLOATING RATE 		   FIXED RATE     TERMINATION
DATE 		   UNREALIZED
APPRECIATION
(DEPRECIATION) 		 

Bank of America

   $ 25,460       3 Month LIBOR    Receive      2.04 %    02/13/23    $ (183,332 ) 

Barclays Capital

     20,000       3 Month LIBOR    Receive      0.81      09/24/17      9,269   

Credit Suisse

     30,130       3 Month LIBOR    Receive      0.82      09/13/17      (9,273 ) 

Deutsche Bank

     51,059       3 Month LIBOR    Receive      0.82      07/24/17      (131,077 ) 

Goldman Sachs

     18,230       3 Month LIBOR    Receive      2.09      02/15/23      (216,550 ) 

Royal Bank of Canada

     10,180       3 Month LIBOR    Receive      2.06      02/06/23      (96,007 ) 
                

 

 

 
      Net Unrealized Depreciation         $ (626,970 ) 
                

 

 

 

 

 

LIBOR      London Interbank Offered Rate.

Morgan Stanley U.S. Government Securities Trust

Notes to Portfolio of Investments ¡ March 28, 2013 (unaudited)

Valuation of Investments - (1) Certain portfolio securities may be valued by an outside pricing service approved by the Fund’s Board of Trustees (the “Trustees”). The prices provided by a pricing service take into account broker-dealer market price quotations for trading in similar groups of securities, security quality, maturity, coupon and other security characteristics as well as any developments related to the specific securities; (2) portfolio securities for which over-the-counter market quotations are readily available are valued at the mean between the last reported bid and asked price; (3) futures are valued at the latest price published by the commodities exchange on which they trade; (4) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the “Adviser”), a wholly owned subsidiary of Morgan Stanley, determines that the market quotations are not reflective of a security’s fair value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees; (5) swaps are marked-to-market daily based upon quotations from market makers; (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (7) short-term debt securities having a maturity date of more than sixty days at time of purchase are valued on a mark-to-market basis until sixty days prior to maturity and thereafter at amortized cost based on their value on the 61st day. Short-term debt securities having a maturity date of sixty days or less at the time of purchase are valued at amortized cost, which approximates fair value.

Under procedures approved by the Trustees, the Fund’s Adviser has formed a Valuation Committee. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures, which are reviewed at least annually by the Trustees. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

Fair Valuation Measurements

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund’s investments as of March 28, 2013.

 

Investment Type   

Level 1
Unadjusted
quoted

prices

   

Level 2

Other
significant
observable

inputs

    Level 3
Significant
unobservable
inputs 		     Total  

Assets:

Fixed Income Securities

         

Agency Adjustable Rate Mortgages

   $ —              $ 8,261,546      $ —               $ 8,261,546   

Agency Bond—Banking (FDIC Guaranteed)

     —                2,126,696        —                 2,126,696   

Agency Bonds—Consumer Discretionary (U.S. Government Guaranteed)

     —                13,421,685        —                 13,421,685   

Agency Fixed Rate Mortgages

     —                339,931,867        —                 339,931,867   

Asset-Backed Securities

     —                39,764,507        —                 39,764,507   

Collateralized Mortgage Obligations—Agency Collateral Series

     —                102,080,222        —                 102,080,222   

Commercial Mortgage-Backed Securities

     —                20,604,559        —                 20,604,559   

Mortgages—Other

     —                5,653,598        —                 5,653,598   

Municipal Bonds

     —                58,398,450        —                 58,398,450   

Sovereign

     —                50,443,501        —                 50,443,501   

U.S. Agency Securities

     —                34,684,585        —                 34,684,585   

U.S. Treasury Securities

     —                215,414,109        —                 215,414,109   

Total Fixed Income Securities

     —                890,785,325        —                 890,785,325   

Short-Term Investments

         

U.S. Treasury Security

     —                36,974,951        —                 36,974,951   

Investment Company

     45,838,047        —                —                 45,838,047   

Total Short-Term Investments

     45,838,047        36,974,951        —                 82,812,998   

Futures Contracts

     100,579        —                —                 100,579   

Interest Rate Swap Agreements

     —                9,269        —                 9,269   

Total Assets

     45,938,626        927,769,545        —                 973,708,171   

Liabilities:

         

Futures Contracts

     (48,586 )      —                —                 (48,586 ) 

Interest Rate Swap Agreements

     —                (636,239 )      —                 (636,239 ) 

Total Liabilities

     (48,586 )      (636,239 )      —                 (684,825 ) 

Total

   $ 45,890,040      $ 927,133,306      $ —               $ 973,023,346   

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of March 28, 2013, the Fund did not have any investments transfer between investment levels.

Item 2. Controls and Procedures.

(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the Fund’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

Item 3. Exhibits.

(a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Morgan Stanley U.S. Government Securities Trust

 

/s/ Arthur Lev

Arthur Lev
Principal Executive Officer
May 21, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/ Arthur Lev
Arthur Lev
Principal Executive Officer
May 21, 2013

 

/s/ Francis Smith

Francis Smith
Principal Financial Officer
May 21, 2013
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