As filed with the Securities and Exchange Commission on March 21, 2013
Registration Nos.: 33-10363
811-4917
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 x
Pre-Effective Amendment No. o
Post-Effective Amendment No. 35 x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
ACT OF 1940 x
Amendment No. 36 x
Morgan Stanley Mortgage Securities Trust
(A Massachusetts business trust)
(Exact Name of Registrant as Specified in Charter)
522 Fifth Avenue
New York, New York 10036
(Address of Principal Executive Office)
Registrant's Telephone Number, Including Area Code: (212) 296-6970
Stefanie V. Chang Yu, Esq.
522 Fifth Avenue
New York, New York 10036
(Name and Address of Agent for Service)
Copy to:
Carl Frischling, Esq. Kramer Levin Naftalis & Frankel LLP 1177 Avenue of the Americas New York, New York 10036 |
Stuart M. Strauss, Esq. Dechert LLP 1095 Avenue of the Americas New York, New York 10036 |
Approximate Date of Proposed Public Offering:
As soon as practicable after this Post-Effective Amendment becomes effective.
It is proposed that this filing will become effective (check appropriate box)
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Immediately upon filing pursuant to paragraph (b) |
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On (date) pursuant to paragraph (b) |
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60 days after filing pursuant to paragraph (a)(1) |
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On (date) pursuant to paragraph (a)(1) |
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75 days after filing pursuant to paragraph (a)(2) |
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On (date) pursuant to paragraph (a)(2) of Rule 485. |
Amending the Prospectus and Updating Financial Statements
If appropriate, check the following box: |
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This post-effective amendment designates a new effective |
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date for a previously filed post-effective amendment. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 21st day of March 2013.
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MORGAN STANLEY MORTGAGE SECURITIES TRUST | ||
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By: |
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/s/ Arthur lev |
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Arthur Lev |
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President and Principal Executive Officer |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 35 has been signed below by the following persons in the capacities and on the dates indicated.
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(1) Principal Executive Officer |
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President and Principal |
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Executive Officer |
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By: |
/s/ Arthur Lev |
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Arthur Lev |
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March 21, 2013 | ||
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(2) Principal Financial Officer |
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Principal Financial Officer |
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/s/ Francis J. Smith |
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Francis J. Smith |
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March 21, 2013 | ||
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(3) Majority of the Trustees |
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James F. Higgins |
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By: |
/s/ Stefanie V. Chang Yu |
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Stefanie V. Chang Yu |
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Attorney-in-Fact |
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March 21, 2013 | ||
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Frank L. Bowman |
Michael F. Klein |
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Michael Bozic |
Michael E. Nugent (Chairman) |
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Kathleen A. Dennis |
W. Allen Reed |
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Manuel H. Johnson |
Fergus Reid |
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Joseph J. Kearns |
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By: |
/s/ Carl Frischling |
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Carl Frischling |
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Attorney-in-Fact |
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March 21, 2013 | ||
EXHIBIT INDEX
Index No. |
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Description of Exhibit |
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EX-101.INS |
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XBRL Instance Document |
EX-101.SCH |
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XBRL Taxonomy Extension Schema Document |
EX-101.CAL |
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XBRL Taxonomy Extension Calculation Linkbase |
EX-101.DEF |
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XBRL Taxonomy Extension Definition Linkbase |
EX-101.LAB |
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XBRL Taxonomy Extension Labels Linkbase |
EX-101.PRE |
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XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value | |||||||||||||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Morgan Stanley Mortgage Securities Trust | |||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Morgan Stanley Mortgage Securities Trust (the "Fund") seeks a high level of current income. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Morgan Stanley Funds. More information about these and other discounts is available from your financial advisor and in the "Share Class Arrangements" section beginning on page 30 of this Prospectus and in the "Purchase, Redemption and Pricing of Shares" section beginning on page 53 of the Fund's Statement of Additional Information ("SAI"). |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | |||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 238% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 238.00% | |||||||||||||||||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | Investments that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge ("CDSC") of 1.00% that will be imposed if you sell your shares within 18 months after purchase, except for certain specific circumstances. | |||||||||||||||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Morgan Stanley Funds. | |||||||||||||||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | |||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | |||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year, and the Fund's operating expenses remain the same (except for the ten-year amounts for Class B shares which reflect the conversion to Class A shares eight years after the end of the calendar month in which the shares were purchased). Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | If You SOLD Your Shares: | |||||||||||||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | If You HELD Your Shares: | |||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | |||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests at least 80% of its assets in mortgage-related securities. These mortgage-related securities may include mortgage-backed securities such as mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), stripped mortgage-backed securities ("SMBS"), commercial mortgage-backed securities ("CMBS") and inverse floating rate obligations ("inverse floaters"). In making investment decisions, the Adviser considers economic developments, interest rate levels and other factors. The Fund may invest in high yield securities (commonly referred to as "junk bonds"). The Fund is not limited as to the maturities or types of mortgage-backed securities in which it may invest. One type of mortgage-backed security in which the Fund may invest is a mortgage pass-through security, which represents a participation interest in a pool of residential mortgage loans originated by U.S. governmental or private lenders such as banks. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments made by the individual borrowers on the pooled mortgage loans. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities (collectively "Mortgage Assets"). CMOs are issued in multiple classes and each class has a fixed or floating rate and a stated maturity or final distribution date. Certain classes will have more predictable cash flows than others. The Fund may invest in any class of CMO. SMBS are derivative multi-class mortgage securities. A common type of stripped mortgage security will have one class receiving some of the interest and most of the principal from the Mortgage Assets, while the other class receives most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). CMBS are generally multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property, such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Inverse floaters are obligations which pay interest at rates that vary inversely with changes in market rates of interest. Because the interest rate paid to holders of such obligations is generally determined by subtracting a variable or floating rate from a predetermined amount, the interest rate paid to holders of such obligations will decrease as such variable or floating rate increases and increase as such variable or floating rate decreases. In many cases, the mortgage-backed securities in which the Fund invests will be U.S. government securities (including zero coupon securities). The Fund also may invest in other U.S. government securities, including, but not limited to, U.S. Treasury bills, notes and bonds, securities (including mortgage-backed securities) issued by agencies and instrumentalities of the U.S. Government which may or may not be backed by the full faith and credit of the United States, and securities issued by agencies and instrumentalities which are backed solely by the credit of the issuing agency or instrumentality. The Fund may also invest in asset-backed securities and restricted and illiquid securities. In addition, the Fund may invest up to 10% of its assets in foreign securities, including U.S. dollar-denominated securities issued in the U.S. capital markets by foreign issuers, some of which are commonly known as "Yankee Bonds" and non-U.S. dollar-denominated securities, including Eurobonds. The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. 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. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. 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. |
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Risk [Heading] | rr_RiskHeading | Principal Risks | |||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | There is no assurance that the Fund will achieve its investment objective and you can lose money investing in this Fund. The principal risks of investing in the Fund include: • Fixed-Income Securities. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). The Fund is not limited as to the maturities of the securities in which it may invest. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. • Mortgage-Backed Securities. Mortgage-backed securities entail prepayment risk, which generally increases during a period of falling interest rates. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage securities will increase and market price will decrease. Rates of prepayment, faster or slower than expected by the Adviser, could reduce the Fund's yield, increase the volatility of the Fund and/or cause a decline in net asset value. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of mortgage pools that include sub-prime mortgages. In addition, the Fund may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis ("TBAs"). Investments in TBAs may give rise to a form of leverage and may cause the Fund's portfolio turnover rate to appear higher. Leverage may cause the fund to be more volatile than if the Fund had not been leveraged. • CMOs. CMOs are comprised of various tranches, the expected cash flows on which have varying degrees of predictability as compared with the underlying Mortgage Assets. The less predictable the cash flow, the higher the yield and the greater the risk. In addition, if the collateral securing CMOs or any third-party guarantees are insufficient to make payments, the Fund could sustain a loss. • SMBS. Investments in each class SMBS are extremely sensitive to changes in interest rates. IOs tend to decrease in value substantially if interest rates decline and prepayment rates become more rapid. POs tend to decrease in value substantially if interest rates increase and the rate of prepayment decreases. If the Fund invests in SMBS and interest rates move in a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its investment. • CMBS. CMBS are subject to credit risk and prepayment risk. Although prepayment risk is present, it is of a lesser degree in CMBS than in the residential mortgage market; commercial real estate property loans often contain provisions which substantially reduce the likelihood that such securities will be prepaid (e.g., significant prepayment penalties on loans and, in some cases, prohibition on principal payments for several years following origination). • Inverse Floaters. Like most other fixed-income securities, the value of inverse floaters will decrease as interest rates increase. They are more volatile, however, than most other fixed-income securities because the coupon rate on an inverse floater typically changes at a multiple of the change in the relevant index rate. Thus, any rise in the index rate (as a consequence of an increase in interest rates) causes a correspondingly greater drop in the coupon rate of an inverse floater while a drop in the index rate causes a correspondingly greater increase in the coupon rate of an inverse floater. Some inverse floaters may also increase or decrease substantially because of changes in the rate of prepayments. • U.S. Government Securities. The U.S. government securities in which the Fund invests can be subject to two types of risk: credit risk and interest rate risk. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk associated with U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial. With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. • Asset-Backed Securities. Asset-backed securities involve the risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the securities being insufficient to support payment on the securities. Asset-backed securities also have risk characteristics similar to mortgage-backed securities. • Liquidity Risk. The Fund's investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Fund is forced to sell an illiquid security to fund redemptions or for other cash needs, it may be forced to sell the security at a loss. • High Yield Securities ("Junk Bonds"). The prices of these securities are likely to be more sensitive to adverse economic changes, resulting in increased volatility of market prices of these securities during periods of economic uncertainty, or adverse individual corporate developments, than higher-rated securities. In addition, during an economic downturn or substantial period of rising interest rates, junk bond issuers and, in particular, highly leveraged issuers may experience financial stress and an increased incidence of default. In the event of a default, the Fund may incur additional expenses to seek recovery. • Foreign Securities. Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, higher transaction and custody costs, decreased market liquidity and less government and exchange regulation associated with investments in foreign markets. In addition, investments in certain foreign markets, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets has increased probability that adverse developments and conditions in one country or region will affect the stability of economies and financial markets in other countries or regions. In addition, the Fund's investments may be denominated in foreign currencies and therefore, to the extent unhedged, the value of the investment will fluctuate with the U.S. dollar exchange rates. To the extent hedged by use of foreign currency forward exchange contracts, the precise matching of foreign currency forward exchange contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. There is additional risk that such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward exchange contracts create exposure to currencies in which the Fund's securities are not denominated. The use of foreign currency forward exchange contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. • Derivatives. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the other party to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which they relate, and risks that the transactions may not be liquid. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | There is no assurance that the Fund will achieve its investment objective and you can lose money investing in this Fund. | |||||||||||||||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. | |||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Past Performance | |||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's Class A shares' performance from year-to-year and by showing how the Fund's average annual returns for the one, five and 10 year periods compare with those of a broad measure of market performance, as well as an index that represents a group of similar mutual funds, over time. The performance of the other Classes will differ because the Classes have different ongoing fees. The performance information in the bar chart does not reflect the deduction of sales charges; if these amounts were reflected, returns would be less than shown. The Fund's returns in the table include the maximum applicable sales charge for each Class and assume you sold your shares at the end of each period (unless otherwise noted). The Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available online at www.morganstanley.com/im or by calling toll-free (800) 869-NEWS. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's Class A shares' performance from year-to-year and by showing how the Fund's average annual returns for the one, five and 10 year periods compare with those of a broad measure of market performance, as well as an index that represents a group of similar mutual funds, over time. | |||||||||||||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 869-NEWS | |||||||||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.morganstanley.com/im | |||||||||||||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. | |||||||||||||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | Annual Total Returns-Calendar Years* | |||||||||||||||||||||||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | The performance information in the bar chart does not reflect the deduction of sales charges; if these amounts were reflected, returns would be less than shown. | |||||||||||||||||||||||||
Bar Chart Footnotes [Text Block] | rr_BarChartFootnotesTextBlock | * The Fund previously disclosed the total return of Class B shares. However, Class B shares are closed to new investments. The bar chart now shows Class A shares which remain open to new investments. |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] | rr_BarChartReasonSelectedClassDifferentFromImmediatelyPrecedingPeriod | The Fund previously disclosed the total return of Class B shares. However, Class B shares are closed to new investments. The bar chart now shows Class A shares which remain open to new investments. | |||||||||||||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | High Quarter | |||||||||||||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2012 | |||||||||||||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 3.85% | |||||||||||||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Low Quarter | |||||||||||||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Mar. 31, 2008 | |||||||||||||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (4.75%) | |||||||||||||||||||||||||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | The Fund's returns in the table include the maximum applicable sales charge for each Class and assume you sold your shares at the end of each period (unless otherwise noted). | |||||||||||||||||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | |||||||||||||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. | |||||||||||||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns for the Fund's other Classes will vary from the Class A shares' returns. | |||||||||||||||||||||||||
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. | |||||||||||||||||||||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund's other Classes will vary from the Class A shares' returns. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns For Periods Ended December 31, 2012 | |||||||||||||||||||||||||
Barclays Capital Mortgage Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 2.59% | [1] | ||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 5.67% | [1] | ||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 5.08% | [1] | ||||||||||||||||||||||||
Lipper U.S. Mortgage Funds Index (reflects no deduction for taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 4.60% | [2] | ||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 5.56% | [2] | ||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 4.60% | [2] | ||||||||||||||||||||||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 4.25% | |||||||||||||||||||||||||
Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | [3] | ||||||||||||||||||||||||
Advisory Fee | rr_ManagementFeesOverAssets | 0.47% | |||||||||||||||||||||||||
Distribution and/or Shareholder Service (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | 0.25% | [4] | ||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.56% | |||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.28% | [5] | ||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.28%) | [5] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.00% | [5] | ||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 523 | |||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 730 | |||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 954 | |||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,598 | |||||||||||||||||||||||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 523 | |||||||||||||||||||||||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 730 | |||||||||||||||||||||||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 954 | |||||||||||||||||||||||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,598 | |||||||||||||||||||||||||
Annual Return 2003 | rr_AnnualReturn2003 | 1.84% | |||||||||||||||||||||||||
Annual Return 2004 | rr_AnnualReturn2004 | 3.82% | |||||||||||||||||||||||||
Annual Return 2005 | rr_AnnualReturn2005 | 2.31% | |||||||||||||||||||||||||
Annual Return 2006 | rr_AnnualReturn2006 | 3.49% | |||||||||||||||||||||||||
Annual Return 2007 | rr_AnnualReturn2007 | 5.20% | |||||||||||||||||||||||||
Annual Return 2008 | rr_AnnualReturn2008 | (8.64%) | |||||||||||||||||||||||||
Annual Return 2009 | rr_AnnualReturn2009 | 7.05% | |||||||||||||||||||||||||
Annual Return 2010 | rr_AnnualReturn2010 | 5.89% | |||||||||||||||||||||||||
Annual Return 2011 | rr_AnnualReturn2011 | 5.71% | |||||||||||||||||||||||||
Annual Return 2012 | rr_AnnualReturn2012 | 8.41% | |||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 3.80% | |||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 2.59% | |||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.95% | |||||||||||||||||||||||||
Class A | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 2.46% | [6] | ||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.29% | [6] | ||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 1.49% | [6] | ||||||||||||||||||||||||
Class A | After Taxes on Distributions and Sales
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 2.45% | |||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.42% | |||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 1.63% | |||||||||||||||||||||||||
Class B
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||||||||||||
Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 5.00% | [7] | ||||||||||||||||||||||||
Advisory Fee | rr_ManagementFeesOverAssets | 0.47% | |||||||||||||||||||||||||
Distribution and/or Shareholder Service (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | 0.85% | [4] | ||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.56% | |||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.88% | [5] | ||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.28%) | [5] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.60% | [5] | ||||||||||||||||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | The Class B CDSC is scaled down to 1.00% during the sixth year, reaching zero thereafter. See "Share Class Arrangements" for a complete discussion of the CDSC. | |||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 663 | |||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 805 | |||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,071 | |||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,740 | |||||||||||||||||||||||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 163 | |||||||||||||||||||||||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 505 | |||||||||||||||||||||||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 871 | |||||||||||||||||||||||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,740 | |||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 2.91% | |||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 2.53% | |||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.88% | [8] | ||||||||||||||||||||||||
Class L
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | [9] | ||||||||||||||||||||||||
Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | [9] | ||||||||||||||||||||||||
Advisory Fee | rr_ManagementFeesOverAssets | 0.47% | [9] | ||||||||||||||||||||||||
Distribution and/or Shareholder Service (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | 0.50% | [4],[9] | ||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.56% | [9] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.53% | [5],[9] | ||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.28%) | [5],[9] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.25% | [5],[9] | ||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 127 | [9] | ||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 397 | [9] | ||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 686 | [9] | ||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,511 | [9] | ||||||||||||||||||||||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 127 | [9] | ||||||||||||||||||||||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 397 | [9] | ||||||||||||||||||||||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 686 | [9] | ||||||||||||||||||||||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,511 | [9] | ||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 6.91% | [10] | ||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 2.91% | [10] | ||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.78% | [10] | ||||||||||||||||||||||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||||||||||||
Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||||||||||||
Advisory Fee | rr_ManagementFeesOverAssets | 0.47% | |||||||||||||||||||||||||
Distribution and/or Shareholder Service (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | none | [4] | ||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.56% | |||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.03% | [5] | ||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.28%) | [5] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.75% | [5] | ||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 77 | |||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 240 | |||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 417 | |||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 930 | |||||||||||||||||||||||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 77 | |||||||||||||||||||||||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 240 | |||||||||||||||||||||||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 417 | |||||||||||||||||||||||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 930 | |||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 8.74% | |||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 3.78% | |||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.66% | |||||||||||||||||||||||||
|