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SIGNATURE BELINDA A. BRADY
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878929
<NAME> MORGAN STANLEY EMERGING MARKETS FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 289,849
<INVESTMENTS-AT-VALUE> 438,233
<RECEIVABLES> 1,655
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 439,907
<PAYABLE-FOR-SECURITIES> 817
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<OTHER-ITEMS-LIABILITIES> 3,295
<TOTAL-LIABILITIES> 4,112
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 316,273
<SHARES-COMMON-STOCK> 20,495
<SHARES-COMMON-PRIOR> 21,455
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,509)
<ACCUMULATED-NET-GAINS> (26,357)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 147,388
<NET-ASSETS> 435,795
<DIVIDEND-INCOME> 4,279
<INTEREST-INCOME> 185
<OTHER-INCOME> 0
<EXPENSES-NET> (5,026)
<NET-INVESTMENT-INCOME> (562)
<REALIZED-GAINS-CURRENT> 29,969
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<TABLE>
<CAPTION>
Morgan Stanley Dean Witter Closed End Funds
Rule 10f-3 Transactions (Purchase of Securities by Fund From an Underwriting Syndicate in which an Affiliate is a Member)
January 1, 1999 through December 31, 1999
Date of Price Per Total % of Offering
Portfolio (Bu Offering Security Shares Share Value Purchased
<C> <C> <C> <C>
MS ASIA PACIFIC FUND, INC.
03/26/99 Korea Electric Power 496,500 $12.00 $5,958,000 0.791%
11/03/99 Gas Authority of India Limited 135,000 $9.67 $1,305,450 0.600%
11/12/99 I-Cable Communications 27,500 $27.00 $742,500 0.340%
05/25/99 Korea Telecom ADR 220,900 $27.56 $6,088,004 0.245%
07/05/99 Pohang Iron & Steel ADR 57,100 $32.75 $1,870,025 0.185%
07/12/99 PT Indofood Sukses Makmur 453,500 $1.24 $561,433 0.197%
09/16/99 Hyundai Motor GDR 444,000 $10.92 $4,848,480 0.970%
09/22/99 Icici Ltd. 42,300 $9.80 $414,540 0.151%
10/28/99 China Telecom 952,000 $3.10 $2,951,200 0.170%
MS EMERGING MARKETS FUND, INC.
03/26/99 Korea Electric Power 216,680 $12.00 $2,600,160 0.345%
11/16/99 Sappi LTD 80,800 $51.20 $4,136,960 0.208%
05/25/99 Korea Telecom ADR 185,900 $27.56 $5,123,404 0.206%
06/07/99 Amdocs Ltd. 56,300 $22.44 $1,263,231 0.282%
07/05/99 Pohang Iron & Steel ADR 34,000 $32.75 $1,113,500 0.110%
07/12/99 PT Indofood Sukses Makmur 314,000 $1.24 $388,732 0.137%
09/22/99 Icici Ltd. 61,615 $9.80 $603,827 0.220%
10/28/99 China Telecom 1,126,000 $3.10 $3,490,600 0.201%
MS EMERGING MARKETS DEBT FUND, INC.
01/07/99 Philippines Republic Global Bond,
9.875%, Due 01/15/19 2,150,000 $98.32 $2,113,837 0.043%
MS GLOBAL OPPORTUNITY BOND FUND, INC.
01/07/99 Philippines Republic Global Bond,
9.875%, Due 01/15/19 250,000 $98.32 $245,795 0.005%
AFRICA INVESTMENT FUND
11/16/99 Sappi LTD 480,000 $51.20 $24,576,000 1.238%
LATIN AMERICAN DISCOVERY FUND, INC.
05/25/99 Star Media 28,310 $15.00 $424,650 0.352%
06/29/99 Seminis 69,300 $15.00 $1,039,500 0.504%
08/05/99 Iusacell 124,060 $10.50 $1,302,630 0.906%
MSDW INDIA INVESTMENT FUND, INC.
09/28/99 Hughes Software Systems Ltd. 88,000 $14.51 $1,277,039 2.235%
</TABLE>
<TABLE>
<CAPTION>
Underwriter or Dealer Total Units
from Whom Purchased Offered
<S> <C> <C>
MS ASIA PACIFIC FUND, INC.
ING Baring 62,800,000
Jardine Flemming 22,500,000
Merrill Lynch 8,100,000
Daewoo Securities 90,191,012
Salomon Brothers 30,873,800
CS First Boston 230,000,000
Credit Swiss First Boston 45,788,000
Merrill Lynch- Hong Kong 27,950,311
Goldman Sachs 560,700,000
MS EMERGING MARKETS FUND, INC.
ING Baring 62,800,000
Deutche Bank 38,765,000
Daewoo Securities 90,191,012
Goldman Sachs 20,000,000
Salomon Brothers 30,873,800
CS First Boston 230,000,000
Merrill Lynch 27,950,311
Goldman Sachs 560,700,000
MS EMERGING MARKETS DEBT FUND, INC.
J.P. Morgan 5,000,000,000
MS GLOBAL OPPORTUNITY BOND FUND, INC.
J.P. Morgan 5,000,000,000
AFRICA INVESTMENT FUND
Deutche Bank 38,765,000
LATIN AMERICAN DISCOVERY FUND, INC.
Goldman Sachs 8,050,000
Goldman Sachs 13,750,000
JP Morgan Securities 13,700,000
MSDW INDIA INVESTMENT FUND, INC.
Kotak 3,937,500
* All transactions were completed in accordance with Rule 10f-3 and Board-approved Rule 10f-3 procedures.
</TABLE>
Report of Independent Accountants
To the Board of Directors and Shareholders
of Morgan Stanley Dean Witter Emerging Markets Fund, Inc.
In planning and performing our audits of the financial statements of Morgan
Stanley Dean Witter Emerging Markets Fund, Inc. (the "Company") for the year
ended December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
February 18, 2000
