<PAGE>
SUPPLEMENT DATED AUGUST 19, 1996
TO PROSPECTUS DATED MAY 1, 1996
MORGAN STANLEY GLOBAL EQUITY ALLOCATION FUND
MORGAN STANLEY ASIAN GROWTH FUND
MORGAN STANLEY EMERGING MARKETS FUND
MORGAN STANLEY LATIN AMERICAN FUND
MORGAN STANLEY INTERNATIONAL MAGNUM FUND
MORGAN STANLEY JAPANESE EQUITY FUND
PORTFOLIOS OF THE
MORGAN STANLEY FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
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The Prospectus is hereby amended and supplemented to reflect the addition of
a Portfolio Manager to the Morgan Stanley Emerging Markets Fund.
ADDITION OF PORTFOLIO MANAGER. Marianne L. Hay has joined Madhav Dhar as a
portfolio manager with primary responsibility for managing the assets of the
Emerging Markets Fund Accordingly, the second full paragraph on p. 39 of the
Prospectus is deleted and replaced with the following paragraph:
EMERGING MARKETS FUND -- MADHAV DHAR AND MARIANNE L. HAY.
Information about Madhav Dhar is included under the Global Equity
Allocation Fund above. Mr. Dhar has had primary responsibility for
managing the Investment Fund's assets since its inception. Marianne L.
Hay, a Managing Director of Morgan Stanley & Co. Incorporated, shares
primary responsibility for managing the Investment Fund's assets. She
joined the Adviser in June 1993 to work with the Adviser's senior
management covering all emerging markets. asset allocation, product
development and client services. Ms Hay has 17 years of investment
experience. Prior to joining the Adviser, she was a director of Martin
Currie Investment Management, Ltd. where her responsibilities included
geographic asset allocation and portfolio management for global and
emerging markets funds, as well as being director in charge of the
company's North American clients. Prior to her tenure at Martin Currie
Investment Management, Ltd she worked for the Bank of Scotland and the
investment management firm of Ivory and Sime plc. She graduated with an
honors degree in genetics from Edinburgh University and holds a Diploma
in Education and the qualification of the Association of the Institute
of Bankers in Scotland.
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<PAGE>
SUPPLEMENT DATED AUGUST 19, 1996
TO PROSPECTUS DATED MAY 1, 1996
MORGAN STANLEY AMERICAN VALUE FUND
MORGAN STANLEY AGGRESSIVE EQUITY FUND
MORGAN STANLEY U.S. REAL ESTATE FUND
PORTFOLIOS OF THE
MORGAN STANLEY FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
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The Prospectus is hereby amended and supplemented to reflect a change in
Portfolio Managers for the Morgan Stanley American Value Fund.
REPLACEMENT OF PORTFOLIO MANAGER. Christian K. Stadlinger, the Portfolio
Manager of the Morgan Stanley American Value Fund, resigned from Morgan Stanley
Asset Management Inc. in August, 1996. Gary D. Haubold and William B. Gerlach
have replaced Mr. Stadlinger and now have primary responsibility for managing
the assets of the Morgan Stanley American Value Fund. Accordingly, the last
paragraph on p. 29 is deleted and replaced with the following paragraph:
AMERICAN VALUE FUND -- GARY D. HAUBOLD AND WILLIAM B. GERLACH.
Messrs Haubold and Gerlach have shared primary responsibility for
managing the American Value Fund since August, 1996. Mr. Haubold joined
the Adviser in July, 1996 and has served as a portfolio manager with the
Adviser's affiliate, Miller Anderson & Sherrerd, LLP for the past three
years. Prior thereto, Mr. Haubold held several positions at Wood,
Struthers & Winthrop including Vice President and Director of Equity
Research, Portfolio Manager and Senior Vice President. Mr. Haubold has a
B.S. degree (Magna Cum Laude) in Civil Engineering from Rice University
and an M.B.A. from the University of Pennsylvania -- The Wharton School.
In addition, Mr. Haubold is a member of the New York Society of Security
Analysts and is a Certified Financial Analyst. Mr. Gerlach joined the
Adviser in July, 1996 and has worked with the Adviser's affiliate,
Miller Anderson & Sherrerd, LLP for the past five years. Previously, he
was with Alphametrics Corporation and Wharton Economectric Forecasting
Associates. Mr. Gerlach received a B.A. in Economics from Haverford
College.
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