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FOR MARYLAND INVESTORS
SUPPLEMENT DATED JULY 17, 1996
TO PROSPECTUS DATED MAY 1, 1996 OF
MORGAN STANLEY FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
The Prospectus dated May 1, 1996 of the MORGAN STANLEY AMERICAN VALUE,
MORGAN STANLEY AGGRESSIVE EQUITY and MORGAN STANLEY U.S. REAL ESTATE FUNDS of
the MORGAN STANLEY FUND, INC. is hereby amended and supplemented by the
following:
The following is added to the end of the first paragraph in the "INVESTMENT
OBJECTIVES AND POLICIES -- THE AGGRESSIVE EQUITY FUND" section on page 14:
Equity-linked securities, such as ELKS, LYONs and PERCS, are
derivatives, which are financial instruments that derive their
value from the value of an underlying asset, reference rate or
index. See "ADDITIONAL INVESTMENT INFORMATION -- CONVERTIBLE
SECURITIES, WARRANTS AND EQUITY-LINKED SECURITIES" and "--
DERIVATIVES" below.