<PAGE>
SUPPLEMENT DATED SEPTEMBER 26, 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
-------------
The Prospectus is hereby amended and supplemented as follows:
The first sentence on the cover page is deleted and replaced by the
following to reflect the addition of two investment portfolios:
Morgan Stanley Fund, Inc. (the "Fund") is an open-end management
investment company, or mutual fund, which consists of seventeen
diversified and non-diversified investment portfolios.
The third sentence of the sixth paragraph on the cover page is deleted and
replaced by the following to reflect the addition of the Morgan Stanley
Government Obligations Money Market Fund and that the Morgan Stanley Growth and
Income and Morgan Stanley European Equity Funds are not currently offered:
The Fund currently offers the following portfolios: (i) GLOBAL AND
INTERNATIONAL EQUITY -- Morgan Stanley Global Equity Allocation, Morgan
Stanley Asian Growth, Morgan Stanley Emerging Markets, Morgan Stanley
Latin American, Morgan Stanley International Magnum and Morgan Stanley
Japanese Equity Funds; (ii) U.S. EQUITY -- Morgan Stanley American
Value, Morgan Stanley Aggressive Equity and Morgan Stanley U.S. Real
Estate Funds; (iii) GLOBAL FIXED INCOME -- Morgan Stanley Global Fixed
Income, Morgan Stanley Worldwide High Income and Morgan Stanley High
Yield Funds; and (iv) MONEY MARKET -- Morgan Stanley Money Market and
Morgan Stanley Government Obligations Money Market Funds.
The MONEY MARKET FUND section heading and information provided thereunder on
page 12 is deleted and replaced by the following to reflect the addition of the
Morgan Stanley Tax-Free Money Market and Morgan Stanley Government Obligations
Money Market Funds and to reflect changes to the description of the investment
objective of the Morgan Stanley Money Market Fund:
MONEY MARKET FUNDS:
-The MONEY MARKET FUND seeks to provide as high a level of current
interest income as is consistent with maintaining the liquidity and
stability of principal.
<PAGE>
-The TAX-FREE MONEY MARKET FUND seeks to provide as high a level of
current interest income exempt from regular federal income taxes as is
consistent with maintaining liquidity and stability of principal.
-The GOVERNMENT OBLIGATIONS MONEY MARKET FUND seeks to provide as high a
level of current interest income as is consistent with maintaining
liquidity and stability of principal.
The Growth and Income, European Equity and Tax-Free Money Market Funds are
currently not being offered.
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.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
SUPPLEMENT DATED SEPTEMBER 26, 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
-------------
The Prospectus is hereby amended and supplemented as follows:
The first sentence on the cover page is deleted and replaced by the
following to reflect the addition of two investment portfolios:
Morgan Stanley Fund, Inc. (the "Fund") is an open-end management
investment company, or mutual fund, which consists of seventeen
diversified and non-diversified investment portfolios.
The third sentence of the fifth paragraph on the cover page is deleted and
replaced by the following to reflect the addition of the Morgan Stanley
Government Obligations Money Market Fund and that the Morgan Stanley Growth and
Income and Morgan Stanley European Equity Funds are not currently offered:
The Fund currently offers the following portfolios: (i) GLOBAL AND
INTERNATIONAL EQUITY -- Morgan Stanley Global Equity Allocation, Morgan
Stanley Asian Growth, Morgan Stanley Emerging Markets, Morgan Stanley
Latin American, Morgan Stanley International Magnum and Morgan Stanley
Japanese Equity Funds; (ii) U.S. EQUITY -- Morgan Stanley American
Value, Morgan Stanley Aggressive Equity and Morgan Stanley U.S. Real
Estate Funds; (iii) GLOBAL FIXED INCOME -- Morgan Stanley Global Fixed
Income, Morgan Stanley Worldwide High Income and Morgan Stanley High
Yield Funds; and (iv) MONEY MARKET -- Morgan Stanley Money Market and
Morgan Stanley Government Obligations Money Market Funds.
The MONEY MARKET FUND section heading and information provided thereunder on
page 10 is deleted and replaced by the following to reflect the addition of the
Morgan Stanley Tax-Free Money Market and Morgan Stanley Government Obligations
Money Market Funds and to reflect changes to the description of the investment
objective of the Morgan Stanley Money Market Fund:
MONEY MARKET FUNDS:
-The MONEY MARKET FUND seeks to provide as high a level of current
interest income as is consistent with maintaining the liquidity and
stability of principal.
<PAGE>
-The TAX-FREE MONEY MARKET FUND seeks to provide as high a level of
current interest income exempt from regular federal income taxes as is
consistent with maintaining liquidity and stability of principal.
-The GOVERNMENT OBLIGATIONS MONEY MARKET FUND seeks to provide as high a
level of current interest income as is consistent with maintaining
liquidity and stability of principal.
The Growth and Income, European Equity and Tax-Free Money Market Funds are
currently not being offered.
The first sentence of the first full paragraph under the heading "INVESTMENT
OBJECTIVES AND POLICIES -- THE U.S. REAL ESTATE FUND" on page 17 is deleted and
replaced by the following to clarify that the Morgan Stanley U.S. Real Estate
Fund can invest in non-U.S. issuers principally engaged in the U.S. real estate
industry:
Under normal circumstances, at least 65% of the Investment Fund's total
assets will be invested in income producing equity securities of U.S.
and non-U.S. companies principally engaged in the U.S. real estate
industry.
REPLACEMENT OF PORTFOLIO MANAGER. Christian K. Stadlinger, the Portfolio
Manager of the Morgan Stanley American Value Fund, has resigned from Morgan
Stanley Asset Management Inc. Gary D. Haubold and William B. Gerlach are
replacing Mr. Stadlinger with 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 share primary responsibility for managing
the American Value Fund. 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 Econometric Forecasting Associates.
Mr. Gerlach received a B.A. in Economics from Haverford College.
----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
SUPPLEMENT DATED SEPTEMBER 26, 1996
TO PROSPECTUS DATED MAY 1, 1996
MORGAN STANLEY GLOBAL FIXED INCOME FUND
MORGAN STANLEY WORLDWIDE HIGH INCOME FUND
MORGAN STANLEY HIGH YIELD FUND
PORTFOLIOS OF THE
MORGAN STANLEY FUND, INC.
P.O. BOX 2798
BOSTON, MASSACHUSETTS
02208-2798
-------------
The Prospectus is hereby amended and supplemented as follows:
The first sentence on the cover page is deleted and replaced by the
following to reflect the addition of two investment portfolios:
Morgan Stanley Fund, Inc. (the "Fund") is an open-end management
investment company, or mutual fund, which consists of seventeen
diversified and non-diversified investment portfolios.
The third sentence of the sixth paragraph on the cover page is deleted and
replaced by the following to reflect the addition of the Morgan Stanley
Government Obligations Money Market Fund and that the Morgan Stanley Growth and
Income and Morgan Stanley European Equity Funds are not currently offered:
The Fund currently offers the following portfolios: (i) GLOBAL AND
INTERNATIONAL EQUITY -- Morgan Stanley Global Equity Allocation, Morgan
Stanley Asian Growth, Morgan Stanley Emerging Markets, Morgan Stanley
Latin American, Morgan Stanley International Magnum and Morgan Stanley
Japanese Equity Funds; (ii) U.S. EQUITY -- Morgan Stanley American
Value, Morgan Stanley Aggressive Equity and Morgan Stanley U.S. Real
Estate Funds; (iii) GLOBAL FIXED INCOME -- Morgan Stanley Global Fixed
Income, Morgan Stanley Worldwide High Income and Morgan Stanley High
Yield Funds; and (iv) MONEY MARKET -- Morgan Stanley Money Market and
Morgan Stanley Government Obligations Money Market Funds.
The MONEY MARKET FUND section heading and information provided thereunder on
page 10 is deleted and replaced by the following to reflect the addition of the
Morgan Stanley Tax-Free Money Market and Morgan Stanley Government Obligations
Money Market Funds and to reflect changes to the description of the investment
objective of the Morgan Stanley Money Market Fund:
MONEY MARKET FUNDS:
-The MONEY MARKET FUND seeks to provide as high a level of current
interest income as is consistent with maintaining the liquidity and
stability of principal.
<PAGE>
-The TAX-FREE MONEY MARKET FUND seeks to provide as high a level of
current interest income exempt from regular federal income taxes as is
consistent with maintaining liquidity and stability of principal.
-The GOVERNMENT OBLIGATIONS MONEY MARKET FUND seeks to provide as high a
level of current interest income as is consistent with maintaining
liquidity and stability of principal.
The Growth and Income, European Equity and Tax-Free Money Market Funds are
currently not being offered.
--------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
