Supplement dated March 27, 1997
to the Prospectus dated January 2, 1997
Money Market Fund
Tax-Free Money Market Fund
Government Obligations Money Market Fund
Portfolios of the
Morgan Stanley Fund, Inc. (the "Fund")
P.O. Box 418256
Kansas City, Missouri
64141
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The Prospectus is hereby amended and supplemented as
follows: The following paragraph is added under the heading
"FINANCIAL HIGHLIGHTS" on Page 4 of the Prospectus:
Additionally, the following tables provide financial
highlights for the Morgan Stanley Money Market Fund and Morgan
Stanley Government Obligations Money Market Fund for the period
ended December 31, 1996 and is part of the Company's unaudited
financial statements which are included in the Company's
Statement of Additional Information.
Morgan Stanley
Morgan Stanley Government Obligations
Money Market Fund Money Market Fund
Six Months Ended Six Months Ended
December 31, 1996 December 31, 1996
(Unaudited) (Unaudited)
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Net Asset Value, Beginning
of Period........................ $1.00 $1.00
-------- --------
Income From Investment Operations
Net Investment Income............ 0.0224 0.0220
Net Realized and Unrealized
Gain (Loss)..................... - -
-------- --------
Total from Investment Operations 0.0224 0.0220
======== ========
Distributions
Net Investment Income............ (0.0224) (0.0220)
Net Realized Gain................ - -
-------- --------
Total Distributions............. (0.0224) (0.0220)
======== ========
Net Asset Value, End of Period.... $1.00 $1.00
======== ========
Total Return...................... 2.26% 2.20%
======== ========
Ratios and Supplemental Data
Net Assets, End of Period (000)... $254,854 $116,816
Ratio of Expenses to Average Net
Assets........................... 0.98%* 0.95%*
Ratio of Net Investment Income to
Average Net Assets............... 4.04%* 4.57%*
Ratios Before Expense Limitation:
Expenses to Average Net Assets... 0.97%* 1.10%*
Net Investment Income to
Average Net Assets............. 3.97%* 4.46%*
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* Annualized
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
