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SUPPLEMENT DATED JANUARY 21, 1997
TO PROSPECTUS DATED JANUARY 2, 1997
AGGRESSIVE EQUITY FUND
AMERICAN VALUE FUND
EQUITY GROWTH FUND
MID CAP GROWTH FUND
U.S. REAL ESTATE FUND
VALUE FUND
PORTFOLIOS OF THE
MORGAN STANLEY FUND, INC.
P.O. BOX 418256
KANSAS CITY, MISSOURI
64141
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As a result of a change in Portfolio Managers, the Prospectus is hereby
amended and supplemented as follows: Under the heading "Management of the
Company," the first paragraph on Page 29 is deleted and replaced with the
following:
AMERICAN VALUE FUND -- GARY G. SCHLARBAUM AND WILLIAM B. GERLACH. Gary G.
Schlarbaum, a Managing Director of Morgan Stanley, joined MAS in 1987. He
assumed responsibility for the MAS Funds Equity and Small Cap Value Portfolios
in 1987, the MAS Funds Balanced Portfolio in 1992 and the MAS Funds Multi-Asset-
Class and Mid Cap Value Portfolios in 1994. Mr. Schlarbaum also is a Director of
MAS Fund Distribution, Inc. He previously was with First Chicago Investment
Advisers and was a Professor at the Krannert Graduate School at Purdue
University. Mr. Schlarbaum holds a B.A. in Economics from Coe College and a
Ph.D. in Applied Economics from University of Pennsylvania. Mr. Schlarbaum
assumed primary responsibility for managing the Fund's assets in January, 1997.
Mr. Gerlach joined the Adviser in July, 1996 and has worked with the Adviser's
affiliate, Miller Anderson & Sherrerd, LLP ("MAS") for the past five years. He
became a portfolio manager of the Fund in November, 1996. Mr. Gerlach also
became a portfolio manager of the MAS Funds Small Cap Value and Mid Cap Value
Portfolios in 1996. Previously, he was with Alphametrics Corporation and Wharton
Econometric Forecasting Associates. Mr. Gerlach holds a B.A. in Economics from
Haverford College.
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