Morgan Stanley Emerging Markets Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is long-term capital appreciation through investments primarily in emerging country equity securities. The Fund may invest up to 10% of its net assets in foreign real estate companies. It invests in Morgan Stanley Growth Fund, an open-end management investment company, and the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio (the Liquidity Funds), which is an open-end management investment company. Morgan Stanley Investment Management Inc. (the Adviser) provides investment advisory services to the Fund. The Adviser has entered into a Sub-Advisory Agreement with Morgan Stanley Investment Management Company and Morgan Stanley Investment Management Ltd. (together, the Sub-Advisers), each a wholly owned subsidiary of Morgan Stanley.