Morgan Stanley Emerging Markets Fund, Inc. (the Fund) is a diversified, closed-end management investment company. Its investment objective is long-term capital appreciation through investments primarily in emerging country equity securities. It may invest up to 10% of its net assets in foreign real estate companies. It invests in industries, such as commercial banks, wireless telecommunication services, oil, gas and consumable fuels, semiconductors and semiconductor equipment, and computers and peripherals. The Fund’s investment advisor and administrator is Morgan Stanley Investment Management Inc. Its sub-advisor is Morgan Stanley Investment Management Company. It invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Money Market Portfolio, an open-end management investment company managed by the advisor. The Fund invests in Morgan Stanley Growth Fund, a closed-end management investment company advised by an affiliate of the Fund’s investment advisor.