Closed-end investment companies like the Morgan Stanley Emerging Markets Fund, Inc. do not continuously offer shares to the public. Growth results from market appreciation, which benefits its shareholders. Wide dispersion that results from global diversification, reduces volatility, which gives the shareholder greater safety.
The Emerging Markets Equity team consists of portfolio managers and analysts, headed by James Cheng, and, Ana Cristina Piedrahita. The fund compares its performance to, the Morgan Stanley Capital International (MSCI) Emerging Markets Index, also run by Morgan Stanley. An emerging country as used by the company, is any country that The World Bank or similar major financial institution has determined to have a low or middle economy, or countries included in their own Index.
Shares of Morgan Stanley Emerging Markets Fund, Inc. (MSF) is traded on the New York Stock Exchange under the symbol “MSF.” Its investment objective is long-term capital appreciation through investments primarily in emerging country equity securities. The Fund may invest its assets in foreign real estate companies. It invests in industries, such as commercial banks, wireless telecommunication services, oil, gas and consumable fuels, insurance, pharmaceuticals, electric utilities, tobacco and semiconductors and semiconductor equipment. The Fund invests in the Morgan Stanley Institutional Liquidity Funds-Money Market Portfolio (the Liquidity Funds), a mutual fund managed by the Adviser. The Fund invests in Morgan Stanley Growth Fund, a mutual fund advised by an affiliate of the Adviser. As a result, the Fund and its stockholders, in effect, may be absorbing duplicate levels of fees with respect to investments in mutual funds. The Templeton Russia Fund (TRF) distributes essentially all of its realized income, and capital gains to shareholders each year.
Mark Mobius "World Outlook 2010" 
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