UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Item 1 - Report to Shareholders

Morgan Stanley Emerging Markets Fund, Inc.

Directors

Frank L. Bowman

Kathleen A. Dennis

Nancy C. Everett

Jakki L. Haussler

James F. Higgins

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Michael E. Nugent,
Chair of the Board

W. Allen Reed

Fergus Reid

Officers

John H. Gernon

President and Principal
Executive Officer

Stefanie V. Chang Yu

Chief Compliance Officer

Joseph C. Benedetti

Vice President

Francis J. Smith

Treasurer and Principal
Financial Officer

Mary E. Mullin

Secretary

Adviser and Administrator

Morgan Stanley Investment Management Inc.

522 Fifth Avenue

New York, New York 10036

Sub-Advisers

Morgan Stanley Investment Management Company

23 Church Street

16-01 Capital Square, Singapore 049481

Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Stockholder Servicing Agent

Computershare Trust Company, N.A.

211 Quality Circle, Suite 210

College Station, Texas 77845

Legal Counsel

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Counsel to the Independent Directors

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

For additional Fund information, including the Fund's net asset value per share and information regarding the investments comprising the Fund's portfolio, please call toll free 1 (800) 231-2608 or visit our website at www.morganstanley.com/im. All investments involve risks, including the possible loss of principal.

© 2016 Morgan Stanley.

INVESTMENT MANAGEMENT

Morgan Stanley
Investment Management Inc.
Adviser

Morgan Stanley
Emerging Markets
Fund, Inc.
NYSE: MSF

Semi-Annual Report

June 30, 2016

CEMSFSAN
1560904 EXP 8.31.17

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Table of Contents

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Letter to Stockholders (unaudited)

Performance

For the six months ended June 30, 2016, the Morgan Stanley Emerging Markets Fund, Inc. (the "Fund") had total returns of 6.44%, based on net asset value, and 3.55% based on market value per share (including reinvestment of distributions), compared to its benchmark, the MSCI Emerging Markets Net Index (the "Index")*, which returned 6.41%. On June 30, 2016, the closing price of the Fund's shares on the New York Stock Exchange was $13.28, representing a 12.5% discount to the Fund's net asset value per share. Past performance is no guarantee of future results.

Factors Affecting Performance

•  Emerging markets (EM) equities returned 6.41% during the period, strongly outperforming developed market equities' 0.66% return, as measured by the Index and the MSCI World Index, respectively. Top performers in the Index were Peru (+50.13%), Brazil (+46.34%), Colombia (+25.98%), Thailand (20.20%) and Russia (20.43%). Laggards within the Index were Greece (-24.54%), Poland (-6.04%), Egypt (-5.06%) and China (-4.69%).

•  Country allocation contributed to the Portfolio's relative performance, while stock selection detracted overall. On an individual country basis, the aggregate effect of our underweight allocation and stock selection in China contributed the most, followed by stock selection in India. Our stock selection and overweight allocation in Peru also added value, as did our stock selection in Pakistan. Detracting from relative returns were our stock selection in Eastern Europe, Taiwan and Korea, and the combined effect of our underweight and stock selection in South Africa.

•  From a sector perspective, our stock selection in financials, consumer staples and information technology (IT) companies contributed the most to returns. Detracting from relative performance was our underweight to energy companies, along with our stock selection in and overweight allocation to industrials.

Management Strategies

•  As we have noted previously, several factors are likely to contribute to continued market volatility this year: chiefly, investors' comprehension of China's true economic growth trajectory, the potential for any depreciation of China's currency, and the economic outlook for the U.S., including the policy path of the Federal Reserve (Fed). While oil has recovered sharply off its lows, we note that its price has risen above its inflation-adjusted average price over the last 150 years, which is roughly $35 to $40.ⁱ Considering abundant supply and new entrants such as Iran, combined with the growth of alternatives such as fracking and weak economic growth globally, we do not expect oil or most commodities to enter a new period of further expansion.

•  Our concern about China has long been reflected in our underweight position. In our view, China will continue to slow economically as a result of its massive credit expansion, which began as an attempt to stimulate growth following the global financial crisis and had another boost in the first several months of 2016. While the recent easing of regulations regarding both the stock market and the property market contributed to a rally earlier in the year, the market cooled in May as investors more closely analyzed the viability of those moves. We continue to be concerned that while most EM currencies have experienced

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Letter to Stockholders (unaudited) (cont'd)

massive depreciations from their highs, the renminbi remains among the most expensive of EM currencies, particularly on a real effective exchange rate (REER) basis. Even in this environment, however, we see many compelling long-term structural growth opportunities.

•  As investors further digest these factors and as Chinese growth stabilizes at lower levels, we think EM equities will head toward an eventual important turning point even if precise timing is difficult to determine. What we think will prove a critical catalyst driving EM equities more consistently is when the market focuses on economic growth inflections in select EM countries shifting upward relative to the weaker prospects for many of the developed countries.

•  On our recent trip to Mexico, we observed that while growth dynamics appeared less positive than previously, they still look better than for much of the region. Fiscal tightening and lower oil production are having a dampening effect on growth, and the expected pickup in investment, particularly in the oil sector, is taking longer to flow through. However, successful energy auctions in December were encouraging and in the medium term should still be a positive for potential growth. Inflation is benign and we note healthy consumption, with confidence improving, and credit growth and consumer spending rising. We remain overweight the country.

•  Brazil has enjoyed a strong rally over optimism related to the prospect of political change. President Dilma Rouseff was removed from office in May for her impeachment trial and replaced by Vice President Michel Temer, who announced a market-friendly cabinet. The ongoing "Car Wash" corruption investigation still contributes to uncertainty regarding the outlook for critically needed reforms. Local business and consumer confidence is low, which bodes poorly for any recovery in investment or consumption in the near term. The one bright spot is that the difficult environment is providing opportunity for well-managed companies to gain market share and boost competiveness. Our stock selection in Brazil has been a source of positive returns for many years. With the market's initial reaction to the "Brexit" vote in mind, one of our investment team's important lessons from past periods of market volatility is not to react with immediate decisions to buy or sell stocks. We take a multi-year view in our country allocation decisions within the Portfolio, and generally at least an 18- to 24-month view in regard to stock holdings. Our focus will remain on the potential economic and earnings implications for our countries and stocks — beyond the initial spike in risk premium and contagion fears.

•  We remain overweight Central and Eastern Europe; the Philippines for its well-rounded growth, strong business outsourcing and strong consumption; and India as earnings and economic growth turns around, consumption picks up and credit penetration levels show signs of life from a low base. We have high conviction in maintaining zero allocation to Malaysia on corporate governance issues.

•  We returned from a recent visit to South Africa feeling like the worst might be behind us. Politics have taken center stage following President Zuma's attempt to remove the Minister of Finance and the country's top court ruling that the president violated the constitution over unpaid home improvements. While Zuma seems likely to last through the elections, there is growing probability he could be recalled by the African National Congress before their party conference at the end of 2017, thus

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Letter to Stockholders (unaudited) (cont'd)

increasing the chance of a change in government, which would be well-received by the market. The economy continues to have structural problems requiring fiscal reforms to correct but in the shorter term stagflation appears to be easing and the twin current account and fiscal deficits in the country should start to improve. In addition, the South African rand is cheap. We are just slightly underweight the country as we find compelling stock selection opportunities in the country.

•  From a thematic perspective, we continue to own and seek companies benefiting from the growth of the aging population, where demand is high for health care, consumer experiences and services, including travel and leisure activities, in contrast to the demand for consumer staples.

Sincerely,

John H. Gernon
President and Principal Executive Officer  July 2016

*The MSCI Emerging Markets Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Net Index currently consists of 23 emerging market country indices. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. It is not possible to invest directly in an index.

ⁱ Source: Morgan Stanley Investment Management

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Portfolio of Investments (unaudited)

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Portfolio of Investments (unaudited) (cont'd)

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Portfolio of Investments (unaudited) (cont'd)

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Portfolio of Investments (unaudited) (cont'd)

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Portfolio of Investments (unaudited) (cont'd)

(a)  Non-income producing security.

(b)  All or a portion of this security was on loan at June 30, 2016.

(c)  Security trades on the Hong Kong exchange.

(d)  Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.

(e)  Securities are available for collateral in connection with an open foreign currency forward exchange contract.

(f)  The approximate fair value and percentage of net assets, $167,115,000 and 76.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Portfolio of Investments (unaudited) (cont'd)

(g)  At June 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $42,446,000 and the aggregate gross unrealized depreciation is approximately $16,362,000 resulting in net unrealized appreciation of approximately $26,084,000.

ADR  American Depositary Receipt.

GDR  Global Depositary Receipt.

NVDR  Non-Voting Depositary Receipt.

PJSC  Public Joint Stock Company.

Foreign Currency Forward Exchange Contract:

The Fund had the following foreign currency forward exchange contract open at June 30, 2016:

EUR —  Euro

Portfolio Composition*

*  Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2016.

**  Industries and/or investment types representing less than 5% of total investments.

***  Does not include an open foreign currency forward exchange contract with unrealized appreciation of approximately $77,000.

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Financial Statements

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Financial Statements (cont'd)

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Financial Statements (cont'd)

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Financial Highlights

Selected Per Share Data and Ratios

(1)  Total investment return based on net asset value per share reflects the effects of changes in net asset value on the performance of the Fund during each period, and assumes dividends and distributions, if any, were reinvested. This percentage is not an indication of the performance of a stockholder's investment in the Fund based on market value due to differences between the market price of the stock and the net asset value per share of the Fund.

†  Per share amount is based on average shares outstanding.

‡  Amount is less than $0.005 per share.

+  The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

§  Amount is less than 0.005%.

#  Not annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Notes to Financial Statements (unaudited)

The Morgan Stanley Emerging Markets Fund, Inc. (the "Fund") was incorporated on August 27, 1991 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "Act"). The Fund applies investment company accounting and reporting guidance. The Fund's investment objective is long-term capital appreciation through investments primarily in emerging country equity securities. To the extent that the Fund invests in derivative instruments that the adviser, Morgan Stanley Investment Management Inc. (the "Adviser") and sub-advisers, Morgan Stanley Investment Management Company ("MSIM Company") and Morgan Stanley Investment Management Limited ("MSIM Limited") (together, the "Sub-Advisers"), believe have economic characteristics similar to emerging markets equity securities, such investments will be counted for purposes of meeting the Fund's investment objective. To the extent the Fund makes such investments, the Fund will be subject to the risks of such derivative instruments as described herein.

Effective June 30, 2016, Morgan Stanley Investment Management Limited is no longer a Sub-Adviser to the Fund.

A.  Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Fund in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at

the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Fund's Board of Directors (the "Directors"). Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Notes to Financial Statements (unaudited) (cont'd)

York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (4) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day; and (6) short-term debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such valuation does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser.

  The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Fund's Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Fund's Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

  The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards Codification^TM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or

Morgan Stanley Emerging Markets Fund, Inc.

June 30, 2016

Notes to Financial Statements (unaudited) (cont'd)

liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances

  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

  The following is a summary of the inputs used to value the Fund's investments as of June 30, 2016.