<PAGE>
------------------------------------------------------------------
DIRECTORS OFFICERS
Barton M. Biggs James W. Grisham
CHAIRMAN OF THE BOARD VICE PRESIDENT
Chairman and Director, Morgan Stanley Asset Management Harold J. Schaaff, Jr.
Inc. and Morgan Stanley VICE PRESIDENT
Asset Management Limited; Managing Joseph P. Stadler
Director, Morgan Stanley & Co. Incorporated VICE PRESIDENT
Michael F. Klein Valerie Y. Lewis
DIRECTOR AND PRESIDENT SECRETARY
Principal, Morgan Stanley Asset Management Inc. and Karl O. Hartmann
Morgan Stanley & Co. Incorporated ASSISTANT SECRETARY
John D. Barrett II Joanna M. Haigney
Chairman and Director, TREASURER
Barrett Associates, Inc. Rene J. Feuerman
Gerard E. Jones ASSISTANT TREASURER
Partner, Richards & O'Neil LLP
Andrew McNally IV
Chairman and Chief Executive Officer, Rand McNally
Samuel T. Reeves
Chairman of the Board and Chief
Executive Officer,
Pinacle Trading L.L.C.
Fergus Reid
Chairman and Chief Executive Officer, LumeLite
Corporation
Frederick O. Robertshaw
Of Counsel, Copple, Chamberlin &
Boehm, P.C.
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INVESTMENT ADVISER AND ADMINISTRATOR
Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas
New York, New York 10020
---------------------------------------------------------
DISTRIBUTOR
Morgan Stanley & Co. Incorporated
1251 Avenue of the Americas
New York, New York 10020
---------------------------------------------------------
CUSTODIANS
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, NY 11245
Morgan Stanley Trust Company
One Pierrepont Plaza
Brooklyn, New York 11210
---------------------------------------------------------
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
2000 One Logan Square
Philadelphia, Pennsylvania 19103
---------------------------------------------------------
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
---------------------------------------------------------
For current performance, current net asset value, or for assistance with your
account, please contact the Fund at (800) 548-7786. This report is authorized
for distribution only when preceded or accompanied by prospectuses of the Morgan
Stanley Institutional Fund, Inc.
[LOGO] MORGAN STANLEY
INSTITUTIONAL FUND, INC.
P.O. Box 2798
Boston, MA 02208-2798
[LOGO] MORGAN STANLEY
INSTITUTIONAL FUND, INC.
INTERNATIONAL MAGNUM PORTFOLIO
THIRD QUARTER REPORT
SEPTEMBER 30, 1997
<PAGE>
LETTER TO SHAREHOLDERS
- -------
The International Magnum Portfolio seeks long-term capital appreciation by
investing primarily in equity securities of non-U.S. issuers in accordance with
the EAFE country weightings determined by the Adviser. The EAFE countries in
which the Portfolio will invest are those comprising the Morgan Stanley Capital
International (MSCI) EAFE Index, which includes Australia, Japan, New Zealand,
most nations located in Western Europe, and certain developed countries in Asia.
For the nine month and one year periods ended September 30, 1997, the Portfolio
had total returns of 15.29% and 20.12%, respectively, for the Class A shares and
15.24% and 19.91%, respectively, for the Class B shares compared to 10.42% and
12.18%, respectively, for the Morgan Stanley Capital International (MSCI) EAFE
Index (the "Index"). From inception on March 15, 1996 to
PERFORMANCE COMPARED TO THE MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI ) EAFE
INDEX(1)
- ----------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURNS(2)
-----------------------------------------
ONE AVERAGE ANNUAL
YTD YEAR SINCE INCEPTION
--------- ----------- -----------------
<S> <C> <C> <C>
PORTFOLIO--CLASS A............. 15.29% 20.12% 15.42%
PORTFOLIO--CLASS B............. 15.24 19.91 15.14
MSCI INDEX..................... 10.42 12.18 10.98
</TABLE>
1. The MSCI EAFE Index is an unmanaged index of common stocks and includes
Europe, Australasia and the Far East (includes dividends net of withholding
taxes).
2. Total returns for the Portfolio reflect expenses waived and reimbursed, if
applicable, by the Adviser. Without such waiver and reimbursement, total
returns would be lower.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
- ------------------------------
THE PERFORMANCE RESULTS PROVIDED ARE FOR INFORMATIONAL PURPOSES ONLY AND SHOULD
NOT BE CONSTRUED AS A GUARANTEE OF THE PORTFOLIO'S FUTURE PERFORMANCE. PAST
PERFORMANCE SHOWN IS NOT PREDICTIVE OF FUTURE PERFORMANCE. INVESTMENT RETURN AND
PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY
BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PLEASE SEE THE PROSPECTUS FOR A
DESCRIPTION OF CERTAIN RISK CONSIDERATIONS ASSOCIATED WITH INTERNATIONAL
INVESTING.
September 30, 1997, the average annual total return for Class A shares was
15.42% and for Class B shares was 15.14% compared to 10.98% for the Index. The
Portfolio faced a challenging quarter, as the Class A and Class B shares had a
total return of -0.65% for the three months ended September 30 versus a decline
of 0.70% for the benchmark MSCI EAFE Index.
The international markets experienced a volatile third quarter, with weakness in
the Pacific Rim offset by strength in Europe. The turmoil in the Pacific Rim
markets was sparked by the Thai devaluation of the baht on July 2. The baht,
which had been pegged to the U.S. dollar for years, had been under pressure for
some time as economic fundamentals between the U.S. and Thailand diverged. As a
result, in order to maintain the peg, Thai officials were forced to keep
interest rates unnaturally high--a move which further debilitated the already
troubled Thai economy.
The Thai troubles quickly spread throughout Southeast Asia to nations whose
economic predicament and lack of prudent political leadership resembled that in
Thailand. One by one, the governments of the Philippines, Indonesia and Malaysia
gave up defending their currencies, permitting the market to set their
currencies' foreign exchange rates. By the end of the quarter, the four nations'
currencies and stock markets each had devalued by more than 20%, with the
Malaysian, Philippine and Indonesian markets all down by more than 40% for the
quarter. The troubles in Southeast Asia had ramifications in other nations;
within Asia, even the healthiest, most liquid Asian markets of Hong Kong and
Singapore fell 1.8% and 7.5%, respectively as investors withdrew money from the
region overall.
The Southeast Asian crisis also could have a negative impact on Japan,
particularly on banks and exporters. Japanese banks have exposure to Asia,
although many of the loans are to Asian subsidiaries of Japanese corporations.
In addition, approximately 35-40% of Japanese exports go to Asia, and with the
Asian economies slowing down, the Japanese exports to the region should fall
somewhat. However, as many of these exports are parts rather than finished
goods, the overall impact on Japan's
2
<PAGE>
GDP is expected to be relatively small. The Japanese market did register a
nearly 13% decline in U.S. dollar terms during the quarter, but the fall was
primarily due to domestic factors, including weaker-than-expected consumer
spending resulting from April's increase in the consumption and other taxes.
Investors are concerned that the Japanese economic recovery has not really taken
hold, contributing to overall weak market sentiment. Export-oriented blue chip
stocks continued to outperform domestic oriented companies, and were further
helped by continued weakness in the yen.
Not all the news in the international markets was negative, however. Europe, in
fact, had a very strong quarter rising 8.3% overall and emerging unscathed from
the Asian turmoil. The European markets were led by the four Scandinavian
nations (Denmark, Norway, Finland and Sweden), which each posted double digit
gains for the quarter. The markets continue to be driven by continued
improvement in Europe's economies, low interest rates and a stronger U.S.
dollar. Corporate earnings continue to be healthy, helped by rising consumer
spending, increasing corporate investments, productivity gains, mergers and
acquisitions activity and corporate restructuring. The shareholder has become
increasingly important to European managements, and stock prices are rewarding
corporate directors for taking these positive moves. Despite this rosy outlook,
the accelerating European economies raise the longer term possibility of
inflation, and we expect the Bundesbank's recent interest rate hike may be the
first in a series over the coming months as a precautionary move to stem
inflation.
Against this backdrop, the Portfolio posted a small outperformance relative to
the benchmark EAFE Index in a down market. With the Asian and Japanese markets
both falling more than 12%, our exposure to these regions was a drag on
performance. While we did not have exposure to the majority of Asian markets as
they are considered "emerging markets" and therefore are outside our investment
universe, we did own Malaysian stocks at the beginning of the quarter. During
the quarter, we sold off almost all of our Malaysian holdings on the belief that
it could be some time before that market rebounds, particularly given that
nation's questionable leadership. Instead, we are now concentrating our smaller
Asian exposure in Australia, Hong Kong and Singapore. Despite the market drop in
Japan, our stock selection there continues to be very strong as we have held
export stocks instead of domestic oriented names or banks. Finally, our European
stocks performed relatively well in spite of weakness among smaller cap stocks
and our underweight in the United Kingdom, which rose nearly 12% for the
quarter. We have been reducing the magnitude of our U.K. underweight since the
beginning of the year as it has been one of the few markets where we have been
able to identify good, attractively priced companies.
Looking ahead to the last quarter of 1997, we believe that the worst of the
Asian turmoil should soon be behind us and expect to see increasing stability in
the currencies of the region, helped in part by the involvement of the
International Monetary Fund (IMF). Although it may be several months before the
Asian markets experience any type of meaningful recovery, we are keeping our
eyes open for opportunities to buy companies with good franchises and strong
managements at attractive prices. With respect to Japan, we feel that the
government will be forced to take some type of action by year end (such as a tax
cut) to help stimulate the domestic economy. We also believe that Prime Minister
Hashimoto is pushing for the right things (i.e., economic deregulation and
financial restructuring) which are critical to the long term health of the
Japanese economy and markets. Short term, however, as the domestic economic
picture remains weak, we will remain in export-oriented stocks which are
leveraged to the expanding global economy. We are also trimming back our
exposure to Japan. In Europe, we feel that the positive outlook has already been
priced into much of the market. We continue to search for inexpensive stocks,
although our task has become one of identifying relative value rather than
absolute value, as the European markets have become expensive overall.
Nonetheless, we still have been able to identify quality stocks, which has
prevented us from losing confidence despite the threat of rising interest rates.
Overall, we will continue to search for attractively priced, quality companies
throughout Europe, Asia and Japan, taking advantage of market opportunities as
we find them.
Francine J. Bovich
PORTFOLIO MANAGER
October 1997
3
<PAGE>
INVESTMENTS (UNAUDITED)
- ----------
SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
COMMON STOCKS (92.0%)
AUSTRALIA (2.0%)
83,200 Australia & New Zealand Banking
Group Ltd. $ 681
57,600 Commonwealth Bank Of Australia 712
32,630 Lend Lease Corp., Ltd. 776
46,030 National Australia Bank Ltd. 709
141,400 News Corp., Ltd. 726
---------
3,604
---------
AUSTRIA (0.6%)
12,500 Boehler-Uddeholm AG 1,051
---------
BELGIUM (0.6%)
20,425 G.I.B. Holdings Ltd. 1,053
---------
DENMARK (1.4%)
22,000 BG Bank A/S 1,259
17,300 Unidanmark A/S, Class A
(Registered) 1,119
---------
2,378
---------
FINLAND (2.5%)
26,900 Amer-Yhtymae Oy, Class A 585
16,800 Huhtamaki Oy, Series 1 660
3,850 Kone Oy, Class B 498
146,900 Merita Ltd., Class A 697
112,100 Rautaruukki Oy 1,208
49,800 Valmet Oj 814
---------
4,462
---------
FRANCE (6.7%)
4,100 Alcatel Alsthom 545
5,538 Banque Nationale de Paris 279
1,300 Bongrain 486
10,021 Cie de Saint Gobain 1,545
12,400 Elf Aquitaine 1,655
2,640 Eridania Beghin-Say 409
6,930 Groupe Danone 1,092
17,600 Lafarge 1,290
22,400 Legris Industries 910
8,200 SGS-Thompson Microelectronics N.V. 772
14,700 Total, Class B 1,682
54,900 Usinor Sacilor 1,109
---------
11,774
---------
GERMANY (5.7%)
29,000 BASF AG 1,049
24,650 Bayer AG 980
1,300 Buderus AG 662
58,100 Gerresheimer Glas AG 776
56,300 Lufthansa AG 1,107
12,720 Metro AG 585
2,200 Plettac AG 466
18,500 VEBA AG 1,079
2,900 Viag AG 1,298
2,800 Volkswagen AG 1,942
---------
9,944
---------
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
HONG KONG (3.2%)
110,000 Cheung Kong Holdings Ltd. $ 1,237
58,000 China Everbright Ltd. 106
68,000 China Merchants Holdings
International Co., Ltd. 157
144,000 China Resources Enterprise Ltd. 603
40,000 Cosco Pacific Ltd. 71
42,000 Dao Heng Bank Group Ltd. 189
75,000 Henderson Land Development Co.,
Ltd. 644
16,900 HSBC Holdings plc 566
61,000 Hutchison Whampoa Ltd. 601
23,000 Ka Wah Bank 55
81,000 New World Development Co., Ltd. 490
77,000 Shanghai Industrial Holdings Ltd. 479
33,000 Sun Hung Kai Properties Ltd. 388
---------
5,586
---------
ITALY (3.3%)
176,000 Editoriale L'Expresso S.p.A. 720
174,000 Magneti Marelli S.p.A. 331
89,000 Marzotto (Gaetano) & Figli S.p.A. 941
125,700 Mediaset S.p.A. 648
346,000 Sogefi S.p.A. 904
569,011 Telecom Italia S.p.A. Di Risp
(NCS) 2,214
---------
5,758
---------
JAPAN (27.5%)
103,000 Amada Co., Ltd. 596
78,000 Asahi Tec Corp. 222
55,000 Canon, Inc. 1,608
51,000 Dai Nippon Printing Co., Ltd. 1,090
137,000 Daicel Chemical Industries Ltd. 351
59,000 Daifuku Co., Ltd. 416
86,000 Daikin Industries Ltd. 542
10,020 FamilyMart 438
40,000 Fuji Machine Manufacturing Co. 1,451
35,000 Fuji Photo Film Ltd. 1,443
59,000 Fujitec Co., Ltd. 616
118,000 Fujitsu Ltd. 1,476
173,000 Furukawa Electric Co. 867
26,000 Hitachi Credit Corp. 515
154,000 Hitachi Ltd. 1,339
60,000 Inabata & Co. 333
170,000 Kaneka Corp. 1,084
41,000 Kurita Water Industries 818
17,300 Kyocera Ltd. 1,130
59,000 Kyudenko Co., Ltd. 337
30,000 Lintec 522
82,000 Matsushita Electric Industries
Ltd. 1,480
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
JAPAN (CONTINUED)
270,000 Mitsubishi Chemical Corp. $ 624
65,000 Mitsubishi Estate Co., Ltd. 947
184,000 Mitsubishi Heavy Industries Ltd. 1,007
58,000 Mitsumi Electric Co., Ltd. 1,225
24,000 Murata Manufacturing Co., Ltd. 1,037
124,000 NEC Corp. 1,510
47,000 Nifco, Inc. 330
15,000 Nintendo Corp., Ltd. 1,404
29,000 Nippon Pillar Packing 211
161 Nippon Telegraph & Telephone Corp. 1,480
126,000 Nissan Motor Co. 751
45,000 Nissha Printing 391
104,000 Obayashi Corp. 628
110,000 Ricoh Co., Ltd. 1,649
31,000 Rinnai Corp. 519
18,000 Sangetsu Co., Ltd. 291
46,000 Sankyo Co., Ltd. 1,592
82,000 Sanwa Shutter 584
79,000 Sekisui Chemical Co. 595
71,000 Sekisui House Ltd. 676
12,000 Shimamura Co., Ltd. 348
90,000 Shin-Etsu Polymer Co., Ltd. 364
18,700 Sony Corp. 1,765
81,000 Sumitomo Marine & Fire Insurance
Co. 560
67,000 Suzuki Motor Co., Ltd. 644
141,000 Taisei Corp., Ltd. 527
19,000 TDK Corp. 1,699
25,000 Tokyo Electron Ltd. 1,526
236,000 Toshiba Corp. 1,196
43,000 Toyota Motor Corp. 1,318
132,000 Tsubakimoto Chain 538
35,000 Yamaha Corp. 545
52,000 Yamanouchi Pharmaceutical Co. 1,283
---------
48,438
---------
MALAYSIA (0.0%)
6,000 Dialog Group Bhd 33
---------
NETHERLANDS (5.7%)
40,200 ABN Amro Holdings N.V. 814
10,200 Akzo Nobel N.V. 1,742
30,000 Hollandsche Beton Groep N.V. 618
33,775 ING Groep N.V. 1,551
15,800 KLM Royal Dutch Airlines N.V. 552
12,000 Koninklijke Bijenkorf Beheer N.V. 767
52,000 Koninklijke KNP BT N.V. 1,418
16,300 Koninklijke Van Ommeren N.V. 686
21,300 Philips Electronics N.V. 1,802
---------
9,950
---------
NEW ZEALAND (0.1%)
7,280 Fletcher Challenge Forests 9
91,000 Fletcher Challenge Paper 180
---------
189
---------
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
NORWAY (0.8%)
80,700 Den Norske Bank ASA $ 337
59,100 Saga Petroleum ASA, Class B 1,135
---------
1,472
---------
SINGAPORE (1.9%)
37,000 Advanced Systems Automation, Ltd. 106
69,000 Datacraft Asia Ltd. 219
34,000 Development Bank of Singapore Ltd.
(Foreign) 347
243,000 Electronic Resources Ltd. 442
48,040 Oversea-Chinese Banking Corp.
(Foreign) 333
146,000 Pacific Century Regional
Development 163
42,000 Parkway Holdings Ltd. 170
24,000 Singapore Press Holdings (Foreign) 353
13,000 Singapore Technologies Automotive
Ltd. 43
40,000 Singapore Technologies
Shipbuilding & Engineering Ltd. 73
283,000 Summit Holdings Ltd. 134
121,000 Super Coffeemix Manufacturing Ltd. 53
45,000 United Overseas Bank Ltd.
(Foreign) 332
47,000 Venture Manufacturing Ltd. 200
49,400 Want Want Holdings 125
69,000 Wing Tai Holdings Ltd. 143
---------
3,236
---------
SPAIN (2.9%)
37,800 Banco Bilbao Vizcaya (Registered) 1,163
98,000 Iberdrola 1,205
46,600 Telefonica de Espana 1,464
108,200 Uralita 1,254
---------
5,086
---------
SWEDEN (4.0%)
29,400 Esselte AB, Class B 864
45,600 Nordbanken AB 1,557
19,800 Pharmacia & Upjohn, Inc. 718
8,800 Skandia Forsakrings AB 393
24,000 S.K.F. AB, Class B 699
32,400 Sparbanken Sverige AB, Class A 781
37,700 Spectra-Physics AB, Class A 1,148
23,800 Svenska Handelsbanken, Class A 825
---------
6,985
---------
SWITZERLAND (7.6%)
640 Ascom Holdings AG (Bearer) 895
820 Baloise Holding, Ltd. (Registered) 1,268
660 Bobst AG (Bearer) 1,044
3,290 Forbo Holding AG (Registered) 1,278
1,650 Holderbank Financiere Glarus AG,
Class B (Bearer) 1,565
380 Magazine Globus (Participating
Certificates) 283
1,530 Nestle (Registered) 2,131
258 Novartis AG (Registered) 396
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
SWITZERLAND (CONTINUED)
150 Schindler Holding AG
(Participating Certificates) $ 177
665 Schindler Holding AG (Registered) 828
670 Schweizerische
Industrie-Gesellschaft Holdings
(Registered) 988
1,350 Sulzer AG (Registered) 1,027
4,400 Valora Holding AG 936
1,300 Zuerich Versicherung (Registered) 566
---------
13,382
---------
UNITED KINGDOM (15.5%)
206,744 Aggreko plc 560
114,000 Associated British Foods plc 997
75,789 Bank of Scotland 627
93,000 Bass plc 1,254
114,655 BAT Industries plc 1,005
131,600 BG plc 571
101,600 Booker plc 529
200,900 British Telecommunications plc 1,326
4,150 Bunzl plc 18
87,600 Burmah Castrol plc 1,563
42,300 Charter plc 565
206,744 Christian Salvesen plc 357
33,625 Commercial Union plc 437
18,900 Courtaulds Textiles plc 112
185,700 Grand Metropolitan plc 1,768
98,700 Great Universal Stores plc 1,091
232,400 Imperial Tobacco Group plc 1,391
275,761 John Mowlem & Co. plc 476
199,800 Kwik Save Group plc 1,112
136,000 Medeva, plc 461
81,800 Peninsular & Oriental Steam
Navigation Co. 874
50,300 Premier Farnell plc 431
122,400 Racal Electronic plc 500
101,396 Reckitt & Colman plc 1,559
176,438 Royal & Sun Alliance Insurance
Group plc 1,664
116,400 Scapa Group plc 442
144,100 Scottish Hydro-Electric plc 1,093
70,100 Southern Electric plc 529
138,900 Tate & Lyle plc 987
39,800 Unilever plc 1,163
113,100 Westminster Health Care Holdings
plc 547
294,800 WPP Group plc 1,326
---------
27,335
---------
TOTAL COMMON STOCKS (Cost $144,312) 161,716
---------
PREFERRED STOCKS (1.6%)
GERMANY (1.6%)
3,000 Dyckerhoff AG 1,040
12,700 Hornbach Holding AG 900
1,730 Suedzucker AG 872
---------
TOTAL PREFERRED STOCKS (Cost $2,493) 2,812
---------
<CAPTION>
VALUE
NO. OF WARRANTS (000)
- --------------- ---------
<C> <S> <C>
WARRANTS (0.0%)
MALAYSIA (0.0%)
17,000 Commerce Asset Holdings, Bhd,
expiring 3/16/02 $ 5
9,000 Rashid Hussain Bhd, expiring
3/25/02 7
---------
TOTAL WARRANTS (Cost $22) 12
---------
TOTAL FOREIGN SECURITIES (93.6%) (Cost $146,827) 164,540
---------
<CAPTION>
FACE AMOUNT
(000)
- ---------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (5.1%)
REPURCHASE AGREEMENT (5.1%)
$ 8,958 Chase Securities, Inc. 5.75%,
dated 09/30/97, due 10/01/97, to
be repurchased at $8,959,
collateralized by U.S. Treasury
Notes, 5.875%, due 01/31/99,
valued at $9,145 (Cost $8,958) 8,958
---------
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <C>
FOREIGN CURRENCY (1.4%)
AUD 1,168 Australian Dollar 847
ATS 1 Austrian Schilling --
BEF 6 Belgian Franc --
GBP 240 British Pound 387
DKK 70 Danish Krone 11
DEM 272 German Mark 154
JPY 351 Japanese Yen 3
NLG 399 Netherlands Guilder 200
SGD 100 Singapore Dollar 65
ESP 317 Spanish Peseta 2
SEK 1,497 Swedish Krona 197
CHF 1,053 Swiss Franc 724
---------
TOTAL FOREIGN CURRENCY (Cost $2,558) 2,590
---------
TOTAL INVESTMENTS (100.1%) (Cost $158,343) 176,088
---------
---------
OTHER ASSETS AND LIABILITIES (-0.1%)
Other Assets 10,285
Liabilities (10,508)
---------
(223)
---------
NET ASSETS (100%) $ 175,865
---------
---------
CLASS A:
NET ASSETS $143,113
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 11,707,433 outstanding $0.001 par
value shares (authorized 500,000,000 shares)
$12.22
---------
---------
CLASS B:
NET ASSETS $32,752
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 2,689,470 outstanding $0.001 par
value shares (authorized 500,000,000 shares)
$12.18
---------
---------
</TABLE>
- ----------------------------------
NCS -- Non Convertible Shares
6
