<PAGE>
------------------------------------------------------------------
DIRECTORS OFFICERS
Barton M. Biggs Stefanie V. Chang
CHAIRMAN OF THE BOARD VICE PRESIDENT
Chairman and Director, Morgan Stanley Asset Management Harold J. Schaaff, Jr.
Inc. and Morgan Stanley Asset VICE PRESIDENT
Management Limited; Managing Director, Joseph P. Stadler
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
River Road Partners
Samuel T. Reeves
Chairman of the Board and Chief
Executive Officer,
Pinacle L.L.C.
Fergus Reid
Chairman and Chief Executive Officer, LumeLite
Plastics Corporation
Frederick O. Robertshaw
Of Counsel, Copple, Chamberlin &
Boehm, P.C.
------------------------------------------------------------------
INVESTMENT ADVISER AND ADMINISTRATOR
Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas
New York, New York 10020
---------------------------------------------------------
DISTRIBUTOR
Morgan Stanley & Co. Incorporated
1221 Avenue of the Americas
New York, New York 10020
---------------------------------------------------------
CUSTODIANS
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, New York 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
FIRST QUARTER REPORT
MARCH 31, 1998
<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 three months ended March 31, 1998, the Portfolio had a total return of
14.26% for the Class A shares and 14.30% for the Class B shares compared to
14.71% for the Morgan Stanley Capital International (MSCI) EAFE Index (the
"Index"). For the one year ended March 31,
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............. 14.26% 18.88% 14.48%
PORTFOLIO--CLASS B............. 14.30 18.63 14.18
MSCI INDEX..................... 14.71 18.61 11.19
</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.
1998, the Portfolio had a total return of 18.88% for Class A shares and 18.63%
for Class B shares compared to 18.61% for the Index. From inception on March 15,
1996 to March 31, 1998, the average annual total return of Class A shares was
14.48% and 14.18% for Class B shares compared to 11.19% for the Index.
The first quarter of 1998 witnessed a remarkable turnaround in international
equity markets after their poor showing in the fourth quarter of 1997. Investors
chose to overlook the turmoil in Asia and focused instead on the positive impact
European Monetary Union (EMU) was expected to have on Europe. The majority of
the European markets went on to set records in the quarter as Europe led the
EAFE Index for the quarter.
After confusion and disorder in Asian markets throttled world equity performance
last quarter, EAFE was only able to produce such successful returns this quarter
because investors became more sanguine in their views toward Asia. This was made
possible by two factors: renewed growth in Europe that appeared strong enough to
ignore Asian worries and positive moves on the policy front in Asia. In terms of
Asian policy, market participants were initially doubtful that the International
Monetary Fund (IMF) could correct the spreading contagion in Asia which had
begun with the currency crisis last spring in Thailand. After getting off to a
shaky start, the IMF's effective intervention seemed to calm the fears of
international investors. On the growth front, consumer sentiment in France,
which had already been robust, surprised on the upside, while consumers in the
United Kingdom continued to drive retail sales levels higher. Even the
long-quiet German consumers showed signs of stirring. In the end, this pickup in
demand proved a key ingredient in the formula for explosive performance by
European equities.
Europe as a region registered a 20.3% gain in dollar terms as the performances
of the individual countries were universally solid. The peripheral countries
were the main drivers of performance as Spain (+38.2%), Italy (+36.2%), Finland
(+34.2%) and Portugal (+32.8%) set the pace. The countries of "core" Europe also
performed
2
<PAGE>
very well: UK (+18.1%), Germany (+17.0%) and France (+24.9%). The business
services sector showed the strongest performance as the approach of deadlines
for both EMU and Year 2000 increased demand for computer consulting services.
Telecommunications stocks also did very well as 1998 brought the advent of the
liberalization of telecommunications services to Europe and focused investor
attention on the value in such stocks. British Telecom (+39.2%) and Telecom
Italia (+39.1%) led our performance in that industry. Financial stocks continued
to outperform as short term rates moved lower and restructuring, particularly
through mergers and acquisitions, continued at the furious pace set last quarter
by the UBS / SBC merger. Spain's Banco Bilbao Vizcaya (+45.6%) and the
Netherlands' ING Groep (+35.2%) were our best financial performers.
Though it enjoyed a modestly positive return, Japan had a very volatile quarter.
After having slumped almost 20% in the fourth quarter of 1997, the Japanese
market rebounded in January to produce a one month return of 8.9% as the promise
of new and better policies from Japanese politicians convinced investors that a
turn in the fortunes of the long stagnant Japanese economy was imminent. In a
turnabout from recent events in Japan, this rally saw domestic companies
outperform the highly touted international Japanese companies. That rally proved
short-lived, however (February returns were only 0.5%) as market participants
questioned whether Japanese politicians had the resolve to produce the
politically unpopular policies necessary to right their economy. As the first
quarter ended on a negative note (March's return was -6.9%) there was a
prevailing negative consensus surrounding Japan's prospects as investors were
disappointed at the politician's confounding inability to confront the nation's
banking problems or to present a meaningful fiscal package to stimulate the
domestic economy. By the end of the quarter the international companies were
again outperforming their domestic counterparts.
Although they did manage to reverse their staggering declines of 1997, Asian
markets remained volatile during the first quarter. In early January investors
attention was focused on Indonesia where President Suharto announced a budget in
which it appeared he would renege on promises he'd recently made to the IMF to
institute more austere fiscal policies. The international response was swift and
consistent: the IMF threatened to cut off all aid to Indonesia and international
investors sold both their Indonesian equity and currency holdings. Markets
throughout the region suffered, but in the next few weeks Indonesian President
Suharto seemed to recant his speech and altered his budget more to the IMF's
liking. Asian markets rallied from their lows, but then traded in narrow ranges
after their initial positive response to the resolution of the troubling events
in Indonesia. Malaysia's performance was particularly noteworthy, after having
fallen 38.4% in the fourth quarter, it rebounded to a 29.5% gain for the first
quarter. None of the other countries of the region were nearly as spectacular.
The Hong Kong market which plummeted nearly 29% in the fourth quarter recovered
to produce a 1.0% return in the first quarter of 1998. The Singapore market also
reversed course after having fallen 20.6% in the fourth quarter of 1997, it was
up 2.3% in the first quarter of 1998. Australia benefited from its status as
something of a safe haven of the region. It returned 9.1% for the first quarter.
U.S. dollar based returns in New Zealand were severely impaired by currency
depreciation in the New Zealand dollar, which fell after the announcement of the
worst current account deficit in that country's history during the quarter.
The Portfolio enjoyed good performance for the quarter, although it slightly
underperformed the Index. Our regional allocation, in which we were underweight
Asia and Japan versus Europe helped performance. Sector selection was slight
negative, particularly in Europe as we were underweight the bank and insurance
sectors which were among the strongest performers. Currency hedging, where we
hedged exposure to the yen and the deutschemark which both depreciated during
the quarter, added to performance.
During the quarter we increased our exposure to Europe based on the belief that
fears of an Asian induced slowdown in Europe were overdone and that European
Monetary Union would enhance prospects for the region. European holdings now
make up 73% of the Portfolio's investments versus 71% for the Index. In Japan we
remain underweight with a 18% position versus 22% for the Index. In Asia, we
have an underweight position as well with a 4% holding versus 7% for the Index.
3
<PAGE>
Going forward, Europe appears to offer the most attractive investment potential
as the approach of EMU hastens the pace of corporate restructuring, industry
consolidation and region-wide deregulation. These factors should continue to
drive the performance of equity investments higher. We will maintain our
underweight positions in Japan and Asia pending the implementation of
stimulative fiscal policies strong enough to bolster regional economic growth.
Francine J. Bovich
PORTFOLIO MANAGER
April 1998
4
<PAGE>
INVESTMENTS (UNAUDITED)
- ----------
MARCH 31, 1998
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
COMMON STOCKS (90.1%)
AUSTRALIA (1.8%)
83,200 Australia & New Zealand Banking
Group Ltd. $ 556
57,600 Commonwealth Bank Of Australia 684
29,980 Lend Lease Corp., Ltd. 698
27,030 National Australia Bank Ltd. 385
141,400 News Corp., Ltd. 933
41,700 Seven Network Ltd. 153
227,200 Telstra Corp., Ltd. (Installment
Receipts-Final Installment: AUD
1.35/share due 11/17/98) 585
---------
3,994
---------
AUSTRIA (0.6%)
17,700 Boehler-Uddeholm AG 1,200
---------
BELGIUM (0.7%)
29,225 G.I.B. Group 1,464
---------
DENMARK (1.2%)
20,400 BG Bank A/S 1,244
18,200 Unidanmark A/S, Class A
(Registered) 1,445
---------
2,689
---------
FINLAND (4.0%)
21,500 Huhtamaki Oyj, Series 1 1,168
11,555 Kone Oyj, Class B 1,565
194,300 Merita Ltd., Class A 1,170
54,050 Metra Oyj, Class B 1,319
195,000 Rautaruukki Oyj 1,623
31,500 The Rauma Group 584
73,375 Valmet Oyj 1,177
---------
8,606
---------
FRANCE (9.5%)
5,700 Alcatel Alsthom 1,070
1,360 Bongrain 694
15,521 Cie de Saint Gobain 2,556
19,600 Elf Aquitaine 2,570
26,400 France Telecom 1,393
9,830 Groupe Danone 2,374
21,100 Lafarge 1,795
35,400 Legris Industries 1,543
17,400 SGS-Thompson Microelectronics N.V. 1,368
8,700 Scor 499
20,700 Total, Class B 2,486
2,900 Union des Assurances Federales 477
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
101,900 Usinor Sacilor $ 1,704
---------
20,529
---------
GERMANY (7.6%)
49,900 BASF AG 2,207
34,850 Bayer AG 1,586
12,000 Bayerische Vereinsbank AG 857
3,823 Buderus AG 1,730
60,200 Gerresheimer Glas AG 798
17,920 Metro AG 791
4,520 Philipp Holzmann AG 1,051
9,490 Plettac AG 1,494
26,200 VEBA AG 1,868
3,200 Viag AG 1,760
3,100 Volkswagen AG 2,427
---------
16,569
---------
HONG KONG (1.3%)
54,000 Cheung Kong Holdings Ltd. 383
93,000 CLP Holdings Ltd. 468
2,000 Dao Heng Bank Group Ltd. 6
213,000 Hong Kong & China Gas Co., Ltd. 357
105,000 Hong Kong Electric Holdings Ltd. 360
133,200 Hong Kong Telecommunications Ltd. 275
17,700 HSBC Holdings plc 541
41,000 Hutchison Whampoa Ltd. 288
137,000 Ng Fung Hong Ltd. 134
16,000 Television Broadcasts Ltd. 42
---------
2,854
---------
ITALY (4.8%)
363,800 Magneti Marelli S.p.A. 1,128
98,100 Marzotto (Gaetano) & Figli S.p.A. 1,501
178,900 Mediaset S.p.A. 1,132
457,600 Sogefi S.p.A. 2,029
757,011 Telecom Italia S.p.A. Di Risp
(NCS) 4,638
---------
10,428
---------
JAPAN (17.1%)
14,000 Aiwa Co., Ltd. 393
126,000 Amada Co., Ltd. 562
10,000 Autobacs Seven Co., Ltd. 358
53,000 Canon, Inc. 1,196
50,000 Casio Computer Co., Ltd. 431
47,000 Dai Nippon Printing Co., Ltd. 775
187,000 Daicel Chemical Industries Ltd. 373
106,000 Daifuku Co., Ltd. 439
100,000 Daikin Industries Ltd. 460
10,020 Family Mart Co., Ltd. 376
44,000 Fuji Machine Manufacturing Co. 1,165
28,000 Fuji Photo Film Ltd. 1,041
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
JAPAN (CONTINUED)
59,000 Fujitec Co., Ltd. $ 386
113,000 Fujitsu Ltd. 1,178
153,000 Furukawa Electric Co. 604
33,000 Hitachi Credit Corp. 562
169,000 Hitachi Ltd. 1,229
60,000 Inabata & Co. 225
130,000 Kaneka Corp. 681
36,000 Kurita Water Industries 378
17,300 Kyocera Corp. 908
59,000 Kyudenko Co., Ltd. 391
25,000 Lintec Corp. 319
82,000 Matsushita Electric Industrial
Co., Ltd. 1,316
212,000 Mitsubishi Chemical Corp. 390
57,000 Mitsubishi Estate Co., Ltd. 556
196,000 Mitsubishi Heavy Industries Ltd. 745
54,000 Mitsumi Electric Co., Ltd. 773
19,000 Murata Manufacturing Co., Ltd. 524
112,000 NEC Corp. 1,125
47,000 Nifco, Inc. 338
12,000 Nintendo Corp., Ltd. 1,035
29,000 Nippon Pillar Packing 152
127 Nippon Telegraph & Telephone Corp. 1,057
130,000 Nissan Motor Co. 497
45,000 Nissha Printing Co., Ltd. 274
23,000 Ono Pharmaceutical Co., Ltd. 498
110,000 Ricoh Co., Ltd. 1,105
41,000 Rinnai Corp. 646
18,000 Sangetsu Co., Ltd. 236
45,000 Sankyo Co., Ltd. 1,249
74,000 Sanwa Shutter Corp. 388
65,000 Sekisui Chemical Co. 368
43,000 Sekisui House Co., Ltd. 352
16,000 Shimamura Co., Ltd. 356
90,000 Shin-Etsu Polymer Co., Ltd. 331
15,700 Sony Corp. 1,330
31,000 Sumitomo Marine & Fire Insurance
Co. 192
64,000 Suzuki Motor Co., Ltd. 600
16,000 TDK Corp. 1,236
27,000 Tokyo Electron Ltd. 909
269,000 Toshiba Corp. 1,089
41,000 Toyota Motor Corp. 1,091
158,000 Tsubakimoto Chain Co. 543
41,000 Yamaha Corp. 400
46,000 Yamanouchi Pharmaceutical Co. 1,056
---------
37,187
---------
MALAYSIA (0.1%)
12,000 Carlsberg Brewery Malaysia Bhd 47
22,000 Guinness Anchor Bhd 36
17,000 Nestle (Malaysia) Bhd 94
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
11,000 Rothmans of Pall Mall (Malaysia)
Bhd $ 92
---------
269
---------
NETHERLANDS (5.7%)
56,900 ABN Amro Holding N.V. 1,313
11,000 Akzo Nobel N.V. 2,235
30,000 Hollandsche Beton Groep N.V. 586
48,905 ING Groep N.V. 2,775
12,000 Koninklijke Bijenkorf Beheer N.V. 843
73,600 Koninklijke KNP BT N.V. 1,935
20,400 Koninklijke Van Ommeren N.V. 862
25,900 Philips Electronics N.V. 1,901
---------
12,450
---------
NEW ZEALAND (0.1%)
127,000 AMP NZ Office Trust 77
7,280 Fletcher Challenge Forest 5
20,000 Telecom Corp. of New Zealand Ltd. 95
---------
177
---------
NORWAY (0.9%)
94,000 Saga Petroleum ASA, Class B 1,504
15,900 Sparebanken NOR 494
---------
1,998
---------
SINGAPORE (0.4%)
10,100 Creative Technology Ltd. 223
49,000 Natsteel Electronics Ltd. 95
12,760 Singapore Press Holdings Ltd. 146
53,000 United Overseas Bank Ltd.
(Foreign) 294
35,000 Venture Manufacturing Ltd. 130
---------
888
---------
SPAIN (3.6%)
53,600 Banco Bilbao Vizcaya (Registered) 2,517
138,700 Iberdrola 2,108
33,350 Telefonica de Espana 1,471
127,700 Uralita 1,717
---------
7,813
---------
SWEDEN (4.9%)
71,800 Esselte AB, Class B 1,639
27,900 ForeningsSparbanken AB 920
422,000 Nordbanken Holding AB 2,798
35,600 Pharmacia & Upjohn, Inc. 1,536
13,500 PLM AB 227
24,700 S.K.F. AB, Class B 586
44,000 Spectra-Physics AB, Class A 881
15,500 Svedala Indrustri AB 312
36,100 Svenska Handelsbanken, Class A 1,671
---------
10,570
---------
SWITZERLAND (7.8%)
540 Ascom Holdings AG (Bearer) 1,129
790 Bobst AG (Bearer) 1,508
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
SWITZERLAND (CONTINUED)
333 Cie Financiere Richemont AG, Class
A $ 448
4,270 Forbo Holding AG (Registered) 2,356
2,300 Holderbank Financiere Glarus AG,
Class B (Bearer) 2,415
2,160 Nestle (Registered) 4,129
150 Schindler Holding AG
(Participating Certificates) 218
895 Schindler Holding AG (Registered) 1,321
900 SIG-Schweizerische Industrie-
Gesellschaft Holdings AG
(Registered) 1,406
423 Sulzer AG (Registered) 331
6,900 Valora Holding AG (Registered) 1,734
---------
16,995
---------
UNITED KINGDOM (18.0%)
13,944 Aggreko plc 41
204,517 BG plc 1,063
111,112 Bank of Ireland 2,205
129,683 Bank of Scotland 1,536
2,227 B.A.T. Industries plc 23
74,700 Booker plc 318
178,200 British Telecommunications plc 1,941
173,600 Bunzl plc 803
132,600 Burmah Castrol plc 2,707
46,600 Capital Radio plc 555
161,000 Charter plc 1,859
147,444 Christian Salvesen plc 282
61,325 Commercial Union plc 1,198
35,600 Danka Business Systems plc 161
148,436 Diageo plc 1,749
169,500 Glynwed International plc 810
149,400 Great Universal Stores plc 1,857
291,000 Imperial Tobacco Group plc 2,141
275,761 John Mowlem & Co. plc 568
50,600 Lonrho plc 92
317,600 Medeva plc 889
123,900 Peninsular & Oriental Steam
Navigation Co. 1,859
146,900 Premier Farnell plc 944
1,549,000 Premier Oil plc 1,013
153,496 Reckitt & Colman plc 2,848
178,789 Royal & Sun Alliance Insurance
Group plc 2,280
541,000 Scapa Group plc 1,718
111,200 Tate & Lyle plc 971
130,300 Unilever plc 1,234
132,900 Westminster Health Care Holdings
plc 905
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
446,400 WPP Group plc $ 2,544
---------
39,114
---------
TOTAL COMMON STOCKS (Cost $169,666) 195,794
---------
PREFERRED STOCKS (1.9%)
GERMANY (1.9%)
3,550 Dyckerhoff AG 985
16,000 Hornbach Holding AG 1,237
3,600 Suedzucker AG 1,812
---------
TOTAL PREFERRED STOCKS (Cost $3,841) 4,034
---------
<CAPTION>
NO. OF
RIGHTS
- ---------------
<C> <S> <C>
RIGHTS (0.0%)
FRANCE (0.0%)
21,100 Lafarge, expiring 4/14/98 28
---------
GERMANY (0.0%)
3,100 Volkswagen AG, expiring 4/7/98 54
---------
TOTAL RIGHTS (Cost $0) 82
---------
<CAPTION>
FACE
AMOUNT
(000)
- ---------------
<C> <S> <C>
CORPORATE BOND (0.0%)
NEW ZEALAND (0.0%)
NZD 127 AMP NZ Office Trust 7.50%, 6/30/03
(Cost $75) 74
---------
TOTAL FOREIGN SECURITIES (92.0%) (Cost $173,582) 199,984
---------
SHORT-TERM INVESTMENT (6.2%)
REPURCHASE AGREEMENT (6.2%)
$ 13,355 Chase Securities, Inc. 5.60%,
dated 3/31/98, due 4/01/98, to be
repurchased at $13,357,
collateralized by U.S. Treasury
Bills, due 6/11/98, valued at
$13,779 (Cost $13,355) 13,355
---------
FOREIGN CURRENCY (1.0%)
AUD 44 Australian Dollar 29
BEF 180 Belgian Franc 5
GBP 868 British Pound 1,455
DKK 205 Danish Krone 29
FIM 879 Finnish Markka 157
HKD 59 Hong Kong Dollar 7
JPY 363 Japanese Yen 3
MYR 1,035 Malaysian Ringgit 283
NLG 315 Netherlands Guilder 151
NZD 2 New Zealand Dollar 1
---------
TOTAL FOREIGN CURRENCY (Cost $2,129) 2,120
---------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
VALUE
(000)
---------
<C> <S> <C>
TOTAL INVESTMENTS (99.2%) (Cost $189,066) $ 215,459
---------
OTHER ASSETS AND LIABILITIES (0.8%)
Other Assets 50,213
Liabilities (48,390)
---------
1,823
---------
NET ASSETS (100%) $ 217,282
---------
---------
CLASS A:
NET ASSETS $ 185,726
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 14,952,263 outstanding $0.001 par
value shares (authorized 500,000,000 shares)
$12.42
---------
---------
CLASS B:
NET ASSETS $31,556
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 2,546,948 outstanding $0.001 par
value shares (authorized 500,000,000 shares)
$12.39
---------
---------
</TABLE>
- ----------------------------------
NCS -- Non Convertible Shares
8
