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Funds Holding MSCI Inc
Every registered fund lists what it holds each quarter. These are the ones reporting a position in MSCI Inc, ordered by how much of each fund the position represents rather than by its size.
Institutional holders of MSCI →Funds holding
200
as of 2026-07-31
Reported value
$2.4B
summed across funds
Fund families
85
named trusts
Largest conviction
3.48%
of a single fund
Largest share of a fund
A small position that is a large part of its fund says more than a large one that is a rounding error.
| Fund | Of the fund |
|---|---|
| Polen Focus Growth ETFFundVantage Trust5K sh$2.9M | 3.48% |
| Virtus KAR Mid-Cap ETFVirtus ETF Trust II2.8K sh$1.6M | 3.47% |
| Polen Growth FundFundVantage Trust92.9K sh$53.2M | 3.25% |
| NYLIM PineStone U.S. Equity FundNYLIM FUNDS TRUST20.6K sh$11.8M | 3.09% |
| NYLIM PineStone Global Equity FundNYLIM FUNDS TRUST2.3K sh$1.3M | 2.97% |
| Madison Large Cap FundMADISON FUNDS12.7K sh$7.3M | 2.31% |
| WESTWOOD QUALITY VALUE FUNDUltimus Managers Trust2.9K sh$1.6M | 2.14% |
| Polen Global Growth FundFundVantage Trust4K sh$2.3M | 2.08% |
| MidCap FundPrincipal Funds, Inc733.9K sh$420M | 1.82% |
| Equity SeriesManning & Napier Fund, Inc.1.7K sh$951.6K | 1.75% |
| Nuveen Quant Mid Cap Growth FundTIAA-CREF Funds17.3K sh$9.9M | 1.57% |
| ClearBridge Mid Cap Growth FundLegg Mason Partners Investment Trust6.8K sh$3.9M | 1.43% |
| Pacer S&P 500 3AI Top 100 ETFPacer Funds Trust52 sh$29.8K | 1.35% |
| Invesco Discovery Mid Cap Growth FundAIM Investment Funds (Invesco Investment Funds)145.3K sh$83.2M | 1.23% |
| Fidelity Founders FundFidelity Concord Street Trust4.6K sh$2.6M | 1.22% |
| NYLIM WMC Growth FundNYLIM FUNDS TRUST19.5K sh$11.2M | 1.14% |
| Invesco S&P 500 Equal Weight Financials ETFInvesco Exchange-Traded Fund Trust6K sh$3.4M | 1.13% |
| The MidCap Growth FundCOMMERCE FUNDS2.3K sh$1.3M | 1.12% |
| The MidCap Value FundCOMMERCE FUNDS790 sh$452.1K | 1.12% |
| Nationwide Loomis All Cap Growth FundNationwide Mutual Funds3.8K sh$2.2M | 1.04% |
| ClearBridge Mid Cap FundLegg Mason Partners Investment Trust27K sh$15.5M | 1.00% |
| Leadershares Alphafactor US Core Equity ETFTwo Roads Shared Trust2.1K sh$1.2M | 0.98% |
| Column Mid Cap Select FundTrust for Professional Managers55.3K sh$31.5M | 0.96% |
| ALGER MID CAP FOCUS FUNDALGER FUNDS4.8K sh$2.7M | 0.82% |
| The Growth FundCOMMERCE FUNDS2.5K sh$1.4M | 0.75% |
| Hartford US Value ETFLattice Strategies Trust639 sh$365.7K | 0.74% |
| CIBC ATLAS MID CAP EQUITY FUNDADVISORS' INNER CIRCLE FUND8.6K sh$4.9M | 0.73% |
| Old Westbury All Cap Core FundOld Westbury Funds Inc45.1K sh$25.8M | 0.73% |
| Column Mid Cap FundTrust for Professional Managers13.7K sh$7.8M | 0.70% |
| Invesco Global Opportunities FundAIM International Mutual Funds (Invesco International Mutual Funds)27.1K sh$15.5M | 0.70% |
| SA Franklin Systematic U.S. Large Cap Value PortfolioSUNAMERICA SERIES TRUST7.2K sh$4.1M | 0.68% |
| SA JPMorgan Mid-Cap Growth PortfolioSUNAMERICA SERIES TRUST7.3K sh$4.2M | 0.66% |
| O'Shaughnessy Market Leaders Value FundAdvisors Series Trust3.2K sh$1.9M | 0.65% |
| Schwab Core Equity FundSCHWAB CAPITAL TRUST16K sh$9.2M | 0.62% |
| iShares U.S. Financials ETFiShares Trust47.6K sh$27.2M | 0.61% |
| Fidelity Quality Factor ETFFidelity Covington Trust14.7K sh$8.4M | 0.60% |
| Eventide Large Cap Value ETFStrategy Shares146 sh$83.5K | 0.59% |
| Eventide US Market ETFStrategy Shares1.9K sh$1.1M | 0.58% |
| iShares U.S. Financial Services ETFiShares Trust21.9K sh$12.5M | 0.58% |
| Pacer S&P 500 Quality FCF Aristocrats ETFPacer Funds Trust257 sh$147.1K | 0.57% |
| iShares Morningstar Mid-Cap Growth ETFiShares Trust38.1K sh$21.8M | 0.56% |
| Nationwide Large Cap Equity PortfolioNationwide Mutual Funds22.1K sh$12.6M | 0.50% |
| Federated Hermes Kaufmann FundFederated Hermes Equity Funds40K sh$22.9M | 0.46% |
| HARTFORD CORE EQUITY FUNDHARTFORD MUTUAL FUNDS, INC91.2K sh$52.2M | 0.46% |
| Fidelity MSCI Financials Index ETFFIDELITY COVINGTON TRUST18.7K sh$10.7M | 0.45% |
| Hartford Disciplined US Equity ETFLattice Strategies Trust1.6K sh$912.7K | 0.45% |
| Columbia Research Enhanced Value ETFColumbia ETF Trust I2.4K sh$1.4M | 0.41% |
| JPMorgan Research Market Neutral FundJPMorgan Trust I2.4K sh$1.4M | 0.38% |
| FINANCIALS ULTRASECTOR PROFUNDProFunds63 sh$36.1K | 0.37% |
| LargeCap Growth Fund IPrincipal Funds, Inc34.9K sh$20M | 0.35% |
| Direxion Daily Financial Bull 3X SharesDirexion Shares ETF Trust14.3K sh$8.2M | 0.35% |
| Neuberger Long Short FundNEUBERGER BERMAN ALTERNATIVE FUNDS43.2K sh$24.7M | 0.34% |
| Nationwide Fundamental All Cap Equity PortfolioNationwide Mutual Funds9K sh$5.2M | 0.34% |
| Domini Impact Equity FundDomini Investment Trust6.9K sh$4M | 0.33% |
| First Trust Long/Short Equity ETFFirst Trust Exchange-Traded Fund III14.3K sh$8.2M | 0.33% |
| Pacer S&P World 3AI Top 300 ETFPacer Funds Trust6 sh$3.4K | 0.31% |
| Hartford US Quality Growth ETFLattice Strategies Trust258 sh$147.6K | 0.30% |
| Fidelity Mid Cap Index FundFidelity Salem Street Trust266.6K sh$152.5M | 0.29% |
| Schwab U.S. Mid-Cap Index FundSCHWAB CAPITAL TRUST14.2K sh$8.1M | 0.29% |
| iShares Russell Mid-Cap Index FundBlackRock Funds13K sh$7.4M | 0.29% |
| iShares Morningstar Mid-Cap ETFiShares Trust8.1K sh$4.7M | 0.28% |
| iShares Global Equity Factor ETFiShares Trust980 sh$560.8K | 0.26% |
| FlexShares ESG & Climate US Large Cap Core Index FundFlexShares Trust495 sh$283.3K | 0.25% |
| Capital Group U.S. Equity FundCapital Group U.S. Equity Fund1.9K sh$1.1M | 0.25% |
| Hartford Multifactor US Equity ETFLattice Strategies Trust3K sh$1.7M | 0.24% |
| Victory Aggressive Growth FundVictory Portfolios III10.9K sh$6.2M | 0.24% |
| Multi-Manager Directional Alternative Strategies FundCOLUMBIA FUNDS SERIES TRUST I1.3K sh$719.9K | 0.22% |
| Columbia Research Enhanced Core ETFColumbia ETF Trust I22.4K sh$12.8M | 0.22% |
| Select FundAmerican Century Mutual Funds, Inc.23.2K sh$13.3M | 0.22% |
| Old Westbury Total Equity FundOld Westbury Funds Inc4.5K sh$2.6M | 0.21% |
| MidCap Value Fund IPrincipal Funds, Inc8.9K sh$5.1M | 0.20% |
| First Trust Large Cap Growth AlphaDEX FundFirst Trust Exchange-Traded AlphaDEX Fund4.5K sh$2.6M | 0.19% |
| Fidelity Global Equity Income FundFidelity Investment Trust1.6K sh$895K | 0.19% |
| Invesco S&P 500 Equal Weight ETFInvesco Exchange-Traded Fund Trust306.4K sh$175.3M | 0.18% |
| iShares MSCI USA Size Factor ETFiShares Trust1.4K sh$776.5K | 0.18% |
| VANGUARD DIVIDEND APPRECIATION INDEX FUNDVANGUARD SPECIALIZED FUNDS411.9K sh$235.7M | 0.18% |
| Multi-Asset Strategy FundRUSSELL INVESTMENT CO1.9K sh$1.1M | 0.18% |
| Harbor Human Capital Factor US Large Cap ETFHarbor ETF Trust1.4K sh$805.1K | 0.16% |
| VANGUARD HIGH DIVIDEND YIELD INDEX FUNDVANGUARD WHITEHALL FUNDS283.2K sh$162.1M | 0.16% |
| Ultra FundAmerican Century Mutual Funds, Inc.68K sh$38.9M | 0.15% |
| Invesco Dividend AchieversTM ETFInvesco Exchange-Traded Fund Trust2.1K sh$1.2M | 0.15% |
| iShares U.S. Equity Factor ETFiShares Trust9.4K sh$5.4M | 0.15% |
| US Vegan Climate ETFETF Series Solutions415 sh$237.5K | 0.13% |
| Invesco S&P 500 Equal Weight Income Advantage ETFInvesco Actively Managed Exchange-Traded Fund Trust2.4K sh$1.4M | 0.13% |
| Multi-Strategy Income FundRUSSELL INVESTMENT CO686 sh$392.6K | 0.13% |
| iShares Morningstar Growth ETFiShares Trust7K sh$4M | 0.13% |
| NYLIM Candriam U.S. Large Cap Equity ETFNYLIM ETF Trust689 sh$394.3K | 0.12% |
| iShares Core Dividend Growth ETFiShares Trust89.1K sh$51M | 0.12% |
| FlexShares STOXX US ESG Select Index FundFlexShares Trust270 sh$154.5K | 0.12% |
| Eventide Small Cap ETFStrategy Shares73 sh$41.8K | 0.12% |
| Dimensional US Sustainability Core 1 ETFDimensional ETF Trust4.6K sh$2.6M | 0.12% |
| U.S. Large Cap Equity PortfolioDFA INVESTMENT DIMENSIONS GROUP INC5.1K sh$2.9M | 0.11% |
| Sustainable Equity FundRUSSELL INVESTMENT CO507 sh$290.1K | 0.11% |
| iShares U.S. Industry Rotation Active ETFBlackRock ETF Trust64 sh$36.6K | 0.11% |
| Intech S&P Large Cap Diversified Alpha ETFTidal Trust III263 sh$150.5K | 0.11% |
| Pacer MSCI World Industry Advantage ETFPacer Funds Trust2 sh$1.1K | 0.10% |
| Fidelity Series Large Cap Value Index FundFidelity Salem Street Trust22.5K sh$12.9M | 0.10% |
| Fidelity Large Cap Value Index FundFidelity Salem Street Trust26.3K sh$15.1M | 0.10% |
| Nuveen Large Cap Value Index FundTIAA-CREF Funds24.4K sh$14M | 0.10% |
| Schwab U.S. Large-Cap Value Index FundSCHWAB CAPITAL TRUST2.1K sh$1.2M | 0.10% |
| Franklin U.S. Core Equity (IU) FundFranklin Fund Allocator Series2.1K sh$1.2M | 0.10% |
| U.S. Sustainability Core 1 PortfolioDFA INVESTMENT DIMENSIONS GROUP INC14.9K sh$8.5M | 0.10% |
| First Trust Multi Cap Growth AlphaDEX FundFirst Trust Exchange-Traded AlphaDEX Fund969 sh$554.5K | 0.10% |
| Monopoly ETFStrategy Shares26 sh$14.9K | 0.09% |
| Hartford Alpha Capture Growth ETFHartford Funds Exchange-Traded Trust44 sh$25.2K | 0.09% |
| 1290 SmartBeta Equity Fund1290 Funds459 sh$262.7K | 0.09% |
| Global X S&P 500 Catholic Values ETFGLOBAL X FUNDS1.7K sh$957.4K | 0.07% |
| Global X S&P 500 Covered Call & Growth ETFGLOBAL X FUNDS81 sh$46.4K | 0.07% |
| Dimensional US Core Equity Market ETFDimensional ETF Trust14.9K sh$8.5M | 0.07% |
| Catholic Responsible Investments Equity Index FundCatholic Responsible Investments Funds5.3K sh$3M | 0.07% |
| SA Large Cap Value Index PortfolioSUNAMERICA SERIES TRUST817 sh$467.5K | 0.07% |
| SA Large Cap Index PortfolioSUNAMERICA SERIES TRUST3.8K sh$2.1M | 0.07% |
| Invesco S&P 500 BuyWrite ETFInvesco Exchange-Traded Fund Trust409 sh$234K | 0.07% |
| Pacer Trendpilot US Large Cap ETFPacer Funds Trust3.7K sh$2.1M | 0.07% |
| Global X S&P 500 Covered Call ETFGLOBAL X FUNDS3.7K sh$2.1M | 0.07% |
| Nationwide S&P 500 Index FundNationwide Mutual Funds2.1K sh$1.2M | 0.07% |
| LARGE-CAP VALUE PROFUNDProFunds6 sh$3.4K | 0.06% |
| U.S. LARGE COMPANY PORTFOLIODIMENSIONAL INVESTMENT GROUP INC16.3K sh$9.3M | 0.06% |
| BNY Mellon Institutional S&P 500 Stock Index FundBNY Mellon Investment Funds IV, Inc.1.5K sh$866.9K | 0.06% |
| Fidelity SAI U.S. Large Cap Index FundFidelity Salem Street Trust21.3K sh$12.2M | 0.06% |
| Schwab S&P 500 Index FundSCHWAB CAPITAL TRUST162.8K sh$93.2M | 0.06% |
| Global X S&P 500 Christian Values ETFGLOBAL X FUNDS9 sh$5.2K | 0.06% |
| LargeCap S&P 500 Index FundPrincipal Funds, Inc15K sh$8.6M | 0.06% |
| Global X S&P 500 Collar 95-110 ETFGLOBAL X FUNDS4 sh$2.3K | 0.06% |
| BNY Mellon S&P 500 Index FundBNY MELLON INDEX FUNDS, INC.3K sh$1.7M | 0.06% |
| NYLIM S&P 500 Index FundNYLIM FUNDS TRUST2.4K sh$1.4M | 0.06% |
| Fidelity ZERO Large Cap Index FundFidelity Concord Street Trust20.8K sh$11.9M | 0.06% |
| Nuveen S&P 500 Index FundTIAA-CREF Funds15.1K sh$8.7M | 0.06% |
| Knights of Columbus U.S. ALL CAP INDEX FUNDADVISORS' INNER CIRCLE III402 sh$230K | 0.06% |
| Global X S&P 500 Risk Managed Income ETFGLOBAL X FUNDS55 sh$31.5K | 0.06% |
| E*TRADE No Fee Large Cap Index FundE Trade Trust147 sh$84.1K | 0.06% |
| JPMORGAN BETABUILDERS U.S. EQUITY ETFJ.P. Morgan Exchange-Traded Fund Trust9.8K sh$5.6M | 0.06% |
| TCW Transform 500 ETFTCW ETF Trust1.2K sh$687.8K | 0.06% |
| BNY Mellon US Large Cap Core Equity ETFBNY Mellon ETF Trust6K sh$3.4M | 0.06% |
| SA Large Cap Growth Index PortfolioSUNAMERICA SERIES TRUST806 sh$461.2K | 0.06% |
| iShares Morningstar U.S. Equity ETFiShares Trust1.4K sh$789.7K | 0.06% |
| Victory 500 Index FundVictory Portfolios III16.4K sh$9.4M | 0.06% |
| Federated Hermes Max-Cap Index FundFederated Hermes Index Trust304 sh$174K | 0.06% |
| LARGE-CAP GROWTH PROFUNDProFunds18 sh$10.3K | 0.06% |
| iShares Dow Jones U.S. ETFiShares Trust3.1K sh$1.8M | 0.06% |
| JLens 500 Jewish Advocacy U.S. ETFEA Series Trust267 sh$152.8K | 0.06% |
| Dimensional U.S. Equity Market ETFDimensional ETF Trust21.8K sh$12.5M | 0.06% |
| Schwab 1000 Index FundSCHWAB INVESTMENTS23.2K sh$13.2M | 0.06% |
| Direxion Daily S&P 500 Bull 2X SharesDirexion Shares ETF Trust275 sh$157.4K | 0.06% |
| Global X S&P 500 Tail Risk ETFGLOBAL X FUNDS5 sh$2.9K | 0.06% |
| Nationwide BNY Mellon Dynamic U.S. Core FundNationwide Mutual Funds1.7K sh$956.8K | 0.06% |
| Vox Populi ETFAdvisors Series Trust6 sh$3.4K | 0.06% |
| Pacer Metaurus US Large Cap Dividend Multiplier 400 ETFPacer Funds Trust1.7K sh$996.3K | 0.06% |
| Wilmington Large-Cap Strategy FundWilmington Funds620 sh$354.8K | 0.06% |
| Fidelity ZERO Total Market Index FundFidelity Concord Street Trust39.6K sh$22.7M | 0.06% |
| Schwab Total Stock Market Index FundSCHWAB CAPITAL TRUST44.2K sh$25.3M | 0.06% |
| Dimensional US Core Equity 1 ETFDimensional ETF Trust3.3K sh$1.9M | 0.06% |
| Invesco S&P 500 Downside Hedged ETFInvesco Actively Managed Exchange-Traded Fund Trust63 sh$36.1K | 0.06% |
| Nuveen Equity Index FundTIAA-CREF Funds58K sh$33.2M | 0.06% |
| iShares Total U.S. Stock Market Index FundBlackRock Funds4.5K sh$2.6M | 0.05% |
| U.S. CORE EQUITY 1 PORTFOLIODFA INVESTMENT DIMENSIONS GROUP INC37.8K sh$21.7M | 0.05% |
| E*TRADE No Fee Total Market Index FundE Trade Trust100 sh$57.2K | 0.05% |
| Direxion HCM Tactical Enhanced US ETFDirexion Shares ETF Trust507 sh$290.1K | 0.05% |
| ULTRABULL PROFUNDProFunds156 sh$89.3K | 0.05% |
| Direxion Daily S&P 500 Bull 3X SharesDirexion Shares ETF Trust5.7K sh$3.3M | 0.05% |
| iShares MSCI Kokusai ETFiShares Trust210 sh$120.2K | 0.05% |
| JPMorgan Managed Futures Plus ETFJ.P. Morgan Exchange-Traded Fund Trust27 sh$15.5K | 0.05% |
| AMT Diversified Equity FundADVISER MANAGED TRUST320 sh$183.1K | 0.05% |
| Dimensional U.S. Core Equity 2 ETFDimensional ETF Trust38K sh$21.7M | 0.05% |
| U.S. Social Core Equity 2 PortfolioDFA INVESTMENT DIMENSIONS GROUP INC2K sh$1.1M | 0.05% |
| American Conservative Values ETFETF Opportunities Trust116 sh$66.4K | 0.04% |
| iShares MSCI ACWI ETFiShares Trust23.8K sh$13.6M | 0.04% |
| U.S. CORE EQUITY 2 PORTFOLIODFA INVESTMENT DIMENSIONS GROUP INC28.1K sh$16.1M | 0.04% |
| FlexShares Morningstar US Market Factor Tilt Index FundFlexShares Trust1.6K sh$904.1K | 0.04% |
| Dimensional US Large Cap Core Equity Market ETFDimensional ETF Trust999 sh$571.7K | 0.04% |
| BULL PROFUNDProFunds34 sh$19.5K | 0.04% |
| Multifactor U.S. Equity FundRUSSELL INVESTMENT CO181 sh$103.6K | 0.04% |
| iShares U.S. Carbon Transition Readiness Aware Active ETFBlackRock ETF Trust766 sh$438.3K | 0.04% |
| 1290 Avantis U.S. Large Cap Growth Fund1290 Funds131 sh$75K | 0.04% |
| VANGUARD TOTAL WORLD STOCK INDEX FUNDVANGUARD INTERNATIONAL EQUITY INDEX FUNDS60.2K sh$34.4M | 0.04% |
| Innovator Equity Premium Income - Daily PutWrite ETFInnovator ETFs Trust9 sh$5.2K | 0.03% |
| Victory Growth & Income FundVictory Portfolios III1.2K sh$676.4K | 0.03% |
| Schwab Fundamental U.S. Large Company Index FundSCHWAB CAPITAL TRUST6.3K sh$3.6M | 0.03% |
| BlackRock Tactical Opportunities FundBlackRock Funds2.7K sh$1.5M | 0.03% |
| Invesco RAFI US 1000 ETFInvesco Exchange-Traded Fund Trust4.2K sh$2.4M | 0.02% |
| Hartford Schroders Diversified Opportunities FundHARTFORD MUTUAL FUNDS II, INC70 sh$40.1K | 0.02% |
| U.S. VECTOR EQUITY PORTFOLIODFA INVESTMENT DIMENSIONS GROUP INC2.3K sh$1.3M | 0.02% |
| iShares Dynamic Short-Term Active ETFBlackRock ETF Trust53 sh$30.3K | 0.02% |
| VOYA Global High Dividend Low Volatility FundVoya Mutual Funds78 sh$44.6K | 0.02% |
| SA Schroders VCP Global Allocation PortfolioSUNAMERICA SERIES TRUST94 sh$53.8K | 0.01% |
| Catholic Responsible Investments Multi-Style US Equity FundCatholic Responsible Investments Funds150 sh$85.8K | 0.01% |
| BlackRock Dynamic High Income PortfolioBlackRock Funds II322 sh$184.3K | 0.01% |
| Fidelity Large Cap Stock K6 FundFidelity Concord Street Trust35 sh$20K | 0.01% |
| Fidelity Large Cap Stock FundFidelity Concord Street Trust2K sh$1.1M | 0.01% |
| BlackRock Multi-Asset Income PortfolioBlackRock Funds II1.9K sh$1.1M | 0.01% |
| Dimensional US Vector Equity ETFDimensional ETF Trust97 sh$55.5K | 0.01% |
| SA T. Rowe Price Allocation Moderately Aggressive PortfolioSUNAMERICA SERIES TRUST133 sh$76.1K | 0.01% |
| SA T. Rowe Price VCP Balanced PortfolioSUNAMERICA SERIES TRUST195 sh$111.6K | 0.01% |
| Fidelity Growth and Income PortfolioFidelity Securities Fund2.1K sh$1.2M | 0.01% |
| Nuveen Large Cap Growth Index FundTIAA-CREF Funds2.3K sh$1.3M | 0.01% |
| Fidelity Large Cap Growth Index FundFidelity Salem Street Trust4.8K sh$2.8M | 0.01% |
| Fidelity Series Large Cap Growth Index FundFidelity Salem Street Trust291 sh$166.5K | 0.01% |
| Schwab U.S. Large-Cap Growth Index FundSCHWAB CAPITAL TRUST523 sh$299.3K | 0.01% |
| Morningstar Alternatives FundMorningstar Funds Trust23 NC$13.2K | 0.01% |
| Steward Values Enhanced Large Cap FundSteward Funds Inc26 sh$14.9K | 0.00% |
Source: quarterly NPORT-P filings, via EDGAR. Positions arrive by CUSIP; each one here has been confirmed against OpenFIGI rather than matched by name. NPORT covers mutual funds, ETFs and closed-end funds alike and does not distinguish them, and positions are as of quarter end — a fund may have sold out entirely since. The summed value counts each filing once, so two share classes of the same fund appear twice.
More on MSCI
Company overviewEverything on MSCI in one place, with the price.SEC filingsWhat MSCI's 8-Ks say happened: results, departures, auditor changes.Insider tradingWhat MSCI's own officers and directors buy and sell.Who owns itEvery manager reporting a position in MSCI.LobbyingWhat MSCI spends lobbying Congress, and on what.Who lobbies for itThe lobbyists on MSCI's account, and who they worked for.Federal contractsWhat federal agencies pay MSCI.