UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-7440 | |||||||
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DIMENSIONAL EMERGING MARKETS VALUE FUND INC. | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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6300 Bee Cave Road, Building One, Austin, TX |
| 78746 | ||||||
(Address of principal executive offices) |
| (Zip code) | ||||||
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Catherine L. Newell, Esquire, Vice President and Secretary | ||||||||
(Name and address of agent for service) | ||||||||
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Registrant’s telephone number, including area code: | 512-306-7400 |
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Date of fiscal year end: | October 31 |
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Date of reporting period: | November 1, 2008 – April 30, 2009 |
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ITEM 1. REPORTS TO STOCKHOLDERS.
DFA INVESTMENT DIMENSIONS GROUP INC.
Emerging Markets Value Portfolio
DIMENSIONAL EMERGING MARKETS
VALUE FUND INC.
Semi-Annual Report
Six Months Ended April 30, 2009
(Unaudited)
Dimensional Fund Advisors
6300 Bee Cave Road, Building One
Austin, TX 78746
May 2009
Dear Fellow Shareholder,
The past six months have been challenging for investors, with stock markets continuing to exhibit historically high volatility. After enduring significant losses in 2008, markets around the world continued to sell off early in the year, with some dropping by early March to lows not seen in over a decade. Since then, global markets have rallied strongly. During this period, ten of the 13 Dimensional equity mutual funds with a 15-year track record posted their highest two-month total return since inception.
Recent market performance illustrates that pulling money out of stocks, even for short periods of time, can result in significant missed opportunities. No one can predict whether the recent rally signals a sustained recovery, but over time we can still expect markets to offer a premium to investors who are willing to invest in relatively risky assets such as stocks.
The current market environment illustrates the reason why Dimensional believes that markets are efficient. History has shown time and again that prices cannot be predicted in public equity markets. This "random walk" makes diversification very important. Although the broad diversification in our portfolios didn't prevent negative performance over the past six months, the positive results produced in some markets demonstrate the importance of maintaining broad, global asset class exposure.
The unpredictability of stock prices also makes it important for investors to take a hard look at their own portfolios and determine how much risk and what types of risk they should take. Investors who base their approach on a sensible risk/return framework and who hold asset mixes that reflect their risk tolerance are better able to withstand down markets and are better positioned to participate when markets rise.
All of us at Dimensional take our job as the steward of your assets very seriously and hope to have the opportunity to serve you for many years to come.
Sincerely,
David G. Booth
Chairman and Chief Executive Officer
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SEMI-ANNUAL REPORT
(Unaudited)
Table of Contents
Letter to Shareholders | Page | ||||||
Definitions of Abbreviations and Footnotes | 1 | ||||||
DFA Investment Dimensions Group Inc. — Emerging Markets Value Portfolio | |||||||
Disclosure of Fund Expenses | 2 | ||||||
Disclosure of Portfolio Holdings | 3 | ||||||
Statement of Assets and Liabilities | 4 | ||||||
Statement of Operations | 5 | ||||||
Statements of Changes in Net Assets | 6 | ||||||
Financial Highlights | 7 | ||||||
Notes to Financial Statements | 9 | ||||||
Dimensional Emerging Markets Value Fund Inc. | |||||||
Disclosure of Fund Expenses | 14 | ||||||
Disclosure of Portfolio Holdings | 15 | ||||||
Summary Schedule of Portfolio Holdings | 16 | ||||||
Statement of Assets and Liabilities | 20 | ||||||
Statement of Operations | 21 | ||||||
Statements of Changes in Net Assets | 22 | ||||||
Financial Highlights | 23 | ||||||
Notes to Financial Statements | 24 | ||||||
Voting Proxies on Fund Portfolio Securities | 31 | ||||||
Board Approval of Investment Advisory Agreement | 32 | ||||||
This report is submitted for the information of the Fund's shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | |||||||
i
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DFA INVESTMENT DIMENSIONS GROUP INC.
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
Statement of Assets and Liabilities/Summary Schedule of Portfolio Holdings
Investment Abbreviations
ADR American Depositary Receipt
FHLMC Federal Home Loan Mortgage Corporation
Investment Footnotes
† See Note B to Financial Statements.
†† Securities have generally been fair valued. See Note B to Financial Statements.
** Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings of the fund or do not represent more than 1.0% of the net assets of the fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities.
* Non-Income Producing Securities.
# Total or Partial Securities on Loan.
@ Security purchased with cash proceeds from Securities on Loan.
(r) The adjustable rate shown is effective as of April 30, 2009.
§ Affiliated Fund.
Financial Highlights
(A) Computed using average shares outstanding.
(B) Annualized
(C) Non-Annualized
(D) Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund (Affiliated Investment Company).
(E) Because of commencement of operations and related preliminary transaction costs, these ratios are not necessarily indicative of future ratios.
All Statements and Schedules
— Amounts designated as — are either zero or rounded to zero.
SEC Securities and Exchange Commission
(a) Commencement of Operations.
1
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Table is shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses, legal and audit services, which are deducted from a fund's gross income, directly reduce the investment return of the fund. A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The Expense Table below illustrates your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return and "Expenses Paid During Period" reflect the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those of other mutual funds. The hypothetical "Ending Account Value" and "Expenses Paid During Period" are derived from the fund's actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% annual return. You can assess your fund's cost by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, if applicable. The "Annualized Expense Ratio" represents the actual expenses for the six-month period indicated.
Six Months Ended April 30, 2009
EXPENSE TABLE
Beginning Account Value 11/01/08 | Ending Account Value 04/30/09 | Annualized Expense Ratio* | Expenses Paid During Period* | ||||||||||||||||
Actual Fund Return | |||||||||||||||||||
Class R2 Shares | $ | 1,000.00 | $ | 1,211.50 | 0.90 | % | $ | 4.93 | |||||||||||
Institutional Class Shares | $ | 1,000.00 | $ | 1,211.50 | 0.61 | % | $ | 3.34 | |||||||||||
Hypothetical 5% Annual Return | |||||||||||||||||||
Class R2 Shares | $ | 1,000.00 | $ | 1,020.33 | 0.90 | % | $ | 4.51 | |||||||||||
Institutional Class Shares | $ | 1,000.00 | $ | 1,021.77 | 0.61 | % | $ | 3.06 |
* Expenses are equal to the fund's annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (181), then divided by the number of days in the year (365) to reflect the six-month period. The Portfolio is a Feeder Fund. The expenses shown reflect the direct expenses of the Feeder Fund and the indirect payment of the Feeder Fund's portion of the expenses of its Master Fund (Affiliated Investment Company).
2
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all Funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters on Form N-Q. For DFA Investment Dimensions Group Inc., this would be for the fiscal quarters ending January 31 and July 31. The Form N-Q filing must be made within 60 days of the end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent Form N-Q with the SEC on April 1, 2009. It is available upon request, without charge, by calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the SEC's website at http://www.sec.gov, or they may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all Funds present their categories of portfolio holdings in a table, chart or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is utilized. The following table, which presents portfolio holdings as a percent of total investments before short-term investments and collateral for loaned securities, is provided in compliance with such requirement.
The categories of industry classification for the Affiliated Investment Company is represented in the Disclosure of Portfolio Holdings, which is included elsewhere within the report. Refer to the Summary Schedule of Portfolio Holdings for the underlying Master Fund's holdings which reflects the investments by country.
Affiliated Investment Company | 100.0 | % |
3
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2009
(Unaudited)
(Amounts in thousands, except share and per share amounts)
ASSETS: | |||||||
Investment in Dimensional Emerging Markets Value Fund Inc. (Affiliated Investment Company) (146,538,610 Shares) at Value† | $ | 4,643,809 | |||||
Receivables: | |||||||
Fund Shares Sold | 9,724 | ||||||
Prepaid Expenses and Other Assets | 112 | ||||||
Total Assets | 4,653,645 | ||||||
LIABILITIES: | |||||||
Payables: | |||||||
Affiliated Investment Company Shares Purchased | 8,084 | ||||||
Fund Shares Redeemed | 1,640 | ||||||
Due to Advisor | 1,451 | ||||||
Accrued Expenses and Other Liabilities | 254 | ||||||
Total Liabilities | 11,429 | ||||||
NET ASSETS | $ | 4,642,216 | |||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: | |||||||
Class R2 Shares — based on net assets of $4,098 and shares outstanding of 2,194,206 | $ | 1.87 | |||||
NUMBER OF SHARES AUTHORIZED | 25,000,000 | ||||||
Institutional Class Shares — based on net assets of $4,638,118 and shares outstanding of 234,523,899 | $ | 19.78 | |||||
NUMBER OF SHARES AUTHORIZED | 500,000,000 | ||||||
Investment at Cost | $ | 4,927,442 | |||||
NET ASSETS CONSIST OF: | |||||||
Paid-In Capital | $ | 5,589,632 | |||||
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income) | (2,864 | ) | |||||
Accumulated Net Realized Gain (Loss) | (660,919 | ) | |||||
Net Unrealized Appreciation (Depreciation) | (283,633 | ) | |||||
NET ASSETS | $ | 4,642,216 |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2009
(Unaudited)
(Amounts in thousands)
Investment Income | |||||||
Income Distributions Received from Affiliated Investment Company | $ | 20,327 | |||||
Expenses | |||||||
Administrative Services Fees | 7,418 | ||||||
Accounting & Transfer Agent Fees | 46 | ||||||
Filing Fees | 41 | ||||||
Shareholder Servicing Fees — Class R2 Shares | 3 | ||||||
Shareholders' Reports | 103 | ||||||
Directors'/Trustees' Fees & Expenses | 22 | ||||||
Professional Fees | 41 | ||||||
Other | 32 | ||||||
Total Expenses | 7,706 | ||||||
Net Investment Income (Loss) | 12,621 | ||||||
Realized and Unrealized Gain (Loss) | |||||||
Net Realized Gain (Loss) on Affiliated Investment Company Shares Sold | (446,720 | ) | |||||
Change in Unrealized Appreciation (Depreciation) of Affiliated Investment Company Shares | 1,221,013 | ||||||
Net Realized and Unrealized Gain (Loss) | 774,293 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 786,914 |
See accompanying Notes to Financial Statements.
5
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Six Months Ended April 30, 2009 | Period Dec. 1, 2007 to Oct. 31, 2008 | Year Ended Nov. 30, 2007 | |||||||||||||
(Unaudited) | |||||||||||||||
Increase (Decrease) in Net Assets | |||||||||||||||
Operations: | |||||||||||||||
Net Investment Income (Loss) | $ | 12,621 | $ | 179,045 | $ | 119,722 | |||||||||
Capital Gain Distributions Received from Affiliated Investment Company | — | 603,223 | 170,231 | ||||||||||||
Net Realized Gain (Loss) on Affiliated Investment Company Shares Sold | (446,720 | ) | (172,002 | ) | (6,781 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of Affiliated Investment Company Shares | 1,221,013 | (5,226,480 | ) | 2,124,572 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 786,914 | (4,616,214 | ) | 2,407,744 | |||||||||||
Distributions From: | |||||||||||||||
Net Investment Income: | |||||||||||||||
Class R2 Shares | (57 | ) | (115 | ) | — | ||||||||||
Institutional Class Shares | (21,900 | ) | (181,885 | ) | (96,479 | ) | |||||||||
Net Short-Term Gains: | |||||||||||||||
Class R2 Shares | (76 | ) | — | — | |||||||||||
Institutional Class Shares | (36,974 | ) | (13,134 | ) | (8,058 | ) | |||||||||
Net Long-Term Gains: | |||||||||||||||
Class R2 Shares | (1,070 | ) | — | — | |||||||||||
Institutional Class Shares | (517,440 | ) | (155,738 | ) | (44,751 | ) | |||||||||
Total Distributions | (577,517 | ) | (350,872 | ) | (149,288 | ) | |||||||||
Capital Share Transactions: | |||||||||||||||
Shares Issued | 773,122 | 2,280,870 | 1,777,388 | ||||||||||||
Shares Issued in Lieu of Cash Distributions | 524,986 | 306,474 | 124,212 | ||||||||||||
Shares Redeemed | (602,668 | ) | (1,368,681 | ) | (957,950 | ) | |||||||||
Net Increase (Decrease) from Capital Share Transactions | 695,440 | 1,218,663 | 943,650 | ||||||||||||
Total Increase (Decrease) in Net Assets | 904,837 | (3,748,423 | ) | 3,202,106 | |||||||||||
Net Assets | |||||||||||||||
Beginning of Period | 3,737,379 | 7,485,802 | 4,283,696 | ||||||||||||
End of Period | $ | 4,642,216 | $ | 3,737,379 | $ | 7,485,802 | |||||||||
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income) | $ | (2,864 | ) | $ | 6,472 | $ | 22,447 |
See accompanying Notes to Financial Statements.
6
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout the period)
Class R2 Shares | |||||||||||
Six Months Ended April 30, 2009 | Period Jan. 29, 2008(a) to Oct. 31, 2008 | ||||||||||
(Unaudited) | |||||||||||
Net Asset Value, Beginning of Period | $ | 4.56 | $ | 10.00 | |||||||
Income from Investment Operations | |||||||||||
Net Investment Income (Loss) | — | (A) | 0.21 | (A) | |||||||
Net Gains (Losses) (Realized and Unrealized) | 0.31 | (4.93 | ) | ||||||||
Total from Investment Operations | 0.31 | (4.72 | ) | ||||||||
Less Distributions | |||||||||||
Net Investment Income | (0.09 | ) | (0.72 | ) | |||||||
Net Realized Gains | (2.91 | ) | — | ||||||||
Total Distributions | (3.00 | ) | (0.72 | ) | |||||||
Net Asset Value, End of Period | $ | 1.87 | $ | 4.56 | |||||||
Total Return | 21.15 | %(C) | (50.51 | )%(C) | |||||||
Net Assets, End of Period (thousands) | $ | 4,098 | $ | 1,799 | |||||||
Ratio of Expenses to Average Net Assets (D) | 0.90 | %(B) | 0.92 | %(B)(E) | |||||||
Ratio of Net Investment Income to Average Net Assets | 0.33 | %(B) | 3.35 | %(B)(E) |
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
7
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Institutional Class Shares | |||||||||||||||||||||||||||||||
Six Months Ended April 30, 2009 | Period Dec. 1, 2007 to Oct. 31, 2008 | Year Ended Nov. 30, 2007 | Year Ended Nov. 30, 2006 | Year Ended Nov. 30, 2005 | Year Ended Nov. 30, 2004 | Year Ended Nov. 30, 2003 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 19.36 | $ | 45.85 | $ | 31.26 | $ | 22.86 | $ | 17.93 | $ | 12.53 | $ | 8.42 | |||||||||||||||||
Income from Investment Operations | |||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.06 | (A) | 0.98 | (A) | 0.78 | (A) | 0.60 | (A) | 0.50 | 0.21 | 0.19 | ||||||||||||||||||||
Net Gains (Losses) (Realized and Unrealized) | 3.38 | (25.48 | ) | 14.82 | 8.65 | 4.96 | 5.54 | 4.13 | |||||||||||||||||||||||
Total from Investment Operations | 3.44 | (24.50 | ) | 15.60 | 9.25 | 5.46 | 5.75 | 4.32 | |||||||||||||||||||||||
Less Distributions | |||||||||||||||||||||||||||||||
Net Investment Income | (0.11 | ) | (1.00 | ) | (0.63 | ) | (0.60 | ) | (0.44 | ) | (0.35 | ) | (0.14 | ) | |||||||||||||||||
Net Realized Gains | (2.91 | ) | (0.99 | ) | (0.38 | ) | (0.25 | ) | (0.09 | ) | — | (0.07 | ) | ||||||||||||||||||
Total Distributions | (3.02 | ) | (1.99 | ) | (1.01 | ) | (0.85 | ) | (0.53 | ) | (0.35 | ) | (0.21 | ) | |||||||||||||||||
Net Asset Value, End of Period | $ | 19.78 | $ | 19.36 | $ | 45.85 | $ | 31.26 | $ | 22.86 | $ | 17.93 | $ | 12.53 | |||||||||||||||||
Total Return | 21.15 | %(C) | (55.65 | )%(C) | 50.98 | % | 41.55 | % | 31.06 | % | 46.76 | % | 52.59 | % | |||||||||||||||||
Net Assets, End of Period (thousands) | $ | 4,638,118 | $ | 3,735,580 | $ | 7,485,802 | $ | 4,283,696 | $ | 2,077,480 | $ | 895,313 | $ | 403,035 | |||||||||||||||||
Ratio of Expenses to Average Net Assets (D) | 0.61 | %(B) | 0.60 | %(B) | 0.60 | % | 0.63 | % | 0.70 | % | 0.77 | % | 0.86 | % | |||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.69 | %(B) | 2.82 | %(B) | 2.00 | % | 2.22 | % | 2.45 | % | 1.37 | % | 2.41 | % |
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
8
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
A. Organization:
DFA Investment Dimensions Group Inc. (the "Group") is an open-end management investment company whose shares are offered, without a sales charge, generally to institutional investors and clients of registered investment advisors. The Group offers fifty-seven operational portfolios, one of which, the Emerging Markets Value Portfolio (the "Portfolio") is included in this report. The remaining fifty-six portfolios are presented in separate reports.
The Portfolio primarily invests all of its assets in the Dimensional Emerging Markets Value Fund Inc. (the "Fund"). At April 30, 2009, the Portfolio owned 92% of the outstanding shares of the Fund. The financial statements of the Fund are included elsewhere in this report and should be read in conjunction with the financial statements of the Portfolio.
On January 29, 2008, Class R2 shares commenced operations. As of April 30, 2009, Class R1 has 25,000,000 authorized shares and has not commenced operations.
At a regular meeting of the Board of Directors/Trustees (the "Board") on September 16, 2008, the Board voted to change the fiscal and tax year ends of the Portfolio from November 30 to October 31.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Group in preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.
1. Security Valuation: The shares of the Fund held by the Portfolio are valued at its respective daily net asset value.
Adoption of Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157")
Effective December 1, 2007, the Portfolio adopted Financial Accounting Standards No. 157. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under FAS 157 are described below:
• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)
9
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Portfolio's net assets as of April 30, 2009 is listed below (in thousands).
Valuation Inputs | |||||||||||||||||||
Investments in Securities (Market Value) | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Emerging Markets Value Portfolio | $ | 4,643,809 | — | — | $ | 4,643,809 |
2. Deferred Compensation Plan: Each eligible Director of the Group may elect participation in the Deferred Compensation Plan (the "Plan"). Under the Plan, effective January 1, 2002, such Directors may defer payment of all or a portion of their total fees earned as a Director. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: U.S. Large Cap Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio; U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio; Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income, are included in Directors'/Trustees' Fees & Expenses. At April 30, 2009, the total liability for deferred compensation to Directors is included in Accrued Expenses and Other Liabilities in the amount of $96 (in thousands).
Each Director has the option to receive their distribution of proceeds in one of the following methods upon one year's notice: lump sum; annual installments over a period of agreed upon years; or semi-annual installments over a period of agreed upon years. As of April 30, 2009, none of the Directors have requested distribution of proceeds.
3. Other: Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of affiliated investment company shares are on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received from the investment in affiliated investment company that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. Expenses directly attributable to the Portfolio are directly charged. Common expenses of the Group are allocated using methods approved by the Board of Directors/Trustees, generally based on average net assets. Class R2 shares and Institutional Class shares have equal ri ghts to assets and earnings of the Portfolio. Income, gains and losses on the sale of affiliated investment company shares, and common expenses of the Portfolio are allocated to each class of shares based on its relative net assets. Each class will bear its own class-specific expenses, if any.
C. Investment Advisor:
Dimensional Fund Advisors LP ("Dimensional" or the "Advisor") provides administrative services to the Portfolio, including supervision of services provided by others, providing information to the shareholders and the Board of Directors/Trustees, and other administrative services. The Advisor provides investment advisory services to the Fund. For the six months ended April 30, 2009, the Portfolio's administrative services fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.40% of average daily net assets.
Pursuant to the Expense Assumption Agreement for the Class R2 Shares of the Emerging Markets Value Portfolio, the Advisor has contractually agreed to assume the Portfolio's direct expenses (excluding management fees and custodian fees) to the extent necessary to limit the expenses of the Class R2 Shares of the Portfolio to 0.96% of its average net assets on an annualized basis. At any time that the annualized expenses of the Portfolio are less than 0.96% of its average net assets on an annualized basis, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized expenses to exceed 0.96% of its average net assets on an annualized basis. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six
10
months before the date of such recovery. The Expense Assumption Agreement will remain in effect through March 1, 2010, and shall continue in effect from year to year thereafter, unless terminated by the Group or the Advisor. At April 30, 2009, there were no fees subject to future recovery by the Advisor.
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and Directors/Trustees of the Group; however, such Officers and Directors/Trustees (with the exception of the Chief Compliance Officer ("CCO")) receive no compensation from the Group. For the six months ended April 30, 2009, the total related amounts paid by the Group to the CCO were $94 (in thousands). The total related amount paid by the Portfolio is included in Other Expenses on the Statement of Operations.
D. Federal Income Taxes:
The Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code for federal income tax purposes and to distribute substantially all of its taxable income and net capital gains to shareholders. Accordingly, no provision has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gains, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of October 31, 2008, primarily attributable to the utilization of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for income tax purposes, were reclassified to the following accounts. These reclassifications had no effect on net assets or net asset value per share (amounts in thousands):
Increase (Decrease) Paid-In Capital | Increase (Decrease) Undistributed Net Investment Income | Increase (Decrease) Accumulated Net Realized Gains (Losses) | |||||||||
$ | 53,750 | $ | (13,020 | ) | $ | (40,730 | ) |
The tax character of dividends and distributions declared and paid during the years ended November 30, 2006, November 30, 2007 and the period December 1, 2007 to October 31, 2008 were as follows (amounts in thousands):
Net Investment Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||||||
2006 | $ | 70,897 | $ | 19,141 | $ | 90,038 | |||||||||
2007 | 110,158 | 51,893 | 162,051 | ||||||||||||
2008 | 210,872 | 193,750 | 404,622 |
At October 31, 2008, the following net investment income and short-term capital gains and long-term capital gains distributions designated for federal income tax purposes are due to the utilization of accumulated earnings and profits distributed to shareholders upon redemption of shares (amounts in thousands):
Net Investment Income and Short-Term Capital Gains | Long-Term Capital Gains | Total | |||||||||
$ | 15,738 | $ | 38,012 | $ | 53,750 |
11
At October 31, 2008, the components of distributable earnings/(accumulated losses) were as follows (amounts in thousands):
Undistributed Net Investment Income and Short-Term Capital Gains | Undistributed Long-Term Capital Gains | Total Net Distributable Earnings (Accumulated Losses) | |||||||||
$ | 43,583 | $ | 518,428 | $ | 562,011 |
For federal income tax purposes, the Portfolio measures its capital loss carryforwards annually at October 31, 2008, its fiscal year end. Capital loss carryforwards may be carried forward and applied against future capital gains. As of October 31, 2008, the Portfolio had no capital loss carryforwards available to offset future realized capital gains.
At April 30, 2009, the total cost and aggregate gross unrealized appreciation and (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes (amounts in thousands):
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
$ | 5,599,270 | — | $ | (955,461 | ) | $ | (955,461 | ) |
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes." This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. Management has analyzed the Portfolio's tax positions to be taken on the federal income tax returns for all open tax years (tax years ended November 30, 2005 through the period ended October 31, 2008), for purposes of implementing FIN 48, and has concluded that no provision for income tax is required in the P ortfolio's financial statements.
E. Capital Share Transactions:
The capital share transactions by class were as follows (amounts in thousands):
Six Months Ended April 30, 2009 | Period Dec. 1, 2007 to Oct. 31, 2008 | Year Ended Nov. 30, 2007 | |||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||
Class R2 Shares* | |||||||||||||||||||||||||||
Shares Issued | $ | 1,865 | 1,269 | $ | 2,856 | 408 | N/A | N/A | |||||||||||||||||||
Shares Issued in Lieu of Cash Distributions | 1,204 | 779 | 115 | 14 | N/A | N/A | |||||||||||||||||||||
Shares Redeemed | (417 | ) | (249 | ) | (175 | ) | (28 | ) | N/A | N/A | |||||||||||||||||
Net Increase (Decrease)— Class R2 Shares | $ | 2,652 | 1,799 | $ | 2,796 | 394 | N/A | N/A | |||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||
Shares Issued | $ | 771,257 | 46,045 | $ | 2,278,014 | 60,725 | $ | 1,777,388 | 46,560 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions | 523,782 | 32,186 | 306,359 | 7,710 | 124,212 | 3,560 | |||||||||||||||||||||
Shares Redeemed | (602,251 | ) | (36,616 | ) | (1,368,506 | ) | (38,791 | ) | (957,950 | ) | (23,900 | ) | |||||||||||||||
Net Increase (Decrease)— Institutional Class Shares | $ | 692,788 | 41,615 | $ | 1,215,867 | 29,644 | $ | 943,650 | 26,220 |
* Class R2 Shares commenced operations on January 29, 2008.
12
F. Line of Credit:
The Portfolio, together with other Dimensional-advised portfolios, has entered into a $250 million unsecured discretionary line of credit effective June 30, 2003 with an affiliate of its domestic custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $250 million in the aggregate. Borrowings under the line of credit are charged interest at the then current Federal Funds Rate plus 1%. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit is scheduled to expire on June 23, 2009. There were no borrowings by the Portfolio under this line of credit during the six months ended April 30, 2009.
The Portfolio, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 15, 2009 with its international custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed to by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the line of credit expires on January 15, 2010. There were no borrowings by the Portfolio under this line credit during the six months ended April 30, 2009.
G. Shareholder Servicing Fees:
The Class R2 Shares pay a shareholder servicing fee in the amount of 0.25% of their annual average net assets to compensate service agents that provide shareholder servicing, record keeping, account maintenance and other services to investors in the Emerging Markets Value Portfolio Class R2 Shares.
H. Indemnitees; Contractual Obligations:
Under the Group's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Group.
In the normal course of business, the Group enters into contracts that contain a variety of representations and warranties which provide general indemnification. The Group's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Group and/or its affiliates that have not yet occurred. However, based on experience, the Group expects the risk of loss to be remote.
I. Recently Issued Accounting Standards and Interpretation:
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 defines new disclosures of derivative instruments and hedging activities. Management is currently evaluating the implications of FAS 161. At this time, its impact on the Portfolio's financial statements has not been determined.
In April 2009, FASB issued FASB Staff Position No. 157-4, Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly ("FSP 157-4"). FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS 157 (see Note 2A) when the volume and level of activity for the asset or liability have significantly decreased. FSP 157-4 also includes guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 requires entities to describe the inputs used in valuation techniques used to measure fair value and changes in inputs over the period. FSP 157-4 expands the three-level hierarchy disclosure and the level three-roll forward disclosure for each major security type as described in paragraph 19 of FAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. Management is currently evaluating the impact the implementation of FSP 157-4 will have on the Funds' financial statement disclosures, if any.
J. Other:
At April 30, 2009, three shareholders held approximately 90% of the outstanding shares of Class R2 Shares and two shareholders held 24% of the outstanding shares of the Institutional Class Shares of the Portfolio. One or more of the shareholders of the Institutional Class Shares is an omnibus account, which typically holds shares for the benefit of several other underlying investors.
13
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Table is shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses, legal and audit services, which are deducted from a fund's gross income, directly reduce the investment return of the fund. A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The Expense Table below illustrates your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return and "Expenses Paid During Period" reflect the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those of other mutual funds. The hypothetical "Ending Account Value" and "Expenses Paid During Period" are derived from the fund's actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% annual return. You can assess your fund's cost by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, if applicable. The "Annualized Expense Ratio" represents the actual expenses for the six-month period indicated.
Six Months Ended April 30, 2009
EXPENSE TABLE
Beginning Account Value 11/01/08 | Ending Account Value 04/30/09 | Annualized Expense Ratio* | Expenses Paid During Period* | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,214.40 | 0.19 | % | $ | 1.04 | |||||||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,023.85 | 0.19 | % | $ | 0.95 |
* Expenses are equal to the fund's annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (181), then divided by the number of days in the year (365) to reflect the six-month period.
14
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all Funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters on Form N-Q. For Dimensional Emerging Markets Value Fund Inc., this would be for the fiscal quarters ending January 31 and July 31. The Form N-Q filing must be made within 60 days of the end of the quarter. Dimensional Emerging Markets Value Fund Inc. filed its most recent Form N-Q with the SEC on April 1, 2009. It is available upon request without charge, by calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the SEC's website at http://www.sec.gov, or they may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the Public Reference Room).
SEC regulations permit a fund to include in its reports to shareholders a "Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the fund's net assets at the end of the reporting period. The amendments also require that the Summary Schedule of Portfolio Holdings identify each category of investments that are held.
The fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the SEC's website at http://www.sec.gov, or they may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all Funds present their categories of portfolio holdings in a table, chart or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is utilized. The following table, which presents portfolio holdings as a percent of total investments before short-term investments and collateral for loaned securities, is provided in compliance with such requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.
Consumer Discretionary | Consumer Staples | Energy | Financials | Health Care | Industrials | Information Technology | Materials | Telecommunication Services | Utilities | Other | Total | ||||||||||||||||||||||||||||||||||||
10.6 | % | 6.3 | % | 8.2 | % | 26.3 | % | 1.3 | % | 12.4 | % | 7.3 | % | 22.7 | % | 2.9 | % | 1.9 | % | 0.1 | % | 100.0 | % |
15
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2009
(Unaudited)
Shares | Value†† | Percentage of Net Assets** | |||||||||||||
ARGENTINA — (0.1%) | |||||||||||||||
COMMON STOCKS — (0.1%) | |||||||||||||||
Other Securities | $ | 8,532,374 | 0.2 | % | |||||||||||
BRAZIL — (8.0%) | |||||||||||||||
COMMON STOCKS — (2.9%) | |||||||||||||||
* BM&F Bovespa SA | 7,418,300 | 30,500,788 | 0.6 | % | |||||||||||
Other Securities | 135,494,586 | 2.7 | % | ||||||||||||
TOTAL COMMON STOCKS | 165,995,374 | 3.3 | % | ||||||||||||
PREFERRED STOCKS — (5.1%) | |||||||||||||||
# Gerdau SA Sponsored ADR | 3,694,358 | 26,229,942 | 0.5 | % | |||||||||||
Investimentos Itau SA | 6,589,068 | 28,175,005 | 0.6 | % | |||||||||||
Metalurgica Gerdau SA | 4,022,600 | 38,187,089 | 0.8 | % | |||||||||||
Usinas Siderurgicas de Minas Gerais SA Series A | 3,546,355 | 52,605,197 | 1.0 | % | |||||||||||
Other Securities | 139,998,173 | 2.8 | % | ||||||||||||
TOTAL PREFERRED STOCKS | 285,195,406 | 5.7 | % | ||||||||||||
TOTAL — BRAZIL | 451,190,780 | 9.0 | % | ||||||||||||
CHILE — (2.5%) | |||||||||||||||
COMMON STOCKS — (2.5%) | |||||||||||||||
Empresas CMPC SA | 1,083,372 | 24,190,808 | 0.5 | % | |||||||||||
Enersis SA Sponsored ADR | 2,890,837 | 43,333,647 | 0.9 | % | |||||||||||
Other Securities | 70,381,225 | 1.4 | % | ||||||||||||
TOTAL COMMON STOCKS | 137,905,680 | 2.8 | % | ||||||||||||
PREFERRED STOCKS — (0.0%) | |||||||||||||||
Other Securities | 1,461,369 | 0.0 | % | ||||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||||
Other Securities | 602 | 0.0 | % | ||||||||||||
TOTAL — CHILE | 139,367,651 | 2.8 | % | ||||||||||||
CHINA — (11.0%) | |||||||||||||||
COMMON STOCKS — (11.0%) | |||||||||||||||
# Bank of China, Ltd. | 88,608,000 | 32,853,674 | 0.7 | % | |||||||||||
# Beijing Enterprises Holdings, Ltd. | 5,634,000 | 24,586,242 | 0.5 | % | |||||||||||
# China Unicom Hong Kong, Ltd. ADR | 3,960,892 | 45,827,520 | 0.9 | % | |||||||||||
CNPC Hong Kong, Ltd. | 41,130,000 | 20,302,117 | 0.4 | % | |||||||||||
Denway Motors, Ltd. | 57,620,000 | 23,946,671 | 0.5 | % | |||||||||||
Dongfeng Motor Corp. | 36,624,000 | 27,300,249 | 0.6 | % | |||||||||||
Shanghai Industrial Holdings, Ltd. | 7,807,000 | 26,450,276 | 0.5 | % | |||||||||||
Other Securities | 421,941,095 | 8.3 | % | ||||||||||||
TOTAL COMMON STOCKS | 623,207,844 | 12.4 | % | ||||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||||
Other Securities | 31,550 | 0.0 | % | ||||||||||||
TOTAL — CHINA | 623,239,394 | 12.4 | % | ||||||||||||
CZECH REPUBLIC — (0.4%) | |||||||||||||||
COMMON STOCKS — (0.4%) | |||||||||||||||
Other Securities | 23,734,825 | 0.5 | % |
16
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
Shares | Value†† | Percentage of Net Assets** | |||||||||||||
HUNGARY — (1.5%) | |||||||||||||||
COMMON STOCKS — (1.5%) | |||||||||||||||
# MOL Hungarian Oil & Gas NYRT | 900,693 | $ | 42,912,990 | 0.9 | % | ||||||||||
*# OTP Bank NYRT | 2,347,218 | 30,231,580 | 0.6 | % | |||||||||||
Other Securities | 11,035,844 | 0.2 | % | ||||||||||||
TOTAL — HUNGARY | 84,180,414 | 1.7 | % | ||||||||||||
INDIA — (10.0%) | |||||||||||||||
COMMON STOCKS — (10.0%) | |||||||||||||||
# ICICI Bank, Ltd. Sponsored ADR | 2,566,680 | 52,950,608 | 1.1 | % | |||||||||||
Reliance Communications, Ltd. | 4,454,118 | 19,353,325 | 0.4 | % | |||||||||||
Reliance Industries, Ltd. | 4,888,665 | 177,718,181 | 3.6 | % | |||||||||||
Other Securities | 312,609,591 | 6.1 | % | ||||||||||||
TOTAL COMMON STOCKS | 562,631,705 | 11.2 | % | ||||||||||||
PREFERRED STOCKS — (0.0%) | |||||||||||||||
Other Securities | 1,412,603 | 0.0 | % | ||||||||||||
TOTAL — INDIA | 564,044,308 | 11.2 | % | ||||||||||||
INDONESIA — (2.1%) | |||||||||||||||
COMMON STOCKS — (2.1%) | |||||||||||||||
PT Semen Gresik Tbk | 52,474,410 | 20,114,498 | 0.4 | % | |||||||||||
Other Securities | 100,149,287 | 2.0 | % | ||||||||||||
TOTAL — INDONESIA | 120,263,785 | 2.4 | % | ||||||||||||
ISRAEL — (2.5%) | |||||||||||||||
COMMON STOCKS — (2.5%) | |||||||||||||||
* Bank Hapoalim B.M. | 13,638,154 | 31,063,362 | 0.6 | % | |||||||||||
Bank Leumi Le-Israel B.M. | 12,542,791 | 31,351,542 | 0.6 | % | |||||||||||
Other Securities | 78,886,773 | 1.6 | % | ||||||||||||
TOTAL — ISRAEL | 141,301,677 | 2.8 | % | ||||||||||||
MALAYSIA — (4.1%) | |||||||||||||||
COMMON STOCKS — (4.1%) | |||||||||||||||
AMMB Holdings Berhad | 21,831,262 | 19,160,404 | 0.4 | % | |||||||||||
PPB Group Berhad | 6,759,566 | 20,077,278 | 0.4 | % | |||||||||||
Other Securities | 195,014,554 | 3.9 | % | ||||||||||||
TOTAL COMMON STOCKS | 234,252,236 | 4.7 | % | ||||||||||||
PREFERRED STOCKS — (0.0%) | |||||||||||||||
Other Securities | 139,318 | 0.0 | % | ||||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||||
Other Securities | 193,462 | 0.0 | % | ||||||||||||
TOTAL — MALAYSIA | 234,585,016 | 4.7 | % | ||||||||||||
MEXICO — (5.9%) | |||||||||||||||
COMMON STOCKS — (5.9%) | |||||||||||||||
# Cemex S.A.B. de C.V. Sponsored ADR | 9,036,518 | 67,593,155 | 1.4 | % | |||||||||||
Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR | 1,411,458 | 39,958,376 | 0.8 | % | |||||||||||
# Grupo Carso S.A.B. de C.V. Series A-1 | 10,678,493 | 27,674,669 | 0.6 | % | |||||||||||
Grupo Financiero Inbursa S.A.B. de C.V. Series O | 8,374,133 | 22,442,628 | 0.5 | % | |||||||||||
Grupo Mexico S.A.B. de C.V. Series B | 26,577,260 | 20,598,050 | 0.4 | % | |||||||||||
*# Organizacion Soriana S.A.B. de C.V. Series B | 14,540,800 | 25,856,630 | 0.5 | % | |||||||||||
Other Securities | 129,972,491 | 2.4 | % | ||||||||||||
TOTAL — MEXICO | 334,095,999 | 6.6 | % |
17
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
Shares | Value†† | Percentage of Net Assets** | |||||||||||||
PHILIPPINES — (0.5%) | |||||||||||||||
COMMON STOCKS — (0.5%) | |||||||||||||||
Other Securities | $ | 29,510,570 | 0.6 | % | |||||||||||
POLAND — (2.3%) | |||||||||||||||
COMMON STOCKS — (2.3%) | |||||||||||||||
KGHM Polska Miedz SA | 1,331,285 | 23,328,849 | 0.5 | % | |||||||||||
Polski Koncern Naftowy Orlen SA | 5,310,008 | 41,757,460 | 0.8 | % | |||||||||||
Other Securities | 62,890,100 | 1.2 | % | ||||||||||||
TOTAL — POLAND | 127,976,409 | 2.5 | % | ||||||||||||
SOUTH AFRICA — (10.3%) | |||||||||||||||
COMMON STOCKS — (10.3%) | |||||||||||||||
# ABSA Group, Ltd. | 2,423,130 | 27,945,344 | 0.6 | % | |||||||||||
ArcelorMittal South Africa, Ltd. | 2,008,265 | 18,717,342 | 0.4 | % | |||||||||||
# Gold Fields, Ltd. Sponsored ADR | 5,386,450 | 56,019,080 | 1.1 | % | |||||||||||
* Harmony Gold Mining Co., Ltd. | 2,941,322 | 27,381,990 | 0.6 | % | |||||||||||
# Nedbank Group, Ltd. | 2,710,554 | 27,645,668 | 0.6 | % | |||||||||||
Sanlam, Ltd. | 28,877,831 | 53,897,343 | 1.1 | % | |||||||||||
Sasol, Ltd. Sponsored ADR | 708,659 | 21,337,722 | 0.4 | % | |||||||||||
Other Securities | 351,931,611 | 6.8 | % | ||||||||||||
TOTAL — SOUTH AFRICA | 584,876,100 | 11.6 | % | ||||||||||||
SOUTH KOREA — (11.1%) | |||||||||||||||
COMMON STOCKS — (11.1%) | |||||||||||||||
# Hyundai Motor Co., Ltd. | 764,050 | 40,826,973 | 0.8 | % | |||||||||||
*# KB Financial Group, Inc. ADR | 1,203,424 | 38,365,157 | 0.8 | % | |||||||||||
LG Chemical, Ltd. | 175,904 | 19,421,995 | 0.4 | % | |||||||||||
# POSCO ADR | 1,047,985 | 80,663,405 | 1.6 | % | |||||||||||
# Samsung Corp. | 569,540 | 19,640,501 | 0.4 | % | |||||||||||
SK Energy Co., Ltd. | 230,735 | 18,089,202 | 0.4 | % | |||||||||||
Other Securities | 409,430,872 | 8.1 | % | ||||||||||||
TOTAL COMMON STOCKS | 626,438,105 | 12.5 | % | ||||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||||
Other Securities | 12,258 | 0.0 | % | ||||||||||||
TOTAL — SOUTH KOREA | 626,450,363 | 12.5 | % | ||||||||||||
TAIWAN — (11.9%) | |||||||||||||||
COMMON STOCKS — (11.9%) | |||||||||||||||
# AU Optronics Corp. Sponsored ADR | 3,869,083 | 41,979,551 | 0.9 | % | |||||||||||
China Development Financial Holding Corp. | 80,236,032 | 20,461,182 | 0.4 | % | |||||||||||
Fubon Financial Holding Co., Ltd. | 30,440,000 | 23,594,633 | 0.5 | % | |||||||||||
Mega Financial Holding Co., Ltd. | 69,737,000 | 28,188,790 | 0.6 | % | |||||||||||
United Microelectronics Corp. | 106,490,069 | 40,221,565 | 0.8 | % | |||||||||||
Other Securities | 519,300,315 | 10.2 | % | ||||||||||||
TOTAL — TAIWAN | 673,746,036 | 13.4 | % | ||||||||||||
THAILAND — (1.9%) | |||||||||||||||
COMMON STOCKS — (1.9%) | |||||||||||||||
Other Securities | 107,413,385 | 2.1 | % | ||||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||||
Other Securities | 22,514 | 0.0 | % | ||||||||||||
TOTAL — THAILAND | 107,435,899 | 2.1 | % | ||||||||||||
TURKEY — (2.1%) | |||||||||||||||
COMMON STOCKS — (2.1%) | |||||||||||||||
Other Securities | 118,653,432 | 2.4 | % |
18
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
Value†† | Percentage of Net Assets** | ||||||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||||
Other Securities | $ | 136,510 | 0.0 | % | |||||||||||
TOTAL — TURKEY | 118,789,942 | 2.4 | % | ||||||||||||
Face Amount | Value† | ||||||||||||||
(000) | |||||||||||||||
TEMPORARY CASH INVESTMENTS — (0.3%) | |||||||||||||||
Repurchase Agreement, PNC Capital Markets, Inc. 0.19%, 05/01/09 (Collateralized by $15,665,000 FHLMC 5.50%, 06/01/38, valued at $15,573,452) to be repurchased at $15,339,081 | $ | 15,339 | 15,339,000 | 0.3 | % | ||||||||||
Shares | |||||||||||||||
SECURITIES LENDING COLLATERAL — (11.5%) | |||||||||||||||
§@ DFA Short Term Investment Fund LP | 654,780,649 | 654,780,649 | 13.1 | % | |||||||||||
Face Amount | |||||||||||||||
(000) | |||||||||||||||
@ Repurchase Agreement, Deutsche Bank Securities 0.17%, 05/01/09 (Collateralized by $51,198,873 FHLMC 7.000%(r), 08/01/38, valued at $387,586) to be repurchased at $379,988 | $ | 380 | 379,986 | 0.0 | % | ||||||||||
TOTAL SECURITIES LENDING COLLATERAL | 655,160,635 | 13.1 | % | ||||||||||||
TOTAL INVESTMENTS — (100.0%) (Cost $6,206,263,533) | $ | 5,663,821,177 | 112.8 | % |
See accompanying Notes to Financial Statements.
19
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2009
(Unaudited)
(Amounts in thousands, except share and per share amounts)
ASSETS: | |||||||
Investments at Value (including $605,039 of securities on loan) | $ | 4,993,321 | |||||
Temporary Cash Investments at Value & Cost | 15,339 | ||||||
Collateral Received from Securities on Loan at Value & Cost | 655,161 | ||||||
Foreign Currencies at Value | 6,887 | ||||||
Cash | 2,864 | ||||||
Receivables: | |||||||
Investment Securities Sold | 8,591 | ||||||
Dividends and Interest | 11,737 | ||||||
Fund Shares Sold | 8,084 | ||||||
Securities Lending Income | 984 | ||||||
Prepaid Expenses and Other Assets | 5 | ||||||
Total Assets | 5,702,973 | ||||||
LIABILITIES: | |||||||
Payables: | |||||||
Upon Return of Securities Loaned | 655,161 | ||||||
Investment Securities Purchased | 24,267 | ||||||
Due to Advisor | 393 | ||||||
Deferred Thailand Capital Gains Tax | 3,077 | ||||||
Accrued Expenses and Other Liabilities | 586 | ||||||
Total Liabilities | 683,484 | ||||||
NET ASSETS | $ | 5,019,489 | |||||
SHARES OUTSTANDING, $0.01 PAR VALUE (1) | 158,400,649 | ||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 31.69 | |||||
Investments at Cost | $ | 5,535,764 | |||||
Foreign Currencies at Cost | $ | 6,353 | |||||
NET ASSETS CONSIST OF: | |||||||
Paid-In Capital | $ | 5,780,084 | |||||
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income) | 24,116 | ||||||
Accumulated Net Realized Gain (Loss) | (239,135 | ) | |||||
Deferred Thailand Capital Gains Tax | (3,077 | ) | |||||
Net Unrealized Foreign Exchange Gain (Loss) | (590 | ) | |||||
Net Unrealized Appreciation (Depreciation) | (541,909 | ) | |||||
NET ASSETS | $ | 5,019,489 | |||||
(1) NUMBER OF SHARES AUTHORIZED | Unlimited |
See accompanying Notes to Financial Statements.
20
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2009
(Unaudited)
(Amounts in thousands)
Investment Income | |||||||
Dividends (Net of Foreign Taxes Withheld of $2,810) | $ | 42,690 | |||||
Interest | 280 | ||||||
Income from Securities Lending | 6,103 | ||||||
Total Investment Income | 49,073 | ||||||
Expenses | |||||||
Investment Advisory Services Fees | 2,009 | ||||||
Accounting & Transfer Agent Fees | 230 | ||||||
Custodian Fees | 1,283 | ||||||
Shareholders' Reports | 29 | ||||||
Directors'/Trustees' Fees & Expenses | 24 | ||||||
Professional Fees | 135 | ||||||
Other | 100 | ||||||
Total Expenses | 3,810 | ||||||
Net Investment Income (Loss) | 45,263 | ||||||
Realized and Unrealized Gain (Loss) | |||||||
Net Realized Gain (Loss) on: | |||||||
Investment Securities Sold | (84,726 | ) | |||||
Futures | (3,835 | ) | |||||
Foreign Currency Transactions | (1,828 | ) | |||||
In-Kind Redemptions | 18,097 | * | |||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||
Investment Securities and Foreign Currency | 886,603 | ||||||
Futures | (30 | ) | |||||
Translation of Foreign Currency Denominated Amounts | (338 | ) | |||||
Deferred Thailand Capital Gains Tax | (845 | ) | |||||
Net Realized and Unrealized Gain (Loss) | 813,098 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 858,361 |
* See Note J in the Notes to Financial Statements.
See accompanying Notes to Financial Statements.
21
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Six Months Ended April 30, 2009 | Period Dec. 1, 2007 to Oct. 31, 2008 | Year Ended Nov. 30, 2007 | |||||||||||||
(Unaudited) | |||||||||||||||
Increase (Decrease) in Net Assets | |||||||||||||||
Operations: | |||||||||||||||
Net Investment Income (Loss) | $ | 45,263 | $ | 220,293 | $ | 166,703 | |||||||||
Net Realized Gain (Loss) on: | |||||||||||||||
Investment Securities Sold | (84,726 | ) | (165,343 | ) | 659,828 | ||||||||||
Futures | (3,835 | ) | — | — | |||||||||||
Foreign Currency Transactions | (1,828 | ) | (3,212 | ) | (2,063 | ) | |||||||||
In-Kind Redemptions | 18,097 | * | 18,537 | — | |||||||||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||||||||||
Investment Securities and Foreign Currency | 886,603 | (5,059,018 | ) | 1,892,737 | |||||||||||
Futures | (30 | ) | 30 | — | |||||||||||
Translation of Foreign Currency Denominated Amounts | (338 | ) | (330 | ) | (230 | ) | |||||||||
Deferred Thailand Capital Gains Tax | (845 | ) | 9,750 | (3,211 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 858,361 | (4,979,293 | ) | 2,713,764 | |||||||||||
Distributions From: | |||||||||||||||
Net Investment Income | (22,017 | ) | (222,572 | ) | (160,170 | ) | |||||||||
Net Short-Term Gains | — | (12,627 | ) | (7,987 | ) | ||||||||||
Net Long-Term Gains | — | (644,382 | ) | (183,896 | ) | ||||||||||
Total Distributions | (22,017 | ) | (879,581 | ) | (352,053 | ) | |||||||||
Capital Share Transactions (1): | |||||||||||||||
Shares Issued | 622,176 | 1,427,915 | 1,088,699 | ||||||||||||
Shares Issued in Lieu of Cash Distributions | 21,654 | 835,164 | 338,352 | ||||||||||||
Shares Redeemed | (509,089 | )* | (544,511 | ) | (437,964 | ) | |||||||||
Net Increase (Decrease) from Capital Share Transactions | 134,741 | 1,718,568 | 989,087 | ||||||||||||
Total Increase (Decrease) in Net Assets | 971,085 | (4,140,306 | ) | 3,350,798 | |||||||||||
Net Assets | |||||||||||||||
Beginning of Period | 4,048,404 | 8,188,710 | 4,837,912 | ||||||||||||
End of Period | $ | 5,019,489 | $ | 4,048,404 | $ | 8,188,710 | |||||||||
(1) Shares Issued and Redeemed: | |||||||||||||||
Shares Issued | 23,482 | 26,681 | 20,030 | ||||||||||||
Shares Issued in Lieu of Cash Distributions | 895 | 15,562 | 6,805 | ||||||||||||
Shares Redeemed | (20,222 | ) | (11,443 | ) | (7,211 | ) | |||||||||
4,155 | 30,800 | 19,624 | |||||||||||||
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income) | $ | 24,116 | $ | 870 | $ | 6,305 |
* See Note J in the Notes to Financial Statements.
See accompanying Notes to Financial Statements.
22
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Six Months Ended April 30, 2009 | Period Dec. 1, 2007 to Oct. 31, 2008 | Year Ended Nov. 30, 2007 | Year Ended Nov. 30, 2006 | Year Ended Nov. 30, 2005 | Year Ended Nov. 30, 2004 | Year Ended Nov. 30, 2003 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 26.25 | $ | 66.33 | $ | 46.60 | $ | 34.50 | $ | 27.57 | $ | 19.25 | $ | 12.81 | |||||||||||||||||
Income from Investment Operations | |||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.29 | (A) | 1.52 | (A) | 1.41 | (A) | 1.03 | (A) | 0.99 | (A) | 0.52 | 0.33 | |||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) | 5.29 | (34.97 | ) | 21.49 | 12.95 | 7.42 | 8.42 | 6.45 | |||||||||||||||||||||||
Total from Investment Operations | 5.58 | (33.45 | ) | 22.90 | 13.98 | 8.41 | 8.94 | 6.78 | |||||||||||||||||||||||
Less Distributions | |||||||||||||||||||||||||||||||
Net Investment Income | (0.14 | ) | (1.53 | ) | (1.34 | ) | (1.04 | ) | (0.88 | ) | (0.41 | ) | (0.34 | ) | |||||||||||||||||
Net Realized Gains | — | (5.10 | ) | (1.83 | ) | (0.84 | ) | (0.60 | ) | (0.21 | ) | — | |||||||||||||||||||
Total Distributions | (0.14 | ) | (6.63 | ) | (3.17 | ) | (1.88 | ) | (1.48 | ) | (0.62 | ) | (0.34 | ) | |||||||||||||||||
Net Asset Value, End of Period | $ | 31.69 | $ | 26.25 | $ | 66.33 | $ | 46.60 | $ | 34.50 | $ | 27.57 | $ | 19.25 | |||||||||||||||||
Total Return | 21.44 | %(C) | (55.47 | )%(C) | 51.59 | % | 42.14 | % | 31.60 | % | 47.38 | % | 53.30 | % | |||||||||||||||||
Net Assets, End of Period (thousands) | $ | 5,019,489 | $ | 4,048,404 | $ | 8,188,710 | $ | 4,837,912 | $ | 2,417,064 | $ | 1,172,950 | $ | 617,723 | |||||||||||||||||
Ratio of Expenses to Average Net Assets | 0.19 | %(B) | 0.19 | %(B) | 0.19 | % | 0.22 | % | 0.29 | % | 0.34 | % | 0.42 | % | |||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.27 | %(B) | 3.19 | %(B) | 2.50 | % | 2.57 | % | 3.23 | % | 2.33 | % | 2.39 | % | |||||||||||||||||
Portfolio Turnover Rate | 7 | %(C) | 14 | %(C) | 14 | % | 9 | % | 7 | % | 8 | % | 10 | % |
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
23
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
A. Organization:
Dimensional Emerging Markets Value Fund Inc. (the "Fund") was organized as a closed-end management investment company registered under the Investment Company Act of 1940, as amended. Effective November 21, 1997, the Fund was reorganized as an open-end management investment company.
At a regular meeting of the Board of Directors/Trustees (the "Board") on September 16, 2008, the Board voted to change the fiscal and tax year ends of the Fund from November 30 to October 31.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Fund in preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.
1. Security Valuation: Securities held by the Fund (including over-the-counter securities) are valued at the last quoted sale price of the day. Securities held by the Fund that are listed on Nasdaq are valued at the Nasdaq Official Closing Price ("NOCP"). If there is no last reported sale price or NOCP for the day, the Fund values the securities at the mean of the most recent quoted bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (NYSE).
Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with procedures adopted by the Board of Directors/Trustees. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of the Investment Committee of the Advisor) occur before the net asset value is calculated. When fair value pricing is used, the prices of securities used by the Fund may differ from the quoted or published prices for the same securities on their primary markets or exchanges.
The Fund will also fair value price in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 11:00 p.m. PT), which is fourteen hours prior to the close of the NYSE (normally, 1:00 p.m. PT) and the time that the net asset value of the Fund is computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Fund prices its shares at the close of the NYSE, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair value prices will attempt to reflect the impact of the U.S. financial markets' perceptions and trading activities on the Fund's f oreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Directors/Trustees of the Fund has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the Fund utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). The fair value prices of portfolio securities generally will be used when it is determined that the use of such prices will have a material impact on the net asset value of the Fund.
24
When the Fund uses fair value pricing, the values assigned to the Fund's foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.
Futures contracts held by the Fund are valued using the settlement price established each day on the exchange on which they are traded.
Adoption of Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157")
Effective December 1, 2007, the Fund adopted Financial Accounting Standards No. 157. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under FAS 157 are described below:
• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund's net assets as of April 30, 2009 is listed below (in thousands).
Valuation Inputs | |||||||||||||||||||
Investments in Securities (Market Value) | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Dimensional Emerging Markets Value Fund Inc. | $ | 1,493,355 | $ | 4,170,466 | — | $ | 5,663,821 |
2. Foreign Currency Translation: Securities and other assets and liabilities of the Fund whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recently quoted bid and asked prices for the U.S. dollar as quoted by generally recognized reliable sources. Dividend and interest income and certain expenses are translated to U.S. dollars at the rate of exchange on their respective accrual dates. Receivables and payables denominated in foreign currencies are marked to market based on daily exchange rates and exchange gains or losses are realized upon ultimate receipt or disbursement.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities held whether realized or unrealized.
Realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between amounts of interest, dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid.
3. Deferred Compensation Plan: Each eligible Director of the Fund may elect participation in the Deferred Compensation Plan (the "Plan"). Under the Plan, effective January 1, 2002, such Directors may defer payment of all or a portion of their total fees earned as a Director. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: U.S. Large Cap Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio; U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio; Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized a ppreciation (depreciation) and income, are included in Directors'/Trustees' Fees & Expenses. At April 30, 2009, the total liability for deferred compensation to Directors is included in Accrued Expenses and Other Liabilities in the amount of $104 (in thousands).
25
Each Director has the option to receive their distribution of proceeds in one of the following methods upon one year's notice: lump sum; annual installments over a period of agreed upon years; or semi-annual installments over a period of agreed upon years. As of April 30, 2009, none of the Directors have requested distribution of proceeds.
4. Other: Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of investment securities are on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The Fund estimates the character of distributions received that may be considered return of capital distributions. Interest income is recorded on the accrual basis. Expenses directly attributable to the Fund are directly charged.
The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investment in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is a deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The Fund's investments in Chile are subject to governmental taxes on investment income. Such taxes are due when currencies are repatriated from the country. The Fund accrues for taxes on income as the income is earned.
The Fund's investments in Thailand are subject to a 15% governmental capital gains tax. Such taxes are due upon sale of individual securities. The Fund accrues for taxes on the capital gains throughout the holding period based on the unrealized gain of the underlying securities. The Fund is also subject to a 10% governmental capital gains tax on short-term capital gains for investments in India. Such taxes are due upon sale of individual securities. The taxes for the capital gains are accrued when the capital gains are earned.
C. Investment Advisor:
Dimensional Fund Advisors LP ("Dimensional" or the "Advisor") provides investment advisory services to the Fund. For the six months ended April 30, 2009, the Fund's advisory services fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.10% of average daily net assets.
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and Directors/Trustees of the Fund; however, such Officers and Directors/Trustees (with the exception of the Chief Compliance Officer ("CCO")) receive no compensation from the Fund. For the six months ended April 30, 2009, the total related amounts paid by the Fund to the CCO were $6 (in thousands). The total related amounts paid by the Fund are included in Other Expenses on the Statement of Operations.
D. Purchases and Sales of Securities:
For the six months ended April 30, 2009, the Fund made the following purchases and sales of investment securities, other than short-term securities and U.S. government securities (amounts in thousands):
Purchases | $ | 528,767 | |||||
Sales | 273,020 |
There were no purchases or sales of long-term U.S. government securities.
26
E. Federal Income Taxes:
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code for federal income tax purposes and to distribute substantially all of its taxable income and net capital gains to shareholders. Accordingly, no provision has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from these amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gains, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of October 31, 2008, primarily attributable to net realized gains on securities considered to be "passive foreign investment companies" and in-kind redemptions were reclassified to the following accounts. These reclassifications had no effect on net assets or net asset value per share (amounts in thousands):
Increase (Decrease) Paid-in Capital | Increase (Decrease) Undistributed Net Investment Income | Increase (Decrease) Accumulated Net Realized Gains (Losses) | |||||||||
$ | 18,537 | $ | (3,156 | ) | $ | (15,381 | ) |
The tax character of dividends and distributions declared and paid during the years ended November 30, 2006, November 30, 2007 and the period December 1, 2007 to October 31, 2008 were as follows (amounts in thousands):
Net Investment Income and Short-Term Gains | Long-Term Capital Gains | Total | |||||||||||||
2006 | $ | 94,881 | $ | 53,393 | $ | 148,274 | |||||||||
2007 | 168,157 | 183,896 | 352,053 | ||||||||||||
2008 | 235,208 | 644,373 | 879,581 |
At October 31, 2008, the components of distributable earnings/(accumulated losses) were as follows (amounts in thousands):
Undistributed Net Investment Income and Short-Term Capital Gains | Undistributed Net Realized Capital Gains | Total Net Distributable Earnings (Accumulated Losses) | |||||||||
$ | 2,674 | — | $ | 2,674 |
For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards may be carried forward and applied against future capital gains. As of October 31, 2008, the Fund had $166,848 of capital loss carryforwards available to offset future realized capital gains expiring in 2016.
Some of the Fund's investments are in securities considered to be "passive foreign investment companies" for which any unrealized appreciation (depreciation) (mark to market) and/or realized gains are required to be included in distributable net investment income for tax purposes. At October 31, 2008, the Fund had cumulative unrealized appreciation (depreciation) (mark to market) of $1,694 (in thousands) to be included in distributable net investment income for federal tax purposes. For the period December 1, 2007 to October 31, 2008, realized gains on the sale of passive foreign investment companies totaling $0 (in thousands) have been reclassified from accumulated net realized gains to accumulated net investment income for federal tax purposes.
27
At April 30, 2009, the total cost and aggregate gross unrealized appreciation and (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes (amounts in thousands):
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
$ | 6,237,728 | $ | 967,804 | $ | (1,541,711 | ) | $ | (573,907 | ) |
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes." This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. Management has analyzed the Fund's tax positions to be taken on the federal income tax returns for all open tax years (tax years ended November 30, 2005 through the period ended October 31, 2008), for purposes of implementing FIN 48, and has concluded that no provision for income tax is required in the Fund's financial statements.
F. Financial Instruments:
In accordance with the Fund's investment objectives and policies, the Fund may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below:
1. Repurchase Agreements: The Fund may purchase money market instruments from financial institutions, such as banks and non-bank dealers, subject to the counterparty's agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system or with the Fund's custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements were entered into on April 30, 200 9.
2. Foreign Market Risks: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited.
3. Futures Contracts: During the six months ended April 30, 2009, the Fund entered into futures contracts in accordance with their investment objectives. Upon entering into a futures contract, the Fund deposited cash or pledged U.S. Government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund record a realized gain or loss equal to the difference between the value of the contr act at the time it was opened and the value at the time it was closed.
Risks may arise upon entering into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Fund could lose more than the initial margin requirements.
At April 30, 2009, the Fund had no outstanding futures contracts.
28
G. Line of Credit:
The Fund, together with other Dimensional-advised portfolios, has entered into a $250 million unsecured discretionary line of credit effective June 30, 2003 with an affiliate of its domestic custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $250 million in the aggregate. Borrowings under the line of credit are charged interest at the then current Federal Funds Rate plus 1%. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit is scheduled to expire on June 23, 2009. There were no borrowings by the Fund under this line of credit during the six months ended Apr il 30, 2009.
The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 15, 2009 with its international custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed to by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the line of credit expires on January 15, 2010.
For the six months ended April 30, 2009, borrowings by the Fund under this line of credit were as follows (amounts in thousands, except percentage and days):
Weighted Average Interest Rate | Weighted Average Loan Balance | Number of Days Outstanding | Interest Expense Incurred | Maximum Amount Borrowed During the Period | |||||||||||||||
0.97 | % | $ | 14,267 | 4 | $ | 2 | $ | 16,470 |
There were no outstanding borrowing by the Fund under this line of credit at April 30, 2009.
H. Securities Lending:
As of April 30, 2009, the Fund had securities on loan to brokers/dealers, for which the Fund held cash collateral. The Fund invests the cash collateral, as described below, and records a liability for the return of the collateral, during the period the securities are on loan. Loans of securities are required at all times to be secured by collateral equal to at least (i) 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Fund's collateral to be lower or higher than the expected thresholds. If this were to occur, the collateral would be adjusted the next business day to ensure adequate collateralization. In the event of def ault or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, and cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the option of the lending agent, to replace the securities.
Subject to the Fund's investment policy, the cash collateral received by the Fund from securities on loan is invested in securities of the U.S. government or its agencies, repurchase agreements collateralized by securities of the U.S. government or its agencies or shares of the DFA Short Term Investment Fund LP. Agencies include both agency debentures and agency mortgage backed securities. In addition, the Fund will be able to terminate the loan at any time and will receive reasonable interest on the loan, as well as amounts equal to any dividends, interest or other distributions on the loaned securities. However, dividend income received from loaned securities may not be eligible to be taxed at qualified dividend income rates.
29
I. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnification. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
J. In-Kind Redemptions:
In accordance with guidelines described in the Fund's prospectus, the Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (In-Kind redemption). For financial reporting purposes, the Fund recognizes a gain on In-Kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on In-Kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the period ended April 30, 2009, the Fund realized $18,097 (in thousands) of net gain.
K. Recently Issued Accounting Standards and Interpretation:
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 defines new disclosures of derivative instruments and hedging activities. Management is currently evaluating the implications of FAS 161. At this time, its impact on the Fund's financial statements has not been determined.
In April 2009, FASB issued FASB Staff Position No. 157-4, Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly ("FSP 157-4"). FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS 157 (see Note 2A) when the volume and level of activity for the asset or liability have significantly decreased. FSP 157-4 also includes guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 requires entities to describe the inputs used in valuation techniques used to measure fair value and changes in inputs over the period. FSP 157-4 expands the three-level hierarchy disclosure and the level three-roll forward disclosure for each major security type as described in paragraph 19 of FAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. Management is currently evaluating the impact the implementation of FSP 157-4 will have on the Funds' financial statement disclosures, if any.
30
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Fund uses in voting proxies relating to securities held in the portfolio is available without charge, upon request, by calling collect: (512) 306-7400. Information regarding how the Advisor votes these proxies is available from the EDGAR database on the SEC's website at http://www.sec.gov and from the Advisor's website at http://www.dimensional.com and reflects the twelve-month period beginning July 1st and ending June 30th.
31
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
At the Board meeting held on December 18, 2008 (the "Meeting"), the Board of Directors (the "Board") of Dimensional Emerging Markets Value Fund Inc. (the "Fund") considered the continuation of the Fund's investment management agreement (the "Advisory Agreement.").
Prior to the Meeting, independent counsel to the Independent Board Members sent to the Advisor a request for information, which identified the information that the Independent Board Members wished to receive in order to consider the continuation of the Advisory Agreement. The Independent Board Members met with their independent counsel in advance of the Meeting to discuss the materials provided by the Advisor, the independent reports prepared by Lipper, Inc. (the "Lipper Reports"), and issues related to the continuation of the Advisory Agreement. Also in advance of the Meeting, management provided additional materials to address and respond to questions that the Independent Board Members posed after their review and analysis of materials provided by the Advisor and the Lipper Reports.
At the Meeting, the Board considered a number of factors when considering the continuation of the Advisory Agreement for the Fund, including: (i) the nature, extent and quality of services provided by the Advisor to the Fund; (ii) the performance of the Fund and the Advisor; (iii) the fees and expenses borne by the Fund; (iv) the profitability realized by the Advisor from the relationship with the Fund; (v) whether economies of scale are realized by the Advisor with respect to the Fund as it grows larger, and the extent to which this is reflected in the level of the advisory fee charged; (vi) comparisons of the services to be rendered and the amounts to be paid under other advisory contracts; and (vii) any benefits to be derived by the Advisor from its relationship with the Fund.
When considering the nature, extent and quality of the services provided by the Advisor to the Fund, the Board reviewed: (a) the scope and depth of the Advisor's organization; (b) the experience and expertise of its investment professionals currently providing management services to the Fund; and (c) the Advisor's investment advisory capabilities. The Board evaluated the Advisor's portfolio management process and discussed the unique features of the Advisor's investment approach. The Board also considered the nature and character of non-investment management services provided by the Advisor. After analyzing the caliber of services provided by the Advisor to the Fund, both quantitatively and qualitatively, including the impact of these services on investment performance, the Board concluded that the nature, extent and quality of services provided to the Fund were consistent with the operational requirements of the Fund and met the needs of th e shareholders of the Fund.
In considering the performance of the Fund, the Board analyzed the Lipper Reports, which compared the performance of the Fund with other funds in its respective peer group and peer universe, and noted that the performance of the Fund compared favorably with its peer group for most performance periods. The Board also reviewed the performance analysis prepared by the Advisor, which presented the performance of the Fund and its benchmark index, over multiple performance periods, along with the Advisor's explanation of the performance. The Board concluded that the Advisor's explanation provided a sound basis for understanding the comparative performance of the Fund. The Board determined, among other things, that the performance of the Fund was acceptable as compared with relevant performance standards.
When considering the fees and expenses borne by the Fund, and considering the reasonableness of the management fees paid to the Advisor in light of the services provided to the Fund and any additional benefits received by the Advisor in connection with providing such services, the Board compared the fees charged by the Advisor to the Fund to the fees charged to the funds in its peer group for comparable services as provided in the Lipper Reports. The Board concluded that the advisory fees and total expenses of the Fund over various periods were favorable in relation to its peer funds, and that the advisory fees were fair, both on an absolute basis and in comparison with the fees of other funds identified in the peer groups and the industry at large. The Board also noted that significant reductions in the Fund's non-management fees charged by the Fund's administrator and transfer agent have been negotiated by management over the course of the last three years.
The Board considered the profitability of the Fund to the Advisor by reviewing the profitability analysis provided by the Advisor, including information about its fee revenues and income. The Board reviewed the overall profitability
32
of the Advisor, and the compensation that it received for providing services to the Fund, including administrative fees paid by the feeder portfolio. The Board considered the profitability to the Advisor of managing the Fund and other "non-1940 Act registered" investment vehicles. Upon closely examining the Advisor's profitability, the Board concluded, among other things, that it was reasonable.
The Board also discussed whether economies of scale are realized by the Advisor with respect to the Fund as it grows larger, and the extent to which this is reflected in the level of advisory fees charged. For several reasons, including factors relating to the current level of fees and expenses and the profitability of the Advisor with respect to the Fund, the Board concluded that economies of scale and the reflection of such economies of scale in the level of advisory fees charged were inapplicable to the Fund at the present time.
After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, including the Independent Board Members, with the assistance of independent counsel, concluded that the continuation of the Advisory Agreement for the Fund was in the best interests of the Fund and its shareholders.
33
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DFA043009-005S
ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is not applicable to the Registrant.
ITEM 6. INVESTMENTS.
(a) The Registrant’s schedule of investments is provided below.
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
Schedule of Investments
Investment Abbreviations
ADR |
| American Depositary Receipt |
FHLMC |
| Federal Home Loan Mortgage Corporation |
NVDR |
| Non-Voting Depositary Receipt |
Investment Footnotes
† |
| See Note B to Financial Statements. |
†† |
| Securities have been fair valued. See Note B to Financial Statements |
* |
| Non-Income Producing Securities. |
# |
| Total or Partial Securities on Loan. |
@ |
| Security purchased with cash proceeds from Securities on Loan. |
(r) |
| The adjustable rate shown is effective as of April 30, 2009. |
§ |
| Affiliated Fund. |
– |
| Amounts designated as - are either zero or rounded to zero. |
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SCHEDULE OF INVESTMENTS
April 30, 2009
(Unaudited)
|
|
|
| Shares |
| Value†† |
|
|
|
|
|
|
| ||
ARGENTINA — (0.1%) |
|
|
|
|
| ||
COMMON STOCKS — (0.1%) |
|
|
|
|
| ||
* |
| Alpargatas S.A.I.C. |
| 6,363 |
| $2,586 |
|
|
| Banco Macro SA |
| 1,418,637 |
| 1,572,399 |
|
* |
| Banco Suquia SA |
| 327,868 |
| 42,830 |
|
* |
| BBVA Banco Frances SA |
| 130,508 |
| 130,877 |
|
* |
| Capex SA Series A |
| 394,725 |
| 175,003 |
|
* |
| Celulosa Argentina SA Series B |
| 14,412 |
| 3,271 |
|
* |
| Central Puerto SA Series B |
| 125,000 |
| 125,353 |
|
|
| Cresud SA Comercial Industrial Financiera y Agropecuaria |
| 461,252 |
| 373,696 |
|
* |
| Dycasa SA Series B |
| 55,000 |
| 43,399 |
|
* |
| Endesa Costanera SA Series B |
| 261,000 |
| 176,329 |
|
* |
| IRSA Inversiones y Representaciones SA |
| 1,186,421 |
| 460,255 |
|
* |
| Juan Minetti SA |
| 769,693 |
| 163,514 |
|
|
| Ledesma S.A.A.I. |
| 885,405 |
| 682,287 |
|
* |
| MetroGas SA Series B |
| 176,000 |
| 23,223 |
|
|
| Petrobras Energia Participacio |
| 1,472,366 |
| 932,544 |
|
* |
| Polledo SA Industria Constructora y FinancierA |
| 50,000 |
| 3,233 |
|
|
| Siderar S.A.I.C. Series A |
| 494,314 |
| 1,095,782 |
|
* |
| Solvay Indupa S.A.I.C. |
| 1,229,322 |
| 629,375 |
|
|
| Tenaris SA |
| 140,000 |
| 1,754,946 |
|
|
| Transportadora de Gas del Sur SA Series B |
| 364,679 |
| 141,472 |
|
|
|
|
|
|
| ||
TOTAL — ARGENTINA |
|
|
| 8,532,374 |
| ||
|
|
|
|
|
| ||
BRAZIL — (8.0%) |
|
|
|
|
| ||
COMMON STOCKS — (2.9%) |
|
|
|
|
| ||
* |
| Acucar Guarani SA |
| 100,000 |
| 116,494 |
|
|
| Banco ABC Brasil SA |
| 223,300 |
| 714,087 |
|
|
| Banco Alfa de Investimento SA |
| 98,700 |
| 360,721 |
|
|
| Banco Bradesco SA |
| 31,500 |
| 323,785 |
|
|
| Banco Daycoval SA |
| 244,200 |
| 697,252 |
|
* |
| Banco Industrial e Comercial SA |
| 490,200 |
| 1,298,869 |
|
* |
| Banco Panamericano SA |
| 258,900 |
| 438,804 |
|
|
| Banco Pine SA |
| 211,700 |
| 606,391 |
|
|
| Banco Sofisa SA |
| 715,300 |
| 1,307,111 |
|
|
| Bematech SA |
| 391,800 |
| 1,047,091 |
|
* |
| BM&F Bovespa SA |
| 7,418,300 |
| 30,500,788 |
|
* |
| BR Malls Participacoes SA |
| 449,200 |
| 3,324,443 |
|
* |
| Brascan Residential Properties SA |
| 1,931,400 |
| 3,308,778 |
|
|
| Brasil Brokers Participacoes SA |
| 49,200 |
| 59,788 |
|
|
| Camargo Correa Desenvolvimento Imobiliario SA |
| 64,400 |
| 97,676 |
|
|
| Companhia Siderurgica Nacional SA |
| 626,700 |
| 11,566,587 |
|
1
# |
| Companhia Vale do Rio Doce ADR |
| 290,000 |
| 4,787,900 |
|
* |
| Cosan SA Industria e Comercio |
| 912,300 |
| 5,559,781 |
|
|
| Cremer SA |
| 160,200 |
| 695,265 |
|
|
| Empresa Brasileira de Aeronautica SA ADR |
| 275,593 |
| 4,470,118 |
|
|
| Eternit SA |
| 630,320 |
| 2,015,688 |
|
|
| Even Construtora e Incorporadora SA |
| 327,100 |
| 526,002 |
|
|
| EZ Tec Empreendimentos e Participacoes SA |
| 55,000 |
| 84,424 |
|
|
| Financeira Alfa SA |
| 36,400 |
| 51,384 |
|
* |
| Gafisa SA |
| 1,549,100 |
| 13,559,358 |
|
* # |
| Gafisa SA ADR |
| 168,277 |
| 2,912,875 |
|
|
| Gerdau SA |
| 1,270,600 |
| 7,139,670 |
|
* |
| Globex Utilidades SA |
| 45,131 |
| 164,941 |
|
# |
| Gol Linhas Aereas Inteligentes SA Sponsored ADR |
| 75,729 |
| 263,537 |
|
|
| Grendene SA |
| 181,100 |
| 1,225,287 |
|
|
| Guararapes Confeccoes SA |
| 10,800 |
| 95,470 |
|
* |
| IdeiasNet SA |
| 1,004,700 |
| 1,225,496 |
|
|
| Iguatemi Empresa de Shopping Centers SA |
| 290,800 |
| 2,194,667 |
|
|
| Industrias Romi SA |
| 443,100 |
| 1,481,757 |
|
|
| Itau Unibanco Banco Multiplio SA ADR |
| 735,328 |
| 10,096,053 |
|
|
| JBS SA |
| 3,909,700 |
| 11,038,144 |
|
|
| JHSF Participacoes SA |
| 380,200 |
| 307,432 |
|
* |
| Log-in Logistica Intermodal SA |
| 159,300 |
| 534,893 |
|
|
| M Dias Branco SA |
| 167,100 |
| 1,725,238 |
|
* |
| Magnesita Refratarios SA |
| 703,918 |
| 2,257,477 |
|
|
| Marisa SA |
| 80,400 |
| 179,977 |
|
* |
| Medial Saude SA |
| 482,900 |
| 1,511,165 |
|
|
| MPX Energia SA |
| 14,600 |
| 1,627,447 |
|
* |
| Multiplan Empreendimentos Imobiliarios SA |
| 89,600 |
| 697,087 |
|
|
| Obrascon Huarte Lain Brasil SA |
| 217,000 |
| 1,388,871 |
|
|
| Parana Banco SA |
| 60,700 |
| 143,365 |
|
* |
| Paranapanema SA |
| 109,900 |
| 173,213 |
|
|
| PDG Realty SA Empreendimentos e Participacoes |
| 651,200 |
| 6,205,730 |
|
* |
| Perdigao SA |
| 7,171 |
| 105,651 |
|
* |
| Plascar Participacoes Industriais SA |
| 98,900 |
| 105,273 |
|
|
| Porto Seguro SA |
| 327,900 |
| 1,975,834 |
|
|
| Positivo Informatica SA |
| 248,500 |
| 1,021,723 |
|
|
| Rodobens Negocios Imobiliarios SA |
| 44,300 |
| 293,046 |
|
* |
| Rossi Residencial SA |
| 1,671,400 |
| 5,887,066 |
|
* |
| Sao Carlos Empreendimentos e Participacoes SA |
| 69,000 |
| 453,916 |
|
* |
| Sao Martinho SA |
| 298,900 |
| 1,843,418 |
|
|
| Sul America SA |
| 81,000 |
| 813,719 |
|
| �� | Totvs SA |
| 6,029 |
| 163,054 |
|
|
| Universo Online SA |
| 479,100 |
| 1,444,556 |
|
|
| Usinas Siderurgicas de Minas Gerais SA |
| 710,500 |
| 9,779,741 |
|
TOTAL COMMON STOCKS |
|
|
| 165,995,374 |
| ||
|
|
|
|
|
| ||
PREFERRED STOCKS — (5.1%) |
|
|
|
|
| ||
# |
| Aracruz Celulose SA Sponsored ADR |
| 643,665 |
| 7,685,360 |
|
|
| Banco Alfa de Investimento SA |
| 61,726 |
| 201,058 |
|
|
| Banco Bradesco SA Sponsored ADR |
| 348,766 |
| 4,282,846 |
|
* |
| Braskem SA Preferred A |
| 1,479,200 |
| 4,243,759 |
|
2
* # |
| Braskem SA Preferred A Sponsored ADR |
| 306,860 |
| 1,739,896 |
|
|
| Centrais Electricas de Santa Catarina SA |
| 201,600 |
| 2,895,591 |
|
|
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar |
| 293,080 |
| 4,739,730 |
|
* |
| Companhia de Tecidos Norte de Minas |
| 707,350 |
| 1,308,741 |
|
|
| Companhia Vale do Rio Doce Series B |
| 239,144 |
| — |
|
|
| Confab Industrial SA |
| 2,856,852 |
| 5,024,729 |
|
|
| Contax Participacoes SA |
| 3,000 |
| 59,892 |
|
|
| Duratex SA |
| 1,067,700 |
| 8,296,936 |
|
|
| Forjas Taurus SA |
| 659,791 |
| 1,579,435 |
|
|
| Gerdau SA |
| 2,445,084 |
| 17,559,433 |
|
# |
| Gerdau SA Sponsored ADR |
| 3,694,358 |
| 26,229,942 |
|
|
| Gol Linhas Aereas Inteligentes SA |
| 694,900 |
| 2,396,809 |
|
* |
| Inepar Industria e Construcoes SA |
| 7,896 |
| 58,473 |
|
|
| Investimentos Itau SA |
| 6,589,068 |
| 28,175,005 |
|
|
| Itau Unibanco Banco Multiplo SA |
| 864,297 |
| 12,003,302 |
|
|
| Klabin SA |
| 4,684,604 |
| 6,762,762 |
|
|
| Mahle-Metal Leve SA Industria e Comercio |
| 4,000 |
| 34,482 |
|
|
| Marcopolo SA |
| 1,835,200 |
| 4,082,973 |
|
|
| Metalurgica Gerdau SA |
| 4,022,600 |
| 38,187,089 |
|
|
| Randon e Participacoes SA |
| 616,500 |
| 2,255,951 |
|
|
| Sadia SA |
| 987,982 |
| 1,900,182 |
|
# |
| Sadia SA ADR |
| 536,304 |
| 3,056,933 |
|
|
| Sao Paulo Alpargatas SA |
| 43,700 |
| 1,437,401 |
|
|
| Saraiva SA Livreiros Editores |
| 21,000 |
| 190,913 |
|
* |
| Suzano Papel e Celullose SA |
| 1,964,839 |
| 12,467,902 |
|
|
| Telemar Norte Leste SA |
| 549,500 |
| 13,806,848 |
|
|
| Ultrapar Participacoes SA |
| 170,741 |
| 4,771,341 |
|
|
| Ultrapar Participacoes SA Sponsored ADR |
| 162,709 |
| 4,533,073 |
|
|
| Uniao de Industrias Petroquimicas SA Series B |
| 7,370,473 |
| 2,424,332 |
|
|
| Usinas Siderurgicas de Minas Gerais SA Series A |
| 3,546,355 |
| 52,605,197 |
|
* |
| Votorantim Celulose e Papel SA |
| 262,275 |
| 2,276,537 |
|
* # |
| Votorantim Celulose e Papel SA Sponsored ADR |
| 665,607 |
| 5,817,405 |
|
|
| Whirlpool SA |
| 72,600 |
| 103,148 |
|
TOTAL PREFERRED STOCKS |
|
|
| 285,195,406 |
| ||
|
|
|
|
|
| ||
TOTAL — BRAZIL |
|
|
| 451,190,780 |
| ||
|
|
|
|
|
| ||
CHILE — (2.5%) |
|
|
|
|
| ||
COMMON STOCKS — (2.5%) |
|
|
|
|
| ||
|
| Banco de Credito e Inversiones SA Series A |
| 105,821 |
| 2,255,574 |
|
|
| CAP SA |
| 199,310 |
| 3,227,332 |
|
|
| Cementos Bio-Bio SA |
| 665,307 |
| 932,059 |
|
|
| Cintac SA |
| 153,487 |
| 43,533 |
|
|
| Compania Cervecerias Unidas SA |
| 143,000 |
| 848,045 |
|
|
| Compania de Consumidores de Gas Santiago SA |
| 131,746 |
| 498,223 |
|
|
| Compania General de Electricidad SA |
| 110,357 |
| 572,889 |
|
* |
| Compania SudAmericana de Vapores SA |
| 6,979,335 |
| 4,198,998 |
|
|
| Componia Tecno Industrial SA |
| 4,900,000 |
| 117,920 |
|
|
| CorpBanca SA |
| 1,066,925,456 |
| 4,860,082 |
|
|
| Cristalerias de Chile SA |
| 264,624 |
| 2,365,354 |
|
|
| Embotelladora Andina SA Series A ADR |
| 48,768 |
| 628,132 |
|
|
| Embotelladora Andina SA Series B ADR |
| 7,357 |
| 113,298 |
|
3
|
| Empresa Nacional de Electricidad SA |
| 2,694,503 |
| 3,441,368 |
|
|
| Empresa Nacional de Telecomunicaciones SA |
| 116,880 |
| 1,376,241 |
|
|
| Empresas CMPC SA |
| 1,083,372 |
| 24,190,808 |
|
|
| Empresas Copec SA |
| 1,107,613 |
| 11,080,890 |
|
|
| Empresas Iansa SA |
| 22,719,833 |
| 886,532 |
|
|
| Enersis SA |
| 31,903,095 |
| 9,541,589 |
|
|
| Enersis SA Sponsored ADR |
| 2,890,837 |
| 43,333,647 |
|
|
| Industrias Forestales SA |
| 3,436,382 |
| 620,232 |
|
|
| Inversiones Frimetal SA |
| 4,900,000 |
| 18,909 |
|
|
| Madeco SA |
| 43,800,292 |
| 2,108,136 |
|
|
| Masisa SA |
| 21,291,220 |
| 2,232,513 |
|
|
| Minera Valparaiso SA |
| 7,500 |
| 181,792 |
|
* |
| Parque Arauco SA |
| 2,474,668 |
| 1,658,995 |
|
|
| Sociedad Quimica y Minera de Chile SA Series B |
| 481,533 |
| 15,254,270 |
|
|
| Soquimic Comercial SA |
| 198,000 |
| 78,962 |
|
|
| Vina Concha Y Toro SA |
| 272,412 |
| 451,874 |
|
# |
| Vina Concha Y Toro SA Sponsored ADR |
| 7,386 |
| 244,107 |
|
|
| Vina San Pedro Tarapaca SA |
| 79,756,271 |
| 467,501 |
|
|
| Watt’s SA |
| 163,489 |
| 75,875 |
|
TOTAL COMMON STOCKS |
|
|
| 137,905,680 |
| ||
|
|
|
|
|
| ||
PREFERRED STOCKS — (0.0%) |
|
|
|
|
| ||
|
| Sociedad Quimica y Minera de Chile SA Series A |
| 42,776 |
| 1,461,369 |
|
|
|
|
|
|
| ||
RIGHTS/WARRANTS — (0.0%) |
|
|
|
|
| ||
* |
| Vina Concha Y Toro SA Rights 05/15/09 |
| 10,606 |
| 602 |
|
|
|
|
|
|
| ||
TOTAL — CHILE |
|
|
| 139,367,651 |
| ||
|
|
|
|
|
| ||
CHINA — (11.0%) |
|
|
|
|
| ||
COMMON STOCKS — (11.0%) |
|
|
|
|
| ||
# |
| Agile Property Holdings, Ltd. |
| 9,060,000 |
| 6,760,579 |
|
* # |
| Air China, Ltd. |
| 1,830,000 |
| 855,323 |
|
|
| Aluminum Corp. of China, Ltd. |
| 28,000 |
| 21,408 |
|
# |
| Aluminum Corp. of China, Ltd. ADR |
| 289,495 |
| 5,566,989 |
|
|
| AMVIG Holdings, Ltd. |
| 3,391,100 |
| 2,132,161 |
|
# |
| Angang Steel Co., Ltd. |
| 6,293,640 |
| 7,483,479 |
|
* |
| Anhui Conch Cement Co., Ltd. |
| 292,000 |
| 1,935,502 |
|
* # |
| AviChina Industry and Technology Co., Ltd. |
| 15,580,000 |
| 3,135,166 |
|
# |
| Bank of China, Ltd. |
| 88,608,000 |
| 32,853,674 |
|
# |
| Bank of Communications Co., Ltd. |
| 4,991,000 |
| 4,020,436 |
|
|
| Baoye Group Co., Ltd. |
| 1,020,000 |
| 366,261 |
|
# |
| Beijing Capital International Airport Co., Ltd. |
| 9,406,000 |
| 5,939,992 |
|
|
| Beijing Capital Land, Ltd. |
| 4,982,000 |
| 1,003,568 |
|
# |
| Beijing Enterprises Holdings, Ltd. |
| 5,634,000 |
| 24,586,242 |
|
|
| Beijing North Star Co., Ltd. |
| 3,836,000 |
| 830,035 |
|
|
| Bosideng International Holdings, Ltd. |
| 11,916,000 |
| 962,750 |
|
* # |
| Brilliance China Automotive Holdings, Ltd. |
| 9,278,000 |
| 687,979 |
|
* # |
| Byd Co., Ltd. |
| 1,424,300 |
| 3,714,340 |
|
* # |
| Catic Shenzhen Holdings, Ltd. |
| 2,458,000 |
| 610,655 |
|
4
# |
| Chaoda Modern Agriculture (Holdings), Ltd. |
| 30,747,412 |
| 17,575,504 |
|
* |
| China Aerospace International Holdings, Ltd. |
| 8,068,000 |
| 479,469 |
|
* |
| China Agri-Industries Holdings, Ltd. |
| 7,278,000 |
| 3,727,629 |
|
* |
| China Aoyuan Property Group, Ltd. |
| 4,601,000 |
| 593,633 |
|
* |
| China Citic Bank |
| 545,000 |
| 247,483 |
|
|
| China Construction Bank Corp. |
| 19,134,000 |
| 11,070,849 |
|
# |
| China COSCO Holdings Co., Ltd. |
| 2,040,000 |
| 1,652,134 |
|
# |
| China Everbright, Ltd. |
| 7,489,600 |
| 14,493,568 |
|
# |
| China Foods, Ltd. |
| 14,641,200 |
| 7,041,235 |
|
* |
| China Grand Forestry Green Resources Group, Ltd. |
| 21,988,000 |
| 857,299 |
|
# |
| China Green (Holdings), Ltd. |
| 4,083,800 |
| 3,277,652 |
|
* |
| China Haidian Holdings, Ltd. |
| 11,853,000 |
| 836,281 |
|
|
| China Insurance International Holdings Co., Ltd. |
| 586,000 |
| 976,647 |
|
|
| China Life Insurance Co., Ltd. |
| 9,000 |
| 31,781 |
|
# |
| China Life Insurance Co., Ltd. ADR |
| 328,322 |
| 17,384,650 |
|
|
| China Mengniu Dairy Co., Ltd. |
| 596,000 |
| 1,064,652 |
|
# |
| China Merchants Holdings (International) Co., Ltd. |
| 2,157,561 |
| 5,053,185 |
|
* # |
| China Mining Resources Group, Ltd. |
| 17,992,000 |
| 548,739 |
|
|
| China Mobile, Ltd. |
| 4,500 |
| 39,032 |
|
|
| China National Building Material Co., Ltd. |
| 512,000 |
| 1,072,798 |
|
|
| China Nickel Resources Holding Co., Ltd. |
| 1,350,000 |
| 172,786 |
|
# |
| China Oilfield Services, Ltd. |
| 1,002,000 |
| 816,446 |
|
|
| China Petroleum and Chemical Corp. (Sinopec) |
| 46,000 |
| 35,753 |
|
# |
| China Petroleum and Chemical Corp. (Sinopec) ADR |
| 128,920 |
| 10,004,192 |
|
|
| China Pharmaceutical Group, Ltd. |
| 12,982,000 |
| 6,479,038 |
|
* |
| China Properties Group, Ltd. |
| 2,943,000 |
| 498,626 |
|
|
| China Rare Earth Holdings, Ltd. |
| 14,431,000 |
| 1,869,737 |
|
|
| China Resources Enterprise, Ltd. |
| 5,692,000 |
| 10,024,222 |
|
* |
| China Resources Gas Group, Ltd. |
| 264,200 |
| 150,596 |
|
* |
| China Shenhua Energy Co., Ltd. |
| 2,511,000 |
| 6,990,336 |
|
|
| China Shineway Pharmaceutical Group, Ltd. |
| 141,000 |
| 85,856 |
|
# |
| China Shipping Container Lines Co., Ltd. |
| 32,770,700 |
| 7,883,660 |
|
|
| China Shipping Development Co., Ltd. |
| 894,000 |
| 1,018,203 |
|
* # |
| China Southern Airlines Co., Ltd. ADR |
| 23,250 |
| 271,560 |
|
# |
| China State Construction International Holdings, Ltd. |
| 3,410,000 |
| 827,073 |
|
# |
| China Travel International Investment Hong Kong, Ltd. |
| 21,415,000 |
| 3,737,918 |
|
|
| China Unicom Hong Kong, Ltd. |
| 2,354,000 |
| 2,749,540 |
|
# |
| China Unicom Hong Kong, Ltd. ADR |
| 3,960,892 |
| 45,827,520 |
|
|
| Chongqing Iron and Steel Co., Ltd. |
| 1,880,000 |
| 553,621 |
|
# |
| Citic Pacific, Ltd. |
| 3,940,000 |
| 5,742,558 |
|
* # |
| CITIC Resources Holdings, Ltd. |
| 13,006,000 |
| 1,805,567 |
|
|
| CNPC Hong Kong, Ltd. |
| 41,130,000 |
| 20,302,117 |
|
# |
| Comba Telecom Systems Holdings, Ltd. |
| 5,621,600 |
| 2,406,147 |
|
|
| COSCO International Holdings, Ltd. |
| 2,328,000 |
| 710,104 |
|
# |
| COSCO Pacific, Ltd. |
| 16,910,000 |
| 15,961,143 |
|
* # |
| Country Garden Holdings Co. |
| 1,674,000 |
| 546,014 |
|
* |
| Dachan Food Asia, Ltd. |
| 570,000 |
| 98,585 |
|
# |
| Dalian Port (PDA) Co., Ltd. |
| 13,298,000 |
| 4,624,942 |
|
|
| Denway Motors, Ltd. |
| 57,620,000 |
| 23,946,671 |
|
|
| Digital China Holdings, Ltd. |
| 1,170,000 |
| 638,614 |
|
* |
| Dongfang Electric Co., Ltd. |
| 94,000 |
| 245,196 |
|
|
| Dongfeng Motor Corp. |
| 36,624,000 |
| 27,300,249 |
|
5
# |
| Dynasty Fine Wines Group, Ltd. |
| 9,454,600 |
| 1,638,584 |
|
* # |
| Fosun International |
| 8,032,000 |
| 2,821,514 |
|
# |
| FU JI Food & Catering Services |
| 1,275,000 |
| 673,527 |
|
# |
| Geely Automobile Holdings, Ltd. |
| 41,676,900 |
| 5,590,971 |
|
|
| Global Bio-Chem Technology Group Co., Ltd. |
| 24,527,400 |
| 3,266,940 |
|
# |
| Golden Eagle Retail Group, Ltd. |
| 3,066,000 |
| 2,474,919 |
|
|
| GOME Electrical Appliances Holdings, Ltd. |
| 3,928,000 |
| 567,656 |
|
* |
| Great Wall Motor Co., Ltd. |
| 3,555,000 |
| 1,883,006 |
|
* |
| Greentown China Holdings, Ltd. |
| 2,916,000 |
| 1,605,526 |
|
|
| Guangshen Railway Co., Ltd. Sponsored ADR |
| 420,517 |
| 9,398,555 |
|
|
| Guangzhou Investment Co., Ltd. |
| 15,630,000 |
| 2,536,273 |
|
* |
| Guangzhou Pharmaceutical Co., Ltd. |
| 3,912,000 |
| 1,545,652 |
|
# |
| Guangzhou R&F Properties Co., Ltd. |
| 1,939,200 |
| 3,113,227 |
|
# |
| Hainan Meilan International Airport Co., Ltd. |
| 1,891,000 |
| 1,043,297 |
|
# |
| Harbin Power Equipment Co., Ltd. |
| 6,500,000 |
| 4,862,501 |
|
# |
| Hengan International Group Co., Ltd. |
| 369,000 |
| 1,538,884 |
|
* # |
| Hidili Industry International Development, Ltd. |
| 4,722,000 |
| 1,886,759 |
|
|
| HKC (Holdings), Ltd. |
| 13,658,000 |
| 993,684 |
|
# |
| Hopson Development Holdings, Ltd. |
| 1,568,000 |
| 1,198,726 |
|
# |
| Hunan Non-Ferrous Metal Corp., Ltd. |
| 5,694,000 |
| 957,762 |
|
* # |
| Intime Department Store Group Co., Ltd. |
| 2,341,000 |
| 837,199 |
|
# |
| Jiangxi Copper Co., Ltd. |
| 841,000 |
| 981,183 |
|
* |
| Ju Teng International Holdings, Ltd. |
| 2,216,000 |
| 965,534 |
|
* # |
| KWG Property Holding, Ltd. |
| 3,972,000 |
| 1,519,680 |
|
# |
| Lenovo Group, Ltd. |
| 12,376,000 |
| 3,257,662 |
|
# |
| Li Ning Co., Ltd. |
| 2,389,000 |
| 4,888,996 |
|
|
| Lianhua Supermarket Holdings Co., Ltd. |
| 1,533,000 |
| 1,817,075 |
|
|
| Lingbao Gold Co., Ltd. |
| 1,042,000 |
| 366,993 |
|
# |
| Lonking Holdings, Ltd. |
| 1,505,000 |
| 1,133,920 |
|
# |
| Maanshan Iron and Steel Co., Ltd. |
| 23,244,000 |
| 9,369,146 |
|
# |
| Mingyuan Medicare Development Co., Ltd. |
| 4,861,900 |
| 354,343 |
|
|
| Minmetals Resources, Ltd. |
| 2,840,000 |
| 480,357 |
|
* # |
| Minth Group, Ltd. |
| 1,362,000 |
| 838,565 |
|
* |
| Nan Hai Corp., Ltd. |
| 4,700,000 |
| 40,384 |
|
# |
| Neo-China Land Group (Holdings), Ltd. |
| 9,446,000 |
| 6,203,849 |
|
# |
| Nine Dragons Paper Holdings, Ltd. |
| 15,950,000 |
| 7,198,951 |
|
|
| PetroChina Co., Ltd. ADR |
| 32,000 |
| 2,781,120 |
|
* # |
| PICC Property and Casualty Co., Ltd. |
| 5,992,000 |
| 3,382,196 |
|
# |
| Ping An Insurance (Group) Co. of China, Ltd. |
| 1,080,000 |
| 6,657,943 |
|
# |
| Poly Hong Kong Investment, Ltd. |
| 6,160,000 |
| 1,983,778 |
|
# |
| Qin Jia Yuan Media Services Co., Ltd. |
| 1,935,000 |
| 363,610 |
|
|
| Qingling Motors Co., Ltd. |
| 12,306,000 |
| 1,828,967 |
|
|
| Qunxing Paper Holdings Co., Ltd. |
| 380,000 |
| 131,718 |
|
* # |
| Semiconductor Manufacturing International Corp. |
| 41,468,000 |
| 1,569,458 |
|
* |
| Semiconductor Manufacturing International Corp. ADR |
| 892,564 |
| 1,749,425 |
|
* # |
| Shandong Molong Petroleum Machinery Co., Ltd. |
| 1,676,000 |
| 165,158 |
|
# |
| Shanghai Electric Group Co., Ltd. |
| 28,750,000 |
| 10,213,223 |
|
* # |
| Shanghai Forte Land Co., Ltd. |
| 4,814,000 |
| 920,566 |
|
|
| Shanghai Industrial Holdings, Ltd. |
| 7,807,000 |
| 26,450,276 |
|
|
| Shanghai Prime Machinery Co., Ltd. |
| 2,520,000 |
| 422,201 |
|
|
| Shenzhen International Holdings, Ltd. |
| 36,472,500 |
| 1,819,810 |
|
|
| Shenzhen Investment, Ltd. |
| 7,736,000 |
| 2,260,245 |
|
6
|
| Shenzhou International Group |
| 2,012,000 |
| 666,999 |
|
# |
| Shimao Property Holdings, Ltd. |
| 13,844,500 |
| 15,393,027 |
|
|
| Shougang Concord International Enterprises Co., Ltd. |
| 10,004,000 |
| 1,109,352 |
|
|
| Shui On Land, Ltd. |
| 10,203,000 |
| 4,373,381 |
|
* |
| Sichuan Xinhua Winshare Chainstore Co., Ltd. |
| 1,549,000 |
| 515,924 |
|
* # |
| Sino Union Petroleum & Chemical International, Ltd. |
| 6,320,000 |
| 581,569 |
|
# |
| Sinofert Holdings, Ltd. |
| 1,390,000 |
| 641,076 |
|
|
| Sinolink Worldwide Holdings, Ltd. |
| 6,158,000 |
| 511,513 |
|
* |
| Sino-Ocean Land Holdings, Ltd. |
| 14,822,000 |
| 10,948,737 |
|
|
| Sinopec Kantons Holdings, Ltd. |
| 9,174,300 |
| 1,531,417 |
|
|
| Sinopec Shanghai Petrochemical Co., Ltd. Sponsored ADR |
| 195,172 |
| 6,633,896 |
|
* # |
| Sinopec Yizheng Chemical Fibre Co., Ltd. |
| 23,568,000 |
| 4,124,653 |
|
|
| Sinotrans, Ltd. |
| 26,720,000 |
| 4,918,603 |
|
|
| Skyworth Digital Holdings, Ltd. |
| 4,444,000 |
| 450,141 |
|
|
| SRE Group, Ltd. |
| 9,996,000 |
| 830,940 |
|
* |
| TCL Multimedia Technology Holdings, Ltd. |
| 2,354,200 |
| 449,074 |
|
|
| Tian An China Investments Co., Ltd. |
| 7,396,000 |
| 2,462,121 |
|
* # |
| Tianjin Port Development Holdings, Ltd. |
| 2,496,000 |
| 625,501 |
|
|
| TPV Technology, Ltd. |
| 4,530,000 |
| 1,496,347 |
|
* # |
| Travelsky Technology, Ltd. |
| 8,035,000 |
| 4,223,204 |
|
# |
| Tsingtao Brewery Co., Ltd. |
| 194,000 |
| 497,047 |
|
* # |
| Vinda International Holdings, Ltd. |
| 1,240,000 |
| 635,821 |
|
* # |
| Wasion Group Holdings, Ltd. |
| 768,000 |
| 388,975 |
|
|
| Weichai Power Co., Ltd. |
| 97,600 |
| 276,815 |
|
|
| Weiqiao Textile Co., Ltd. |
| 687,500 |
| 273,760 |
|
|
| Xiamen International Port Co., Ltd. |
| 4,290,000 |
| 662,811 |
|
* # |
| Xingda International Holdings, Ltd. |
| 2,176,000 |
| 383,717 |
|
* # |
| Xinjiang Xinxin Mining Industry Co., Ltd. |
| 3,674,000 |
| 1,382,033 |
|
# |
| Xinyu Hengdeli Holdings, Ltd. |
| 1,140,000 |
| 291,906 |
|
# |
| Yanzhou Coal Mining Co., Ltd. Sponsored ADR |
| 581,500 |
| 5,564,955 |
|
|
| Zijin Mining Group Co., Ltd. |
| 2,610,000 |
| 1,995,686 |
|
TOTAL COMMON STOCKS |
|
|
| 623,207,844 |
| ||
|
|
|
|
|
| ||
RIGHTS/WARRANTS — (0.0%) |
|
|
|
|
| ||
* |
| HKC (Holdings), Ltd. Warrants 11/26/11 |
| 1,365,800 |
| 29,959 |
|
* |
| Hong Kong Energy Holdings, Ltd. Warrants 11/26/11 |
| 94,841 |
| 1,591 |
|
TOTAL RIGHTS/WARRANTS |
|
|
| 31,550 |
| ||
|
|
|
|
|
| ||
TOTAL — CHINA |
|
|
| 623,239,394 |
| ||
|
|
|
|
|
| ||
CZECH REPUBLIC — (0.4%) |
|
|
|
|
| ||
COMMON STOCKS — (0.4%) |
|
|
|
|
| ||
|
| CEZ A.S. |
| 74,076 |
| 3,043,574 |
|
# |
| Komercni Banka A.S. |
| 30,022 |
| 4,019,427 |
|
* |
| Phillip Morris CR A.S. |
| 954 |
| 256,704 |
|
|
| Telefonica 02 Czech Republic A.S. |
| 483,829 |
| 10,299,127 |
|
|
| Unipetrol A.S. |
| 1,050,841 |
| 6,115,993 |
|
|
|
|
|
|
| ||
TOTAL — CZECH REPUBLIC |
|
|
| 23,734,825 |
|
7
HUNGARY — (1.5%) |
|
|
|
|
| ||
COMMON STOCKS — (1.5%) |
|
|
|
|
| ||
* |
| Danubius Hotel & Spa NYRT |
| 136,180 |
| 2,264,415 |
|
* |
| Egis Gyogyszergyar NYRT |
| 53,017 |
| 2,931,093 |
|
* # |
| Fotex Holding SE Co., Ltd. |
| 913,849 |
| 1,199,731 |
|
# |
| MOL Hungarian Oil & Gas NYRT |
| 900,693 |
| 42,912,990 |
|
* # |
| OTP Bank NYRT |
| 2,347,218 |
| 30,231,580 |
|
* # |
| Pannonplast NYRT |
| 536,826 |
| 2,248,811 |
|
* # |
| Synergon Information Systems |
| 75,249 |
| 176,464 |
|
# |
| Tisza Chemical Group NYRT |
| 237,913 |
| 2,193,542 |
|
|
| Zwack Unicum NYRT |
| 387 |
| 21,788 |
|
|
|
|
|
|
| ||
TOTAL — HUNGARY |
|
|
| 84,180,414 |
| ||
|
|
|
|
|
| ||
INDIA — (10.0%) |
|
|
|
|
| ||
COMMON STOCKS — (10.0%) |
|
|
|
|
| ||
* |
| Abhishek Industries, Ltd. |
| 92,524 |
| 16,986 |
|
|
| Adani Enterprises, Ltd. |
| 565,071 |
| 4,800,573 |
|
|
| Aditya Birla Nuvo, Ltd. |
| 242,035 |
| 2,580,399 |
|
|
| Adlabs Films, Ltd. |
| 86,755 |
| 384,781 |
|
|
| Aftek, Ltd. |
| 420,648 |
| 78,350 |
|
* |
| Agro Tech Foods, Ltd. |
| 136,705 |
| 287,824 |
|
|
| Alembic, Ltd. |
| 619,600 |
| 471,497 |
|
* |
| Allahabad Bank, Ltd. |
| 1,091,889 |
| 1,156,832 |
|
|
| Alok Industries, Ltd. |
| 2,956,318 |
| 801,051 |
|
|
| Ambuja Cements, Ltd. |
| 3,753,732 |
| 6,114,833 |
|
|
| Amtek Auto, Ltd. |
| 421,027 |
| 799,086 |
|
* |
| Andhra Bank |
| 214,950 |
| 240,874 |
|
|
| Apollo Hospitals Enterprise, Ltd. |
| 153,288 |
| 1,186,140 |
|
|
| Apollo Tyres, Ltd. |
| 1,676,970 |
| 726,766 |
|
* |
| Arvind Mills, Ltd. |
| 1,330,891 |
| 501,057 |
|
|
| Ashapura Minechem, Ltd. |
| 36,874 |
| 20,155 |
|
|
| Ashok Leyland, Ltd. |
| 6,240,668 |
| 2,690,650 |
|
|
| Asian Hotels, Ltd. |
| 2,100 |
| 9,979 |
|
|
| Aurobindo Pharma, Ltd. |
| 264,370 |
| 1,179,482 |
|
|
| Avaya GlobalConnect, Ltd. |
| 21,933 |
| 35,367 |
|
|
| Axis Bank, Ltd. |
| 770,561 |
| 8,610,688 |
|
|
| Bajaj Auto Finance, Ltd. |
| 90,482 |
| 163,202 |
|
|
| Bajaj Auto, Ltd. |
| 66,284 |
| 843,001 |
|
|
| Bajaj Finserv, Ltd. |
| 66,284 |
| 292,270 |
|
|
| Bajaj Hindusthan, Ltd. |
| 796,167 |
| 1,204,102 |
|
|
| Bajaj Holdings and Investment, Ltd. |
| 121,984 |
| 840,077 |
|
|
| Balaji Telefilms, Ltd. |
| 204,578 |
| 183,217 |
|
|
| Ballarpur Industries, Ltd. |
| 2,658,186 |
| 850,553 |
|
|
| Balmer Lawrie & Co., Ltd. |
| 48,430 |
| 265,659 |
|
|
| Balrampur Chini Mills, Ltd. |
| 1,479,344 |
| 2,084,833 |
|
|
| Bank of Maharashtra, Ltd. |
| 410,000 |
| 193,187 |
|
|
| Bank of Rajasthan, Ltd. |
| 527,425 |
| 453,882 |
|
|
| Bata India, Ltd. |
| 98,732 |
| 245,765 |
|
|
| BEML, Ltd. |
| 133,202 |
| 1,393,036 |
|
* |
| Bengal and Assam Co., Ltd. - Private C |
| 9,237 |
| 7,721 |
|
|
| Bharat Forge, Ltd. |
| 753,769 |
| 1,901,000 |
|
|
| Bharati Shipyard, Ltd. |
| 30,210 |
| 49,150 |
|
|
| Bhushan Steel & Strips, Ltd. |
| 189,156 |
| 1,574,775 |
|
8
|
| Biocon, Ltd. |
| 558,142 |
| 1,591,022 |
|
|
| Birla Corp., Ltd. |
| 46,445 |
| 187,082 |
|
|
| Blue Star Infotech, Ltd. |
| 12,900 |
| 13,548 |
|
|
| Bombay Dyeing & Manufacturing Co., Ltd. |
| 63,829 |
| 223,404 |
|
* |
| Bombay Rayon Fashions, Ltd. |
| 252,000 |
| 870,154 |
|
|
| Cadila Healthcare, Ltd. |
| 19,500 |
| 119,855 |
|
* |
| Cairn India, Ltd. |
| 2,162,402 |
| 8,096,516 |
|
|
| Century Enka, Ltd. |
| 133,495 |
| 194,009 |
|
|
| Century Textiles & Industries, Ltd. |
| 345,830 |
| 1,600,057 |
|
|
| Chambal Fertilizers & Chemicals, Ltd. |
| 1,344,619 |
| 1,193,350 |
|
* |
| Chi Investments, Ltd. |
| 34,117 |
| 14,708 |
|
|
| Cholamandalam DBS Finance, Ltd. |
| 477 |
| 405 |
|
|
| City Union Bank, Ltd. |
| 839,100 |
| 280,291 |
|
|
| Clariant Chemicals (India), Ltd. |
| 2,398 |
| 8,368 |
|
|
| Coromandel Fertilisers, Ltd. |
| 136,536 |
| 336,495 |
|
|
| Cranes Software International, Ltd. |
| 313,759 |
| 284,151 |
|
|
| Cummins India, Ltd. |
| 50,000 |
| 204,612 |
|
|
| Dalmia Cement (Bharat), Ltd. |
| 28,800 |
| 51,339 |
|
|
| DCM Shriram Consolidated, Ltd. |
| 210,988 |
| 126,790 |
|
|
| Deepak Fertilizers & Petrochemicals Corp., Ltd. |
| 386,267 |
| 531,946 |
|
* |
| Dish TV (India), Ltd. |
| 617,884 |
| 403,791 |
|
|
| DLF, Ltd. |
| 32,456 |
| 150,897 |
|
|
| D-Link (India), Ltd. |
| 118,369 |
| 107,213 |
|
|
| Dr. Reddy’s Laboratories, Ltd. |
| 617,398 |
| 6,783,821 |
|
|
| E.I.D. - Parry (India), Ltd. |
| 357,212 |
| 1,221,623 |
|
|
| Eicher Motors, Ltd. |
| 28,098 |
| 116,827 |
|
|
| EIH, Ltd. |
| 894,287 |
| 2,025,867 |
|
|
| Elder Pharmaceuticals, Ltd. |
| 97,715 |
| 402,168 |
|
|
| Electrosteel Casings, Ltd. |
| 513,690 |
| 212,899 |
|
|
| Elgi Equipments, Ltd. |
| 174,405 |
| 124,256 |
|
* |
| Escorts, Ltd. |
| 388,991 |
| 319,082 |
|
|
| Essel Propack, Ltd. |
| 442,637 |
| 141,791 |
|
* |
| Eveready Industries (India), Ltd. |
| 351,390 |
| 163,548 |
|
|
| Everest Industries, Ltd. |
| 23,275 |
| 30,174 |
|
|
| Exide Industries, Ltd. |
| 1,150,517 |
| 1,207,426 |
|
|
| FAG Bearings (India), Ltd. |
| 500 |
| 3,008 |
|
|
| FDC, Ltd. |
| 179,858 |
| 120,616 |
|
|
| Federal Bank, Ltd. |
| 1,309,612 |
| 4,939,395 |
|
|
| Financial Technologies (India), Ltd. |
| 87,301 |
| 1,247,152 |
|
|
| Finolex Cables, Ltd. |
| 537,055 |
| 256,679 |
|
|
| Finolex Industries, Ltd. |
| 695,629 |
| 437,969 |
|
* |
| Fortis Healthcare, Ltd. |
| 147,259 |
| 200,387 |
|
|
| Gammon India, Ltd. |
| 377,404 |
| 570,816 |
|
|
| Garden Silk Mills, Ltd. |
| 52,000 |
| 49,505 |
|
|
| Geometric, Ltd. |
| 73,022 |
| 28,779 |
|
|
| Gitanjali Gems, Ltd. |
| 236,343 |
| 317,215 |
|
|
| GlaxoSmithKline Consumer Healthcare, Ltd. |
| 5,598 |
| 92,924 |
|
|
| Godrej Industries, Ltd. |
| 106,644 |
| 157,740 |
|
* |
| Goetze (India), Ltd. |
| 9,785 |
| 7,500 |
|
|
| Graphite India, Ltd. |
| 89,000 |
| 56,331 |
|
|
| Great Eastern Shipping Co., Ltd. |
| 645,773 |
| 2,676,687 |
|
|
| Great Offshore, Ltd. |
| 162,012 |
| 898,339 |
|
9
|
| GTL, Ltd. |
| 525,227 |
| 2,672,037 |
|
|
| Gujarat Alkalies & Chemicals, Ltd. |
| 421,803 |
| 633,307 |
|
|
| Gujarat Fluorochemicals, Ltd. |
| 101,490 |
| 158,085 |
|
|
| Gujarat Narmada Valley Fertilizers Co., Ltd. |
| 647,256 |
| 879,973 |
|
|
| Gujarat State Fertilizers & Chemicals, Ltd. |
| 445,889 |
| 1,015,882 |
|
|
| H.E.G., Ltd. |
| 129,459 |
| 313,295 |
|
|
| HCL Infosystems, Ltd. |
| 273,865 |
| 514,720 |
|
|
| HCL Technologies, Ltd. |
| 1,206,145 |
| 3,166,778 |
|
* |
| HDFC Bank, Ltd. |
| 241,906 |
| 5,364,865 |
|
|
| Hexaware Technologies, Ltd. |
| 358,877 |
| 221,745 |
|
* |
| Himachal Futuristic Communications, Ltd. |
| 504,605 |
| 90,156 |
|
* |
| Himatsingka Seide, Ltd. |
| 137,216 |
| 71,632 |
|
* |
| Hindalco Industries, Ltd. |
| 1,460,000 |
| 1,602,948 |
|
|
| Hinduja Global Solutions, Ltd. |
| 65,909 |
| 166,195 |
|
|
| Hinduja Ventures, Ltd. |
| 65,909 |
| 174,504 |
|
|
| Hindustan Construction Co., Ltd. |
| 1,176,506 |
| 1,327,567 |
|
* |
| Hindustan Motors, Ltd. |
| 383,680 |
| 125,457 |
|
|
| Hotel Leelaventure, Ltd. |
| 1,357,335 |
| 597,155 |
|
* |
| Housing Development & Infrastructure, Ltd. |
| 311,037 |
| 920,408 |
|
|
| HSIL, Ltd. |
| 24,608 |
| 13,926 |
|
|
| ICI India, Ltd. |
| 47,767 |
| 425,218 |
|
# |
| ICICI Bank, Ltd. Sponsored ADR |
| 2,566,680 |
| 52,950,608 |
|
* |
| ICSA (India), Ltd. |
| 38,000 |
| 87,756 |
|
|
| IDBI Bank, Ltd. |
| 2,294,413 |
| 2,936,465 |
|
|
| India Cements, Ltd. |
| 2,016,703 |
| 4,679,705 |
|
|
| India Glycols, Ltd. |
| 115,658 |
| 132,919 |
|
* |
| India Infoline, Ltd. |
| 904,308 |
| 1,397,440 |
|
|
| Indiabulls Financial Services, Ltd. |
| 563,268 |
| 1,280,993 |
|
|
| Indiabulls Real Estate, Ltd. |
| 1,363,576 |
| 3,553,090 |
|
|
| Indiabulls Securities, Ltd. |
| 6,234 |
| 3,618 |
|
* |
| Indian Hotels Co., Ltd. |
| 3,531,468 |
| 3,518,455 |
|
|
| Indian Oil Corp., Ltd. |
| 8,798 |
| 78,110 |
|
* |
| Indian Overseas Bank |
| 580,717 |
| 753,966 |
|
|
| Indo Rama Synthetics (India), Ltd. |
| 202,314 |
| 112,555 |
|
|
| Indoco Remedies, Ltd. |
| 500 |
| 1,428 |
|
|
| IndusInd Bank, Ltd. |
| 1,771,067 |
| 1,451,967 |
|
|
| INEIS ABS India, Ltd. |
| 32,052 |
| 61,668 |
|
|
| Infrastructure Development Finance Co., Ltd. |
| 5,645,233 |
| 8,725,110 |
|
|
| Ipca Laboratories, Ltd. |
| 94,786 |
| 761,534 |
|
|
| IVRCL Infrastructures & Projects, Ltd. |
| 1,432,050 |
| 4,589,120 |
|
|
| J.B. Chemicals & Pharmaceuticals, Ltd. |
| 377,474 |
| 288,600 |
|
|
| Jaiprakash Associates, Ltd. |
| 363,710 |
| 1,018,268 |
|
|
| Jammu & Kashmir Bank, Ltd. |
| 222,503 |
| 1,415,623 |
|
|
| JBF Industries, Ltd. |
| 35,983 |
| 31,269 |
|
* |
| Jet Airways (India), Ltd. |
| 244,572 |
| 956,235 |
|
|
| Jindal Poly Films, Ltd. |
| 21,594 |
| 116,376 |
|
* |
| Jindal Saw, Ltd. |
| 233,794 |
| 993,670 |
|
|
| Jindal Steel & Power, Ltd. |
| 326,145 |
| 10,708,547 |
|
* |
| JK Tyre and Industries, Ltd. |
| 158,673 |
| 165,874 |
|
|
| JSL, Ltd. |
| 726,612 |
| 862,761 |
|
|
| JSW Steel, Ltd. |
| 1,091,845 |
| 7,425,202 |
|
|
| Jubilant Organosys, Ltd. |
| 142,288 |
| 335,481 |
|
10
|
| Karnataka Bank, Ltd. |
| 320,228 |
| 528,157 |
|
|
| Karur Vysya Bank, Ltd. |
| 87,485 |
| 417,503 |
|
|
| Kesoram Industries, Ltd. |
| 204,223 |
| 634,160 |
|
|
| Kirloskar Oil Engines, Ltd. |
| 458,360 |
| 483,338 |
|
* |
| Kotak Mahindra Bank, Ltd. |
| 74,000 |
| 575,833 |
|
|
| Lakshmi Machine Works, Ltd. |
| 3,835 |
| 45,655 |
|
* |
| Landmark Property Development Co., Ltd. |
| 246,234 |
| 26,019 |
|
|
| LIC Housing Finance, Ltd. |
| 518,887 |
| 3,817,137 |
|
|
| Maharashtra Scooters, Ltd. |
| 13,612 |
| 22,551 |
|
|
| Maharashtra Seamless, Ltd. |
| 68,564 |
| 221,322 |
|
|
| Mahindra & Mahindra, Ltd. |
| 1,184,703 |
| 11,588,482 |
|
|
| Mahindra Lifespace Developers, Ltd. |
| 92,412 |
| 315,350 |
|
|
| Maruti Suzuki India, Ltd. |
| 544,780 |
| 8,963,233 |
|
|
| Mastek, Ltd. |
| 83,250 |
| 234,624 |
|
* |
| Matrix Laboratories, Ltd. |
| 490,684 |
| 1,482,574 |
|
* |
| MAX India, Ltd. |
| 3,100 |
| 8,848 |
|
|
| Megasoft, Ltd. |
| 60,998 |
| 24,094 |
|
|
| Mercator Lines, Ltd. |
| 1,524,731 |
| 1,056,334 |
|
|
| Merck, Ltd. |
| 29,241 |
| 197,681 |
|
|
| MIRC Electronics, Ltd. |
| 229,924 |
| 64,421 |
|
|
| Mirza International, Ltd. |
| 5,000 |
| 1,006 |
|
|
| Monnet Ispat, Ltd. |
| 85,565 |
| 310,567 |
|
|
| Monsanto India, Ltd. |
| 1,817 |
| 50,700 |
|
|
| Moser Baer (India), Ltd. |
| 1,516,872 |
| 2,019,727 |
|
|
| Mphasis, Ltd. |
| 292,087 |
| 1,318,309 |
|
|
| MRF, Ltd. |
| 17,453 |
| 786,278 |
|
|
| Mukand, Ltd. |
| 379,410 |
| 213,544 |
|
|
| Mukta Arts, Ltd. |
| 30,300 |
| 23,605 |
|
|
| Nagarjuna Construction Co., Ltd. |
| 1,407,751 |
| 1,965,915 |
|
* |
| Nagarjuna Fertilizers & Chemicals, Ltd. |
| 1,310,174 |
| 589,769 |
|
|
| Nahar Capital & Financial Services, Ltd. |
| 51,549 |
| 24,629 |
|
|
| Nahar Spinning Mills, Ltd. |
| 51,549 |
| 25,599 |
|
* |
| Navneet Publications (India), Ltd. |
| 118,740 |
| 123,704 |
|
|
| NIIT Technologies, Ltd. |
| 190,440 |
| 267,005 |
|
|
| NIIT, Ltd. |
| 149,557 |
| 79,454 |
|
|
| Nirma, Ltd. |
| 286,992 |
| 686,465 |
|
|
| NOCIL, Ltd. |
| 981,740 |
| 315,067 |
|
|
| OCL India, Ltd. |
| 82,078 |
| 115,626 |
|
* |
| OCL Iron & Steel, Ltd. |
| 246,234 |
| 67,018 |
|
|
| Omax Autos, Ltd. |
| 64,810 |
| 28,362 |
|
* |
| Oracle Financial Services Software, Ltd. |
| 27,422 |
| 488,151 |
|
|
| Orchid Chemicals & Pharmaceuticals, Ltd. |
| 445,419 |
| 860,318 |
|
|
| Orient Paper and Industries, Ltd. |
| 53,000 |
| 33,641 |
|
* |
| Oriental Bank of Commerce |
| 155,038 |
| 410,461 |
|
|
| Panacea Biotec, Ltd. |
| 39,063 |
| 57,998 |
|
|
| Patel Engineering, Ltd. |
| 17,847 |
| 61,473 |
|
|
| Patni Computer Systems, Ltd. |
| 420,187 |
| 1,365,201 |
|
* |
| Patni Computer Systems, Ltd. ADR |
| 55,441 |
| 432,440 |
|
|
| Petronet LNG, Ltd. |
| 1,980,242 |
| 2,056,637 |
|
|
| Polaris Software Lab, Ltd. |
| 396,842 |
| 525,861 |
|
|
| Prism Cements, Ltd. |
| 358,139 |
| 195,586 |
|
|
| PSL, Ltd. |
| 62,792 |
| 115,649 |
|
11
|
| PTC India, Ltd. |
| 1,047,317 |
| 1,494,129 |
|
* |
| Punj Lloyd, Ltd. |
| 743,216 |
| 1,735,029 |
|
|
| Rain Commodities, Ltd. |
| 215,083 |
| 394,708 |
|
|
| Rallis India, Ltd. |
| 15,926 |
| 167,882 |
|
|
| Raymond, Ltd. |
| 311,315 |
| 541,699 |
|
|
| REI Agro, Ltd. |
| 1,174,080 |
| 1,404,092 |
|
* |
| Rei Six Ten Retail, Ltd. |
| 88,056 |
| 1,990,433 |
|
|
| Reliance Capital, Ltd. |
| 962,940 |
| 10,193,087 |
|
|
| Reliance Communications, Ltd. |
| 4,454,118 |
| 19,353,325 |
|
|
| Reliance Industries, Ltd. |
| 4,888,665 |
| 177,718,181 |
|
* |
| Reliance Natural Resources, Ltd. |
| 3,800,245 |
| 4,330,131 |
|
|
| Rico Auto Industries, Ltd. |
| 160,452 |
| 43,360 |
|
|
| Rolta India, Ltd. |
| 730,580 |
| 1,173,082 |
|
|
| Ruchi Soya Industries, Ltd. |
| 966,355 |
| 545,023 |
|
* |
| SEAMEC, Ltd. |
| 51,335 |
| 96,334 |
|
|
| Sesa Goa, Ltd. |
| 174,000 |
| 391,853 |
|
|
| Shriram Transport Finance Co., Ltd. |
| 105,855 |
| 472,751 |
|
* |
| Sicagen India, Ltd. |
| 3,414 |
| 344 |
|
* |
| Sical Logistics, Ltd. |
| 3,414 |
| 1,665 |
|
|
| SKF India, Ltd. |
| 15,701 |
| 56,670 |
|
|
| Sona Koyo Steering Systems, Ltd. |
| 118,568 |
| 22,209 |
|
|
| Sonata Software, Ltd. |
| 457,576 |
| 179,642 |
|
|
| South India Bank, Ltd. |
| 364,941 |
| 464,715 |
|
|
| SREI Infrastructure Finance, Ltd. |
| 645,356 |
| 509,644 |
|
|
| SRF, Ltd. |
| 266,306 |
| 457,756 |
|
* |
| State Bank of India, Ltd. |
| 339,946 |
| 8,767,289 |
|
|
| Sterlite Industries (India), Ltd. ADR |
| 158,521 |
| 1,345,843 |
|
|
| Sterlite Industries (India), Ltd. Series A |
| 1,436,564 |
| 11,964,427 |
|
|
| Sterlite Technologies, Ltd. |
| 274,890 |
| 489,635 |
|
* |
| Strides Arcolab, Ltd. |
| 126,300 |
| 244,255 |
|
|
| Subros, Ltd. |
| 73,890 |
| 29,451 |
|
|
| Sundram Fastners, Ltd. |
| 38,520 |
| 15,593 |
|
|
| Supreme Petrochem, Ltd. |
| 101,631 |
| 33,206 |
|
|
| Suzlon Energy, Ltd. |
| 2,000,000 |
| 2,567,675 |
|
|
| Swaraj Engines, Ltd. |
| 14,132 |
| 31,815 |
|
|
| Syndicate Bank |
| 1,422,728 |
| 1,647,407 |
|
|
| Tata Chemicals, Ltd. |
| 763,975 |
| 2,633,590 |
|
# |
| Tata Communications, Ltd. ADR |
| 20,500 |
| 472,730 |
|
|
| Tata Investment Corp., Ltd. |
| 57,960 |
| 307,724 |
|
|
| Tata Metaliks, Ltd. |
| 26,681 |
| 34,689 |
|
|
| Tata Motors, Ltd. |
| 898,261 |
| 4,424,048 |
|
# |
| Tata Motors, Ltd. Sponsored ADR |
| 235,382 |
| 1,814,795 |
|
|
| Tata Steel, Ltd. |
| 2,285,578 |
| 10,995,049 |
|
|
| Tata Tea, Ltd. |
| 257,458 |
| 3,504,826 |
|
* |
| Teledata Marine Solutions, Ltd. |
| 267,258 |
| 182,944 |
|
* |
| Teledata Technology Solution |
| 267,258 |
| 182,944 |
|
|
| Trent, Ltd. |
| 14,497 |
| 93,092 |
|
|
| Triveni Engineering & Industries, Ltd. |
| 240,000 |
| 251,908 |
|
|
| Tube Investments of India, Ltd. |
| 486,775 |
| 303,781 |
|
|
| TVS Motor Co., Ltd. |
| 1,082,101 |
| 723,763 |
|
|
| Ucal Fuel Systems, Ltd. |
| 24,245 |
| 16,084 |
|
|
| Unichem Laboratories, Ltd. |
| 64,206 |
| 209,716 |
|
12
* |
| Union Bank of India, Ltd. |
| 400,000 |
| 1,325,234 |
|
|
| Unitech, Ltd. |
| 388,598 |
| 347,830 |
|
|
| United Phosphorus, Ltd. |
| 530,310 |
| 1,219,961 |
|
|
| Usha Martin, Ltd. |
| 1,017,075 |
| 715,352 |
|
* |
| Uttam Galva Steels, Ltd. |
| 305,386 |
| 181,710 |
|
|
| Vardhman Textiles, Ltd. |
| 88,383 |
| 115,256 |
|
|
| Varun Shipping Co., Ltd. |
| 549,032 |
| 508,109 |
|
|
| Videocon Industries, Ltd. |
| 126,483 |
| 278,904 |
|
|
| Videsh Sanchar Nigam, Ltd. |
| 727,705 |
| 8,087,887 |
|
* |
| Welspun India, Ltd. |
| 37,142 |
| 20,280 |
|
|
| Welspun-Gujarat Stahl Rohren, Ltd. |
| 824,452 |
| 1,677,512 |
|
* |
| Wire & Wireless India, Ltd. |
| 434,815 |
| 118,208 |
|
* |
| Wockhardt, Ltd. |
| 186,126 |
| 336,746 |
|
|
| Wyeth, Ltd. |
| 6,540 |
| 61,333 |
|
* |
| Yes Bank, Ltd. |
| 407,120 |
| 635,739 |
|
|
| Zee Entertainment Enterprises, Ltd. |
| 1,795,929 |
| 4,096,379 |
|
|
| Zee News, Ltd. |
| 726,155 |
| 481,088 |
|
|
| Zensar Technologies, Ltd. |
| 68,072 |
| 133,768 |
|
|
| Zuari Industries, Ltd. |
| 127,958 |
| 444,396 |
|
* |
| Zydus Wellness, Ltd. |
| 5,200 |
| 7,316 |
|
TOTAL COMMON STOCKS |
|
|
| 562,631,705 |
| ||
|
|
|
|
|
| ||
PREFERRED STOCKS — (0.0%) |
|
|
|
|
| ||
* |
| Ispat Industries, Ltd. |
| 1,463,759 |
| 81,330 |
|
|
| Tata Steel, Ltd. |
| 1,714,184 |
| 1,331,273 |
|
TOTAL PREFERRED STOCKS |
|
|
| 1,412,603 |
| ||
|
|
|
|
|
| ||
TOTAL — INDIA |
|
|
| 564,044,308 |
| ||
|
|
|
|
|
| ||
INDONESIA — (2.1%) |
|
|
|
|
| ||
COMMON STOCKS — (2.1%) |
|
|
|
|
| ||
* |
| PT Agis Tbk |
| 2,012,000 |
| 12,454 |
|
* |
| PT Apac Citra Centretex Tbk |
| 774,000 |
| 3,729 |
|
|
| PT Asahimas Flat Glass Tbk |
| 5,333,500 |
| 781,336 |
|
|
| PT Astra Agro Lestari Tbk |
| 456,500 |
| 674,626 |
|
|
| PT Astra Graphia Tbk |
| 22,838,000 |
| 681,926 |
|
|
| PT Astra International Tbk |
| 9,605,400 |
| 16,184,325 |
|
* |
| PT Bakrie & Brothers Tbk |
| 98,676,250 |
| 787,318 |
|
* |
| PT Bakrieland Development Tbk |
| 212,850,250 |
| 3,278,966 |
|
|
| PT Bank Central Asia Tbk |
| 9,100,000 |
| 2,852,688 |
|
|
| PT Bank Danamon Indonesia Tbk |
| 22,284,803 |
| 6,513,621 |
|
* |
| PT Bank Pan Indonesia Tbk |
| 122,107,326 |
| 6,969,390 |
|
|
| PT Bank Rakyat Indonesia Tbk |
| 3,070,000 |
| 1,665,605 |
|
|
| PT Berlian Laju Tanker Tbk |
| 52,474,300 |
| 3,197,460 |
|
|
| PT Bhakti Investama Tbk |
| 57,723,175 |
| 825,379 |
|
|
| PT Budi Acid Jaya Tbk |
| 22,530,000 |
| 299,854 |
|
* |
| PT Central Proteinaprima Tbk |
| 9,800,000 |
| 78,325 |
|
* |
| PT Charoen Pokphand Indonesia Tbk |
| 31,047,166 |
| 1,424,742 |
|
* |
| PT Ciputra Development Tbk |
| 1,100,000 |
| 49,538 |
|
* |
| PT Ciputra Surya Tbk |
| 17,718,000 |
| 680,218 |
|
* |
| PT Clipan Finance Indonesia Tbk |
| 12,461,000 |
| 180,584 |
|
13
* |
| PT Davomas Adabi Tbk |
| 139,739,500 |
| 920,146 |
|
* |
| PT Dynaplast Tbk |
| 3,040,000 |
| 244,119 |
|
* |
| PT Energi Mega Persada Tbk |
| 7,300,000 |
| 150,597 |
|
* |
| PT Ever Shine Textile Tbk |
| 19,347,215 |
| 108,754 |
|
* |
| PT Global Mediacom Tbk |
| 3,542,000 |
| 62,125 |
|
* |
| PT Great River International Tbk |
| 1,788,000 |
| — |
|
|
| PT Gudang Garam Tbk |
| 3,758,500 |
| 2,630,804 |
|
* |
| PT Hero Supermarket Tbk |
| 220,000 |
| 83,136 |
|
|
| PT Indocement Tunggal Prakarsa Tbk |
| 2,096,000 |
| 1,149,067 |
|
|
| PT Indofood Sukses Makmur Tbk |
| 47,811,000 |
| 5,731,556 |
|
|
| PT Indo-Rama Synthetics Tbk |
| 9,627,320 |
| 393,229 |
|
* |
| PT International Nickel Indonesia Tbk |
| 36,038,000 |
| 11,536,156 |
|
|
| PT Jaya Real Property Tbk |
| 25,528,000 |
| 1,205,857 |
|
|
| PT Kalbe Farma Tbk |
| 30,353,500 |
| 2,561,318 |
|
|
| PT Lautan Luas Tbk |
| 2,102,000 |
| 153,452 |
|
* |
| PT Lippo Karawaci Tbk |
| 73,163,250 |
| 5,567,742 |
|
* |
| PT Matahari Putra Prima Tbk |
| 35,296,900 |
| 1,932,242 |
|
|
| PT Mayorah Indah Tbk |
| 8,807,572 |
| 1,060,435 |
|
* |
| PT Medco Energi International Tbk |
| 28,781,500 |
| 7,080,330 |
|
|
| PT Mitra Adiperkasa Tbk |
| 3,033,000 |
| 89,565 |
|
* |
| PT Modern Photo Tbk |
| 1,266,500 |
| 15,076 |
|
* |
| PT Panasia Indosyntec Tbk |
| 403,200 |
| 15,237 |
|
* |
| PT Panin Insurance Tbk |
| 30,688,500 |
| 555,984 |
|
* |
| PT Panin Life Tbk |
| 65,323,500 |
| 482,680 |
|
* |
| PT Petrosea Tbk |
| 76,000 |
| 70,100 |
|
* |
| PT Polychem Indonesia Tbk |
| 14,413,500 |
| 97,548 |
|
|
| PT Ramayana Lestari Sentosa Tbk |
| 3,531,500 |
| 157,732 |
|
|
| PT Samudera Indonesia Tbk |
| 415,500 |
| 144,933 |
|
|
| PT Selamat Semp Tbk |
| 10,624,000 |
| 250,921 |
|
|
| PT Semen Gresik Tbk |
| 52,474,410 |
| 20,114,498 |
|
|
| PT Sinar Mas Agro Resources & Technology Tbk |
| 8,060,400 |
| 1,635,614 |
|
* |
| PT Sumalindo Lestari Jaya Tbk |
| 1,026,000 |
| 39,824 |
|
|
| PT Summarecon Agung Tbk |
| 16,091,000 |
| 393,282 |
|
* |
| PT Sunson Textile Manufacturer Tbk |
| 6,012,000 |
| 141,993 |
|
* |
| PT Suparma Tbk |
| 6,395,345 |
| 106,197 |
|
* |
| PT Surya Dumai Industri Tbk |
| 5,145,000 |
| — |
|
|
| PT Surya Toto Indonesia Tbk |
| 46,400 |
| 35,068 |
|
* |
| PT Suryainti Permata Tbk |
| 17,378,000 |
| 344,774 |
|
|
| PT Tigaraksa Satria Tbk |
| 718,200 |
| 16,963 |
|
|
| PT Timah Tbk |
| 7,800,000 |
| 1,034,839 |
|
|
| PT Trimegah Sec Tbk |
| 34,298,000 |
| 550,842 |
|
|
| PT Tunas Ridean Tbk |
| 11,363,500 |
| 1,121,573 |
|
* |
| PT Ultrajaya Milk Industry & Trading Co. Tbk |
| 13,717,500 |
| 877,815 |
|
|
| PT Unggul Indah Cahaya Tbk |
| 371,435 |
| 82,902 |
|
|
| PT United Tractors Tbk |
| 2,573,666 |
| 2,174,676 |
|
|
|
|
|
|
| ||
TOTAL — INDONESIA |
|
|
| 120,263,785 |
| ||
|
|
|
|
|
| ||
ISRAEL — (2.5%) |
|
|
|
|
| ||
COMMON STOCKS — (2.5%) |
|
|
|
|
| ||
* |
| Afcon Industries, Ltd. |
| 1,451 |
| 8,149 |
|
|
| Africa Israel Industries, Ltd. |
| 9,037 |
| 320,222 |
|
14
* |
| Africa-Israel Investments, Ltd. |
| 224,292 |
| 3,501,803 |
|
* |
| Alvarion, Ltd. |
| 447,274 |
| 1,382,641 |
|
* |
| Analyst IMS Investment Management Services, Ltd. |
| 16,192 |
| 98,967 |
|
|
| Ashtrom Properties, Ltd. |
| 171,400 |
| 155,269 |
|
* |
| AudioCodes, Ltd. |
| 23,091 |
| 33,964 |
|
* |
| Azorim Investment Development & Construction Co., Ltd. |
| 294,564 |
| 877,656 |
|
* |
| Bank Hapoalim B.M. |
| 13,638,154 |
| 31,063,362 |
|
|
| Bank Leumi Le-Israel B.M. |
| 12,542,791 |
| 31,351,542 |
|
* |
| Bank of Jerusalem, Ltd. |
| 71,150 |
| 83,208 |
|
* |
| Baran Group, Ltd. |
| 106,344 |
| 438,740 |
|
|
| Clal Industries, Ltd. |
| 984,961 |
| 2,803,966 |
|
* |
| Clal Insurance Enterprise Holdings, Ltd. |
| 185,084 |
| 2,150,274 |
|
* |
| Danya Cebus, Ltd. |
| 23,610 |
| 48,432 |
|
|
| Delek Automotive Systems, Ltd. |
| 11,121 |
| 88,038 |
|
* |
| Delta-Galil Industries, Ltd. |
| 96,180 |
| 200,078 |
|
|
| Dexia Isreal, Ltd. |
| 1,050 |
| 90,718 |
|
* |
| Direct Insurance - I.D.I. Insurance Co., Ltd. |
| 32,904 |
| 44,903 |
|
|
| Discount Investment Corp. |
| 279,027 |
| 3,886,584 |
|
|
| Elbit Medical Imaging, Ltd. |
| 141,338 |
| 2,543,311 |
|
|
| Electra (Israel), Ltd. |
| 15,789 |
| 1,306,179 |
|
* |
| Elron Electronic Industries, Ltd. |
| 323,982 |
| 719,139 |
|
* |
| Feuchtwanger Investments, Ltd. |
| 10,500 |
| 30 |
|
* |
| First International Bank of Israel, Ltd. (6123804) |
| 570,205 |
| 934,404 |
|
* |
| First International Bank of Israel, Ltd. (6123815) |
| 289,898 |
| 2,417,023 |
|
|
| Formula Systems, Ltd. |
| 91,685 |
| 510,067 |
|
* |
| Formula Vision Technologies, Ltd. |
| 1 |
| — |
|
* |
| Granite Hacarmel Investments, Ltd. |
| 142,500 |
| 235,012 |
|
* |
| Hadera Paper, Ltd. |
| 31,026 |
| 1,148,922 |
|
* |
| Hamlet (Israel-Canada), Ltd. |
| 16,333 |
| 58,203 |
|
* |
| Harel Insurance Investments & Finances, Ltd. |
| 106,397 |
| 3,313,695 |
|
|
| IBI Investment House, Ltd. |
| 6,245 |
| 38,557 |
|
* |
| Industrial Building Corp., Ltd. |
| 922,044 |
| 1,153,218 |
|
* |
| Israel Cold Storage & Supply Co., Ltd. |
| 7,000 |
| 47,391 |
|
* |
| Israel Petrochemical Enterprises, Ltd. |
| 225,343 |
| 375,739 |
|
* |
| Israel Steel Mills, Ltd. |
| 97,000 |
| 906 |
|
|
| Ituran Location & Control, Ltd. |
| 24,162 |
| 190,482 |
|
* |
| Jerusalem Oil Exploration, Ltd. |
| 27,096 |
| 210,171 |
|
* |
| Kardan Israel, Ltd. |
| 2,237 |
| 2,784 |
|
* |
| Knafaim Arkia Holdings, Ltd. |
| 117,857 |
| 572,190 |
|
* |
| Koor Industries, Ltd. |
| 146,769 |
| 3,221,549 |
|
* |
| Leader Holding & Investments, Ltd. |
| 197,439 |
| 75,983 |
|
|
| Liberty Properties, Ltd. |
| 3,457 |
| 36,427 |
|
* |
| Magal Security Systems, Ltd. |
| 18,398 |
| 79,320 |
|
|
| Makhteshim-Agan Industries, Ltd. |
| 123,160 |
| 542,183 |
|
* |
| Menorah Mivtachim Holdings, Ltd. |
| 202,929 |
| 1,471,556 |
|
|
| Merhav-Ceramic & Building Materials Center, Ltd. |
| 36,232 |
| 50,677 |
|
|
| Middle East Tube Co., Ltd. |
| 18,000 |
| 23,201 |
|
* |
| Migdal Insurance & Financial, Ltd. Holdings |
| 2,967,230 |
| 3,279,364 |
|
* |
| Miloumor, Ltd. |
| 97,997 |
| 6,102 |
|
* |
| Minrav Holdings, Ltd. |
| 2,000 |
| 94,934 |
|
* |
| Mivtach Shamir Holdings, Ltd. |
| 26,586 |
| 447,656 |
|
|
| Mizrahi Tefahot Bank, Ltd. |
| 1,725,090 |
| 9,545,762 |
|
15
* |
| Naphtha Israel Petroleum Corp. |
| 125,444 |
| 260,025 |
|
* |
| NICE Systems, Ltd. Sponsored ADR |
| 78,714 |
| 2,015,866 |
|
* |
| Nisko Industries, Ltd. |
| 5,929 |
| 14,016 |
|
* |
| OCIF Investments and Development, Ltd. |
| 14,180 |
| 62,002 |
|
|
| Oil Refineries, Ltd. |
| 11,090,509 |
| 4,012,390 |
|
|
| Ormat Industries, Ltd. |
| 276,852 |
| 2,091,287 |
|
* |
| RADVision, Ltd. |
| 60,313 |
| 428,760 |
|
* |
| Retalix, Ltd. |
| 235,506 |
| 1,982,035 |
|
|
| Scailex Corp., Ltd. |
| 416,611 |
| 3,146,685 |
|
* |
| Suny Electronic, Ltd. |
| 90,241 |
| 239,869 |
|
|
| Super-Sol, Ltd. Series B |
| 780,479 |
| 2,542,121 |
|
* |
| Team Computer & Systems, Ltd. |
| 6,937 |
| 82,264 |
|
|
| Teva Pharmaceutical Industries, Ltd. Sponsored ADR |
| 221,228 |
| 9,709,697 |
|
* |
| The Israel Land Development Co., Ltd. |
| 176,934 |
| 461,402 |
|
* |
| Union Bank of Israel, Ltd. |
| 364,943 |
| 781,760 |
|
* |
| Urdan Industries, Ltd. |
| 526,698 |
| 190,845 |
|
|
|
|
|
|
| ||
TOTAL — ISRAEL |
|
|
| 141,301,677 |
| ||
|
|
|
|
|
| ||
MALAYSIA — (4.1%) |
|
|
|
|
| ||
COMMON STOCKS — (4.1%) |
|
|
|
|
| ||
|
| A&M Realty Berhad |
| 854,200 |
| 97,777 |
|
|
| Affin Holdings Berhad |
| 9,611,900 |
| 4,598,773 |
|
* |
| Airasia Berhad |
| 2,630,000 |
| 861,288 |
|
|
| Alliance Financial Group Berhad |
| 8,044,300 |
| 4,634,644 |
|
|
| Aluminum Co. of Malaysia Berhad |
| 250,000 |
| 63,072 |
|
* |
| AMBD Berhad |
| 2,782,700 |
| 127,977 |
|
|
| AMMB Holdings Berhad |
| 21,831,262 |
| 19,160,404 |
|
|
| Ancom Berhad |
| 413,437 |
| 62,465 |
|
|
| Ann Joo Resources Berhad |
| 1,721,000 |
| 740,865 |
|
|
| APM Automotive Holdings Berhad |
| 1,024,700 |
| 508,334 |
|
|
| Apollo Food Holdings Berhad |
| 198,400 |
| 132,362 |
|
* |
| Asas Dunia Berhad |
| 524,700 |
| 79,589 |
|
* |
| Asia Pacific Land Berhad |
| 5,644,300 |
| 434,642 |
|
|
| Asiatic Development Berhad |
| 1,918,900 |
| 2,631,463 |
|
* |
| Axiata Group Berhad |
| 9,369,050 |
| 5,770,489 |
|
|
| Bandar Raya Developments Berhad |
| 3,669,100 |
| 1,219,994 |
|
|
| Batu Kawan Berhad |
| 2,276,250 |
| 5,201,773 |
|
|
| Berjaya Corp. Berhad |
| 16,673,980 |
| 3,919,713 |
|
|
| Berjaya Land Berhad |
| 3,273,000 |
| 3,025,989 |
|
|
| Bernas Padiberas Nasional Berhad |
| 4,690,300 |
| 1,786,854 |
|
|
| Bimb Holdings Berhad |
| 1,544,700 |
| 441,166 |
|
|
| Bina Darulaman Berhad |
| 118,000 |
| 24,197 |
|
* |
| Binaik Equity Berhad |
| 149,800 |
| 30,849 |
|
|
| Bolton Properties Berhad |
| 1,277,400 |
| 224,523 |
|
|
| Boustead Holdings Berhad |
| 3,165,400 |
| 3,156,419 |
|
|
| Cahya Mata Sarawak Berhad |
| 1,401,400 |
| 541,827 |
|
|
| Chemical Co. of Malaysia Berhad |
| 311,000 |
| 197,263 |
|
|
| Chin Teck Plantations Berhad |
| 296,600 |
| 531,284 |
|
|
| Choo Bee Metal Industries Berhad |
| 339,700 |
| 131,424 |
|
* |
| Country Heights Holdings Berhad |
| 174,000 |
| 32,441 |
|
|
| Cycle & Carriage Bintang Berhad |
| 249,800 |
| 151,855 |
|
16
* |
| Datuk Keramik Holdings Berhad |
| 127,000 |
| — |
|
|
| Dijaya Corp. Berhad |
| 612,100 |
| 157,546 |
|
|
| DNP Holdings Berhad |
| 1,431,800 |
| 334,545 |
|
|
| DRB-Hicom Berhad |
| 7,750,700 |
| 2,157,724 |
|
* |
| Eastern & Oriental Berhad (6468754) |
| 1,863,766 |
| 317,066 |
|
|
| Eastern & Oriental Berhad (B19ZLW1) |
| 283,149 |
| 67,805 |
|
|
| Eastern Pacific Industrial Corp. Berhad |
| 497,700 |
| 185,067 |
|
|
| ECM Libra Avenue Berhad |
| 6,220,730 |
| 1,080,082 |
|
|
| EON Capital Berhad |
| 1,707,807 |
| 1,711,701 |
|
|
| Esso Malaysia Berhad |
| 905,500 |
| 575,409 |
|
|
| Far East Holdings Berhad |
| 388,800 |
| 604,398 |
|
* |
| Focal Aims Holdings Berhad |
| 424,000 |
| 24,416 |
|
* |
| Fountain View Development Berhad |
| 2,573,200 |
| 159,018 |
|
|
| Gamuda Berhad |
| 9,077,000 |
| 6,086,587 |
|
|
| General Corp. Berhad |
| 1,681,400 |
| 357,652 |
|
|
| Globetronics Technology Berhad |
| 72,000 |
| 13,834 |
|
|
| Glomac Berhad |
| 1,609,100 |
| 301,608 |
|
|
| Gold Is Berhad |
| 1,598,600 |
| 619,682 |
|
* |
| Golden Plus Holdings Berhad |
| 201,000 |
| 45,080 |
|
|
| Gopeng Berhad |
| 273,900 |
| 48,342 |
|
|
| Grand United Holdings Berhad |
| 1,387,700 |
| 192,391 |
|
* |
| Gula Perak Berhad |
| 50 |
| 1 |
|
|
| GuocoLand (Malaysia) Berhad |
| 486,000 |
| 116,804 |
|
|
| Hap Seng Consolidated Berhad |
| 1,984,200 |
| 1,262,772 |
|
|
| Hong Leong Financial Group Berhad |
| 1,249,437 |
| 1,751,710 |
|
|
| Hong Leong Industries Berhad |
| 1,225,800 |
| 1,209,744 |
|
|
| Hume Industries (Malaysia) Berhad |
| 537,667 |
| 441,085 |
|
|
| Hunza Properties Berhad |
| 1,033,300 |
| 378,422 |
|
|
| Hwang-DBS (Malaysia) Berhad |
| 908,700 |
| 328,530 |
|
|
| IGB Corp. Berhad |
| 10,599,200 |
| 5,332,542 |
|
|
| IJM Corp. Berhad |
| 8,931,900 |
| 12,493,032 |
|
* |
| IJM Land Berhad |
| 742,900 |
| 275,142 |
|
|
| IJM Plantations Berhad |
| 115,400 |
| 78,106 |
|
* |
| Insas Berhad |
| 3,779,000 |
| 428,243 |
|
|
| Integrated Logistics Berhad |
| 1,222,800 |
| 235,453 |
|
|
| IOI Corp. Berhad |
| 16,320 |
| 19,561 |
|
* |
| Jaks Resources Berhad |
| 3,438,000 |
| 454,854 |
|
|
| Jaya Tiasa Holdings Berhad |
| 1,185,135 |
| 637,055 |
|
|
| Jerneh Asia Berhad |
| 425,120 |
| 128,379 |
|
|
| K & N Kenanga Holdings Berhad |
| 2,209,100 |
| 389,718 |
|
* |
| Karambunai Corp. Berhad |
| 6,839,800 |
| 162,047 |
|
|
| Keck Seng (Malaysia) Berhad |
| 1,663,400 |
| 1,445,532 |
|
|
| Kian Joo Can Factory Berhad |
| 3,566,680 |
| 1,198,919 |
|
* |
| KIG Glass Industrial Berhad |
| 260,000 |
| 2,191 |
|
|
| Kim Hin Industry Berhad |
| 453,800 |
| 111,260 |
|
|
| Kim Loong Resources Berhad |
| 324,800 |
| 176,431 |
|
|
| KLCC Property Holdings Berhad |
| 5,965,800 |
| 5,322,087 |
|
|
| KNM Group Berhad |
| 15,964,100 |
| 2,554,154 |
|
|
| Knusford Berhad |
| 153,300 |
| 61,148 |
|
|
| KPJ Healthcare Berhad |
| 1,570,300 |
| 1,317,858 |
|
|
| KrisAssets Holdings Berhad |
| 250,377 |
| 182,776 |
|
|
| KSL Holdings Berhad |
| 189,466 |
| 38,775 |
|
17
|
| Kuala Lumpur Kepong Berhad |
| 1,700,050 |
| 5,520,590 |
|
* |
| Kub Malaysia Berhad |
| 5,214,000 |
| 631,743 |
|
|
| Kuchai Development Berhad |
| 345,600 |
| 61,089 |
|
|
| Kulim Malaysia Berhad |
| 1,954,925 |
| 3,036,152 |
|
* |
| Kumpulan Europlus Berhad |
| 1,702,900 |
| 152,357 |
|
|
| Kumpulan Fima Berhad |
| 585,100 |
| 75,260 |
|
* |
| Kumpulan Hartanah Selangor Berhad |
| 520,000 |
| 60,756 |
|
|
| Kwantas Corp. Berhad |
| 246,000 |
| 129,645 |
|
* |
| Land & General Berhad |
| 14,452,000 |
| 969,547 |
|
|
| Landmarks Berhad |
| 1,777,200 |
| 471,464 |
|
* |
| LBS Bina Group Berhad |
| 1,607,000 |
| 136,884 |
|
|
| Leader Universal Holdings Berhad |
| 5,383,033 |
| 857,496 |
|
|
| Leong Hup Holdings Berhad |
| 1,469,800 |
| 364,778 |
|
* |
| Lien Hoe Corp. Berhad |
| 1,997,150 |
| 86,913 |
|
* |
| Lion Corp Berhad |
| 2,717,500 |
| 299,195 |
|
|
| Lion Diversified Holdings Berhad |
| 1,682,500 |
| 213,382 |
|
* |
| Lion Forest Industries Berhad |
| 579 |
| 90 |
|
|
| Lion Industries Corp. Berhad |
| 4,734,381 |
| 1,318,576 |
|
* |
| MAA Holdings Berhad |
| 888,700 |
| 156,392 |
|
|
| Malaysia Building Society Berhad |
| 419,000 |
| 111,784 |
|
|
| Malaysian Airlines System Berhad |
| 437,067 |
| 384,414 |
|
|
| Malaysian Bulk Carriers Berhad |
| 1,552,725 |
| 1,276,310 |
|
|
| Malaysian Mosaics Berhad |
| 354,240 |
| 68,693 |
|
|
| Malaysian Resources Corp. Berhad |
| 5,766,900 |
| 1,833,174 |
|
|
| Marco Holdings Berhad |
| 1,710,000 |
| 64,294 |
|
|
| MBM Resources Berhad |
| 487,533 |
| 313,384 |
|
* |
| Measat Global Berhad |
| 377,500 |
| 111,306 |
|
|
| Mega First Corp. Berhad |
| 1,101,700 |
| 254,850 |
|
|
| Melewar Industrial Group Berhad |
| 1,253,300 |
| 197,976 |
|
|
| Merge Housing Berhad |
| 58,952 |
| 8,238 |
|
|
| Metro Kajang Holdings Berhad |
| 535,333 |
| 136,250 |
|
* |
| Metroplex Berhad |
| 817,000 |
| — |
|
* |
| Mieco Chipboard Berhad |
| 873,900 |
| 68,562 |
|
|
| MISC Berhad |
| 275,200 |
| 682,114 |
|
* |
| MK Land Holdings Berhad |
| 6,778,500 |
| 509,256 |
|
|
| MMC Corp. Berhad |
| 9,729,779 |
| 4,764,691 |
|
|
| MNRB Holdings Berhad |
| 1,150,800 |
| 938,741 |
|
|
| MTD ACPI Engineering Berhad |
| 2,193,100 |
| 245,143 |
|
|
| Muda Holdings Berhad |
| 706,000 |
| 112,954 |
|
|
| Muhibbah Engineering Berhad |
| 4,613,000 |
| 1,479,972 |
|
* |
| MUI Properties Berhad |
| 1,314,000 |
| 44,004 |
|
* |
| Mulpha International Berhad |
| 11,256,500 |
| 1,304,914 |
|
|
| Multi-Purpose Holdings Berhad |
| 1,974,000 |
| 734,678 |
|
|
| MWE Holdings Berhad |
| 458,000 |
| 88,572 |
|
* |
| Narra Industries Berhad |
| 154,200 |
| 16,676 |
|
|
| NCB Holdings Berhad |
| 2,381,700 |
| 1,789,902 |
|
|
| Negri Sembilan Oil Palms Berhad |
| 167,600 |
| 178,568 |
|
|
| New Straits Times Press (Malaysia) Berhad |
| 1,751,100 |
| 591,783 |
|
|
| NV Multi Corp. Berhad |
| 671,800 |
| 95,619 |
|
|
| Nylex (Malaysia) Berhad |
| 386,320 |
| 63,282 |
|
|
| OKS Property Holdings Berhad |
| 1,338,741 |
| 172,515 |
|
|
| Oriental Holdings Berhad |
| 3,021,116 |
| 4,051,589 |
|
18
|
| Oriental Interest Berhad |
| 170,000 |
| 52,528 |
|
|
| OSK Holdings Berhad |
| 4,969,618 |
| 1,697,390 |
|
|
| OSK Ventures Interantional Berhad |
| 66,000 |
| 11,420 |
|
|
| P.I.E. Industrial Berhad |
| 323,600 |
| 375,757 |
|
|
| Pacific & Orient Berhad |
| 283,365 |
| 80,536 |
|
* |
| Pan Malaysia Cement Works Berhad |
| 1,271,800 |
| 44,585 |
|
|
| Panasonic Manufacturing Malaysia Berhad |
| 339,180 |
| 1,028,600 |
|
* |
| Paracorp Berhad |
| 252,000 |
| 708 |
|
|
| Paramount Corp. Berhad |
| 203,900 |
| 125,765 |
|
|
| Parkson Holdings Berhad |
| 2,263,990 |
| 2,632,214 |
|
|
| PBA Holdings Berhad |
| 1,502,500 |
| 428,476 |
|
|
| Pelikan International Corp. Berhad |
| 148,680 |
| 36,165 |
|
* |
| Permaju Industries Berhad |
| 1,714,300 |
| 190,210 |
|
|
| Petronas Dagangan Berhad |
| 970,900 |
| 2,152,902 |
|
|
| PJ Development Holdings Berhad |
| 2,768,800 |
| 402,688 |
|
|
| PK Resources Berhad |
| 5,300 |
| 789 |
|
|
| Pos Malaysia Berhad |
| 3,533,817 |
| 2,210,925 |
|
|
| PPB Group Berhad |
| 6,759,566 |
| 20,077,278 |
|
* |
| Prime Utilities Berhad |
| 46,000 |
| 1,744 |
|
|
| Protasco Berhad |
| 282,200 |
| 59,830 |
|
|
| Proton Holdings Berhad |
| 3,581,500 |
| 2,963,645 |
|
* |
| Pulai Springs Berhad |
| 159,800 |
| 40,062 |
|
* |
| Ramunia Holdings Berhad |
| 2,434,736 |
| 417,583 |
|
|
| Ranhill Berhad |
| 3,026,600 |
| 696,374 |
|
|
| RHB Capital Berhad |
| 4,037,200 |
| 4,656,287 |
|
* |
| Salcon Berhad |
| 574,000 |
| 73,236 |
|
* |
| Sapura Resources Berhad |
| 286,800 |
| 17,367 |
|
|
| Sarawak Energy Berhad |
| 4,695,700 |
| 2,647,469 |
|
|
| Sarawak Oil Palms Berhad |
| 391,820 |
| 246,721 |
|
|
| Scientex, Inc. Berhad |
| 645,048 |
| 180,485 |
|
|
| Scomi Group Berhad |
| 8,510,000 |
| 1,030,876 |
|
|
| Selangor Dredging Berhad |
| 1,312,700 |
| 183,269 |
|
|
| Shangri-La Hotels (Malaysia) Berhad |
| 738,000 |
| 380,097 |
|
|
| Shell Refining Co. Federation of Malaysia Berhad |
| 217,100 |
| 600,214 |
|
|
| SHL Consolidated Berhad |
| 1,008,700 |
| 313,802 |
|
|
| Southern Acids (Malaysia) Berhad |
| 44,000 |
| 17,452 |
|
|
| Southern Steel Berhad |
| 865,300 |
| 370,668 |
|
|
| Store Corp. Berhad |
| 124,630 |
| 107,725 |
|
|
| Subur Tiasa Holdings Berhad |
| 460,530 |
| 219,300 |
|
* |
| Sunrise Berhad |
| 2,158,384 |
| 792,034 |
|
|
| Sunway City Berhad |
| 2,699,500 |
| 1,596,235 |
|
|
| Sunway Holdings Berhad |
| 3,977,900 |
| 921,464 |
|
|
| Suria Capital Holdings Berhad |
| 590,800 |
| 156,157 |
|
|
| Symphony House Berhad |
| 523,734 |
| 34,438 |
|
|
| Ta Ann Holdings Berhad |
| 137,400 |
| 127,107 |
|
|
| TA Enterprise Berhad |
| 10,563,300 |
| 2,774,823 |
|
|
| Tahp Group Berhad |
| 27,000 |
| 21,312 |
|
* |
| Talam Corp. Berhad |
| 17,833,050 |
| 500,655 |
|
|
| Tamco Corp. Holdings Berhad |
| 240,171 |
| 3,716 |
|
|
| Tan Chong Motor Holdings Berhad |
| 4,998,300 |
| 2,029,646 |
|
|
| TDM Berhad |
| 1,059,200 |
| 484,911 |
|
* |
| Tebrau Teguh Berhad |
| 2,520,000 |
| 378,771 |
|
19
|
| Tekala Corp. Berhad |
| 337,700 |
| 67,991 |
|
* |
| Time Dotcom Berhad |
| 11,179,300 |
| 1,104,981 |
|
|
| Tiong Nam Transport Holdings Berhad |
| 171,500 |
| 29,386 |
|
|
| Tradewinds (Malaysia) Berhad |
| 844,200 |
| 630,576 |
|
|
| TSR Capital Berhad |
| 157,900 |
| 52,815 |
|
|
| UAC Berhad |
| 77,398 |
| 60,798 |
|
* |
| UEM Land Holdings Berhad |
| 4,815,375 |
| 1,425,147 |
|
|
| UMW Holdings Berhad |
| 2,726,886 |
| 4,356,748 |
|
|
| Unico-Desa Plantations Berhad |
| 4,011,228 |
| 758,712 |
|
|
| Unisem (M) Berhad |
| 4,210,700 |
| 977,093 |
|
|
| United Malacca Rubber Estates Berhad |
| 450,100 |
| 789,836 |
|
|
| United Plantations Berhad |
| 678,200 |
| 2,035,237 |
|
|
| Utusan Melayu (Malaysia) Berhad |
| 449,500 |
| 86,817 |
|
|
| VS Industry Berhad |
| 1,337,193 |
| 407,871 |
|
|
| Warisan TC Holdings Berhad |
| 109,850 |
| 56,716 |
|
* |
| WTK Holdings Berhad |
| 2,299,250 |
| 612,221 |
|
|
| Yeo Hiap Seng (Malaysia) Berhad |
| 355,320 |
| 126,733 |
|
|
| YTL Corp. Berhad |
| 5,593,600 |
| 11,132,442 |
|
|
| YTL Power International Berhad |
| 409,562 |
| 237,733 |
|
|
| Yu Neh Huat Berhad |
| 2,744,713 |
| 954,167 |
|
|
| Zelan Berhad |
| 1,937,000 |
| 421,289 |
|
TOTAL COMMON STOCKS |
|
|
| 234,252,236 |
| ||
|
|
|
|
|
| ||
PREFERRED STOCKS — (0.0%) |
|
|
|
|
| ||
* |
| Malayan United Industries Berhad A1 |
| 1,526,067 |
| 72,874 |
|
* |
| Malayan United Industries Berhad A2 |
| 1,526,067 |
| 66,444 |
|
TOTAL PREFERRED STOCKS |
|
|
| 139,318 |
| ||
|
|
|
|
|
| ||
RIGHTS/WARRANTS — (0.0%) |
|
|
|
|
| ||
* |
| Bandar Raya Developments Berhad Warrants 09/26/12 |
| 1,607,495 |
| 162,556 |
|
* |
| Jerneh Asia Berhad Warrants 07/26/12 |
| 159,420 |
| 9,628 |
|
* |
| OSK Holdings Berhad Warrants 09/30/12 |
| 93,339 |
| 3,146 |
|
* |
| Sarawak Oil Palms Berhad Warrants 01/19/11 |
| 53,568 |
| 18,132 |
|
TOTAL RIGHTS/WARRANTS |
|
|
| 193,462 |
| ||
|
|
|
|
|
| ||
TOTAL — MALAYSIA |
|
|
| 234,585,016 |
| ||
|
|
|
|
|
| ||
MEXICO — (5.9%) |
|
|
|
|
| ||
COMMON STOCKS — (5.9%) |
|
|
|
|
| ||
# |
| Alfa S.A.B. de C.V. Series A |
| 2,753,517 |
| 4,776,672 |
|
* # |
| Alsea de Mexico S.A.B. de C.V. |
| 1,545,900 |
| 627,049 |
|
|
| America Movil S.A.B. de C.V. Series L ADR |
| 55,728 |
| 1,830,665 |
|
* # |
| Axtel, S.A.B. de C.V. |
| 3,563,740 |
| 1,476,502 |
|
* |
| Carso Infraestructura y Construccion S.A.B. de CV |
| 57,500 |
| 28,737 |
|
# |
| Cemex S.A.B. de C.V. Sponsored ADR |
| 9,036,518 |
| 67,593,155 |
|
# |
| Cia Minera Autlan S.A.B. de C.V. |
| 44,000 |
| 59,310 |
|
|
| Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR |
| 264,200 |
| 10,393,628 |
|
# |
| Consorcio ARA S.A.B. de C.V. |
| 9,328,400 |
| 2,844,601 |
|
* |
| Consorcio Hogar S.A.B. de C.V. Series B |
| 1,276,418 |
| 122,039 |
|
* # |
| Corporacion GEO S.A.B. de C.V. Series B |
| 3,800,332 |
| 4,954,801 |
|
20
* |
| Corporacion Interamericana de Entramiento S.A.B. de C.V. Series B |
| 1,639,586 |
| 682,864 |
|
|
| Corporacion Mexicana de Restaurantes S.A.B. de C.V. Series B |
| 3,689 |
| 1,756 |
|
|
| Corporacion Moctezuma S.A.B. de C.V. |
| 111,200 |
| 187,669 |
|
|
| Corporativo Fragua S.A.B. de C.V. Series B |
| 70 |
| 406 |
|
* # |
| Desarrolladora Homex S.A.B. de C.V. |
| 1,663,900 |
| 5,159,464 |
|
* |
| Dine S.A.B. de C.V. |
| 1,818,367 |
| 787,617 |
|
|
| El Puerto de Liverpool S.A.B. de C.V. Series 1 |
| 20,000 |
| 53,955 |
|
|
| El Puerto de Liverpool S.A.B. de C.V. Series C1 |
| 328,600 |
| 952,050 |
|
# |
| Embotelladora Arca S.A.B. de C.V. |
| 607,200 |
| 1,367,805 |
|
* |
| Empaques Ponderosa S.A. de C.V. Series B |
| 90,000 |
| 5,867 |
|
* # |
| Empresas ICA S.A.B. de C.V. |
| 2,318,272 |
| 4,214,735 |
|
* # |
| Empresas ICA S.A.B. de C.V. Sponsored ADR |
| 489,268 |
| 3,547,193 |
|
# |
| Fomento Economico Mexicano S.A.B. de C.V. Series B & D |
| 1,440,300 |
| 4,073,860 |
|
|
| Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR |
| 1,411,458 |
| 39,958,376 |
|
* |
| GMD Resorts S.A.B. de C.V. |
| 41,400 |
| 12,595 |
|
* |
| Gruma S.A.B. de C.V. ADR |
| 85,416 |
| 201,582 |
|
* # |
| Gruma S.A.B. de C.V. Series B |
| 2,801,716 |
| 1,692,475 |
|
# |
| Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. |
| 613,500 |
| 628,786 |
|
# |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR |
| 534,189 |
| 10,982,926 |
|
# |
| Grupo Aeroportuario del Sureste S.A.B. de C.V. |
| 727,300 |
| 2,265,240 |
|
|
| Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR |
| 221,543 |
| 6,867,833 |
|
# |
| Grupo Carso S.A.B. de C.V. Series A-1 |
| 10,678,493 |
| 27,674,669 |
|
|
| Grupo Cementos de Chihuahua S.A.B. de C.V. |
| 2,799,892 |
| 5,992,815 |
|
* # |
| Grupo FAMSA S.A.B. de C.V. |
| 709,900 |
| 565,616 |
|
|
| Grupo Financiero Banorte S.A.B. de C.V. |
| 6,257,710 |
| 9,654,442 |
|
|
| Grupo Financiero Inbursa S.A.B. de C.V. Series O |
| 8,374,133 |
| 22,442,628 |
|
* |
| Grupo Gigante S.A.B. de C.V. Series B |
| 324,076 |
| 305,156 |
|
|
| Grupo Herdez S.A.B. de C.V. |
| 319,000 |
| 311,930 |
|
|
| Grupo Industrial Maseca S.A.B. de C.V. Series B |
| 2,726,900 |
| 1,481,367 |
|
* |
| Grupo Industrial Saltillo S.A.B. de C.V. |
| 1,341,869 |
| 252,706 |
|
* # |
| Grupo Iusacell S.A.B. de C.V. |
| 299,960 |
| 921,216 |
|
* |
| Grupo Kuo S.A.B. de C.V. Series B |
| 2,038,967 |
| 812,279 |
|
* |
| Grupo Mexicano de Desarrollo S.A.B. de C.V. |
| 43,400 |
| 21,376 |
|
|
| Grupo Mexico S.A.B. de C.V. Series B |
| 26,577,260 |
| 20,598,050 |
|
* |
| Grupo Nutrisa S.A. de C.V. |
| 428 |
| 504 |
|
|
| Grupo Posadas S.A. de C.V. Series L |
| 356,000 |
| 300,406 |
|
* |
| Grupo Qumma S.A. de C.V. Series B |
| 5,301 |
| 69 |
|
* # |
| Grupo Simec, S.A. de C.V. |
| 966,700 |
| 1,435,416 |
|
# |
| Grupo Televisa S.A. de C.V. |
| 288,100 |
| 891,678 |
|
|
| Grupo Televisa S.A. de C.V. Sponsored ADR |
| 326,100 |
| 5,048,028 |
|
* # |
| Impulsora Del Desarrollo Y El Empleo en America Latina S.A. de C.V. |
| 6,618,915 |
| 5,369,538 |
|
|
| Industrias Bachoco S.A.B. de C.V. Series B |
| 810,300 |
| 1,025,934 |
|
* # |
| Industrias CH S.A.B. de C.V. Series B |
| 2,827,592 |
| 6,230,287 |
|
|
| Industrias Penoles S.A.B. de C.V. |
| 1,180,155 |
| 12,822,197 |
|
# |
| Kimberly Clark de Mexico S.A.B. de C.V. Series A |
| 144,000 |
| 525,163 |
|
* # |
| Organizacion Soriana S.A.B. de C.V. Series B |
| 14,540,800 |
| 25,856,630 |
|
* |
| Promotora y Operadora de Infraestructura S.A. de C.V. |
| 96,978 |
| 151,023 |
|
* |
| Qualitas Compania de Seguros S.A. de C.V. |
| 1,713,100 |
| 492,612 |
|
* |
| Sanluis Corporacion S.A. de C.V. Series A |
| 2,400 |
| 261 |
|
* |
| Sanluis Corporacion S.A. de C.V. Series C & Series B |
| 3,376 |
| 978 |
|
21
* # |
| SARE Holding S.A. de C.V. |
| 123,300 |
| 21,434 |
|
* |
| Savia S.A. de C.V. |
| 3,457,285 |
| 200,335 |
|
|
| Telefonos de Mexico S.A.B. de C.V. Sponsored ADR |
| 30,200 |
| 483,200 |
|
* |
| Urbi, Desarrollos Urbanos, S.A.B. de C.V. |
| 2,199,700 |
| 2,421,805 |
|
# |
| Vitro S.A.B. de C.V. |
| 3,219,986 |
| 1,432,038 |
|
|
|
|
|
|
| ||
TOTAL — MEXICO |
|
|
| 334,095,999 |
| ||
|
|
|
|
|
| ||
PHILIPPINES — (0.5%) |
|
|
|
|
| ||
COMMON STOCKS — (0.5%) |
|
|
|
|
| ||
|
| A. Soriano Corp. |
| 20,195,000 |
| 986,861 |
|
|
| Alaska Milk Corp. |
| 7,953,000 |
| 648,281 |
|
* |
| Alsons Consolidated Resources, Inc. |
| 16,904,000 |
| 122,347 |
|
|
| Bacnotan Consolidated Industries, Inc. |
| 2,575,998 |
| 426,159 |
|
|
| Banco de Oro Unibank, Inc. |
| 5,115,420 |
| 3,168,471 |
|
* |
| Belle Corp. |
| 31,340,000 |
| 452,943 |
|
* |
| Benpres Holdings Corp. |
| 4,800,000 |
| 136,553 |
|
|
| Cebu Holdings, Inc. |
| 7,763,250 |
| 237,926 |
|
|
| China Banking Corp. |
| 1,724 |
| 12,996 |
|
* |
| Digital Telecommunications Phils., Inc. |
| 102,460,000 |
| 2,289,062 |
|
|
| DMCI Holdings, Inc. |
| 9,170,000 |
| 832,617 |
|
|
| EEI Corp. |
| 1,929,000 |
| 57,448 |
|
* |
| Empire East Land Holdings, Inc. |
| 37,000,000 |
| 222,171 |
|
* |
| Export & Industry Bank, Inc. |
| 14,950 |
| 70 |
|
|
| Filinvest Land, Inc. |
| 92,992,031 |
| 1,090,503 |
|
* |
| Filipina Water Bottling Corp. |
| 5,471,786 |
| — |
|
* |
| First Philippines Holdings Corp. |
| 2,467,100 |
| 1,259,650 |
|
* |
| House of Investments, Inc. |
| 700,000 |
| 21,139 |
|
|
| International Container Terminal Services, Inc. |
| 270,000 |
| 71,211 |
|
|
| Jollibee Food Corp. |
| 152,000 |
| 144,128 |
|
|
| Macroasia Corp. |
| 2,170,000 |
| 131,517 |
|
|
| Megaworld Corp. |
| 103,073,600 |
| 1,487,208 |
|
|
| Metro Bank & Trust Co. |
| 7,397,055 |
| 4,574,143 |
|
* |
| Mondragon International Philippines, Inc. |
| 2,464,000 |
| 6,369 |
|
* |
| Philippine National Bank |
| 3,781,218 |
| 1,250,035 |
|
* |
| Philippine National Construction Corp. |
| 398,900 |
| 40,420 |
|
* |
| Philippine Realty & Holdings Corp. |
| 20,930,000 |
| 86,117 |
|
|
| Philippine Savings Bank |
| 1,232,313 |
| 981,110 |
|
* |
| Philippine Townships, Inc. |
| 226,200 |
| 432 |
|
* |
| PhilWeb Corp. |
| 33,000,000 |
| 30,653 |
|
* |
| Prime Media Holdings, Inc. |
| 409,000 |
| 2,326 |
|
* |
| Prime Orion Philippines, Inc. |
| 13,400,000 |
| 60,963 |
|
|
| Rizal Commercial Banking Corp. |
| 2,851,448 |
| 822,943 |
|
|
| Robinson’s Land Corp. Series B |
| 10,360,700 |
| 1,175,630 |
|
|
| Security Bank Corp. |
| 2,387,410 |
| 1,726,622 |
|
|
| Semirara Mining Corp. |
| 141,700 |
| 80,909 |
|
|
| Shang Properties, Inc. |
| 614,285 |
| 17,040 |
|
|
| SM Development Corp. |
| 28,566,248 |
| 1,769,339 |
|
* |
| Solid Group, Inc. |
| 19,668,000 |
| 158,621 |
|
|
| Union Bank of the Philippines |
| 920,294 |
| 451,581 |
|
|
| Universal Robina Corp. |
| 16,573,345 |
| 2,466,649 |
|
* |
| Vista Land & Lifescapes, Inc. |
| 430,000 |
| 9,407 |
|
TOTAL COMMON STOCKS |
|
|
| 29,510,570 |
| ||
|
|
|
|
|
| ||
RIGHTS/WARRANTS — (0.0%) |
|
|
|
|
| ||
* |
| Megaworld Corp. Rights 05/22/09 |
| 25,768,400 |
| — |
|
|
|
|
|
|
| ||
TOTAL — PHILIPPINES |
|
|
| 29,510,570 |
|
22
POLAND — (2.3%) |
|
|
|
|
| ||
COMMON STOCKS — (2.3%) |
|
|
|
|
| ||
|
| Agora SA |
| 559,848 |
| 2,607,639 |
|
* |
| Amica Wronki SA |
| 170,802 |
| 267,831 |
|
|
| Asseco Poland SA |
| 440,281 |
| 6,915,563 |
|
|
| Bank Millennium SA |
| 5,515,278 |
| 4,371,583 |
|
|
| Bank Pekao SA |
| 41,481 |
| 1,485,416 |
|
* |
| Bank Przemyslowo Handlowy BPH SA |
| 68,855 |
| 702,565 |
|
* |
| Bioton SA |
| 16,349,625 |
| 1,491,062 |
|
* |
| Boryszew SA |
| 268,708 |
| 220,466 |
|
* |
| Budimex SA |
| 100,539 |
| 2,090,639 |
|
* |
| Cersanit-Krasnystaw SA |
| 11,868 |
| 38,641 |
|
|
| Ciech SA |
| 100,063 |
| 957,047 |
|
|
| Debica SA |
| 111,346 |
| 1,654,106 |
|
* |
| Dom Development SA |
| 26,870 |
| 271,266 |
|
* |
| Echo Investment SA |
| 1,796,966 |
| 1,563,541 |
|
|
| Elektrobudowa SA |
| 29,635 |
| 1,260,185 |
|
* |
| Elstar Oils SA |
| 196,440 |
| 257,185 |
|
|
| Emperia Holding SA |
| 12,562 |
| 175,027 |
|
* |
| Fabryki Mebli Forte SA |
| 70,159 |
| 153,195 |
|
* |
| Farmacol SA |
| 5,526 |
| 48,539 |
|
* |
| Ferrum SA |
| 4,233 |
| 6,243 |
|
* |
| Getin Holdings SA |
| 1,022,560 |
| 1,580,979 |
|
|
| Grupa Kety SA |
| 123,335 |
| 2,610,205 |
|
* |
| Grupa Lotos SA |
| 839,119 |
| 4,198,968 |
|
|
| Impexmetal SA |
| 5,899,609 |
| 3,001,487 |
|
|
| KGHM Polska Miedz SA |
| 1,331,285 |
| 23,328,849 |
|
* |
| Koelner SA |
| 110,633 |
| 280,613 |
|
|
| Kredyt Bank SA |
| 619,815 |
| 1,088,604 |
|
* |
| Kroscienskie Huty Szkla Krosno SA |
| 63,425 |
| 3,375 |
|
* |
| Lentex SA |
| 158,570 |
| 950,740 |
|
* |
| MNI SA |
| 326,495 |
| 278,791 |
|
* |
| Mondi Packaging Paper Swiecie SA |
| 11,049 |
| 172,218 |
|
* |
| Mostostal Export SA |
| 389,492 |
| 239,511 |
|
* |
| Mostostal Warszawa SA |
| 284,654 |
| 4,571,476 |
|
* |
| Mostostal Zabrze Holding SA |
| 350,940 |
| 404,316 |
|
|
| Multimedia Polska SA |
| 33,632 |
| 69,514 |
|
* |
| Netia Holdings SA |
| 3,441,202 |
| 3,657,508 |
|
|
| Orbis SA |
| 541,449 |
| 5,948,885 |
|
|
| Pfleiderer Grajewo SA |
| 48,441 |
| 133,781 |
|
* |
| Polnord SA |
| 102,774 |
| 1,000,154 |
|
|
| Polski Koncern Naftowy Orlen SA |
| 5,310,008 |
| 41,757,460 |
|
* |
| Przedsiebiorstwo Eksportu Inzyn Importu Kopex SA |
| 260,829 |
| 1,443,504 |
|
* |
| Raciborska Fabryka Kotlow SA |
| 1,155,432 |
| 2,384,073 |
|
23
* |
| Stalexport SA |
| 889,216 |
| 431,417 |
|
* |
| Sygnity SA |
| 103,024 |
| 654,465 |
|
* |
| Synthos SA |
| 6,535,154 |
| 1,221,394 |
|
* |
| Vistula Group SA |
| 8,000 |
| 2,866 |
|
|
| Zelmer SA |
| 3,000 |
| 23,517 |
|
|
|
|
|
|
| ||
TOTAL — POLAND |
|
|
| 127,976,409 |
| ||
|
|
|
|
|
| ||
SOUTH AFRICA — (10.3%) |
|
|
|
|
| ||
COMMON STOCKS — (10.3%) |
|
|
|
|
| ||
# |
| ABSA Group, Ltd. |
| 2,423,130 |
| 27,945,344 |
|
|
| Adcorp Holdings, Ltd. |
| 152,955 |
| 377,079 |
|
|
| Advtech, Ltd. |
| 1,558,456 |
| 731,014 |
|
|
| Aeci, Ltd. |
| 1,637,382 |
| 9,382,339 |
|
|
| Afgri, Ltd. |
| 3,987,067 |
| 2,295,078 |
|
|
| African Bank Investments, Ltd. |
| 3,907,775 |
| 12,382,174 |
|
|
| African Oxygen, Ltd. |
| 734,706 |
| 1,471,698 |
|
|
| African Rainbow Minerals, Ltd. |
| 1,163,169 |
| 15,714,943 |
|
|
| Allied Electronics Corp., Ltd. |
| 534,406 |
| 1,383,402 |
|
|
| Allied Technologies, Ltd. |
| 196,345 |
| 1,327,137 |
|
|
| AngloGold Ashanti, Ltd. |
| 403,609 |
| 12,398,110 |
|
|
| ArcelorMittal South Africa, Ltd. |
| 2,008,265 |
| 18,717,342 |
|
|
| Argent Industrial, Ltd. |
| 1,272,940 |
| 1,194,751 |
|
* |
| Argility, Ltd. |
| 130,947 |
| — |
|
* |
| Aspen Pharmacare Holdings, Ltd. |
| 397,125 |
| 2,015,165 |
|
|
| AST Group, Ltd. |
| 1,842,229 |
| 101,424 |
|
|
| Astral Foods, Ltd. |
| 139,135 |
| 1,619,001 |
|
# |
| Aveng, Ltd. |
| 3,144,927 |
| 12,027,565 |
|
|
| AVI, Ltd. |
| 4,469,388 |
| 8,657,976 |
|
* |
| Avusa, Ltd. |
| 391,810 |
| 815,851 |
|
|
| Barloworld, Ltd. |
| 2,126,852 |
| 8,995,144 |
|
* |
| Bell Equipment, Ltd. |
| 368,870 |
| 240,499 |
|
|
| Bidvest Group, Ltd. |
| 230,871 |
| 2,440,799 |
|
|
| Business Connexion Group |
| 465,381 |
| 183,910 |
|
|
| Capitec Bank Holdings, Ltd. |
| 179,693 |
| 824,360 |
|
|
| Cashbuild, Ltd. |
| 60,784 |
| 466,249 |
|
|
| Caxton & CTP Publishers & Printers, Ltd. |
| 3,015,054 |
| 3,924,648 |
|
* |
| Cipla Medpro South Africa, Ltd. |
| 3,233,310 |
| 1,579,391 |
|
|
| City Lodge Hotels, Ltd. |
| 94,820 |
| 747,950 |
|
* |
| Corpgro, Ltd. |
| 579,166 |
| — |
|
|
| Data Tec, Ltd. |
| 2,446,932 |
| 4,817,229 |
|
|
| Datacentrix Holdings, Ltd. |
| 959,663 |
| 384,859 |
|
|
| Delta Electrical Industries, Ltd. |
| 234,340 |
| 241,482 |
|
|
| Dimension Data Holdings P.L.C. |
| 3,977,377 |
| 2,975,687 |
|
|
| Discovery Holdings, Ltd. |
| 136,687 |
| 396,530 |
|
|
| Distell Group, Ltd. |
| 544,476 |
| 3,466,431 |
|
|
| Distribution & Warehousing Network, Ltd. |
| 216,722 |
| 173,118 |
|
|
| Durban Roodeport Deep, Ltd. |
| 1,462,175 |
| 1,162,086 |
|
* |
| ElementOne, Ltd. |
| 391,810 |
| 495,963 |
|
* |
| Eqstra Holdings, Ltd. |
| 829,977 |
| 583,958 |
|
|
| Exxaro Resources, Ltd. |
| 103,649 |
| 759,886 |
|
|
| Famous Brands, Ltd. |
| 206,074 |
| 391,803 |
|
24
|
| FirstRand, Ltd. |
| 4,842,130 |
| 7,396,293 |
|
|
| Foschini, Ltd. |
| 281,329 |
| 1,488,855 |
|
|
| Freeworld Coatings, Ltd. |
| 2,085,597 |
| 1,417,691 |
|
# |
| Gold Fields, Ltd. |
| 487,041 |
| 5,065,860 |
|
# |
| Gold Fields, Ltd. Sponsored ADR |
| 5,386,450 |
| 56,019,080 |
|
|
| Gold Reef Resorts, Ltd. |
| 519,880 |
| 1,074,346 |
|
|
| Grindrod, Ltd. |
| 293,553 |
| 481,066 |
|
|
| Group Five, Ltd. |
| 465,209 |
| 1,730,522 |
|
* |
| Harmony Gold Mining Co., Ltd. |
| 2,941,322 |
| 27,381,990 |
|
* |
| Harmony Gold Mining Co., Ltd. Sponsored ADR |
| 383,651 |
| 3,575,627 |
|
|
| Highveld Steel & Vanadilum Corp., Ltd. |
| 264,444 |
| 2,062,266 |
|
|
| Hudaco Industries, Ltd. |
| 162,006 |
| 933,155 |
|
# |
| Hulamin, Ltd. |
| 882,088 |
| 1,066,909 |
|
|
| Iliad Africa, Ltd. |
| 76,658 |
| 58,682 |
|
|
| Illovo Sugar, Ltd. |
| 1,516,761 |
| 4,629,943 |
|
|
| Impala Platinum Holdings, Ltd. |
| 300,321 |
| 5,738,244 |
|
|
| Imperial Holdings, Ltd. |
| 1,552,015 |
| 9,943,458 |
|
|
| Investec, Ltd. |
| 2,292,683 |
| 10,847,195 |
|
* |
| JCI, Ltd. |
| 4,289,448 |
| — |
|
|
| JD Group, Ltd. |
| 106,369 |
| 426,269 |
|
* |
| JSE, Ltd. |
| 53,811 |
| 330,263 |
|
|
| Kumba Iron Ore, Ltd. |
| 117,551 |
| 2,241,527 |
|
|
| Lewis Group, Ltd. |
| 1,114,052 |
| 5,500,671 |
|
|
| Liberty Holdings, Ltd. |
| 1,458,029 |
| 9,973,668 |
|
* |
| M Cubed Holdings, Ltd. |
| 1,850,526 |
| 43,709 |
|
|
| Massmart Holdings, Ltd. |
| 177,731 |
| 1,534,307 |
|
|
| Medi-Clinic Corp., Ltd. |
| 2,253,843 |
| 5,445,819 |
|
* |
| Merafe Resources, Ltd. |
| 10,469,632 |
| 968,434 |
|
* |
| Metair Investments, Ltd. |
| 1,650,332 |
| 873,693 |
|
* |
| Metorex, Ltd. |
| 492,898 |
| 99,252 |
|
|
| Metropolitan Holdings, Ltd. |
| 8,873,678 |
| 11,103,534 |
|
# |
| Mondi, Ltd. |
| 517,591 |
| 1,729,002 |
|
|
| Mr. Price Group, Ltd. |
| 534,202 |
| 1,635,159 |
|
|
| MTN Group, Ltd. |
| 151,516 |
| 1,967,161 |
|
|
| Murray & Roberts Holdings, Ltd. |
| 1,803,099 |
| 10,063,735 |
|
|
| Mvelaphanda Group, Ltd. |
| 4,125,843 |
| 2,256,306 |
|
|
| Nampak, Ltd. |
| 5,955,540 |
| 8,813,072 |
|
|
| Naspers, Ltd. Series N |
| 432,614 |
| 8,816,084 |
|
# |
| Nedbank Group, Ltd. |
| 2,710,554 |
| 27,645,668 |
|
|
| Network Healthcare Holdings, Ltd. |
| 1,524,093 |
| 1,671,398 |
|
|
| New Clicks Holdings, Ltd. |
| 3,409,228 |
| 6,574,041 |
|
# |
| Northam Platinum, Ltd. |
| 850,632 |
| 2,812,463 |
|
|
| Nu-World Holdings, Ltd. |
| 158,299 |
| 261,457 |
|
|
| Oceana Group, Ltd. |
| 482,566 |
| 1,385,124 |
|
|
| Omnia Holdings, Ltd. |
| 516,966 |
| 3,153,954 |
|
|
| Palabora Mining Co., Ltd. |
| 192,276 |
| 1,396,692 |
|
|
| Peregrine Holdings, Ltd. |
| 1,129,448 |
| 860,087 |
|
|
| Pick’n Pay Stores, Ltd. |
| 117,630 |
| 421,900 |
|
|
| Pretoria Portland Cement Co., Ltd. |
| 2,190,935 |
| 8,409,490 |
|
|
| PSG Group, Ltd. |
| 1,076,599 |
| 2,007,879 |
|
* |
| Randgold & Exploration Co., Ltd. |
| 256,811 |
| — |
|
|
| Raubex Group, Ltd. |
| 50,781 |
| 131,057 |
|
25
|
| Redefine Income Fund, Ltd. |
| 83,325 |
| 70,167 |
|
|
| Reunert, Ltd. |
| 651,562 |
| 3,219,954 |
|
|
| Sanlam, Ltd. |
| 28,877,831 |
| 53,897,343 |
|
|
| Santam, Ltd. |
| 18,334 |
| 168,577 |
|
|
| Sappi, Ltd. |
| 3,330,136 |
| 8,889,008 |
|
# |
| Sappi, Ltd. Sponsored ADR |
| 692,000 |
| 1,799,200 |
|
|
| Sasol, Ltd. Sponsored ADR |
| 708,659 |
| 21,337,722 |
|
|
| Shoprite Holdings, Ltd. |
| 62,090 |
| 371,981 |
|
* |
| Simmer & Jack Mines, Ltd. |
| 297,043 |
| 95,498 |
|
|
| Spur Corp., Ltd. |
| 385,679 |
| 372,361 |
|
|
| Standard Bank Group, Ltd. |
| 1,129,030 |
| 10,908,925 |
|
|
| Steinhoff International Holdings, Ltd. |
| 9,727,233 |
| 11,658,198 |
|
|
| Sun International, Ltd. |
| 367,959 |
| 3,486,074 |
|
# |
| Telkom South Africa, Ltd. |
| 944,704 |
| 11,903,069 |
|
|
| Telkom South Africa, Ltd. Sponsored ADR |
| 5,288 |
| 265,828 |
|
|
| The Spar Group, Ltd. |
| 622,960 |
| 3,889,583 |
|
|
| Tiger Brands, Ltd. |
| 171,336 |
| 2,661,647 |
|
* |
| Tiger Wheels, Ltd. |
| 575,610 |
| — |
|
|
| Tongaat-Hulett, Ltd. |
| 266,171 |
| 2,347,846 |
|
|
| Trans Hex Group, Ltd. |
| 509,906 |
| 87,467 |
|
|
| Trencor, Ltd. |
| 1,468,675 |
| 3,018,413 |
|
|
| Truworths International, Ltd. |
| 711,817 |
| 2,841,143 |
|
|
| UCS Group, Ltd. |
| 1,814,728 |
| 277,990 |
|
|
| Value Group, Ltd. |
| 874,662 |
| 308,856 |
|
|
| Woolworths Holdings, Ltd. |
| 2,641,256 |
| 3,725,818 |
|
|
|
|
|
|
| ||
TOTAL — SOUTH AFRICA |
|
|
| 584,876,100 |
| ||
|
|
|
|
|
| ||
SOUTH KOREA — (11.1%) |
|
|
|
|
| ||
COMMON STOCKS — (11.1%) |
|
|
|
|
| ||
# |
| Aekyung Petrochemical Co., Ltd. |
| 19,060 |
| 283,854 |
|
* |
| Anam Electronics Co., Ltd. |
| 24,280 |
| 58,852 |
|
* |
| Artone Paper Manufacturing Co., Ltd. |
| 25,355 |
| 46,032 |
|
# |
| Asia Cement Manufacturing Co., Ltd. |
| 28,888 |
| 998,480 |
|
* |
| Asia Paper Manufacturing Co., Ltd. |
| 34,410 |
| 208,892 |
|
* |
| Asiana Airlines, Inc. |
| 75,670 |
| 244,789 |
|
* |
| AUK Corp. |
| 40,090 |
| 73,435 |
|
# |
| Bing Grae Co., Ltd. |
| 29,190 |
| 916,623 |
|
* # |
| BNG Steel Co., Ltd |
| 41,370 |
| 258,578 |
|
|
| Bohae Brewery Co., Ltd. |
| 8,830 |
| 111,317 |
|
* |
| Boo Kook Securities Co., Ltd. |
| 27,705 |
| 518,115 |
|
|
| Boryung Pharmaceutical Co., Ltd. |
| 11,018 |
| 224,571 |
|
|
| Busan Bank |
| 708,450 |
| 3,885,895 |
|
|
| BYC Co., Ltd. |
| 810 |
| 81,108 |
|
|
| Byuck San Corp. |
| 10,472 |
| 76,354 |
|
* |
| Byuck San Engineering and Construction Co., Ltd. |
| 87,860 |
| 204,157 |
|
* |
| C & Heavy Industries Co., Ltd. |
| 59,460 |
| 8,110 |
|
|
| Cambridge Members Co., Ltd. |
| 8,070 |
| 60,220 |
|
|
| Cheil Industrial, Inc. |
| 107,574 |
| 3,862,352 |
|
* |
| Cho Kwang Leather Co., Ltd. |
| 13,660 |
| 69,890 |
|
|
| Cho Kwang Paint Co., Ltd. |
| 24,260 |
| 56,824 |
|
* |
| Choil Aluminum Manufacturing Co., Ltd. |
| 13,190 |
| 55,837 |
|
26
* |
| Chon Bang Co., Ltd. |
| 2,520 |
| 54,755 |
|
# |
| Choongwae Pharmaceutical Corp. |
| 24,657 |
| 296,140 |
|
|
| Chosun Refractories Co., Ltd. |
| 10,390 |
| 473,563 |
|
# |
| Chungho Comnet Co., Ltd. |
| 24,590 |
| 272,888 |
|
|
| CJ Cheiljedang Corp. |
| 505 |
| 62,240 |
|
# |
| CJ Corp. |
| 90,342 |
| 3,474,411 |
|
* |
| Comtec Systems Co., Ltd. |
| 75,460 |
| 61,240 |
|
* # |
| Cosmochemical Co., Ltd. |
| 47,640 |
| 203,366 |
|
# |
| Crown Confectionery Co., Ltd. |
| 2,910 |
| 132,047 |
|
* |
| Dae Chang Industrial Co., Ltd. |
| 257,400 |
| 111,361 |
|
|
| Dae Dong Industrial Co., Ltd. |
| 17,320 |
| 246,589 |
|
|
| Dae Hyun Co., Ltd. |
| 192,600 |
| 106,548 |
|
* # |
| Dae Sang Corp. |
| 110,202 |
| 546,751 |
|
|
| Dae Won Kang Up Co., Ltd. |
| 238,400 |
| 316,062 |
|
* |
| Dae Young Packaging Co., Ltd. |
| 388,976 |
| 121,455 |
|
# |
| Daeduck Electronics Co., Ltd. |
| 227,450 |
| 746,655 |
|
# |
| Daeduck Industries Co., Ltd. |
| 68,930 |
| 374,936 |
|
|
| Daegu Bank Co., Ltd. |
| 672,652 |
| 4,618,648 |
|
# |
| Daehan Flour Mills Co., Ltd. |
| 5,955 |
| 607,911 |
|
|
| Daehan Synthetic Fiber Co., Ltd. |
| 5,193 |
| 282,683 |
|
# |
| Daekyo Co., Ltd. |
| 346,480 |
| 1,693,433 |
|
# |
| Daelim Industrial Co., Ltd. |
| 144,089 |
| 6,994,923 |
|
|
| Daelim Trading Co., Ltd. |
| 31,734 |
| 101,155 |
|
|
| Daesang Holdings Co., Ltd. |
| 33,096 |
| 76,505 |
|
# |
| Daesung Industrial Co., Ltd. |
| 8,895 |
| 516,009 |
|
* |
| Daewon Cable Co., Ltd. |
| 13,570 |
| 71,414 |
|
|
| Daewon Pharmaceutical Co., Ltd. |
| 39,180 |
| 152,294 |
|
# |
| Daewoo Engineering & Construction Co., Ltd. |
| 57,850 |
| 507,353 |
|
* # |
| Daewoo Motor Sales Corp. |
| 159,350 |
| 1,670,367 |
|
* |
| Daewoong Co., Ltd. |
| 14,890 |
| 261,478 |
|
|
| Dahaam E-Tec Co., Ltd. |
| 5,985 |
| 135,837 |
|
* # |
| Daishin Securities Co., Ltd. |
| 248,481 |
| 3,456,468 |
|
* # |
| Daiyang Metal Co., Ltd. |
| 77,290 |
| 177,903 |
|
# |
| Daou Technology, Inc. |
| 145,600 |
| 899,410 |
|
# |
| DC Chemical Co., Ltd. |
| 1,370 |
| 240,244 |
|
* |
| DI Corp. |
| 101,890 |
| 111,090 |
|
|
| Digital Power Communications Co., Ltd. |
| 113,840 |
| 118,040 |
|
|
| Dong Ah Tire Industrial Co., Ltd. |
| 51,594 |
| 333,327 |
|
* |
| Dong Hai Pulp Co., Ltd. |
| 6,457 |
| 32,223 |
|
|
| Dong IL Rubber Belt Co., Ltd. |
| 40,761 |
| 61,085 |
|
* # |
| Dong Wha Pharmaceutical Industries Co., Ltd. |
| 10,828 |
| 336,569 |
|
* # |
| Dong Won Co., Ltd. |
| 14,220 |
| 89,166 |
|
|
| Dongbang Agro Co., Ltd. |
| 53,610 |
| 292,996 |
|
|
| Dongbang Transport Logistics Co., Ltd. |
| 51,750 |
| 101,089 |
|
|
| Dongbu Corp. |
| 73,520 |
| 642,420 |
|
* # |
| Dongbu HiTek Co., Ltd. |
| 104,044 |
| 770,658 |
|
* # |
| Dongbu Securities Co., Ltd. |
| 123,376 |
| 691,691 |
|
# |
| Dongbu Steel Co., Ltd. |
| 92,198 |
| 654,506 |
|
|
| Dong-Il Corp. |
| 6,378 |
| 264,711 |
|
* |
| Dongkook Industrial Co., Ltd. |
| 16,200 |
| 19,240 |
|
# |
| Dongkuk Steel Mill Co., Ltd. |
| 192,032 |
| 4,373,531 |
|
|
| Dongsung Pharmaceutical Co., Ltd. |
| 92,550 |
| 114,283 |
|
27
|
| Dongwon F&B Co., Ltd. |
| 10,026 |
| 266,700 |
|
# |
| Dongwon Industries Co., Ltd. |
| 7,116 |
| 498,854 |
|
|
| Dongyang Engineering & Construction Corp. |
| 6,597 |
| 115,529 |
|
|
| Dongyang Express Bus Corp. |
| 3,729 |
| 71,720 |
|
# |
| Dongyang Mechatronics Corp. |
| 115,477 |
| 397,806 |
|
# |
| Doosan Heavy Industries & Construction Co., Ltd. |
| 1,479 |
| 96,484 |
|
|
| DPI Co., Ltd. |
| 22,738 |
| 99,364 |
|
|
| Duck Yang Industry Co., Ltd. |
| 4,000 |
| 21,335 |
|
# |
| Ducsung Co., Ltd. |
| 45,260 |
| 66,301 |
|
* |
| Eagon Industrial Co., Ltd. |
| 11,400 |
| 128,103 |
|
|
| e-Starco Co., Ltd. |
| 170,050 |
| 136,086 |
|
|
| F&F Co., Ltd. |
| 62,660 |
| 155,650 |
|
* |
| First Fire & Marine Insurance Co., Ltd. |
| 28,830 |
| 155,297 |
|
|
| Fursys, Inc. |
| 29,120 |
| 529,298 |
|
|
| Gaon Cable Co., Ltd. |
| 12,730 |
| 317,134 |
|
# |
| GIIR, Inc. |
| 31,610 |
| 222,891 |
|
# |
| Global & Yuasa Battery Co., Ltd. |
| 53,100 |
| 1,234,654 |
|
|
| Green Cross Holdings Corp. |
| 10,540 |
| 543,593 |
|
# |
| GS Holdings Corp. |
| 285,000 |
| 6,835,992 |
|
|
| Hae In Co., Ltd. |
| 24,780 |
| 100,621 |
|
# |
| Halla Climate Control Corp. |
| 90,050 |
| 617,553 |
|
# |
| Halla Engineering & Construction Corp. |
| 38,260 |
| 741,279 |
|
* |
| Han All Pharmaceutical Co., Ltd. |
| 79,410 |
| 335,957 |
|
# |
| Han Kuk Carbon Co., Ltd. |
| 25,070 |
| 139,613 |
|
* # |
| Han Yang Securities Co., Ltd. |
| 57,340 |
| 488,645 |
|
|
| Hana Financial Group, Inc. |
| 560,583 |
| 9,655,455 |
|
|
| Handok Pharmaceuticals Co., Ltd. |
| 18,150 |
| 183,091 |
|
# |
| Handsome Corp. |
| 110,990 |
| 817,613 |
|
# |
| Hanil Cement Manufacturing Co., Ltd. |
| 25,603 |
| 1,668,466 |
|
|
| Hanil Construction Co., Ltd. |
| 38,025 |
| 236,174 |
|
|
| Hanil E-Wha Co., Ltd. |
| 135,210 |
| 277,733 |
|
* |
| Hanil Iron & Steel Co., Ltd. |
| 1,815 |
| 19,307 |
|
|
| Hanjin Heavy Industries & Construction Co., Ltd. |
| 115,934 |
| 3,241,192 |
|
|
| Hanjin Heavy Industries & Construction Holdings Co., Ltd. |
| 91,460 |
| 1,408,323 |
|
# |
| Hanjin Shipping Co., Ltd. |
| 270,360 |
| 4,115,360 |
|
# |
| Hanjin Transportation Co., Ltd. |
| 38,000 |
| 947,311 |
|
|
| Hankook Cosmetics Co., Ltd. |
| 110,860 |
| 269,002 |
|
|
| Hankook Shell Oil Co., Ltd. |
| 1,880 |
| 113,115 |
|
# |
| Hankook Tire Manufacturing Co., Ltd. |
| 492,550 |
| 5,872,962 |
|
|
| Hankuk Electric Glass Co., Ltd. |
| 990 |
| 19,784 |
|
|
| Hankuk Glass Industries, Inc. |
| 29,050 |
| 528,598 |
|
# |
| Hankuk Paper Manufacturing Co., Ltd. |
| 14,500 |
| 396,375 |
|
* |
| Hansae Co., Ltd. |
| 32,917 |
| 154,964 |
|
|
| Hansae Yes24 Holdings Co., Ltd. |
| 10,972 |
| 28,687 |
|
|
| Hanshin Construction Co., Ltd. |
| 24,880 |
| 281,576 |
|
# |
| Hansol Chemical Co., Ltd. |
| 35,837 |
| 240,266 |
|
* |
| Hansol Paper Co., Ltd. |
| 179,464 |
| 1,326,434 |
|
# |
| Hanssem Co., Ltd. |
| 60,410 |
| 351,193 |
|
* |
| Hansung Enterprise Co., Ltd. |
| 9,410 |
| 43,467 |
|
|
| Hanwha Chemical Corp. |
| 363,242 |
| 3,266,746 |
|
* # |
| Hanwha Securities Co., Ltd. |
| 219,425 |
| 1,878,928 |
|
|
| Hanwha Timeworld Co., Ltd. |
| 9,000 |
| 67,960 |
|
28
# |
| Heung-A Shipping Co., Ltd. |
| 63,680 |
| 64,285 |
|
# |
| Hite Holdings Co., Ltd. |
| 30,390 |
| 767,633 |
|
* # |
| HMC Investment Securities Co., Ltd. |
| 42,113 |
| 813,892 |
|
# |
| Honam Petrochemical Corp. |
| 67,515 |
| 4,031,439 |
|
|
| Hotel Shilla Co., Ltd. |
| 67,520 |
| 836,911 |
|
* |
| HS R&A Co., Ltd. |
| 12,680 |
| 67,294 |
|
# |
| Huchems Fine Chemical Corp. |
| 38,970 |
| 781,509 |
|
* |
| Huneed Technologies |
| 9,003 |
| 37,010 |
|
# |
| Husteel Co., Ltd. |
| 22,160 |
| 333,856 |
|
# |
| Hwa Sung Industrial Co., Ltd. |
| 44,200 |
| 219,430 |
|
|
| Hwacheon Machine Tool Co., Ltd. |
| 2,050 |
| 50,208 |
|
|
| Hwacheon Machinery Works Co., Ltd. |
| 4,490 |
| 48,608 |
|
|
| Hwashin Co., Ltd. |
| 59,700 |
| 99,770 |
|
* # |
| Hynix Semiconductor, Inc. |
| 1,389,098 |
| 15,597,643 |
|
# |
| Hyosung T & C Co., Ltd. |
| 124,047 |
| 7,710,419 |
|
* |
| Hyundai Cement Co., Ltd. |
| 17,245 |
| 217,299 |
|
# |
| Hyundai DSF Co., Ltd. |
| 38,700 |
| 236,772 |
|
# |
| Hyundai Elevator Co., Ltd. |
| 22,090 |
| 1,217,185 |
|
# |
| Hyundai H & S Co., Ltd. |
| 21,786 |
| 983,355 |
|
# |
| Hyundai Hysco |
| 270,550 |
| 1,951,404 |
|
# |
| Hyundai Merchant Marine Co., Ltd. |
| 87,351 |
| 1,816,617 |
|
|
| Hyundai Mipo Dockyard Co., Ltd. |
| 51,203 |
| 5,965,748 |
|
|
| Hyundai Mobis |
| 3,297 |
| 253,019 |
|
# |
| Hyundai Motor Co., Ltd. |
| 764,050 |
| 40,826,973 |
|
|
| Hyundai Pharmaceutical Ind. Co., Ltd. |
| 104,700 |
| 225,556 |
|
* |
| Hyundai Securities Co., Ltd. |
| 643,939 |
| 7,513,245 |
|
# |
| Hyundai Steel Co. |
| 238,900 |
| 10,086,096 |
|
* |
| Il Dong Pharmaceutical Co., Ltd. |
| 20,084 |
| 639,057 |
|
|
| Il Sung Construction Co., Ltd. |
| 7,660 |
| 42,683 |
|
|
| Iljin Diamond Co., Ltd. |
| 5,782 |
| 56,888 |
|
* |
| Iljin Display Co., Ltd. |
| 14,591 |
| 77,295 |
|
* |
| Iljin Holdings Co., Ltd. |
| 96,174 |
| 290,216 |
|
|
| Ilshin Spinning Co., Ltd. |
| 5,070 |
| 233,630 |
|
# |
| Ilsung Pharmaceutical Co., Ltd. |
| 9,060 |
| 482,115 |
|
# |
| InziControls Co., Ltd. |
| 27,640 |
| 71,162 |
|
|
| IS Dongseo Co., Ltd. |
| 27,140 |
| 195,759 |
|
# |
| ISU Chemical Co., Ltd. |
| 19,790 |
| 211,316 |
|
# |
| IsuPetasys Co., Ltd. |
| 116,640 |
| 160,435 |
|
# |
| Jahwa Electronics Co., Ltd. |
| 69,130 |
| 361,392 |
|
|
| Jeil Mutual Savings Bank |
| 40,900 |
| 147,325 |
|
|
| Jeil Pharmaceutical Co. |
| 33,420 |
| 241,616 |
|
# |
| Jeonbuk Bank, Ltd. |
| 202,062 |
| 931,465 |
|
* |
| Jinro, Ltd. |
| 57 |
| 14,275 |
|
* # |
| Joongang Construction Co., Ltd. |
| 20,550 |
| 104,578 |
|
# |
| K.C. Tech Co., Ltd. |
| 109,497 |
| 331,362 |
|
* # |
| KB Financial Group, Inc. ADR |
| 1,203,424 |
| 38,365,157 |
|
|
| KCC Corp. |
| 29,050 |
| 8,057,823 |
|
|
| KCTC |
| 6,030 |
| 65,325 |
|
* # |
| Keangnam Enterprises, Ltd. |
| 53,600 |
| 489,989 |
|
* # |
| KEC Corp. |
| 116,249 |
| 70,813 |
|
|
| KEC Holdings Co., Ltd. |
| 38,749 |
| 30,290 |
|
|
| Keyang Electric Machinery Co., Ltd. |
| 187,450 |
| 240,326 |
|
29
# |
| KG Chemical Corp. |
| 36,983 |
| 250,277 |
|
* # |
| Kia Motors Corp. |
| 986,780 |
| 8,648,129 |
|
# |
| KISCO Corp. |
| 29,571 |
| 1,243,186 |
|
|
| KISWIRE, Ltd. |
| 50,083 |
| 1,978,015 |
|
|
| Kodenshi Korea Corp. |
| 64,590 |
| 191,946 |
|
|
| Kolon Engineering & Construction Co., Ltd. |
| 63,270 |
| 416,473 |
|
# |
| Kolon Industries, Inc. |
| 70,909 |
| 1,956,716 |
|
* |
| Korea Cast Iron Pipe Co., Ltd. |
| 63,778 |
| 223,650 |
|
* |
| Korea Circuit Co., Ltd. |
| 57,220 |
| 132,637 |
|
* # |
| Korea Development Co., Ltd. |
| 40,490 |
| 227,404 |
|
* |
| Korea Development Leasing Corp. |
| 12,762 |
| 275,971 |
|
# |
| Korea Electric Terminal Co., Ltd. |
| 42,160 |
| 553,027 |
|
# |
| Korea Exchange Bank |
| 1,137,620 |
| 6,481,482 |
|
# |
| Korea Export Packing Industries Co., Ltd. |
| 5,420 |
| 41,779 |
|
* |
| Korea Flange Co., Ltd. |
| 18,630 |
| 170,914 |
|
* |
| Korea Green Paper Manufacturing Co., Ltd. |
| 21,304 |
| 36,863 |
|
* |
| Korea Investment Holdings Co., Ltd. |
| 207,626 |
| 5,259,396 |
|
# |
| Korea Iron & Steel Co., Ltd. |
| 8,957 |
| 398,495 |
|
* # |
| Korea Kolmar Co., Ltd. |
| 20,300 |
| 57,096 |
|
# |
| Korea Komho Petrochemical Co., Ltd. |
| 61,869 |
| 1,661,754 |
|
# |
| Korea Line Corp. |
| 35,553 |
| 2,108,414 |
|
# |
| Korea Mutual Savings Bank |
| 18,280 |
| 294,038 |
|
* # |
| Korea Petrochemical Industry Co., Ltd. |
| 25,400 |
| 821,686 |
|
# |
| Korea Zinc Co., Ltd. |
| 35,825 |
| 3,872,936 |
|
* |
| Korean Air Co., Ltd. |
| 205,694 |
| 6,266,254 |
|
|
| Korean Air Terminal Service Co., Ltd. |
| 10,970 |
| 287,280 |
|
* |
| Korean French Banking Corp. |
| 167,589 |
| 105,868 |
|
* # |
| KP Chemical Corp. |
| 304,576 |
| 1,666,135 |
|
|
| KPX Chemical Co., Ltd. |
| 9,632 |
| 325,188 |
|
# |
| KPX Fine Chemical Co., Ltd. |
| 6,795 |
| 242,613 |
|
|
| KPX Holdings Corp. |
| 7,249 |
| 214,956 |
|
* |
| KT Freetel, Ltd. |
| 458,000 |
| 9,461,182 |
|
* # |
| KTB Securities Co., Ltd. |
| 255,110 |
| 1,040,340 |
|
# |
| Kukdo Chemical Co., Ltd. |
| 15,960 |
| 472,866 |
|
* |
| Kukje Pharm Ind. Co., Ltd. |
| 32,956 |
| 77,132 |
|
# |
| Kumho Electronics Co., Ltd. |
| 15,879 |
| 466,296 |
|
|
| Kumho Industrial Co., Ltd. |
| 98,875 |
| 1,780,459 |
|
* |
| Kumho Investment Bank |
| 637,880 |
| 301,438 |
|
* # |
| Kumho Tire Co., Inc. |
| 286,360 |
| 1,376,870 |
|
# |
| Kumkang Industrial Co., Ltd. |
| 11,170 |
| 102,369 |
|
|
| Kunsul Chemical Industrial Co., Ltd. |
| 22,480 |
| 221,151 |
|
# |
| Kwang Dong Pharmaceutical Co., Ltd. |
| 243,890 |
| 638,923 |
|
* |
| Kwang Myung Electric Engineering Co., Ltd. |
| 102,680 |
| 79,680 |
|
|
| Kyeryong Construction Industrial Co., Ltd. |
| 26,510 |
| 571,842 |
|
* # |
| Kyobo Securities Co., Ltd. |
| 67,440 |
| 593,265 |
|
|
| Kyung Dong Navien Co., Ltd. |
| 3,450 |
| 79,181 |
|
|
| Kyung Nong Corp. |
| 60,670 |
| 183,353 |
|
* |
| Kyungbang Co., Ltd. |
| 2,312 |
| 232,543 |
|
|
| Lee Ku Industrial Co., Ltd. |
| 60,490 |
| 47,808 |
|
|
| LG Chemical, Ltd. |
| 175,904 |
| 19,421,995 |
|
# |
| LG Corp. |
| 8,397 |
| 371,704 |
|
|
| LG Dacom Corp. |
| 219,720 |
| 3,366,391 |
|
30
# |
| LG Electronics, Inc. |
| 108,628 |
| 8,973,983 |
|
# |
| LG Fashion Corp. |
| 50,470 |
| 854,544 |
|
* |
| LG Hausys, Ltd. |
| 23,802 |
| 2,133,461 |
|
|
| LG International Corp. |
| 82,553 |
| 1,328,021 |
|
# |
| LG Phillips LCD Co., Ltd. |
| 444,000 |
| 10,896,171 |
|
# |
| Lotte Chilsung Beverage Co., Ltd. |
| 3,700 |
| 2,393,733 |
|
# |
| Lotte Confectionary Co., Ltd. |
| 3,827 |
| 3,081,039 |
|
|
| Lotte Midopa Co., Ltd. |
| 84,420 |
| 893,891 |
|
# |
| Lotte Sam Kang Co., Ltd. |
| 4,440 |
| 597,474 |
|
|
| Lotte Shopping Co., Ltd. |
| 43,969 |
| 7,679,792 |
|
# |
| LS Corp. |
| 67,340 |
| 5,302,188 |
|
* # |
| Meritz Securities Co., Ltd. |
| 928,245 |
| 877,846 |
|
|
| Mi Chang Oil Industrial Co., Ltd. |
| 3,650 |
| 96,895 |
|
|
| MonAmi Co., Ltd. |
| 693 |
| 5,293 |
|
# |
| Moorim Paper Co., Ltd. |
| 57,710 |
| 364,652 |
|
|
| Motonic Corp. |
| 6,400 |
| 31,311 |
|
# |
| Namhae Chemical Corp. |
| 70,640 |
| 1,242,329 |
|
* # |
| Namkwang Engineering & Construction Co., Ltd. |
| 29,854 |
| 314,002 |
|
|
| Namyang Dairy Products Co., Ltd. |
| 2,226 |
| 886,801 |
|
* |
| Nasan Co., Ltd. |
| 64,971 |
| 63,234 |
|
|
| Nexen Corp. |
| 5,680 |
| 116,437 |
|
# |
| Nexen Tire Corp. |
| 375,930 |
| 1,174,650 |
|
* |
| NH Investment & Securities Co., Ltd. |
| 176,431 |
| 1,059,268 |
|
# |
| Nong Shim Co., Ltd. |
| 15,130 |
| 2,553,129 |
|
|
| Nong Shim Holdings Co., Ltd. |
| 7,060 |
| 319,434 |
|
|
| Noroo Paint Co., Ltd. |
| 37,899 |
| 91,342 |
|
* |
| ON*Media Corp. |
| 334,810 |
| 748,029 |
|
|
| Ottogi Corp. |
| 10,309 |
| 980,405 |
|
|
| Pacific Corp. |
| 17,065 |
| 1,585,320 |
|
|
| Pacific Pharmaceutical Co., Ltd. |
| 3,840 |
| 90,376 |
|
|
| Pang Rim Co., Ltd. |
| 15,040 |
| 174,150 |
|
* |
| PaperCorea, Inc. |
| 19,552 |
| 132,749 |
|
# |
| Pohang Coated Steel Co., Ltd. |
| 17,630 |
| 368,276 |
|
* # |
| Poong Lim Industrial Co., Ltd. |
| 74,350 |
| 180,185 |
|
* # |
| Poongsan Corp. |
| 104,032 |
| 1,273,114 |
|
* # |
| Poongsan Holdings Corp. |
| 19,558 |
| 274,725 |
|
|
| POSCO |
| 420 |
| 129,520 |
|
# |
| POSCO ADR |
| 1,047,985 |
| 80,663,405 |
|
|
| Pulmuone Co., Ltd. |
| 6,125 |
| 353,361 |
|
|
| Pum Yang Construction Co., Ltd. |
| 21,917 |
| 173,249 |
|
# |
| Pusan City Gas Co., Ltd. |
| 60,370 |
| 989,830 |
|
* |
| Pyung Hwa Anti-Vibration System Co., Ltd. |
| 25,545 |
| 35,610 |
|
* # |
| Pyung Hwa Holdings Co., Ltd. |
| 17,030 |
| 20,542 |
|
|
| Pyung Hwa Industrial Co., Ltd. |
| 42,488 |
| 75,627 |
|
|
| S&T Corp. |
| 144 |
| 3,283 |
|
# |
| S&T Dynamics Co., Ltd. |
| 138,204 |
| 1,564,058 |
|
|
| S&T holdings Co, Ltd. |
| 52,273 |
| 500,580 |
|
* # |
| Saehan Industries, Inc. |
| 162,470 |
| 1,323,314 |
|
* # |
| Saehan Media Corp. |
| 38,923 |
| 87,629 |
|
|
| Sam Kwang Glass Industrial Co., Ltd. |
| 19,870 |
| 626,860 |
|
|
| Sam Whan Camus Co., Ltd. |
| 9,400 |
| 54,949 |
|
|
| Sam Yung Trading Co., Ltd. |
| 13,840 |
| 43,622 |
|
31
# |
| Sambu Construction Co., Ltd. |
| 24,344 |
| 540,006 |
|
* # |
| Samho International Co., Ltd. |
| 12,120 |
| 43,956 |
|
|
| Samhwa Crown and Closure Co., Ltd. |
| 3,100 |
| 41,756 |
|
|
| Samhwa Paints Industrial Co., Ltd. |
| 48,610 |
| 141,435 |
|
* |
| Samick Musical Instruments Co., Ltd. |
| 621,710 |
| 377,989 |
|
|
| Samsung Climate Control Co., Ltd. |
| 11,990 |
| 56,592 |
|
# |
| Samsung Corp. |
| 569,540 |
| 19,640,501 |
|
|
| Samsung Electro-Mechanics Co., Ltd. |
| 99,520 |
| 4,002,742 |
|
|
| Samsung Fine Chemicals Co., Ltd. |
| 89,080 |
| 3,495,188 |
|
|
| Samsung SDI Co., Ltd. |
| 166,550 |
| 11,953,393 |
|
|
| Samwhan Corp. |
| 40,500 |
| 450,182 |
|
# |
| Samyang Corp. |
| 35,236 |
| 1,052,228 |
|
|
| Samyang Genex Co., Ltd. |
| 9,472 |
| 425,658 |
|
|
| Samyang Tongsang Co., Ltd. |
| 8,060 |
| 141,179 |
|
# |
| Samyoung Electronics Co., Ltd. |
| 65,330 |
| 628,509 |
|
* |
| SAVEZONE I&C Corp. |
| 166,200 |
| 210,881 |
|
|
| SC Engineering Co., Ltd. |
| 34,640 |
| 166,616 |
|
# |
| Seah Besteel Corp. |
| 100,300 |
| 1,294,695 |
|
|
| SeAH Holdings Corp. |
| 12,561 |
| 677,478 |
|
|
| SeAH Steel Corp. |
| 17,133 |
| 583,233 |
|
# |
| Sebang Co., Ltd. |
| 80,550 |
| 797,015 |
|
|
| Sejong Industrial Co., Ltd. |
| 101,600 |
| 383,359 |
|
# |
| Seondo Electric Co., Ltd. |
| 36,672 |
| 64,267 |
|
* # |
| Seoul Securities Co., Ltd. |
| 2,163,799 |
| 1,937,000 |
|
* |
| SGWICUS Corp. |
| 20,530 |
| 34,451 |
|
* |
| SH Chemical Co., Ltd. |
| 528,345 |
| 255,657 |
|
* |
| Shin Poong Paper Manufacturing Co., Ltd. |
| 14,470 |
| 105,816 |
|
|
| Shin Won Corp. |
| 67,000 |
| 73,967 |
|
* |
| Shin Young Securities Co., Ltd. |
| 26,040 |
| 829,362 |
|
|
| Shin Young Wacoal, Inc. |
| 273 |
| 18,809 |
|
# |
| Shinhan Engineering & Construction Co., Ltd. |
| 18,180 |
| 234,472 |
|
* |
| Shinhan Financial Group Co., Ltd. |
| 81,216 |
| 2,009,282 |
|
# |
| Shinhan Financial Group Co., Ltd. ADR |
| 268,994 |
| 13,274,854 |
|
|
| Shinpoong Pharmaceutical Co., Ltd. |
| 13,200 |
| 263,565 |
|
|
| Shinsegae Engineering & Construction Co., Ltd. |
| 8,470 |
| 99,648 |
|
* |
| Shinsung Engineering & Construction Co., Ltd. |
| 39,449 |
| 10,608 |
|
# |
| Shinsung Engineering Co., Ltd. |
| 27,117 |
| 79,282 |
|
# |
| Shinsung FA Co., Ltd. |
| 27,117 |
| 70,646 |
|
# |
| Shinsung Holdings Co., Ltd. |
| 79,589 |
| 402,314 |
|
* |
| Shinsung Tongsang Co., Ltd. |
| 34,250 |
| 97,123 |
|
|
| Silla Trading Co., Ltd. |
| 18,890 |
| 225,656 |
|
# |
| Sindo Ricoh Co., Ltd. |
| 32,751 |
| 1,455,076 |
|
# |
| SJM Co., Ltd. |
| 60,580 |
| 205,933 |
|
# |
| SK Co., Ltd. |
| 174,491 |
| 16,140,590 |
|
|
| SK Energy Co., Ltd. |
| 230,735 |
| 18,089,202 |
|
# |
| SK Gas Co., Ltd. |
| 28,426 |
| 1,193,305 |
|
# |
| SKC Co., Ltd. |
| 143,710 |
| 2,574,016 |
|
* |
| SL Corp. |
| 33,210 |
| 93,845 |
|
* |
| Songwon Industrial Co., Ltd. |
| 45,480 |
| 396,024 |
|
* |
| Soosan Heavy Industries Co., Ltd. |
| 90,730 |
| 61,473 |
|
* # |
| Ssangyong Cement Industry Co., Ltd. |
| 193,556 |
| 1,445,075 |
|
|
| Suheung Capsule Co., Ltd. |
| 52,170 |
| 305,405 |
|
32
|
| Sung Bo Chemicals Co., Ltd. |
| 4,130 |
| 80,147 |
|
* # |
| Sung Shin Cement Co., Ltd. |
| 60,720 |
| 393,109 |
|
* |
| Sungchang Enterprise Holdings, Ltd. |
| 20,760 |
| 338,900 |
|
|
| Sungjee Construction Co., Ltd. |
| 28,480 |
| 163,602 |
|
* # |
| Sungwon Corp. |
| 69,880 |
| 264,126 |
|
* |
| Sunjin Co., Ltd. |
| 7,650 |
| 133,626 |
|
* # |
| Sunkyong Securities Co., Ltd. |
| 384,280 |
| 842,970 |
|
# |
| Tae Kwang Industrial Co., Ltd. |
| 3,447 |
| 1,722,201 |
|
# |
| Tae Kyung Industrial Co., Ltd. |
| 92,200 |
| 386,520 |
|
|
| Taegu Department Store |
| 52,221 |
| 429,312 |
|
# |
| Taeyoung Engineering & Construction |
| 242,600 |
| 1,379,755 |
|
# |
| Tai Han Electric Wire Co., Ltd. |
| 146,747 |
| 2,911,643 |
|
|
| Tai Lim Packaging Industries Co., Ltd. |
| 134,200 |
| 98,677 |
|
* |
| Taihan Textile Co., Ltd. |
| 836 |
| 16,907 |
|
* |
| Tec & Co. |
| 56,847 |
| 122,184 |
|
|
| Telcoware Co., Ltd. |
| 36,000 |
| 209,403 |
|
|
| The Will-Bes & Co., Ltd. |
| 44,310 |
| 102,986 |
|
* |
| Tong Kook Corp. |
| 607 |
| 739 |
|
|
| Tong Yang Moolsan Co., Ltd. |
| 12,890 |
| 71,602 |
|
* |
| Tong Yang Securities, Inc. |
| 300,000 |
| 2,438,370 |
|
* |
| TRYBRANDS, Inc. |
| 30,151 |
| 80,035 |
|
|
| TS Corp. |
| 11,001 |
| 453,727 |
|
# |
| Unid Co., Ltd. |
| 32,400 |
| 1,020,887 |
|
* |
| Unimo Technology Co., Ltd. |
| 17,000 |
| 9,952 |
|
|
| Union Steel Manufacturing Co., Ltd. |
| 29,697 |
| 409,047 |
|
|
| Wiscom Co., Ltd. |
| 32,980 |
| 104,821 |
|
* |
| Woongjin.Com Co., Ltd. |
| 119,830 |
| 1,188,055 |
|
# |
| Woori Financial Co., Ltd. |
| 53,950 |
| 222,690 |
|
* |
| Woori Investment & Securities Co., Ltd. |
| 451,010 |
| 6,311,926 |
|
|
| WooSung Feed Co., Ltd. |
| 101,890 |
| 105,216 |
|
|
| YESCO Co., Ltd. |
| 16,050 |
| 336,591 |
|
|
| Yoosung Enterprise Co., Ltd. |
| 106,520 |
| 217,496 |
|
# |
| Youlchon Chemical Co., Ltd. |
| 82,970 |
| 478,582 |
|
* |
| Young Poong Mining & Construction Corp. |
| 18,030 |
| 773 |
|
|
| Youngbo Chemical Co., Ltd. |
| 33,000 |
| 45,746 |
|
|
| Youngone Corp. |
| 178,660 |
| 1,369,704 |
|
# |
| Youngpoong Corp. |
| 4,289 |
| 1,573,721 |
|
* |
| Yuhwa Securities Co., Ltd. |
| 28,680 |
| 322,709 |
|
* # |
| Yuyang Telecom Co., Ltd. |
| 11,200 |
| 73,865 |
|
* |
| Zinus, Inc. |
| 1,866 |
| 5,454 |
|
TOTAL COMMON STOCKS |
|
|
| 626,438,105 |
| ||
|
|
|
|
|
| ||
RIGHTS/WARRANTS — (0.0%) |
|
|
|
|
| ||
* |
| Dongyang Engineering & Construction Corp. Rights 05/29/09 |
| 2,111 |
| 12,258 |
|
|
|
|
|
|
| ||
TOTAL — SOUTH KOREA |
|
|
| 626,450,363 |
| ||
|
|
|
|
|
| ||
TAIWAN — (11.9%) |
|
|
|
|
| ||
COMMON STOCKS — (11.9%) |
|
|
|
|
| ||
* |
| A.G.V. Products Corp. |
| 2,790,429 |
| 793,154 |
|
|
| Abocom Systems, Inc. |
| 340,752 |
| 78,660 |
|
33
|
| Acbel Polytech, Inc. |
| 2,851,960 |
| 1,741,989 |
|
* |
| Accton Technology Corp. |
| 3,633,000 |
| 1,134,399 |
|
|
| Acer, Inc. |
| 794,783 |
| 1,519,043 |
|
# |
| Advanced Semiconductor Engineering, Inc. ADR |
| 155,986 |
| 472,638 |
|
|
| Allis Electric Co., Ltd. |
| 749,320 |
| 137,416 |
|
|
| Ampoc Far East Co., Ltd. |
| 749,016 |
| 197,706 |
|
|
| Amtran Technology Co., Ltd. |
| 2,115,173 |
| 955,386 |
|
* |
| Apex Science & Engineering Corp. |
| 496,000 |
| 142,261 |
|
* |
| Arima Computer Corp. |
| 3,904,781 |
| 517,200 |
|
|
| Asia Cement Corp. |
| 11,165,366 |
| 11,496,403 |
|
|
| Asia Chemical Corp. |
| 1,756,000 |
| 648,969 |
|
|
| Asia Polymer Corp. |
| 1,576,489 |
| 809,767 |
|
|
| Asia Vital Components Co., Ltd. |
| 1,520,655 |
| 846,852 |
|
|
| AU Optronics Corp. |
| 3,974,575 |
| 4,228,490 |
|
# |
| AU Optronics Corp. Sponsored ADR |
| 3,869,083 |
| 41,979,551 |
|
|
| Audix Co., Ltd. |
| 823,164 |
| 381,650 |
|
|
| Aurora Corp. |
| 568,676 |
| 525,755 |
|
|
| Aurora Systems Corp. |
| 281,281 |
| 165,830 |
|
|
| Avision, Inc. |
| 1,360,555 |
| 404,097 |
|
|
| Bank of Kaohsiung Co., Ltd. |
| 3,673,926 |
| 903,863 |
|
* |
| Behavior Tech Computer Corp. |
| 884,716 |
| 59,145 |
|
|
| Bes Engineering Corp. |
| 9,541,443 |
| 2,329,258 |
|
|
| Biostar Microtech International Corp. |
| 476,595 |
| 196,260 |
|
|
| C Sun Manufacturing, Ltd. |
| 219,249 |
| 69,327 |
|
* |
| Carnival Industrial Corp. |
| 2,482,000 |
| 402,619 |
|
|
| Cathay Chemical Works, Inc. |
| 857,000 |
| 228,481 |
|
|
| Cathay Real Estate Development Co., Ltd. |
| 8,230,421 |
| 2,508,613 |
|
|
| Central Reinsurance Co., Ltd. |
| 2,457,781 |
| 764,295 |
|
|
| Chain Qui Development Co., Ltd. |
| 272,173 |
| 141,132 |
|
|
| Champion Building Materials Co., Ltd. |
| 2,086,914 |
| 652,905 |
|
|
| Chang Hwa Commercial Bank |
| 36,121,459 |
| 14,549,299 |
|
* |
| Chang-Ho Fibre Corp. |
| 192,000 |
| 65,016 |
|
|
| Charoen Pokphand Enterprises Co., Ltd. |
| 1,223,000 |
| 599,140 |
|
|
| Cheng Loong Corp. |
| 7,053,480 |
| 1,731,354 |
|
|
| Chenming Mold Industrial Corp. |
| 798,040 |
| 227,960 |
|
|
| Chi Mei Optoelectronic Corp. |
| 30,325,932 |
| 15,084,375 |
|
* |
| Chia Her Industrial Co., Ltd. |
| 1,358,004 |
| 77,041 |
|
* |
| Chia Hsin Cement Corp. |
| 4,145,594 |
| 2,092,658 |
|
* |
| Chia Hsin Food & Synthetic Fiber Co., Ltd. |
| 514,966 |
| 59,634 |
|
* |
| Chien Shing Stainless Steel Co., Ltd. |
| 2,280,000 |
| 353,336 |
|
* |
| Chien Tai Cement Co., Ltd. |
| 238 |
| 9 |
|
|
| Chilisin Electronics Corp. |
| 168,300 |
| 53,480 |
|
* |
| China Airlines |
| 15,861,952 |
| 4,314,326 |
|
|
| China Chemical & Pharmaceutical Co. |
| 1,877,264 |
| 1,224,259 |
|
|
| China Development Financial Holding Corp. |
| 80,236,032 |
| 20,461,182 |
|
|
| China Electric Manufacturing Co., Ltd. |
| 2,450,200 |
| 975,826 |
|
* |
| China General Plastics Corp. |
| 2,402,000 |
| 775,882 |
|
|
| China Glaze Co., Ltd. |
| 889,084 |
| 215,580 |
|
|
| China Man-Made Fiber Co., Ltd. |
| 8,736,813 |
| 1,481,716 |
|
|
| China Metal Products Co., Ltd. |
| 470,000 |
| 373,367 |
|
|
| China Motor Co., Ltd. |
| 5,676,749 |
| 2,410,721 |
|
* |
| China Petrochemical Development Corp. |
| 13,242,580 |
| 3,059,269 |
|
34
* |
| China Rebar Co., Ltd. |
| 439,188 |
| 60,022 |
|
|
| China Steel Structure Co., Ltd. |
| 498,219 |
| 270,033 |
|
|
| China Synthetic Rubber Corp. |
| 2,189,890 |
| 2,165,312 |
|
* |
| China United Trust & Investment Corp. |
| 493,999 |
| — |
|
* |
| China Wire & Cable Co., Ltd. |
| 1,362,000 |
| 239,330 |
|
|
| Chinatrust Financial Holdings Co., Ltd. |
| 37,442,937 |
| 17,114,337 |
|
|
| Ching Feng Home Fashions Industries Co., Ltd. |
| 998,900 |
| 205,964 |
|
|
| Chin-Poon Industrial Co., Ltd. |
| 2,197,451 |
| 973,941 |
|
|
| Chun Yu Works & Co., Ltd. |
| 1,800,000 |
| 649,941 |
|
|
| Chun Yuan Steel Industrial Co., Ltd. |
| 3,469,467 |
| 1,118,480 |
|
|
| Chung Hsin Electric & Machinery Co., Ltd. |
| 1,362,000 |
| 685,041 |
|
|
| Chung Hwa Pulp Corp. |
| 3,513,419 |
| 1,087,219 |
|
* |
| Chung Shing Textile Co., Ltd. |
| 600 |
| 9 |
|
|
| Chungwa Picture Tubes Co., Ltd. |
| 51,320,045 |
| 8,549,892 |
|
|
| Clevo Co. |
| 2,567,280 |
| 2,940,441 |
|
* |
| CMC Magnetics Corp. |
| 24,065,000 |
| 5,108,928 |
|
|
| Collins Co., Ltd. |
| 1,769,823 |
| 431,424 |
|
|
| Compal Electronics, Inc. |
| 2,289,623 |
| 1,941,688 |
|
|
| Compeq Manufacturing Co., Ltd. |
| 7,890,000 |
| 2,018,706 |
|
* |
| Compex International Co., Ltd. |
| 46,400 |
| 281 |
|
|
| Continental Engineering Corp. |
| 5,097,848 |
| 1,558,433 |
|
* |
| Cosmos Bank Taiwan |
| 2,048,199 |
| 169,119 |
|
|
| CTCI Corp. |
| 2,583,939 |
| 1,907,635 |
|
|
| CX Technology Co., Ltd. |
| 82,728 |
| 27,717 |
|
|
| Cyntec Co., Ltd. |
| 27,319 |
| 39,724 |
|
|
| Da-Cin Construction Co., Ltd. |
| 1,684,579 |
| 798,435 |
|
* |
| Delpha Construction Co., Ltd. |
| 1,684,044 |
| 276,152 |
|
* |
| Der Pao Construction Co., Ltd. |
| 1,139,000 |
| 28,240 |
|
|
| Diamond Flower Electric Instrument Co., Ltd. |
| 68,595 |
| 83,445 |
|
|
| E.Sun Financial Holding Co., Ltd. |
| 15,243,280 |
| 4,098,339 |
|
|
| Eastern Media International Corp. |
| 8,183,399 |
| 1,403,059 |
|
|
| Eclat Textile Co., Ltd. |
| 310,867 |
| 143,027 |
|
|
| Edom Technology Co., Ltd. |
| 888,800 |
| 242,623 |
|
|
| Elan Microelectronics Corp. |
| 1,495,361 |
| 1,485,477 |
|
|
| Elite Material Co., Ltd. |
| 1,263,079 |
| 527,902 |
|
|
| Elite Semiconductor Memory Technology, Inc. |
| 793,109 |
| 759,943 |
|
|
| Elitegroup Computer Systems Co., Ltd. |
| 6,985,066 |
| 2,263,864 |
|
|
| Enlight Corp. |
| 1,184,549 |
| 31,977 |
|
* |
| EnTie Commercial Bank |
| 693,232 |
| 186,840 |
|
* |
| Eva Airways Corp. |
| 16,403,783 |
| 4,630,612 |
|
* |
| Ever Fortune Industrial Co., Ltd. |
| 409,000 |
| 4,081 |
|
|
| Everest Textile Co., Ltd. |
| 3,357,002 |
| 609,886 |
|
|
| Evergreen International Storage & Transport Corp. |
| 3,116,000 |
| 2,110,524 |
|
|
| Evergreen Marine Corp., Ltd. |
| 9,208,527 |
| 4,589,733 |
|
|
| Everlight Chemical Industrial Corp. |
| 2,147,950 |
| 702,061 |
|
* |
| Everspring Industry Co., Ltd. |
| 1,293,180 |
| 225,237 |
|
* |
| Evertop Wire Cable Corp. |
| 829,890 |
| 130,777 |
|
|
| Excel Cell Electronics Co., Ltd. |
| 565,000 |
| 174,848 |
|
|
| Far Eastern Department Stores, Ltd. |
| 4,970,936 |
| 3,100,596 |
|
* |
| Far Eastern International Bank |
| 11,541,236 |
| 2,274,115 |
|
|
| Federal Corp. |
| 3,092,876 |
| 1,148,045 |
|
|
| Feng Hsin Iron & Steel Co., Ltd. |
| 342,990 |
| 420,868 |
|
35
* |
| FIC Global, Inc. |
| 122,255 |
| 16,535 |
|
|
| First Copper Technology Co., Ltd. |
| 2,383,750 |
| 522,551 |
|
|
| First Financial Holding Co., Ltd. |
| 18,098,108 |
| 9,559,379 |
|
|
| First Hotel |
| 544,854 |
| 423,361 |
|
|
| First Steamship Co., Ltd. |
| 728,000 |
| 918,882 |
|
|
| Formosa Chemicals & Fiber Co., Ltd. |
| 3,222,000 |
| 5,120,421 |
|
|
| Formosa Taffeta Co., Ltd. |
| 7,495,511 |
| 4,817,330 |
|
|
| Formosan Rubber Group, Inc. |
| 4,667,000 |
| 2,212,907 |
|
* |
| Formosan Union Chemical Corp. |
| 238,174 |
| 81,163 |
|
|
| Fortune Electric Co., Ltd. |
| 794,850 |
| 877,436 |
|
* |
| Fu I Industrial Co., Ltd. |
| 290,400 |
| 63,326 |
|
|
| Fubon Financial Holding Co., Ltd. |
| 30,440,000 |
| 23,594,633 |
|
|
| Fwuson Industry Co., Ltd. |
| 1,518,220 |
| 389,752 |
|
|
| G.T.M. Corp. |
| 543,000 |
| 182,154 |
|
* |
| Giga Storage Corp. |
| 2,039,898 |
| 340,949 |
|
|
| Giga-Byte Technology Co., Ltd. |
| 5,303,287 |
| 3,690,883 |
|
|
| Gold Circuit Electronics, Ltd. |
| 2,574,549 |
| 812,427 |
|
|
| Goldsun Development & Construction Co., Ltd. |
| 8,392,689 |
| 3,262,579 |
|
|
| Good Will Instrument Co., Ltd. |
| 383,670 |
| 178,520 |
|
|
| Gordon Auto Body Parts Co., Ltd. |
| 1,050,352 |
| 332,320 |
|
* |
| Grand Pacific Petrochemical Corp. |
| 3,861,000 |
| 1,011,436 |
|
|
| Grape King, Inc. |
| 516,000 |
| 354,824 |
|
|
| Great China Metal Industry Co., Ltd. |
| 1,577,000 |
| 839,056 |
|
|
| Great Wall Enterprise Co., Ltd. |
| 1,721,327 |
| 1,789,090 |
|
|
| Hanpin Co., Ltd. |
| 1,008,000 |
| 404,682 |
|
* |
| Helix Technology, Inc. |
| 29,585 |
| — |
|
|
| Hey Song Corp. |
| 3,250,000 |
| 1,299,034 |
|
* |
| Hitron Technologies, Inc. |
| 514,000 |
| 165,920 |
|
* |
| Ho Tung Holding Corp. |
| 3,868,628 |
| 1,130,338 |
|
* |
| Hocheng Corp. |
| 2,499,300 |
| 582,888 |
|
* |
| Hold-Key Electric Wire & Cable Co., Ltd. |
| 1,338,420 |
| 458,110 |
|
|
| Hong Ho Precision Textile Co., Ltd. |
| 58,136 |
| 12,454 |
|
|
| Hong Tai Electric Industrial Co., Ltd. |
| 1,613,000 |
| 482,110 |
|
|
| Hong Yi Fiber Industry Co., Ltd. |
| 573,000 |
| 105,715 |
|
|
| Hsin Kuang Steel Co., Ltd. |
| 1,568,465 |
| 817,389 |
|
|
| Hsing Ta Cement Co., Ltd. |
| 1,969,980 |
| 566,053 |
|
|
| Hua Eng Wire & Cable Co., Ltd. |
| 4,069,035 |
| 769,816 |
|
|
| Hua Nan Financial Holding Co., Ltd. |
| 3,161,416 |
| 1,792,608 |
|
* |
| Hualon Corp. |
| 257,040 |
| 8,394 |
|
|
| Hung Ching Development & Construction Co., Ltd. |
| 1,828,468 |
| 361,396 |
|
|
| Hung Poo Construction Corp. |
| 1,392,436 |
| 1,289,548 |
|
|
| Hung Sheng Construction Co., Ltd. |
| 3,463,000 |
| 1,085,365 |
|
* |
| Hwa Fong Rubber Co., Ltd. |
| 408,960 |
| 126,214 |
|
|
| Ichia Technologies, Inc. |
| 1,992,260 |
| 787,961 |
|
* |
| Inernational Semiconductor Technology, Ltd. |
| 10,000 |
| 2,157 |
|
|
| Innolux Display Corp. |
| 5,700,000 |
| 6,285,896 |
|
|
| Inventec Corp. |
| 13,588,781 |
| 6,797,926 |
|
* |
| Jean Co., Ltd. |
| 118,864 |
| 26,892 |
|
|
| Jui Li Enterprise Co., Ltd. |
| 712,760 |
| 174,367 |
|
|
| Jung Shing Wire Co., Ltd. |
| 127,936 |
| 24,192 |
|
|
| K Laser Technology, Inc. |
| 735,601 |
| 309,984 |
|
|
| Kang Na Hsiung Co., Ltd. |
| 1,395,127 |
| 812,401 |
|
36
* |
| Kao Hsing Chang Iron & Steel Corp. |
| 2,196,000 |
| 368,975 |
|
|
| Kaulin Manufacturing Co., Ltd. |
| 926,656 |
| 401,904 |
|
|
| Kee Tai Properties Co., Ltd. |
| 1,657,368 |
| 558,935 |
|
* |
| Kenda Rubber Industrial Co., Ltd. |
| 2,008,642 |
| 1,692,133 |
|
|
| King Yuan Electronics Co., Ltd. |
| 10,137,518 |
| 3,037,218 |
|
|
| Kingdom Construction Co., Ltd. |
| 3,124,000 |
| 1,138,904 |
|
* |
| King’s Town Bank |
| 5,194,012 |
| 1,142,459 |
|
|
| Kinpo Electronics, Inc. |
| 9,690,375 |
| 2,428,242 |
|
|
| Knowledge-Yield-Excellence Systems Corp. |
| 432,416 |
| 340,380 |
|
|
| Kung Long Batteries Industrial Co., Ltd. |
| 173,000 |
| 93,552 |
|
|
| Kuoyang Construction Co., Ltd. |
| 641,029 |
| 207,035 |
|
* |
| Kwong Fong Industries Corp. |
| 3,801,000 |
| 586,401 |
|
|
| Lan Fa Textile Co., Ltd. |
| 2,409,703 |
| 464,430 |
|
* |
| Lead Data Co., Ltd. |
| 2,539,140 |
| 328,116 |
|
* |
| Leadtek Research, Inc. |
| 727,844 |
| 131,557 |
|
* |
| Lealea Enterprise Co., Ltd. |
| 4,662,000 |
| 651,581 |
|
|
| Lee Chang Yung Chemical Industry Corp. |
| 2,145,780 |
| 1,863,544 |
|
|
| Lee Chi Enterprises Co., Ltd. |
| 845,900 |
| 274,876 |
|
|
| Lelon Co., Ltd. |
| 919,118 |
| 216,399 |
|
* |
| Leofoo Development Co., Ltd. |
| 1,777,000 |
| 919,173 |
|
|
| Les Enphants Co., Ltd. |
| 167,204 |
| 104,317 |
|
* |
| Li Peng Enterprise Co., Ltd. |
| 3,988,712 |
| 530,803 |
|
|
| Lian Hwa Foods Corp. |
| 157,000 |
| 55,117 |
|
* |
| Lien Chang Electronic Enterprise Co., Ltd. |
| 623,000 |
| 224,162 |
|
|
| Lien Hwa Industrial Corp. |
| 4,149,411 |
| 1,772,860 |
|
|
| Lingsen Precision Industries, Ltd. |
| 2,254,295 |
| 629,075 |
|
|
| Lite-On Technology Corp. |
| 5,412,209 |
| 4,331,380 |
|
|
| Long Bon Development Co., Ltd. |
| 2,839,301 |
| 632,491 |
|
* |
| Long Chen Paper Co., Ltd. |
| 3,677,741 |
| 795,285 |
|
|
| Lucky Cement Corp. |
| 2,683,000 |
| 569,042 |
|
|
| Macronix International Co., Ltd. |
| 26,111,644 |
| 10,869,951 |
|
|
| Mayer Steel Pipe Corp. |
| 788,740 |
| 351,000 |
|
|
| Maywufa Co., Ltd. |
| 192,264 |
| 106,645 |
|
|
| Mega Financial Holding Co., Ltd. |
| 69,737,000 |
| 28,188,790 |
|
* |
| Megamedia Corp. |
| 782 |
| 5 |
|
|
| Meiloon Co., Ltd. |
| 579,352 |
| 157,654 |
|
|
| Mercuries & Associates, Ltd. |
| 3,533,829 |
| 1,342,218 |
|
* |
| Mercuries Data Co., Ltd. |
| 1,131,800 |
| 233,793 |
|
|
| Merida Industry Co., Ltd. |
| 447,260 |
| 636,982 |
|
|
| Microelectronics Technology, Inc. |
| 1,938,000 |
| 873,254 |
|
|
| Micro-Star International Co., Ltd. |
| 6,657,448 |
| 4,082,533 |
|
* |
| Microtek International, Inc. |
| 819,062 |
| 96,297 |
|
|
| Mitac International Corp. |
| 2,281,000 |
| 1,054,266 |
|
|
| Mitac Technology Corp. |
| 1,501,065 |
| 800,337 |
|
|
| Mobiletron Electronics Co., Ltd. |
| 90,000 |
| 42,099 |
|
|
| Mospec Seminconductor Corp. |
| 404,000 |
| 168,487 |
|
* |
| Mustek Systems, Inc. |
| 1,191,983 |
| 66,714 |
|
* |
| Namchow Chemical Industrial Co., Ltd. |
| 1,122,057 |
| 225,493 |
|
|
| Nankang Rubber Tire Co., Ltd. |
| 278,941 |
| 203,792 |
|
|
| Nantex Industry Co., Ltd. |
| 1,459,474 |
| 1,091,828 |
|
* |
| Nanya Technology Co., Ltd. |
| 20,440,706 |
| 4,585,302 |
|
* |
| New Asia Construction & Development Co., Ltd. |
| 1,011,542 |
| 199,307 |
|
37
|
| Nien Hsing Textile Co., Ltd. |
| 3,910,000 |
| 1,395,011 |
|
* |
| Ocean Plastics Co., Ltd. |
| 1,135,776 |
| 476,359 |
|
* |
| Optimax Technology Corp. |
| 3,466,000 |
| 166,446 |
|
|
| Opto Tech Corp. |
| 885,609 |
| 477,297 |
|
* |
| Orient Semiconductor Electronics, Ltd. |
| 372,276 |
| 54,099 |
|
|
| Oriental Union Chemical Corp. |
| 3,567,225 |
| 1,912,008 |
|
* |
| Pacific Construction Co., Ltd. |
| 4,079,256 |
| 333,532 |
|
|
| Pan Jit International, Inc. |
| 1,982,818 |
| 973,393 |
|
|
| Phihong Technology Co., Ltd. |
| 2,226,661 |
| 759,145 |
|
|
| Phoenix Precision Technology Corp. |
| 1,820,000 |
| 598,707 |
|
* |
| Picvue Electronics, Ltd. |
| 241,600 |
| — |
|
* |
| Potrans Electrical Corp. |
| 1,139,000 |
| 150,152 |
|
|
| Prince Housing & Development Corp. |
| 4,151,737 |
| 1,124,717 |
|
* |
| Procomp Informatics, Ltd. |
| 391,440 |
| — |
|
* |
| Prodisc Technology, Inc. |
| 6,185,157 |
| 278,649 |
|
* |
| Promise Technology, Inc. |
| 654,685 |
| 312,666 |
|
|
| Qisda Corp. |
| 8,957,952 |
| 3,164,619 |
|
* |
| Quintain Steel Co., Ltd. |
| 3,247,000 |
| 619,343 |
|
|
| Radium Life Tech Corp. |
| 1,491,144 |
| 654,278 |
|
|
| Ralec Electronic Corp. |
| 286,018 |
| 195,869 |
|
|
| Realtek Semiconductor Corp. |
| 805,290 |
| 1,302,352 |
|
* |
| Rectron, Ltd. |
| 452,836 |
| 50,765 |
|
|
| Reward Wool Industry Corp. |
| 965,000 |
| 148,797 |
|
* |
| Rexon Industrial Corp., Ltd. |
| 1,026,820 |
| 151,787 |
|
* |
| Ritek Corp. |
| 20,663,518 |
| 4,349,514 |
|
|
| Ruentex Development Co., Ltd. |
| 2,897,000 |
| 2,041,677 |
|
|
| Ruentex Industries, Ltd. |
| 2,485,000 |
| 2,069,500 |
|
* |
| Sainfoin Technology Corp. |
| 835,498 |
| — |
|
* |
| Sampo Corp. |
| 5,938,684 |
| 1,159,628 |
|
|
| San Fang Chemical Industry Co., Ltd. |
| 217,644 |
| 159,508 |
|
|
| Sanyang Industrial Co., Ltd. |
| 5,526,268 |
| 1,596,904 |
|
|
| Sanyo Electric Co., Ltd. |
| 971,000 |
| 729,490 |
|
|
| Senao International Co., Ltd. |
| 150,944 |
| 189,228 |
|
|
| Shan-Loong Transportation Co., Ltd. |
| 133,286 |
| 52,786 |
|
|
| Sheng Yu Steel Co., Ltd. |
| 1,716,000 |
| 1,182,426 |
|
|
| Shihlin Electric & Engineering Corp. |
| 1,743,000 |
| 1,741,977 |
|
|
| Shin Kong Financial Holding Co., Ltd. |
| 14,428,507 |
| 4,658,780 |
|
|
| Shinkong Co., Ltd. |
| 2,182,412 |
| 745,058 |
|
|
| Shinkong Synthetic Fibers Co., Ltd. |
| 9,238,342 |
| 1,739,999 |
|
|
| Shuttle, Inc. |
| 1,190,223 |
| 396,828 |
|
|
| Sigurd Microelectronics Corp. |
| 487,608 |
| 149,325 |
|
* |
| Silicon Integrated Systems Corp. |
| 10,223,485 |
| 2,870,311 |
|
|
| Siliconware Precision Industries Co., Ltd. Sponsored ADR |
| 505 |
| 3,772 |
|
|
| Sincere Navigation Corp. |
| 538,692 |
| 508,015 |
|
|
| Sinkang Industries Co., Ltd. |
| 806,669 |
| 260,964 |
|
|
| Sinkong Spinning Co., Ltd. |
| 1,246,311 |
| 720,309 |
|
|
| Sinon Corp. |
| 2,114,700 |
| 950,737 |
|
|
| SinoPac Holdings Co., Ltd. |
| 60,339,809 |
| 15,836,850 |
|
* |
| Sintek Photronics Corp. |
| 3,861,120 |
| 1,408,698 |
|
|
| Siward Crystal Technology Co., Ltd. |
| 889,405 |
| 314,515 |
|
|
| Solomon Technology Corp. |
| 1,153,847 |
| 303,926 |
|
|
| South East Soda Manufacturing Co., Ltd. |
| 927,500 |
| 794,992 |
|
38
|
| Southeast Cement Co., Ltd. |
| 3,208,700 |
| 868,395 |
|
|
| Space Shuttle Hi-Tech Co., Ltd. |
| 549,269 |
| 106,300 |
|
|
| SPI Electronic Co., Ltd. |
| 100,000 |
| 78,700 |
|
|
| Spirox Corp. |
| 282,367 |
| 111,680 |
|
|
| Standard Chemical & Pharmaceutical Co., Ltd. |
| 577,000 |
| 497,964 |
|
|
| Standard Foods Taiwan, Ltd. |
| 1,850,000 |
| 1,743,919 |
|
|
| Stark Technology, Inc. |
| 775,200 |
| 389,441 |
|
|
| Sunonwealth Electric Machine Industry Co., Ltd. |
| 1,594,987 |
| 939,371 |
|
|
| Sunplus Technology Co., Ltd. |
| 2,515,620 |
| 1,256,393 |
|
|
| Synnex Technology International Corp. |
| 1,687,339 |
| 2,448,089 |
|
* |
| Syscom Computer Engineering Co. |
| 446,000 |
| 118,710 |
|
|
| Sysware Systex Corp. |
| 828,801 |
| 515,154 |
|
* |
| T JOIN Transportation Co., Ltd. |
| 3,278,000 |
| 1,615,324 |
|
|
| Ta Chen Stainless Pipe Co., Ltd. |
| 1,498,864 |
| 788,886 |
|
* |
| Ta Chong Bank, Ltd. |
| 12,806,906 |
| 1,888,900 |
|
|
| Ta Ya Electric Wire & Cable Co., Ltd. |
| 4,255,732 |
| 780,028 |
|
|
| Ta Yih Industrial Co., Ltd. |
| 192,000 |
| 95,034 |
|
|
| Tah Hsin Industrial Corp. |
| 1,452,000 |
| 840,698 |
|
* |
| Tai Roun Products Co., Ltd. |
| 379,000 |
| 71,212 |
|
|
| Ta-I Technology Co., Ltd. |
| 1,279,034 |
| 655,447 |
|
|
| Taichung Commercial Bank |
| 7,966,754 |
| 1,818,080 |
|
|
| Tainan Spinning Co., Ltd. |
| 9,741,000 |
| 2,333,865 |
|
|
| Taishin Financial Holdings Co., Ltd. |
| 46,043,000 |
| 10,379,718 |
|
* |
| Taisun Enterprise Co., Ltd. |
| 1,931,721 |
| 537,570 |
|
|
| Taita Chemical Co., Ltd. |
| 1,775,400 |
| 402,040 |
|
* |
| Taiwan Business Bank |
| 28,343,549 |
| 6,403,827 |
|
|
| Taiwan Cement Corp. |
| 12,306,807 |
| 11,757,779 |
|
|
| Taiwan Cooperative Bank |
| 29,226,902 |
| 15,806,125 |
|
|
| Taiwan Fire & Marine Insurance Co., Ltd. |
| 1,864,320 |
| 915,837 |
|
* |
| Taiwan Flourescent Lamp Co., Ltd. |
| 756,000 |
| 68,117 |
|
|
| Taiwan Fu Hsing Industrial Co., Ltd. |
| 115,000 |
| 60,702 |
|
|
| Taiwan Glass Industrial Corp. |
| 5,867,741 |
| 4,182,370 |
|
|
| Taiwan Hon Chuan Enterprise Co., Ltd. |
| 1,238,052 |
| 1,804,980 |
|
|
| Taiwan Kai Yih Industrial Co., Ltd. |
| 670,660 |
| 402,429 |
|
* |
| Taiwan Kolin Co., Ltd. |
| 5,797,000 |
| 122,693 |
|
|
| Taiwan Line Tek Electronic Co., Ltd. |
| 448,259 |
| 319,477 |
|
|
| Taiwan Mask Corp. |
| 2,194,000 |
| 777,696 |
|
|
| Taiwan Navigation Co., Ltd. |
| 684,898 |
| 1,114,866 |
|
* |
| Taiwan Pulp & Paper Corp. |
| 2,218,000 |
| 610,007 |
|
|
| Taiwan Sakura Corp. |
| 1,628,490 |
| 619,036 |
|
|
| Taiwan Sogo Shinkong Security Co., Ltd. |
| 616,205 |
| 317,457 |
|
|
| Taiwan Styrene Monomer Corp. |
| 4,013,856 |
| 1,543,072 |
|
* |
| Taiwan Tea Corp. |
| 2,988,381 |
| 1,272,340 |
|
|
| Taiyen Biotech Co., Ltd. |
| 1,776,000 |
| 839,935 |
|
* |
| Tatung Co., Ltd. |
| 23,096,000 |
| 6,162,593 |
|
* |
| Teapo Electronic Corp. |
| 2,496,670 |
| 288,708 |
|
|
| Teco Electric & Machinery Co., Ltd. |
| 15,351,834 |
| 6,072,909 |
|
* |
| Tecom, Ltd. |
| 1,440,753 |
| 589,986 |
|
|
| Test-Rite International Co., Ltd. |
| 1,529,391 |
| 769,179 |
|
|
| Tex-Ray Industrial Co., Ltd. |
| 724,000 |
| 121,297 |
|
|
| The Ambassador Hotel |
| 996,000 |
| 1,132,801 |
|
|
| The First Insurance Co., Ltd. |
| 2,009,064 |
| 649,622 |
|
39
|
| Thye Ming Industrial Co., Ltd. |
| 171,727 |
| 127,794 |
|
|
| Ton Yi Industrial Corp. |
| 7,349,810 |
| 2,769,212 |
|
|
| Tong Yang Industry Co., Ltd. |
| 850,739 |
| 746,021 |
|
* |
| Tong-Hwa Synthetic Fiber Co., Ltd. |
| 317,000 |
| 30,041 |
|
|
| Tsann Kuen Enterprise Co., Ltd. |
| 1,348,100 |
| 1,005,660 |
|
|
| TSRC Corp. |
| 1,874,400 |
| 2,146,086 |
|
* |
| Tung Ho Spinning, Weaving & Dyeing Co., Ltd. |
| 599,000 |
| 54,192 |
|
|
| Tung Ho Steel Enterprise Corp. |
| 2,688,555 |
| 2,315,605 |
|
* |
| Twinhead International Corp. |
| 1,446,017 |
| 141,836 |
|
|
| TYC Brother Industrial Co., Ltd. |
| 1,183,561 |
| 755,295 |
|
* |
| Tycoons Group Enterprise Co., Ltd. |
| 2,840,000 |
| 463,057 |
|
|
| Tze Shin International Co., Ltd. |
| 934,919 |
| 385,019 |
|
* |
| Union Bank of Taiwan |
| 9,266,577 |
| 1,728,039 |
|
* |
| Union Insurance Co., Ltd. |
| 189,469 |
| 155,294 |
|
|
| Unitech Electronics Co., Ltd. |
| 1,280,174 |
| 550,915 |
|
|
| Unitech Printed Circuit Board Corp. |
| 2,466,265 |
| 875,043 |
|
|
| United Integration Service Co., Ltd. |
| 986,000 |
| 427,911 |
|
|
| United Microelectronics Corp. |
| 106,490,069 |
| 40,221,565 |
|
|
| Unity Opto Technology Co., Ltd. |
| 571,125 |
| 379,716 |
|
* |
| Universal Cement Corp. |
| 3,644,551 |
| 1,502,363 |
|
|
| Universal Microelectronics Co., Ltd. |
| 747,491 |
| 248,973 |
|
|
| Universal Scientific Industrial Co., Ltd. |
| 6,522,366 |
| 2,086,002 |
|
|
| Universal, Inc. |
| 622,000 |
| 285,643 |
|
|
| UPC Technology Corp. |
| 4,912,437 |
| 1,742,770 |
|
|
| USI Corp. |
| 4,528,000 |
| 1,662,720 |
|
|
| U-TECH Media Corp. |
| 1,566,799 |
| 360,325 |
|
* |
| Ve Wong Corp. |
| 1,112,000 |
| 608,764 |
|
* |
| Visual Photonics Epitacy Co., Ltd. |
| 94,710 |
| 59,090 |
|
|
| Walsin Lihwa Corp. |
| 23,007,412 |
| 5,909,441 |
|
|
| Walsin Technology Corp., Ltd. |
| 4,027,876 |
| 1,253,733 |
|
|
| Wan Hwa Enterprise Co., Ltd. |
| 1,229,400 |
| 467,042 |
|
|
| Waterland Financial Holdings |
| 12,821,080 |
| 3,101,694 |
|
* |
| Wei Chih Steel Industrial Co., Ltd. |
| 1,615,898 |
| 302,240 |
|
* |
| Wei Chuan Food Corp. |
| 1,007,000 |
| 820,854 |
|
|
| Weltrend Semiconductor, Inc. |
| 978,994 |
| 531,307 |
|
* |
| Winbond Electronics Corp. |
| 29,524,000 |
| 5,309,835 |
|
|
| Wintek Corp. |
| 7,268,000 |
| 3,341,874 |
|
|
| WPG Holdings Co., Ltd. |
| 1,037,151 |
| 860,101 |
|
* |
| Wus Printed Circuit Co., Ltd. |
| 3,003,928 |
| 591,434 |
|
|
| Yageo Corp. |
| 26,995,840 |
| 6,126,375 |
|
|
| Yang Ming Marine Transport Corp. |
| 9,139,615 |
| 3,226,464 |
|
|
| Yeung Cyang Industrial Co., Ltd. |
| 881,196 |
| 457,111 |
|
* |
| Yi Jinn Industrial Co., Ltd. |
| 1,376,200 |
| 187,574 |
|
|
| Yieh Phui Enterprise Co., Ltd. |
| 9,588,523 |
| 3,104,229 |
|
|
| Yosun Industrial Corp. |
| 2,032,539 |
| 1,310,686 |
|
|
| Yuanta Financial Holding Co., Ltd. |
| 9,699,422 |
| 5,672,539 |
|
|
| Yuen Foong Yu Paper Manufacturing Co., Ltd. |
| 10,035,018 |
| 3,252,986 |
|
|
| Yulon Motor Co., Ltd. |
| 6,427,572 |
| 4,091,758 |
|
|
| Yung Chi Paint & Varnish Manufacturing Co., Ltd. |
| 55,687 |
| 58,516 |
|
|
| Yung Shin Pharmaceutical Industrial Co., Ltd. |
| 551,400 |
| 583,809 |
|
|
| Yung Tay Engineering Co., Ltd. |
| 2,407,000 |
| 1,255,293 |
|
|
| Zig Sheng Industrial Co., Ltd. |
| 4,011,378 |
| 580,040 |
|
|
|
|
|
|
| ||
TOTAL — TAIWAN |
|
|
| 673,746,036 |
|
40
THAILAND — (1.9%) |
|
|
|
|
| ||
COMMON STOCKS — (1.9%) |
|
|
|
|
| ||
* |
| Aapico Hitech PCL (Foreign) |
| 539,800 |
| 67,924 |
|
* |
| Adkinson Securities PCL (Foreign) |
| 8,756,728 |
| 114,159 |
|
|
| Asia Plus Securities PCL (Foreign) |
| 7,008,500 |
| 268,144 |
|
* |
| Asian Property Development PCL (Foreign) |
| 1,911,600 |
| 183,115 |
|
|
| Ayudhya Insurance PCL (Foreign) |
| 228,500 |
| 75,767 |
|
|
| Bangchak Petroleum PCL (Foreign) |
| 150,000 |
| 50,163 |
|
|
| Bangkok Bank PCL (Foreign) |
| 4,481,300 |
| 10,890,505 |
|
|
| Bangkok Bank PCL (Foreign) NVDR |
| 4,518,700 |
| 10,885,348 |
|
|
| Bangkok Expressway PCL (Foreign) |
| 3,883,500 |
| 1,705,944 |
|
|
| Bangkok First Investment & Trust PCL (Foreign) |
| 1,295,500 |
| 111,615 |
|
|
| Bangkok Insurance PCL (Foreign) |
| 87,880 |
| 495,625 |
|
* |
| Bangkok Land PCL (Foreign) |
| 78,669,103 |
| 557,383 |
|
|
| Bank of Ayudhya PCL (Foreign) NVDR |
| 16,370,400 |
| 5,289,005 |
|
|
| Banpu PCL (Foreign) |
| 593,900 |
| 4,796,982 |
|
|
| Big C Supercenter PCL (Foreign) |
| 1,279,200 |
| 1,513,578 |
|
|
| Cal-Comp Electronics (Thailand) PCL (Foreign) |
| 15,056,800 |
| 930,249 |
|
|
| Capital Nomura Securities PCL (Foreign) |
| 478,400 |
| 219,642 |
|
|
| Capital Nomura Securities PCL (Foreign) NVDR |
| 45,000 |
| 20,660 |
|
|
| Central Plaza Hotel PCL (Foreign) |
| 5,422,500 |
| 467,179 |
|
|
| Ch. Karnchang PCL (Foreign) |
| 720,000 |
| 77,132 |
|
|
| Charoen Pokphand Foods PCL (Foreign) |
| 35,010,340 |
| 3,294,157 |
|
* |
| Charoong Thai Wire & Cable PCL (Foreign) |
| 724,900 |
| 60,811 |
|
|
| Delta Electronics (Thailand) PCL (Foreign) |
| 4,830,100 |
| 1,628,970 |
|
|
| Eastern Water Resources Development & Management PCL (Foreign) |
| 9,535,200 |
| 767,464 |
|
|
| Erawan Group PCL (Foreign) |
| 4,288,950 |
| 161,664 |
|
* |
| G J Steel PCL (Foreign) |
| 124,232,100 |
| 563,331 |
|
|
| GMM Grammy PCL (Foreign) |
| 338,100 |
| 119,775 |
|
* |
| Golden Land Property PCL (Foreign) |
| 232,500 |
| 10,872 |
|
* |
| Golden Land Property PCL (Foreign) NVDR |
| 570,000 |
| 26,654 |
|
|
| Hana Microelectronics PCL (Foreign) |
| 1,555,000 |
| 533,244 |
|
|
| Hermraj Land & Development PCL (Foreign) |
| 64,383,100 |
| 985,316 |
|
* |
| ICC International PCL (Foreign) |
| 2,710,500 |
| 3,235,931 |
|
* |
| Italian-Thai Development PCL (Foreign) NVDR |
| 14,073,000 |
| 1,005,072 |
|
|
| Jasmine International PCL (Foreign) |
| 41,666,800 |
| 448,728 |
|
|
| Kang Yong Electric PCL (Foreign) |
| 236,200 |
| 274,457 |
|
|
| Kasikornbank PCL (Foreign) |
| 1,505,300 |
| 2,389,026 |
|
|
| Kasikornbank PCL (Foreign) NVDR |
| 164,500 |
| 244,757 |
|
|
| KGI Securities One PCL (Foreign) |
| 11,756,100 |
| 313,185 |
|
# |
| Kiatnakin Finance PCL (Foreign) |
| 2,815,900 |
| 1,133,223 |
|
|
| Krung Thai Bank PCL (Foreign) |
| 33,380,400 |
| 5,013,919 |
|
|
| Krungthai Card PCL (Foreign) |
| 1,326,700 |
| 259,437 |
|
|
| Laguna Resorts & Hotels PCL (Foreign) |
| 1,342,400 |
| 916,872 |
|
|
| Lalin Property PCL (Foreign) |
| 4,561,600 |
| 193,918 |
|
|
| Land & Houses PCL (Foreign) |
| 559,510 |
| 65,013 |
|
|
| Land & Houses PCL (Foreign) NVDR |
| 3,647,800 |
| 396,983 |
|
* |
| Loxley PCL (Foreign) |
| 7,775,300 |
| 440,714 |
|
41
|
| MBK Development PCL (Foreign) |
| 888,800 |
| 1,309,837 |
|
|
| MK Real Estate Development PCL (Foreign) |
| 5,772,100 |
| 217,568 |
|
|
| Modernform Group PCL (Foreign) |
| 46,000 |
| 36,829 |
|
|
| Muramoto Electronic (Thailand) PCL (Foreign) |
| 134,300 |
| 411,064 |
|
|
| Noble Development PCL (Foreign) |
| 2,425,600 |
| 184,231 |
|
|
| Padaeng Industry PCL (Foreign) NVDR |
| 1,600,800 |
| 607,927 |
|
|
| Polyplex PCL (Foreign) |
| 5,424,000 |
| 673,292 |
|
|
| Pranda Jewelry PCL (Foreign) |
| 610,000 |
| 61,545 |
|
|
| Precious Shipping PCL |
| 320,400 |
| 115,320 |
|
|
| Property Perfect PCL (Foreign) |
| 3,707,900 |
| 313,151 |
|
|
| PTT Aromatics & Refining PCL (Foreign) |
| 5,015,216 |
| 2,046,737 |
|
|
| PTT Chemical PCL (Foreign) |
| 3,076,810 |
| 3,662,350 |
|
* |
| Quality Houses PCL (Foreign) |
| 34,270,900 |
| 1,058,673 |
|
* |
| Regional Container Lines PCL (Foreign) |
| 5,884,700 |
| 1,150,756 |
|
|
| Rojana Industrial Park PCL (Foreign) |
| 92,600 |
| 9,815 |
|
* |
| Saha Pathana Inter-Holding PCL (Foreign) |
| 3,262,400 |
| 1,571,795 |
|
* |
| Saha Pathanapibul PCL (Foreign) |
| 1,594,833 |
| 822,615 |
|
|
| Saha-Union PCL (Foreign) |
| 2,976,400 |
| 1,138,767 |
|
|
| Sahaviriya Steel Industries PCL (Foreign) |
| 68,900,700 |
| 800,603 |
|
|
| Sansiri PCL (Foreign) |
| 9,982,900 |
| 577,161 |
|
|
| SC Asset Corp. PCL (Foreign) |
| 1,345,200 |
| 263,055 |
|
|
| Seamico Securities PCL (Foreign) |
| 5,788,600 |
| 292,014 |
|
|
| Serm Suk PCL (Foreign) NVDR |
| 39,000 |
| 10,445 |
|
* |
| Shinawatra Satellite PCL (Foreign) |
| 5,868,900 |
| 685,273 |
|
|
| Siam City Bank PCL (Foreign) |
| 2,563,700 |
| 722,936 |
|
|
| Siam Commercial Bank PCL (Foreign) |
| 4,475,800 |
| 7,642,538 |
|
|
| Siam Industrial Credit PCL (Foreign) |
| 1,840,950 |
| 107,478 |
|
|
| Siam Makro PCL (Foreign) |
| 331,200 |
| 645,317 |
|
* |
| Sino-Thai Engineering & Construction PCL (Foreign) |
| 4,580,400 |
| 490,688 |
|
|
| Sri Trang Agro Industry PCL (Foreign) |
| 1,240,631 |
| 312,927 |
|
|
| Supalai PCL (Foreign) |
| 8,329,366 |
| 557,101 |
|
* |
| SVOA PCL (Foreign) |
| 4,744,000 |
| 86,047 |
|
|
| Tata Steel (Thailand) PCL (Foreign) |
| 16,665,500 |
| 510,096 |
|
|
| Thai Oil PCL (Foreign) |
| 2,300,000 |
| 2,102,168 |
|
|
| Thai Plastic & Chemicals PCL (Foreign) |
| 3,853,900 |
| 1,845,853 |
|
|
| Thai Rayon PCL (Foreign) |
| 165,000 |
| 114,567 |
|
* |
| Thai Rung Union Car PCL (Foreign) |
| 5,386,250 |
| 259,505 |
|
|
| Thai Union Frozen Products PCL (Foreign) |
| 1,173,600 |
| 731,733 |
|
* |
| Thai Wacoal PCL (Foreign) |
| 93,300 |
| 102,462 |
|
|
| Thanachart Capital PCL (Foreign) |
| 6,228,800 |
| 1,977,117 |
|
|
| The Siam Cement PCL (Foreign) NVDR |
| 377,100 |
| 1,293,159 |
|
|
| Thoresen Thai Agencies PCL (Foreign) |
| 2,560,800 |
| 1,190,226 |
|
* # |
| Ticon Industrial Connection PCL (Foreign) |
| 105,200 |
| 21,019 |
|
* |
| Tipco Asphalt PCL (Foreign) |
| 403,856 |
| 132,768 |
|
|
| Tisco Financial Group PCL (Foreign) |
| 1,041,700 |
| 419,219 |
|
* |
| TMB Bank PCL (Foreign) |
| 103,415,816 |
| 1,641,288 |
|
* |
| Total Access Communication PCL (Foreign) |
| 1,264,380 |
| 897,710 |
|
* |
| TPI Polene PCL (Foreign) |
| 9,987,124 |
| 973,663 |
|
* |
| Tycoons Worldwide Group PCL (Foreign) |
| 1,243,300 |
| 149,048 |
|
|
| Univentures PCL (Foreign) |
| 3,481,400 |
| 140,105 |
|
|
| Vanachai Group PCL (Foreign) |
| 9,076,500 |
| 354,983 |
|
|
| Vibhavadi Medical Center PCL (Foreign) |
| 1,307,800 |
| 102,296 |
|
|
| Vinythai PCL (Foreign) |
| 5,213,817 |
| 664,933 |
|
TOTAL COMMON STOCKS |
|
|
| 107,413,385 |
|
42
RIGHTS/WARRANTS — (0.0%) |
|
|
|
|
| ||
* |
| Bangkok Land PCL (Foreign) Warrants 01/07/10 |
| 15,090,426 |
| 21,384 |
|
* |
| Bangkok Land PCL (Foriegn) Warrants 05/02/13 |
| 3,987,333 |
| 1,130 |
|
* |
| Krungthai Card PCL (Foreign) Warrants 12/31/09 |
| 3,980,100 |
| — |
|
TOTAL RIGHTS/WARRANTS |
|
|
| 22,514 |
| ||
|
|
|
|
|
| ||
TOTAL — THAILAND |
|
|
| 107,435,899 |
| ||
|
|
|
|
|
| ||
TURKEY — (2.1%) |
|
|
|
|
| ||
COMMON STOCKS — (2.1%) |
|
|
|
|
| ||
* |
| Adana Cimento Sanayi Ticaret A.S. |
| 425,898 |
| 140,809 |
|
|
| Akbank T.A.S. |
| 3,719,088 |
| 14,366,008 |
|
* |
| Akcansa Cimento Sanayi ve Ticaret A.S. |
| 94,000 |
| 205,551 |
|
* |
| Akenerji Elektrik Uretim A.S. |
| 201,755 |
| 1,040,510 |
|
* |
| Aksa Akrilik Kimya Sanayii A.S. |
| 847,158 |
| 1,041,851 |
|
|
| Aksigorta A.S. |
| 771,674 |
| 1,549,353 |
|
|
| Alarko Carrier Sanayii ve Ticaret A.S. |
| 23,199 |
| 146,639 |
|
|
| Alarko Holding A.S. |
| 978,679 |
| 1,331,812 |
|
|
| Alkim Alkali Kimya A.S. |
| 55,205 |
| 161,191 |
|
* |
| Alternatifbank A.S. |
| 1 |
| — |
|
* |
| Altinyildiz mensucat ve Konfeksiyon Fabrikalari A.S. |
| 134,077 |
| 253,769 |
|
|
| Anadolu Anonim Turk Sigorta Sirketi A.S. |
| 2,068,951 |
| 1,391,354 |
|
* |
| Anadolu Cam Sanayii A.S. |
| 1,486,816 |
| 1,194,714 |
|
|
| Anadolu Hayat Sigorta A.S. |
| 299,133 |
| 326,150 |
|
|
| Anadolu Isuzu Otomotiv Sanayi ve Ticaret A.S. |
| 59,275 |
| 142,987 |
|
|
| Arcelik A.S |
| 457,818 |
| 767,985 |
|
* |
| Asya Katilim Bankasi A.S. |
| 1,198,411 |
| 1,144,377 |
|
* |
| Ayen Enerji A.S. |
| 415,323 |
| 514,894 |
|
|
| Aygaz A.S. |
| 1,118,602 |
| 1,652,830 |
|
|
| Bagfas Bandirma Gubre Fabrikalari A.S. |
| 5,431 |
| 242,160 |
|
|
| Banvit Bandirma Vitaminli Yem Sanayii Ticaret A.S. |
| 334,290 |
| 562,428 |
|
* |
| Bati Anabolu Cimento A.S. |
| 255,022 |
| 929,913 |
|
* |
| Beko Elektronik A.S. |
| 283,333 |
| 109,572 |
|
|
| BIM BirlesikMagazalar A.S. |
| 9,033 |
| 246,744 |
|
* |
| Bolu Cimento Sanayii A.S. |
| 802,283 |
| 811,470 |
|
|
| Borusan Mannesmann Boru Sanayi ve Ticaret A.S. |
| 98,343 |
| 436,626 |
|
* |
| Bossa Ticaret ve Sanayi Isletmeleri Ticaret A.S. |
| 576,288 |
| 833,053 |
|
* |
| Brisa Bridgestone Sabanci Lastik San ve Ticaret A.S. |
| 9,948 |
| 277,648 |
|
|
| BSH ev Aletleri Sanayi ve Ticaret A.S. |
| 13,152 |
| 197,197 |
|
|
| Bursa Cimento Fabrikasi A.S. |
| 8,256 |
| 28,299 |
|
|
| Cemtas Celik Makina Sanayi ve Ticaret A.S. |
| 402,142 |
| 230,820 |
|
* |
| Cimsa Cimento Sanayi ve Ticaret A.S. |
| 495,774 |
| 1,271,012 |
|
|
| Coca-Cola Icecek A.S. |
| 10,186 |
| 47,694 |
|
* |
| Dentas Ambalaj ve Kagit Sanayi A.S. |
| 1 |
| — |
|
* |
| Deva Holding A.S. |
| 64,250 |
| 112,381 |
|
* |
| Dogan Gazetecilik A.S. |
| 194,389 |
| 171,300 |
|
* |
| Dogan Sirketler Grubu Holding A.S. |
| 9,177,648 |
| 3,684,088 |
|
* |
| Dogan Yayin Holding A.S. |
| 121,662 |
| 50,416 |
|
43
|
| Dogus Otomotiv Servis ve Ticaret A.S. |
| 52,000 |
| 88,151 |
|
* |
| Eczacibasi Yapi Gerecleri Sanayi ve Ticaret A.S. |
| 339,824 |
| 262,586 |
|
* |
| EGE Seramik Sanayi ve Ticaret A.S. |
| 41,683 |
| 16,678 |
|
|
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S. |
| 880,692 |
| 665,285 |
|
|
| Enka Insaat ve Sanayi A.S. |
| 43,367 |
| 184,552 |
|
|
| Eregli Demir ve Celik Fabrikalari Turk A.S. |
| 5,335,662 |
| 12,945,401 |
|
|
| Ford Otomotiv Sanayi A.S. |
| 53,500 |
| 178,986 |
|
* |
| Fortis Bank A.S. |
| 1 |
| 1 |
|
|
| Gentas Clenel Metal Sanayi ve Ticaret A.S. |
| 312,958 |
| 179,803 |
|
* |
| Global Yatirim Holding A.S. |
| 1,275,893 |
| 311,028 |
|
* |
| Goldas Kuyumculuk Sanayi A.S. |
| 552,019 |
| 319,773 |
|
|
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. |
| 24,412 |
| 433,374 |
|
* |
| Goodyear Lastikleri T.A.S. |
| 77,420 |
| 364,551 |
|
* |
| GSD Holding A.S. |
| 2,225,362 |
| 652,029 |
|
|
| Gubre Fabrikalari Ticaret A.S. |
| 43,641 |
| 165,814 |
|
|
| Gunes Sigorta A.S. |
| 439,694 |
| 381,174 |
|
|
| Hektas Ticaret T.A.S. |
| 380,059 |
| 196,539 |
|
* |
| Hurriyet Gazetecilik ve Matbaacilik A.S. |
| 121,662 |
| 52,493 |
|
* |
| Ihlas Ev Aletleri Imalat Sanayi ve Ticaret A.S. |
| 52,706 |
| 29,366 |
|
* |
| Ihlas Holding A.S. |
| 2,158,431 |
| 403,901 |
|
|
| Izmir Demir Celik Sanayii A.S. |
| 661,228 |
| 777,805 |
|
* |
| Kardemir Karabuk Demir Sanayi ve Ticaret A.S. |
| 1,477,478 |
| 994,715 |
|
|
| Karton Sanayi ve Ticaret A.S. |
| 9,078 |
| 339,681 |
|
* |
| Koc Holding A.S. Series B |
| 2,403,593 |
| 4,386,999 |
|
|
| Konya Cimento Sanayii A.S. |
| 6,740 |
| 195,623 |
|
* |
| Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S. |
| 1,006,611 |
| 1,005,672 |
|
|
| Mardin Cimento Sanayii ve Ticaret A.S. |
| 249,809 |
| 754,964 |
|
* |
| Marmari Marti Otel Isletmeleri A.S. |
| 869,614 |
| 309,236 |
|
|
| Marshall Boya ve Vernik Sanayii A.S. |
| 27,295 |
| 128,889 |
|
* |
| Medya Holdings A.S. |
| 33,508 |
| — |
|
* |
| Menderes Tekstil Sanayi ve Ticaret A.S. |
| 1,340,476 |
| 244,028 |
|
* |
| Multu Aku ve Malzemeleri Sanayi A.S. |
| 249,949 |
| 189,855 |
|
* |
| Net Holding A.S. |
| 1,239,663 |
| 324,961 |
|
* |
| Net Turizm Ticaret ve Sanayi A.S. |
| 1,033,536 |
| 419,547 |
|
|
| Nortel Networks Netas Telekomuenikasyon A.S. |
| 41,707 |
| 382,299 |
|
|
| Otobus Karoseri Sanayi A.S. |
| 51,460 |
| 359,793 |
|
* |
| Parsan Makina Parcalari Sanayii A.S. |
| 350,178 |
| 239,386 |
|
* |
| Petkim Petrokimya Holding A.S. |
| 217,250 |
| 627,663 |
|
|
| Pinar Entegre Et ve Un Sanayi A.S. |
| 231,479 |
| 369,787 |
|
|
| Pinar Sut Mamulleri Sanayii A.S. |
| 48,128 |
| 92,653 |
|
* |
| Raks Elektronik Sanayi ve Ticaret A.S. |
| 5,859 |
| 2,892 |
|
* |
| Sabah Yayincilik A.S. |
| 31,938 |
| 75,841 |
|
* |
| Sanko Pazarlama Ithalat Ihracat A.S. |
| 107,831 |
| 163,830 |
|
|
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S. |
| 574,295 |
| 717,452 |
|
* |
| Sekerbank T.A.S. |
| 1,552,724 |
| 1,489,768 |
|
* |
| Tat Konserve Sanayii A.S. |
| 602,024 |
| 557,154 |
|
* |
| Tekfen Holding A.S. |
| 212,000 |
| 456,323 |
|
* |
| Tekstil Bankasi A.S. |
| 931,412 |
| 324,622 |
|
* |
| Tire Kutsan Oluklu Mukavva Kutu Ve Kagit Sanayii A.S. (B03MY22) |
| 156,597 |
| 264,255 |
|
44
* |
| Tire Kutsan Oluklu Mukavva Kutu Ve Kagit Sanayii A.S. (B3N5HB2) |
| 239,397 |
| 261,801 |
|
|
| Tofas Turk Otomobil Fabrikasi A.S. |
| 767,038 |
| 928,999 |
|
* |
| Trakya Cam Sanayii A.S. |
| 2,046,874 |
| 1,441,827 |
|
|
| Tupras-Turkiye Petrol Rafinerileri A.S. |
| 156,338 |
| 1,566,615 |
|
|
| Turcas Petrol A.S. |
| 280,000 |
| 560,830 |
|
* |
| Turk Ekonomi Bankasi A.S. |
| 743,000 |
| 431,630 |
|
* |
| Turk Sise ve Cam Fabrikalari A.S. |
| 3,231,816 |
| 2,521,878 |
|
|
| Turkcell Iletisim Hizmetleri A.S. ADR |
| 146,600 |
| 1,861,820 |
|
* |
| Turkiye Garanti Bankasi A.S. |
| 7,964,802 |
| 16,698,875 |
|
|
| Turkiye Is Bankasi A.S. |
| 3,033,727 |
| 8,758,473 |
|
* |
| Turkiye Sinai Kalkinma Bankasi A.S. |
| 884,219 |
| 513,390 |
|
|
| Turkiye Vakiflar Bankasi T.A.O. |
| 2,296,700 |
| 2,600,392 |
|
|
| Ulker Biskuvi Sanayi A.S. |
| 741,800 |
| 1,102,970 |
|
* |
| USAS Ucak Servisi A.S. |
| 134,650 |
| 108,347 |
|
* |
| Uzel Makina Sanayii A.S. |
| 275,042 |
| 134,062 |
|
* |
| Vestel Elektronik Sanayi ve Ticaret A.S. |
| 859,088 |
| 759,136 |
|
|
| Yapi Kredi Finansal Kiralama A.S. |
| 45,196 |
| 72,634 |
|
* |
| Yapi ve Kredi Bankasi A.S. |
| 4,431,636 |
| 5,983,090 |
|
* |
| Zorlu Enerji Elektrik Uretim A.S. |
| 396,846 |
| 703,880 |
|
TOTAL COMMON STOCKS |
|
|
| 118,653,432 |
| ||
|
|
|
|
|
| ||
RIGHTS/WARRANTS — (0.0%) |
|
|
|
|
| ||
* |
| Deva Holding A.S. Rights 05/05/09 |
| 64,250 |
| 136,510 |
|
|
|
|
|
|
| ||
TOTAL — TURKEY |
|
|
| 118,789,942 |
| ||
|
|
|
|
|
| ||
|
|
|
| Face |
| Value† |
|
|
| (000) |
|
|
| ||
TEMPORARY CASH INVESTMENTS — (0.3%) |
|
|
|
|
| ||
|
| Repurchase Agreement, PNC Capital Markets, Inc. 0.19%, 05/01/09 (Collateralized by $15,665,000 FHLMC 5.50%, 06/01/38, valued at $15,573,452) to be repurchased at $15,339,081 |
| $15,339 |
| 15,339,000 |
|
|
|
|
|
|
| ||
|
| Shares |
|
|
| ||
SECURITIES LENDING COLLATERAL — (11.5%) |
|
|
|
|
| ||
§ @ |
| DFA Short Term Investment Fund LP |
| 654,780,649 |
| 654,780,649 |
|
|
|
|
|
|
| ||
|
| Face |
|
|
| ||
|
| (000) |
|
|
| ||
@ |
| Repurchase Agreement, Deutsche Bank Securities 0.17%, 05/01/09 |
| $380 |
| 379,986 |
|
TOTAL SECURITIES LENDING COLLATERAL |
|
|
| 655,160,635 |
| ||
|
|
|
|
|
| ||
TOTAL INVESTMENTS - (100.0%) |
|
|
| $5,663,821,177 |
|
See accompanying Notes to Financial Statements.
45
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management investment company.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management investment company.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
This item is not applicable to the Registrant, which is an open-end management investment company.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the “Report”), the Registrant’s Principal Executive Officer and Principal Financial Officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effectively designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s officers that are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the Principal Executive Officer and the Principal Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the second fiscal quarter of the period covered by this Report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) This item is not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
(a)(3) This item is not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dimensional Emerging Markets Value Fund Inc.
By: | /s/ David G. Booth |
|
| David G. Booth |
|
| Chairman, Director, President and |
|
| Chief Executive Officer |
|
|
|
|
Date: July 8, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ David G. Booth |
|
| David G. Booth |
|
| Principal Executive Officer |
|
| Dimensional Emerging Markets Value Fund Inc. |
|
|
|
|
Date: July 8, 2009 |
By: | /s/ David R. Martin |
|
| David R. Martin |
|
| Principal Financial Officer |
|
| Dimensional Emerging Markets Value Fund Inc. |
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|
|
Date: July 8, 2009 |