<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7440
------------------------------------
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1299 Ocean Avenue, 11th Floor, Santa Monica, CA 90401
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Catherine L. Newell, Esquire, Vice President and Secretary
Dimensional Emerging Markets Value Fund Inc.,
1299 Ocean Avenue, 11th Floor, Santa Monica, Ca 90401
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 310-395-8005
Date of fiscal year end: November 30
Date of reporting period: November 30, 2004
EXPLANATORY NOTE - This Form N-CSR/A for Dimensional Emerging Markets Value Fund
Inc. (the "Registrant") is being filed to reflect changes to the annual report
contained in the Form N-CSR filed on February 7, 2005 (Accession Number
0001047469-05-002606). This Form N-CSR/A also updates Item 10 "Controls and
Procedures" and Item 11 "Exhibits" with respect to the Registrant as required.
Other than the aforementioned amendment, no other information or disclosures
contained in the Registrant's Form N-CSR filed on February 7, 2005 is being
amended by this Form N-CSR/A.
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ITEM 1. REPORTS TO STOCKHOLDERS.
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================================================================================
DFA Investment Dimensions Group Inc.
Emerging Markets Value Portfolio
and
Dimensional Emerging Markets Value Fund Inc.
Annual Report
Year Ended November 30, 2004
================================================================================
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
AND
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
ANNUAL REPORT
TABLE OF CONTENTS
<Table>
<Caption>
PAGE
----
DFA INVESTMENT DIMENSIONS GROUP INC. -- EMERGING MARKETS VALUE PORTFOLIO
Performance Chart 1
Management's Discussion and Analysis 2
Disclosure of Fund Expenses 5
Statement of Assets and Liabilities 6
Statement of Operations 7
Statements of Changes in Net Assets 8
Financial Highlights 9
Notes to Financial Statements 10
Report of Independent Registered Certified Public Accounting Firm 13
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Performance Chart 14
Disclosure of Fund Expenses 15
Disclosure of Portfolio Holdings 16
Schedule of Investments 17
Statement of Assets and Liabilities 22
Statement of Operations 23
Statements of Changes in Net Assets 24
Financial Highlights 25
Notes to Financial Statements 26
Report of Independent Registered Certified Public Accounting Firm 30
FUND MANAGEMENT 31
VOTING PROXIES ON FUND PORTFOLIO SECURITIES 37
</Table>
This report is submitted for the information of the Funds' shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus.
i
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHART
[CHART]
EMERGING MARKETS VALUE PORTFOLIO VS.
MSCI EMERGING MARKETS FREE INDEX (PRICE-ONLY)
APRIL 1, 1998-NOVEMBER 30, 2004
GROWTH OF $10,000
<Table>
<Caption>
EMERGING MARKETS VALUE PORTFOLIO MSCI EMERGING MARKETS FREE INDEX (PRICE-ONLY)
4/1/98 $ 10,000 $ 10,000
4/30/98 $ 9,592 $ 10,000
5/31/98 $ 8,447 $ 8,599
6/30/98 $ 7,681 $ 7,680
7/31/98 $ 8,009 $ 7,896
8/31/98 $ 5,930 $ 5,584
9/30/98 $ 5,900 $ 5,922
10/31/98 $ 7,164 $ 6,538
11/30/98 $ 8,329 $ 7,075
12/31/98 $ 8,617 $ 6,946
1/31/99 $ 8,493 $ 6,829
2/28/99 $ 8,565 $ 6,890
3/31/99 $ 9,517 $ 7,777
4/30/99 $ 11,910 $ 8,727
5/31/99 $ 11,899 $ 8,649
6/30/99 $ 13,348 $ 9,613
7/31/99 $ 13,059 $ 9,337
8/31/99 $ 13,172 $ 9,416
9/30/99 $ 12,748 $ 9,085
10/31/99 $ 13,308 $ 9,270
11/30/99 $ 14,157 $ 10,098
12/31/99 $ 15,877 $ 11,370
1/31/2000 $ 15,831 $ 11,415
2/29/2000 $ 15,413 $ 11,562
3/31/2000 $ 15,197 $ 11,601
4/30/2000 $ 14,281 $ 10,485
5/31/2000 $ 13,274 $ 10,028
6/30/2000 $ 13,297 $ 10,349
7/31/2000 $ 12,730 $ 9,805
8/31/2000 $ 12,742 $ 9,839
9/30/2000 $ 11,814 $ 8,968
10/31/2000 $ 10,976 $ 8,313
11/30/2000 $ 10,150 $ 7,581
12/31/2000 $ 10,453 $ 7,754
1/31/2001 $ 11,453 $ 8,805
2/28/2001 $ 10,523 $ 8,108
3/31/2001 $ 9,512 $ 7,275
4/30/2001 $ 9,959 $ 7,613
5/31/2001 $ 10,190 $ 7,679
6/30/2001 $ 10,074 $ 7,501
7/31/2001 $ 9,798 $ 7,008
8/31/2001 $ 9,913 $ 6,927
9/30/2001 $ 8,305 $ 5,840
10/31/2001 $ 8,638 $ 6,199
11/30/2001 $ 9,683 $ 6,840
12/31/2001 $ 10,350 $ 7,373
1/31/2002 $ 11,171 $ 7,614
2/28/2002 $ 11,022 $ 7,730
3/31/2002 $ 11,682 $ 8,164
4/30/2002 $ 12,005 $ 8,197
5/31/2002 $ 11,857 $ 8,044
6/30/2002 $ 11,010 $ 7,428
7/31/2002 $ 10,574 $ 6,844
8/31/2002 $ 10,599 $ 6,943
9/30/2002 $ 9,329 $ 6,182
10/31/2002 $ 9,727 $ 6,578
11/30/2002 $ 10,487 $ 7,024
12/31/2002 $ 10,174 $ 6,785
1/31/2003 $ 10,328 $ 6,746
2/28/2003 $ 10,238 $ 6,534
3/31/2003 $ 10,007 $ 6,324
4/30/2003 $ 11,323 $ 6,856
5/31/2003 $ 12,167 $ 7,327
6/30/2003 $ 12,704 $ 7,728
7/31/2003 $ 12,997 $ 8,191
8/31/2003 $ 13,854 $ 8,722
9/30/2003 $ 14,531 $ 8,771
10/31/2003 $ 15,822 $ 9,503
11/30/2003 $ 16,001 $ 9,600
12/31/2003 $ 17,926 $ 10,285
1/31/2004 $ 18,418 $ 10,619
2/29/2004 $ 19,610 $ 11,096
3/31/2004 $ 19,856 $ 11,197
4/30/2004 $ 18,457 $ 10,250
5/31/2004 $ 17,913 $ 10,017
6/30/2004 $ 18,239 $ 10,039
7/31/2004 $ 18,474 $ 9,828
8/31/2004 $ 19,295 $ 10,214
9/30/2004 $ 20,566 $ 10,781
10/31/2004 $ 21,208 $ 11,016
11/30/2004 $ 23,502 $ 12,031
</Table>
<Table>
<Caption>
AVERAGE ANNUAL ONE FIVE TEN
TOTAL RETURN YEAR YEARS YEARS
-------------------------------------------------------
46.76% 10.56% 13.68%
</Table>
Past performance is not predictive of future performance.
Prior to April 2002, the returns shown reflect a reimbursement fee of 0.5% of
the net asset value at the time of purchase.
The returns shown do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
MSCI Emerging Markets Free Index (price-only) courtesy of Morgan Stanley Capital
International.
1
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MANAGEMENT'S DISCUSSION AND ANALYSIS
INTERNATIONAL EQUITY MARKET REVIEW YEAR ENDED NOVEMBER 30, 2004
International equity markets had generally positive returns for the year
under review. When expressed in local currencies, prices rose in all of the
largest country constituents of the MSCI EAFE Index. Net returns were enhanced
considerably by appreciation in the euro, Japanese yen, Swiss franc, British
pound, Australian dollar and Swedish krona relative to the U.S. dollar. The
overall effect of currency exchange rate changes was a material improvement in
returns for U.S. dollar-based investors: total return for the MSCI EAFE Index
(net dividends) was 13.08% in local currency and 24.19% in U.S. dollars.
% TOTAL RETURNS FOR YEAR ENDED NOVEMBER 30, 2004
<Table>
<Caption>
LOCAL
CURRENCY U.S. DOLLAR
TEN LARGEST DEVELOPED MARKETS RETURN RETURN
- ----------------------------- -------- ------------
United Kingdom (net dividends) 12.03% 24.51%
Japan (net dividends) 10.69% 17.86%
France 12.62% 24.86%
Switzerland 5.03% 19.32%
Germany 11.22% 23.29%
Netherlands 6.65% 18.21%
Australia 28.04% 37.29%
Italy 17.28% 30.03%
Spain 23.45% 36.88%
Sweden 29.85% 45.79%
</Table>
- ----------
Gross returns unless otherwise noted.
Source: Morgan Stanley Capital International
Mirroring the U.S. experience, large company growth stocks were the
poorest-performing asset class in international markets, while small company
stocks had the best relative results.
% TOTAL RETURNS FOR YEAR ENDED NOVEMBER 30, 2004 (U.S. DOLLARS)
<Table>
MSCI EAFE Small Cap Index (net dividends) 32.17%
Citigroup EPAC Extended Market Index (small companies) 30.10%
MSCI EAFE Value Index (net dividends) 29.32%
MSCI EAFE Index (net dividends) 24.19%
MSCI EAFE Growth Index (net dividends) 19.07%
</Table>
2
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Returns in emerging markets were higher, on average, than in developed
country markets, although results varied widely among individual countries. For
the year under review, total returns were 25.32% for the MSCI Emerging Markets
Free Index (net dividends), and 24.19% for the MSCI EAFE Index (net dividends).
% TOTAL RETURNS FOR YEAR ENDED NOVEMBER 30, 2004
<Table>
<Caption>
TOTAL
RETURNS
COUNTRY (U.S. $)
- ------- --------
Brazil 34.91%
Argentina 25.55%
Thailand 2.99%
Chile 31.00%
Indonesia 49.70%
Hungary 84.84%
Israel 14.51%
Poland 63.81%
Taiwan 7.55%
Mexico 43.28%
Malaysia 17.71%
Philippines 38.36%
Turkey 57.65%
South Korea 26.73%
</Table>
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Source: DataStream International
MASTER-FEEDER STRUCTURE
The portfolio described below, called a "Feeder Fund", does not buy
individual securities directly; instead, the portfolio invests in a
corresponding fund called a "Master Fund". The Master Fund, in turn, purchases
stocks, bonds, and/or other securities.
EMERGING MARKETS VALUE PORTFOLIO
The Emerging Markets Value Portfolio (the "Portfolio") seeks to capture the
returns of value stocks in selected emerging markets by purchasing shares of the
Dimensional Emerging Markets Value Fund Inc., (the "Master Fund") which invests
in such stocks. The investment strategy employs a disciplined, quantitative
approach, emphasizing broad diversification and consistent exposure to emerging
markets value stocks, but does not attempt to track closely a specific equity
index. As of November 30, 2004, the Master Fund held 1,333 stocks in 16
countries. Through March 2004, allocations reflected a weighting scheme
targeting fixed country weights. Argentina, Chile, Hungary, Philippines, and
Poland receive a half-weight due to their small size and low liquidity relative
to other emerging markets. Since April 2004, target country weights in the
Master Fund were determined by the relative free-float adjusted market
capitalization of eligible securities within each country. Target country
weights are also capped at a ceiling set by the manager to improve portfolio
diversification and limit single-country exposure risk. Free-float adjustment
excludes the share capital of a company that is not freely available for trading
in the public equity markets by international investors. Throughout the year
ended November 30, 2004, the Master Fund was essentially fully invested in
equities throughout the year: cash equivalents averaged less than 0.80% of the
Master Fund's assets.
As a result of the Master Fund's diversified investment approach,
performance was determined principally by broad structural trends in emerging
country stock markets, rather than the behavior of a limited number of stocks.
For the year ended November 30, 2004, emerging markets value stocks outperformed
developed country stocks as well as core emerging markets strategies. Total
returns were 24.19% for the MSCI EAFE Index (net dividends), 25.32% for the MSCI
Emerging Markets Free Index (net dividends), and 46.76% for the Emerging Markets
Value Portfolio. Relative to the MSCI Emerging Markets Free Index, superior
performance of the Portfolio was primarily due to greater exposure to stocks
with pronounced value characteristics, defined as a relatively high
book-to-market ratio. The average portfolio weight for stocks falling into the
top quartile when ranked by book-to-market ratio was 71% compared to 18% for the
Index.
3
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DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Dimensional Emerging Markets Value Fund Inc. (the "Fund") seeks to capture
the returns of value stocks in selected emerging markets. The investment
strategy employs a disciplined, quantitative approach, emphasizing broad
diversification and consistent exposure to emerging markets value stocks, but
does not attempt to closely track a specific equity index. As of November 30,
2004, the Fund held 1,333 stocks in 16 countries. Through March 2004,
allocations reflected a weighting scheme targeting fixed country weights.
Argentina, Chile, Hungary, Philippines, and Poland receive a half-weight due to
their small size and low liquidity relative to other emerging markets. Since
April 2004, target country weights in Dimensional Emerging Markets Value Fund
Inc. were determined by the relative free-float adjusted market capitalization
of eligible securities within each country. Target country weights are also
capped at a ceiling set by the manager to improve portfolio diversification and
limit single-country exposure risk. Free-float adjustment excludes the share
capital of a company that is not freely available for trading in the public
equity markets by international investors. Throughout the year ended November
30, 2004, the Fund was essentially fully invested in equities throughout the
year: cash equivalents averaged less than 0.80% of the Fund's assets.
As a result of the Fund's diversified investment approach, performance was
determined principally by broad structural trends in emerging country stock
markets, rather than the behavior of a limited number of stocks. For the year
ended November 30, 2004, emerging markets value stocks outperformed developed
country stocks as well as core emerging markets strategies. Total returns were
24.19% for the MSCI EAFE Index (net dividends), 25.32% for the MSCI Emerging
Markets Free Index (net dividends), and 47.38% for the Dimensional Emerging
Markets Value Fund Inc. Relative to the MSCI Emerging Markets Free Index,
superior performance of the Fund was primarily due to greater exposure to stocks
with pronounced value characteristics, defined as a relatively high
book-to-market ratio. The average portfolio weight for stocks falling into the
top quartile when ranked by book-to-market ratio was 71% compared to 18% for the
Index.
4
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DISCLOSURE OF FUND EXPENSES
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 help you
understand the ongoing fees (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 Tables 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" shows 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 5% RETURN. This section is intended to help you compare
your fund's costs with those of other mutual funds. It assumes that
the fund had a return of 5% before expenses during the period shown,
but that the expense ratio is unchanged. 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 Securities and Exchange Commission requires all mutual
funds to calculate expenses based on a 5% return. You can assess your
fund's cost by comparing this hypothetical example with the
hypothetical examples that appear in shareholders 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 any). The "Annualized Expense Ratio" represents the actual expenses for the
six month period indicated and may be different from the expense ratio in the
Financial Highlights which is for the year ended November 30, 2004.
FOR THE PERIOD JUNE 1, 2004 TO NOVEMBER 30, 2004
EXPENSE TABLES
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
6/01/04 11/30/04 RATIO PERIOD*
------------ ------------ ------------ ------------
EMERGING MARKETS VALUE PORTFOLIO
Actual Fund Return $ 1,000.00 $ 1,312.00 0.76% $ 4.39
Hypothetical 5% Return $ 1,000.00 $ 1,021.20 0.76% $ 3.84
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Actual Fund Return $ 1,000.00 $ 1,314.80 0.32% $ 1.85
Hypothetical 5% Return $ 1,000.00 $ 1,023.40 0.32% $ 1.62
</Table>
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* Expenses are equal to the fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year, then divided by 366.
5
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2004
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<Table>
ASSETS:
Investment in Dimensional Emerging Markets Value Fund Inc.
(32,485,724 Shares, Cost $569,789) at Value+ $ 895,631
Receivable for Fund Shares Sold 1,576
Prepaid Expenses and Other Assets 15
--------------
Total Assets 897,222
--------------
LIABILITIES:
Payables:
Investment Securities Purchased 1,363
Fund Shares Redeemed 213
Due to Advisor 281
Accrued Expenses and Other Liabilities 52
--------------
Total Liabilities 1,909
--------------
NET ASSETS $ 895,313
==============
SHARES OUTSTANDING, $.01 PAR VALUE
(Authorized 100,000,000) 49,941,788
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 17.93
==============
NET ASSETS CONSIST OF:
Paid-in Capital $ 578,904
Accumulated Net Investment Income (Loss) (8)
Accumulated Net Realized Gain (Loss) (9,425)
Unrealized Appreciation (Depreciation) from Investment Securities 325,842
--------------
Total Net Assets $ 895,313
==============
</Table>
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+ See Note B to Financial Statements.
See accompanying Notes to Financial Statements.
6
<Page>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 2004
(AMOUNTS IN THOUSANDS)
<Table>
INVESTMENT INCOME
Income Distributions Received from Dimensional Emerging Markets Value Fund Inc. $ 10,956
--------------
EXPENSES
Administrative Services 2,441
Accounting & Transfer Agent Fees 17
Legal Fees 15
Audit Fees 3
Filing Fees 84
Shareholders' Reports 24
Directors' Fees and Expenses 10
Other 7
--------------
Total Expenses 2,601
--------------
NET INVESTMENT INCOME (LOSS) 8,355
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
Capital Gain Distributions Received from Dimensional Emerging Markets Value Fund Inc. 4,408
Net Realized Gain (Loss) on Investment Securities Sold (2,987)
Change in Unrealized Appreciation (Depreciation) of
Investment Securities 234,247
--------------
NET GAIN (LOSS) ON INVESTMENT SECURITIES 235,668
--------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 244,023
==============
</Table>
See accompanying Notes to Financial Statements.
7
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<Table>
<Caption>
YEAR YEAR
ENDED ENDED
NOV. 30, NOV. 30,
2004 2003
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income (Loss) $ 8,355 $ 5,044
Capital Gain Distributions Received from Dimensional Emerging Markets
Value Fund Inc. 4,408 --
Net Realized Gain (Loss) on Investment Securities Sold (2,987) (717)
Change in Unrealized Appreciation (Depreciation) of
Investment Securities 234,247 94,657
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations 244,023 98,984
------------ ------------
Distributions From:
Net Investment Income (12,625) (1,969)
Net Long-Term Gains (803) (1,048)
------------ ------------
Total Distributions (13,428) (3,017)
------------ ------------
Capital Share Transactions (1):
Shares Issued 332,075 208,413
Shares Issued in Lieu of Cash Distributions 10,785 3,017
Shares Redeemed (81,177) (22,878)
------------ ------------
Net Increase (Decrease) from Capital Share Transactions 261,683 188,552
------------ ------------
Total Increase (Decrease) 492,278 284,519
NET ASSETS
Beginning of Period 403,035 118,516
------------ ------------
End of Period $ 895,313 $ 403,035
============ ============
(1) SHARES ISSUED AND REDEEMED:
Shares Issued 22,587 20,044
Shares Issued in Lieu of Cash Distributions 778 369
Shares Redeemed (5,596) (2,310)
------------ ------------
17,769 18,103
============ ============
</Table>
See accompanying Notes to Financial Statements.
8
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<Table>
<Caption>
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
2004 2003 2002 2001 2000
------------ ------------ ------------ ------------ ------------
Net Asset Value, Beginning of Period $ 12.53 $ 8.42 $ 8.43 $ 8.97 $ 13.67
------------ ------------ ------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) 0.21 0.19 0.18 0.18 0.10
Net Gains (Losses) on Securities (Realized
and Unrealized) 5.54 4.13 0.49 (0.58) (3.56)
------------ ------------ ------------ ------------ ------------
Total from Investment Operations 5.75 4.32 0.67 (0.40) (3.46)
------------ ------------ ------------ ------------ ------------
LESS DISTRIBUTIONS
Net Investment Income (0.35) (0.14) (0.23) (0.09) (0.11)
Net Realized Gains -- (0.07) (0.45) (0.05) (1.13)
------------ ------------ ------------ ------------ ------------
Total Distributions (0.35) (0.21) (0.68) (0.14) (1.24)
------------ ------------ ------------ ------------ ------------
Net Asset Value, End of Period $ 17.93 $ 12.53 $ 8.42 $ 8.43 $ 8.97
============ ============ ============ ============ ============
Total Return 46.76% 52.59% 8.29% (4.60)% (28.30)%
Net Assets, End of Period (thousands) $ 895,313 $ 403,035 $ 118,516 $ 60,999 $ 44,658
Ratio of Expenses to Average Net Assets (1) 0.77% 0.86% 0.85% 1.00% 1.04%
Ratio of Net Investment Income to Average Net
Assets 1.37% 2.41% 2.10% 2.34% 0.76%
Portfolio Turnover Rate N/A N/A N/A N/A N/A
Portfolio Turnover Rate of Master Fund Series 8% 10% 15% 19% 19%
</Table>
- ----------
(1) Represents the combined ratio for the Portfolio and its respective pro-rata
share of its Master Fund.
N/A Refer to the respective Master Fund.
See accompanying Notes to Financial Statements.
9
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO FINANCIAL STATEMENTS
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 thirty-six portfolios, one of which, the Emerging
Markets Value Portfolio (the "Portfolio") is included in this report. Of the
remaining portfolios, thirty-five are presented within four separate reports.
The Portfolio invests all of its assets in the Dimensional Emerging Markets
Value Fund Inc. (the "Fund"). At November 30, 2004, the Portfolio owned 76% 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.
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 operation 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.
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 a
percentage 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. Micro Cap Portfolio, DFA
International Value Portfolio, Emerging Markets 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'
Fees and Expenses. At November 30, 2004, the total liability for deferred
compensation to Directors is included in Accrued Expenses and Other Liabilities
in the amount of $9,668.
3. OTHER: Security transactions are accounted for on 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. Expenses
directly attributable to the Portfolio are directly charged. Common expenses of
the Group are allocated using methods approved by the Board of Directors,
generally based on average net assets.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. ("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, and other administrative services. The Advisor provides investment
advisory services to the Fund. For the year ended November 30, 2004, the
Portfolio's administrative fees were accrued daily and paid monthly to the
Advisor based on an effective annual rate of 0.40 of 1% of average daily net
assets.
Certain officers of the Group are also officers, directors and shareholders
of the Advisor.
10
<Page>
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.
Dividends from net investment income and distributions from 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 or
accumulated net realized gain, as appropriate, in the period that the
differences arise. Accordingly, the following permanent differences as of
November 30, 2004, primarily attributable to reclassing distributions between
realized gains and net investment income, were reclassified to the following
accounts (amounts in thousands):
<Table>
<Caption>
INCREASE INCREASE
(DECREASE) (DECREASE)
ACCUMULATED UNDISTRIBUTED
NET REALIZED NET INVESTMENT
GAINS INCOME
------------ --------------
$ (803) $ 803
</Table>
These reclassifications had no effect on net assets or net asset value per
share.
The tax character of dividends and distributions declared and paid during
the years ended November 30, 2004 and 2003 were as follows (amounts in
thousands):
<Table>
<Caption>
ORDINARY
INCOME AND
SHORT-TERM LONG-TERM
CAPITAL GAINS CAPITAL GAINS TOTAL
------------- ------------- ------------
2004 $ 12,625 $ 803 $ 13,428
2003 1,969 1,048 3,017
</Table>
Short-term gain distributions to shareholders are treated as ordinary
income for tax purposes.
As of November 30, 2004, the components of distributable
earnings/(accumulated losses) were as follows (amounts in thousands):
<Table>
<Caption>
TOTAL NET
DISTRIBUTABLE
UNDISTRIBUTED UNDISTRIBUTED EARNINGS/
NET INVESTMENT LONG-TERM (ACCUMULATED
INCOME CAPITAL GAINS LOSSES)
-------------- ------------- -------------
-- $ 2,916 $ 2,916
</Table>
During the year ended November 30, 2004, the Portfolio utilized prior year
capital loss carryforwards in the approximate amount of $776,000 to offset
realized capital gains for federal income tax purposes.
At November 30, 2004, the total cost of securities and net realized gains
or losses on securities sold for federal income tax purposes were different from
amounts reported for financial reporting purposes. The federal tax cost,
aggregate gross unrealized appreciation and depreciation of securities held by
the Portfolio, at November 30, 2004 were as follows (amounts in thousands):
<Table>
<Caption>
NET
UNREALIZED
FEDERAL UNREALIZED UNREALIZED APPRECIATION/
TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
---------- ------------ ------------ --------------
$ 582,128 $ 313,503 -- $ 313,503
</Table>
11
<Page>
E. LINE OF CREDIT:
The Portfolio, together with other Dimensional-advised portfolios, has
entered into a $50 million unsecured discretionary line of credit effective June
2004 with its domestic custodian bank. Each portfolio is permitted to borrow,
subject to its investment limitations, up to a maximum of $50 million, as long
as total borrowings under the line of credit do not exceed $50 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, since this is not a
committed facility. The agreement for the discretionary line of credit may be
terminated by either party at any time. The agreement for the line of credit
expires on June 28, 2005. There were no borrowings under the discretionary line
of credit by the Portfolio during the year ended November 30, 2004.
The Portfolio, together with other Dimensional-advised portfolios, has also
entered into an additional $150 million unsecured line of credit effective April
2004 with its international custodian bank. Each portfolio is permitted to
borrow, subject to investment limitations, up to a maximum of $150 million, as
long as total borrowings under the line of credit do not exceed $150 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 line of credit. The
agreement for the line of credit expires in April 2005. There were no borrowings
by the Portfolio under the line of credit during the year ended November 30,
2004.
F. CONTRACTUAL OBLIGATIONS:
In the normal course of business, the Portfolio enters into contracts that
contain a variety of representations and warranties and which provide general
indemnification. The Portfolio's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Portfolio and/or its affiliates that have not yet occurred. However, based on
experience, the Portfolio expects the risk of loss to be remote.
12
<Page>
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS OF EMERGING MARKETS VALUE PORTFOLIO AND
BOARD OF DIRECTORS OF DFA INVESTMENT DIMENSIONS GROUP INC.
In our opinion, the accompanying statement of assets and liabilities, and the
related statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Emerging Markets Value Portfolio (one of the portfolios constituting DFA
Investment Dimensions Group Inc., hereafter referred to as the "Portfolio") at
November 30, 2004, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the financial highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Portfolio's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with the Standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
November 30, 2004 by correspondence with the transfer agent of the investee
fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Fort Lauderdale, Florida
January 14, 2005
13
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
PERFORMANCE CHART
[CHART]
DIMENSIONAL EMERGING MARKETS VALUE FUND INC. VS.
MSCI EMERGING MARKETS FREE INDEX (PRICE-ONLY)
NOVEMBER 30, 1994-NOVEMBER 30, 2004
GROWTH OF $10,000
<Table>
<Caption>
DIMENSIONAL EMERGING MSCI EMERGING MARKETS
MARKETS VALUE FUND INC. FREE INDEX (PRICE-ONLY)
11/30/1994 $ 9,950 $ 10,000
12/31/1994 $ 9,198 $ 9,190
1/31/1995 $ 8,371 $ 8,207
2/28/1995 $ 8,087 $ 7,988
3/31/1995 $ 8,330 $ 8,020
4/30/1995 $ 8,852 $ 8,364
5/31/1995 $ 9,704 $ 8,787
6/30/1995 $ 9,603 $ 8,795
7/31/1995 $ 9,848 $ 8,978
8/31/1995 $ 9,510 $ 8,755
9/30/1995 $ 9,312 $ 8,702
10/31/1995 $ 9,011 $ 8,360
11/30/1995 $ 8,780 $ 8,204
12/31/1995 $ 9,079 $ 8,552
1/31/1996 $ 9,921 $ 9,151
2/29/1996 $ 9,653 $ 8,991
3/31/1996 $ 9,699 $ 9,044
4/30/1996 $ 10,021 $ 9,374
5/31/1996 $ 10,090 $ 9,309
6/30/1996 $ 10,194 $ 9,347
7/31/1996 $ 9,373 $ 8,692
8/31/1996 $ 9,679 $ 8,901
9/30/1996 $ 9,903 $ 8,966
10/31/1996 $ 9,667 $ 8,721
11/30/1996 $ 9,606 $ 8,856
12/31/1996 $ 9,673 $ 8,885
1/31/1997 $ 10,821 $ 9,483
2/28/1997 $ 11,088 $ 9,882
3/31/1997 $ 10,781 $ 9,599
4/30/1997 $ 10,668 $ 9,582
5/31/1997 $ 11,413 $ 9,830
6/30/1997 $ 11,874 $ 10,336
7/31/1997 $ 12,099 $ 10,469
8/31/1997 $ 10,836 $ 9,125
9/30/1997 $ 11,483 $ 9,363
10/31/1997 $ 10,051 $ 7,819
11/30/1997 $ 9,773 $ 7,529
12/31/1997 $ 10,151 $ 7,693
1/31/1998 $ 9,527 $ 7,084
2/28/1998 $ 10,263 $ 7,819
3/31/1998 $ 10,737 $ 8,132
4/30/1998 $ 10,600 $ 8,028
5/31/1998 $ 9,407 $ 6,903
6/30/1998 $ 8,595 $ 6,165
7/31/1998 $ 8,932 $ 6,338
8/31/1998 $ 6,604 $ 4,482
9/30/1998 $ 6,579 $ 4,754
10/31/1998 $ 7,989 $ 5,249
11/30/1998 $ 9,302 $ 5,679
12/31/1998 $ 9,675 $ 5,576
1/31/1999 $ 9,538 $ 5,482
2/28/1999 $ 9,629 $ 5,531
3/31/1999 $ 10,705 $ 6,243
4/30/1999 $ 13,397 $ 7,006
5/31/1999 $ 13,397 $ 6,944
6/30/1999 $ 15,027 $ 7,717
7/31/1999 $ 14,708 $ 7,496
8/31/1999 $ 14,838 $ 7,559
9/30/1999 $ 14,375 $ 7,293
10/31/1999 $ 15,005 $ 7,442
11/30/1999 $ 15,969 $ 8,107
12/31/1999 $ 17,966 $ 9,127
1/31/2000 $ 17,869 $ 9,164
2/29/2000 $ 17,402 $ 9,282
3/31/2000 $ 17,160 $ 9,313
4/30/2000 $ 16,139 $ 8,417
5/31/2000 $ 15,005 $ 8,051
6/30/2000 $ 15,036 $ 8,308
7/31/2000 $ 14,402 $ 7,871
8/31/2000 $ 14,417 $ 7,899
9/30/2000 $ 13,372 $ 7,199
10/31/2000 $ 12,423 $ 6,673
11/30/2000 $ 11,492 $ 6,086
12/31/2000 $ 11,837 $ 6,225
1/31/2001 $ 12,977 $ 7,068
2/28/2001 $ 11,925 $ 6,509
3/31/2001 $ 10,785 $ 5,840
4/30/2001 $ 11,275 $ 6,112
5/31/2001 $ 11,547 $ 6,165
6/30/2001 $ 11,415 $ 6,022
7/31/2001 $ 11,108 $ 5,626
8/31/2001 $ 11,239 $ 5,561
9/30/2001 $ 9,416 $ 4,688
10/31/2001 $ 9,802 $ 4,977
11/30/2001 $ 10,993 $ 5,491
12/31/2001 $ 11,746 $ 5,919
1/31/2002 $ 12,694 $ 6,112
2/28/2002 $ 12,528 $ 6,206
3/31/2002 $ 13,282 $ 6,554
4/30/2002 $ 13,650 $ 6,580
5/31/2002 $ 13,485 $ 6,458
6/30/2002 $ 12,528 $ 5,963
7/31/2002 $ 12,040 $ 5,494
8/31/2002 $ 12,068 $ 5,574
9/30/2002 $ 10,632 $ 4,962
10/31/2002 $ 11,083 $ 5,281
11/30/2002 $ 11,958 $ 5,639
12/31/2002 $ 11,604 $ 5,447
1/31/2003 $ 11,783 $ 5,416
2/28/2003 $ 11,679 $ 5,245
3/31/2003 $ 11,426 $ 5,077
4/30/2003 $ 12,929 $ 5,504
5/31/2003 $ 13,907 $ 5,882
6/30/2003 $ 14,527 $ 6,204
7/31/2003 $ 14,855 $ 6,575
8/31/2003 $ 15,842 $ 7,002
9/30/2003 $ 16,621 $ 7,041
10/31/2003 $ 18,115 $ 7,628
11/30/2003 $ 18,322 $ 7,707
12/31/2003 $ 20,539 $ 8,256
1/31/2004 $ 21,099 $ 8,525
2/29/2004 $ 22,480 $ 8,908
3/31/2004 $ 22,760 $ 8,989
4/30/2004 $ 21,176 $ 8,229
5/31/2004 $ 20,549 $ 8,041
6/30/2004 $ 20,941 $ 8,059
7/31/2004 $ 21,203 $ 7,890
8/31/2004 $ 22,167 $ 8,200
9/30/2004 $ 23,626 $ 8,655
10/31/2004 $ 24,380 $ 8,843
11/30/2004 $ 27,016 $ 9,658
</Table>
<Table>
<Caption>
AVERAGE ANNUAL ONE FIVE TEN
TOTAL RETURN YEAR YEARS YEARS
--------------------------------------------------
47.38% 10.99% 10.67%
</Table>
Past performance is not predictive of future performance.
Prior to April 2002, the returns shown reflect a reimbursement fee of 0.5% of
the net asset value at the time of purchase.
The returns shown do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares.
MSCI Emerging Markets Free Index (price-only) courtesy of Morgan Stanley Capital
International.
14
<Page>
DISCLOSURE OF FUND EXPENSES
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 help you
understand the ongoing fees (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" shows 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 5% RETURN. This section is intended to help you compare
your fund's costs with those of other mutual funds. It assumes that
the fund had a return of 5% before expenses during the period shown,
but that the expense ratio is unchanged. 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 Securities and Exchange Commission requires all mutual
funds to calculate expenses based on a 5% return. You can assess your
fund's cost by comparing this hypothetical example with the
hypothetical examples that appear in shareholders 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 any). The "Annualized Expense Ratio" represents the actual expenses for the
six month period indicated and may be different from the expense ratio in the
Financial Highlights which is for the year ended November 30, 2004.
FOR THE PERIOD JUNE 1, 2004 TO NOVEMBER 30, 2004
EXPENSE TABLE
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
DIMENSIONAL EMERGING MARKETS VALUE FUND INC. 6/01/04 11/30/04 RATIO PERIOD*
- -------------------------------------------- ------------ ------------ ------------ ------------
Actual Fund Return $ 1,000.00 $ 1,314.80 0.32% $ 1.85
Hypothetical 5% Return $ 1,000.00 $ 1,023.40 0.32% $ 1.62
</Table>
- ----------
*Expenses are equal to the fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in the
most recent fiscal half-year, then divided by 366.
15
<Page>
DISCLOSURE OF PORTFOLIO HOLDINGS
(UNAUDITED)
The SEC has adopted the requirement that all Funds file a complete schedule
of investments with the SEC for their first and third fiscal quarters on Form
N-Q for fiscal quarters starting after July 9, 2004. For Dimensional Emerging
Markets Value Fund Inc., this would be for the fiscal quarters ending August 31
and February 28 (February 29 during leap year). 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 first Form N-Q with the SEC on October 27, 2004. It is
available upon request, without charge, by calling collect (310) 395-8005 or by
mailing a request to Dimensional Fund Advisors, Inc., 1299 Ocean Avenue, 11th
floor, Santa Monica, California 90401, 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).
The SEC has also amended certain regulations to 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 report to
shareholders. It will be available, upon request, without charge, by calling
collect (310) 395-8005 or by mailing a request to Dimensional Fund Advisors,
Inc., 1299 Ocean Avenue, 11th floor, Santa Monica, California 90401, or by
visiting the SEC's website at http://sec.gov, or it 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 adopted a requirement 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.
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
<Table>
Financials 26.9%
Materials 26.4
Industrials 16.9
Consumer Discretionary 11.1
Consumer Staples 6.6
Information Technology 4.2
Energy 3.1
Telecommunication Service 1.6
Utilities 1.6
Health Care 1.6
-----
100.0%
=====
</Table>
16
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004
<Table>
<Caption>
SHARES VALUE+
------------ ------------------
SOUTH AFRICA -- (12.4%)
COMMON STOCKS -- (12.4%)
ABSA Group, Ltd. 1,028,666 $ 12,487,243
Advtech, Ltd. 620,958 137,103
Aeci, Ltd. 203,663 1,298,564
Afgri, Ltd. 745,102 925,301
African Life Assurance Co., Ltd. 333,611 950,056
* Afrikander Lease, Ltd. 246,760 76,625
AG Industries, Ltd. 356,487 168,569
Allied Electronics Corp., Ltd. 259,018 742,274
Anglo American PLC 234,915 5,610,864
Argent Industrial, Ltd. 119,621 198,505
* AST Group, Ltd. 195,883 24,055
Aveng, Ltd. 661,562 1,326,253
Barloworld, Ltd. 397,633 6,734,018
* Bell Equipment, Ltd. 188,200 201,219
* Bridgestone Firestone Maxiprest, Ltd. 113,271 21,113
* Business Connexion Group, Ltd. 465,381 398,170
Bytes Technology Group, Ltd. 314,654 412,091
Capital Alliance Holdings, Ltd. 394,918 1,103,922
Capitec Bank Holdings, Ltd. 125,536 252,806
Caxton & CTP Publishers & Printers, Ltd. 984,670 1,663,693
* Corpcapital, Ltd. 579,166 70,105
* Datatec, Ltd. 217,667 370,956
Delta Electrical Industries, Ltd. 100,483 563,575
* Dimension Data Holdings PLC 1,342,376 876,040
Distell Group, Ltd. 425,279 1,870,469
Dorbyl, Ltd. 67,373 297,487
* Ellerine Holdings, Ltd. 163,857 1,468,219
Gold Reef Casino Resorts, Ltd. 344,218 674,931
Grintek, Ltd. 210,786 62,576
Group Five, Ltd. 141,930 349,018
Highveld Steel & Vanadilum Corp., Ltd. 262,534 2,179,849
Hudaco Industries, Ltd. 64,681 350,884
Iliad Africa, Ltd. 76,658 127,480
Illovo Sugar, Ltd. 561,051 786,505
Imperial Holdings, Ltd. 354,239 6,236,610
Investec, Ltd. 97,399 2,773,853
Iscor, Ltd. 976,965 10,962,879
* JCI, Ltd. 4,289,448 244,075
Johnic Communications, Ltd. 200,397 1,000,550
Kersaf Investments, Ltd. 151,284 1,369,549
Liberty Group, Ltd. 711,717 7,828,579
M Cubed Holdings, Ltd. 1,367,759 96,442
</Table>
<Page>
<Table>
* Medi-Clinic Corp., Ltd. 460,930 1,134,543
Metair Investment, Ltd. 12,071 370,231
* Metorex, Ltd. 328,332 152,730
Metropolitan Holdings, Ltd. 1,235,733 2,037,644
Murray & Roberts Holdings, Ltd. 557,578 1,403,510
Nampak, Ltd. 1,212,039 3,131,558
Nedcor, Ltd. 837,695 10,907,757
New Clicks Holdings, Ltd. 776,702 1,299,658
Northam Platinum, Ltd. 481,539 742,234
* Nu-World Holdings 43,045 239,042
Old Mutual PLC 6,560,799 16,233,597
Omnia Holdings, Ltd. 63,382 476,007
* Palabora Mining Co., Ltd. 64,240 415,305
Peregrine Holdings, Ltd. 427,469 197,909
PSG Group, Ltd. 222,582 208,433
Rainbow Chicken, Ltd. 569,688 687,317
* Randgold and Expl CO 127,533 263,323
Rebserve Holdings, Ltd. 407,192 619,776
Redefine Income Fund, Ltd. 83,325 44,965
* Relyant Retail, Ltd. 944,541 359,358
Sanlam, Ltd. 4,967,580 10,376,795
Santam, Ltd. 248,719 2,874,997
Sappi, Ltd. 451,122 6,023,655
Steinhoff International Holdings, Ltd. 2,201,185 4,519,959
Tiger Wheels, Ltd. 116,729 533,402
Tongaat-Hulett Group, Ltd. 306,181 2,641,695
Trans Hex Group, Ltd. 168,287 524,756
* Trencor, Ltd. 407,257 912,698
UCS Group, Ltd. 376,067 92,716
Unitrans Ltd 165,695 892,998
Value Group, Ltd. 311,313 92,206
* Western Areas Ltd 84,722 396,570
------------------
TOTAL COMMON STOCKS
(Cost $98,218,528) 146,100,419
------------------
INVESTMENT IN CURRENCY -- (0.0%)
* South African Rand 4,649
------------------
(Cost $4,049)
TOTAL -- SOUTH AFRICA
(Cost $98,222,577) 146,105,068
------------------
SOUTH KOREA -- (11.6%)
COMMON STOCKS -- (11.6%)
Aekyung Petrochemical Co., Ltd. 10,140 148,754
* Anam Semiconductor, Inc. 296,459 794,050
Asia Cement Manufacturing Co., Ltd. 9,438 298,265
* AUK Corp. 24,000 78,417
Baiksan Co., Ltd. 41,550 48,105
Boo Kook Securities Co., Ltd. 17,385 101,826
</Table>
<Page>
<Table>
BYC Co., Ltd. 810 32,967
Byuck San Corp. 230 3,619
Byuck San Engineering and Construction Co., Ltd. 87,860 329,932
* Capro Corp. 16,830 58,839
Cheil Industrial, Inc. 80,314 1,195,325
Cho Kwang Leather Co., Ltd. 4,860 13,792
Choil Aluminium Mfg. Co., Ltd. 5,770 24,515
Chon Bang Co., Ltd. 2,520 81,354
* Chong Kun Dang 11,299 109,330
Choong Wae Pharmaceutical 9,816 195,880
* Choongnam Spinning Co., Ltd. 714 1,707
Chosun Refractories Co., Ltd. 7,370 147,440
* CKD Bio Corp. 3,109 15,395
* D.I Corp. 65,430 138,068
Dae Chang Industrial Co. 6,170 23,967
Dae Dong Industrial Co., Ltd. 3,930 20,448
* Dae Han Fire & Marine Insurance Co., Ltd. 12,610 57,177
Dae Sang Corp. 82,740 377,858
Dae Won Kang Up Co., Ltd. 13,100 188,138
* Dae Young Packaging Co., Ltd. 356,210 35,664
Daeduck Industries Co., Ltd. 28,400 266,057
Daegu Bank Co., Ltd. 193,922 1,346,452
Daehan Flour Mills Co., Ltd. 2,525 150,268
Daehan Synthetic Fiber Co., Ltd. 2,000 40,620
Daelim Industrial Co., Ltd. 66,570 3,057,278
* Daelim Trading Co., Ltd. 27,140 151,427
Daesung Industrial Co., Ltd. 7,690 166,334
Daewoo Engineering & Construction Co., Ltd. 819,780 4,334,725
* Daewoo International Corp. 64,190 506,718
Daewoo Motor Sales Corp. 61,560 449,673
* Daewoo Securities Co., Ltd. 436,970 1,431,108
Daewoong Co., Ltd. 12,340 86,638
Dahaam E-Tec Co., Ltd. 5,985 59,011
Daishin Securities Co., Ltd. 103,481 1,268,763
Daiyang Metal Co., Ltd. 40,000 54,762
* Daou Technology, Inc. 60,000 75,561
DC Chemical Co., Ltd. 38,990 655,991
Dong Ah Tire Industrial Co., Ltd. 42,420 187,491
Dong Bu Insurance Co., Ltd. 132,650 889,916
* Dong Hai Pulp Co., Ltd. 14,310 39,067
Dong IL Rubber Belt Co., Ltd. 7,253 15,199
Dong Wha Pharmaceutical Industries Co. 5,167 43,203
* Dong Won Co., Ltd. 5,520 66,792
Dong Yang Department Store Co., Ltd. 9,000 38,993
* Dong Yang Mec 20,680 85,043
Dong-A Pharmaceutical Co., Ltd. 19,920 497,055
Dongbu Corp. 46,410 387,722
Dongbu Hannong Chemical Co., Ltd. 14,890 190,632
Dongbu Securities Co., Ltd. 22,040 48,337
Dongbu Steel Co., Ltd. 46,108 623,466
Dong-Il Corp. 4,205 110,248
Dongkook Industries Co., Ltd. 1,620 5,310
</Table>
<Page>
<Table>
Dongkuk Steel Mill Co., Ltd. 155,862 2,859,926
* Dongsu Industrial Co., Ltd. 9,880 105,161
Dongsung Chemical Industries 3,770 22,838
Dongwon F&B Co., Ltd. 6,666 272,663
Dongwon Financial Holding Co., Ltd. 116,926 989,396
* Dongwon Industries Co., Ltd. 1,876 20,772
Dongyang Express & Construction Corp. 5,250 78,995
* Doosan Corp. 41,820 516,538
Doosan Heavy Industries & Construction Co., Ltd. 327,020 4,211,002
* Doosan Industrial Development Co., Ltd. 81,030 291,972
DPI Co., Ltd. 33,340 100,916
Duck Yang Industry Co., Ltd. 4,000 35,062
* Enex Co., Ltd. 5,960 36,925
F&F Co., Ltd. 23,100 30,708
* First Fire & Marine Insurance Co., Ltd. 40,160 38,275
* Firstech Co., Ltd. 28,190 22,825
* Fursys, Inc. 24,120 291,310
Global & Yuasa Battery Co., Ltd. 11,600 18,277
* Good Morning Securities Co., Ltd. 283,690 947,671
Green Cross Corp. 10,540 252,580
* Gwangju Shinsegae Co., Ltd. 1,590 59,389
Halla Engineering & Construction Corp. 7,450 52,203
Han Kuk Carbon Co., Ltd. 25,070 43,425
Han Wha Corp. 146,740 1,771,681
Han Yang Securities Co., Ltd. 24,940 64,512
Hana Securities Co., Ltd. 40,790 261,494
Handok Pharmaceuticals Co., Ltd. 18,150 219,221
Hanil Cement Manufacturing Co., Ltd. 15,883 805,740
* Hanil E-wha Co., Ltd. 79,730 101,228
Hanil Iron & Steel Co., Ltd. 1,815 25,818
Hanjin Heavy Industry Co., Ltd. 145,790 1,061,493
Hanjin Transportation Co., Ltd. 23,460 339,265
* Hankook Core Co., Ltd. 7,001 568
Hankook Cosmetics Co., Ltd. 30,000 29,124
Hankook Tire Manufacturing Co., Ltd. 150,550 1,518,323
Hankuk Electric Glass Co., Ltd. 18,620 903,716
Hankuk Glass Industries, Inc. 22,200 1,931,268
Hankuk Paper Manufacturing Co., Ltd. 9,800 231,470
* Hanmi Capital Co., Ltd. 28,690 136,463
Hansae Co., Ltd. 3,260 35,080
* Hansol Chemical Co., Ltd. 12,467 56,695
* Hansol CSN Co., Ltd. 103,640 123,985
Hansol Paper Co., Ltd. 92,914 936,751
* Hansol Telecom Co., Ltd. 543 4,155
* Hanssem Co., Ltd. 12,390 72,819
Hanwha Chemical Corp. 218,380 2,125,796
Hanwha Securities Co., Ltd. 62,690 144,203
Heesung Cable, Ltd. 3,660 35,025
Histeel Co., Ltd 1,080 16,499
Hotel Shilla, Ltd. 76,920 491,783
HS R&A Co., Ltd. 4,980 26,711
Huchems Fine Chemical Corp. 45,340 171,615
</Table>
<Page>
<Table>
* Huneed Technologoes Co., Ltd. 90,030 27,058
Husteel Co., Ltd. 10,370 91,979
Hwa Sung Industrial Co. 26,510 97,783
Hwashin Co., Ltd. 42,000 41,218
Hyosung T & C Co., Ltd. 61,987 666,605
Hyundai Cement Co., Ltd. 15,435 414,148
* Hyundai Corp. 6,015 21,154
Hyundai Department Store Co., Ltd. 37,908 1,206,537
Hyundai Department Store H & S Co., Ltd. 8,362 132,584
Hyundai Development Co. 160,560 2,622,690
* Hyundai Elevator Co., Ltd. 9,180 427,950
Hyundai Heavy Industries Co., Ltd. 154,760 4,421,286
Hyundai Hysco 170,820 1,400,706
Hyundai Marine & Fire Insurance Co., Ltd. 102,700 395,394
* Hyundai Merchant Marine Co., Ltd. 193,270 2,955,119
* Hyundai Mipo Dockyard Co., Ltd. 15,693 459,253
Hyundai Motor Co., Ltd. 212,320 10,419,976
* Hyundai Pharmaceutical Ind Co., Ltd. 4,200 51,455
* Hyundai Securities Co., Ltd. 249,730 1,000,437
Il Dong Pharmaceutical Co., Ltd. 5,840 88,565
* Il Jin Diamond Co., Ltd. 14,730 210,182
Il Sung Pharmaceutical Co., Ltd. 3,990 82,326
Il Yang Pharmaceutical Co., Ltd. 6,107 27,318
* IlJin Electric, Ltd. 26,530 55,803
IlShin Spinning Co., Ltd. 3,600 127,513
INI Steel Co., Ltd. 235,930 3,092,559
ISU Chemical Co., Ltd. 14,350 109,240
Je Il Pharmaceutical Co. 2,220 59,068
Jeonbuk Bank, Ltd. 52,970 222,738
* Jinro, Ltd. 407 17,468
Joongang Constuction Co., Ltd. 9,880 59,443
* KDB Capital Corp. 972 2,506
* Keang Nam Enterprises Co., Ltd. 7,902 51,001
KEC Corp. 10,630 200,993
Keyang Electric Machinery Co., Ltd. 71,760 89,504
* KG Chemical Corp. 111,230 51,397
Kia Motors Corp. 441,050 4,191,791
Kodenshi Korea Corp. 38,000 71,614
Kolon Chemical Co., Ltd. 20,220 132,604
Kolon Engineering & Construction Co., Ltd. 37,850 104,314
Kolon Industries, Inc. 32,379 178,911
* Kolon International 1,905 7,335
Kolon International Corp. 11,960 54,317
Korea Cast Iron Pipe Co., Ltd. 44,688 101,167
Korea Circuit Co. 31,660 108,091
* Korea Development Co., Ltd. 23,520 400,651
* Korea Development Leasing Corp. 61,900 80,458
* Korea Express Co., Ltd. 21,990 523,600
Korea Fine Chemical Co., Ltd. 7,000 67,665
Korea Flange Co., Ltd. 10,290 135,050
Korea Iron & Steel Co., Ltd. 25,230 542,394
Korea Iron & Steel Works Co., Ltd. 21,294 307,993
</Table>
<Page>
<Table>
Korea Kolmar Co., Ltd. 35,185 55,377
Korea Komho Petrochemical 61,750 845,770
Korea Mutual Savings Bank 14,910 82,626
Korea Petrochemical Industry Co., Ltd. 12,300 228,331
Korea Polyol Co., Ltd. 10,556 325,009
Korea Reinsurance Co., Ltd. 111,460 445,306
Korea Zinc Co., Ltd. 42,730 1,222,697
* Korean Air Co., Ltd. 176,738 3,094,252
Korean Air Terminal Service Co., Ltd. 3,490 48,607
* KP Chemical Corp. 201,976 932,235
* KTB Network, Ltd. 135,720 254,956
Kukdo Chemical Co., Ltd. 8,710 92,086
Kukdong City Gas Co., Ltd. 12,780 189,035
* Kukje Corp. 34,550 48,077
Kumgang Korea Chemical Co., Ltd. 22,960 2,635,468
Kumho Industrial Co., Ltd. 89,380 1,011,208
* Kunsul Chemical Industrial Co. Ltd 12,700 74,953
Kwang Dong Pharmaceutical Co., Ltd. 114,660 222,259
Kyeryong Construction Industrial Co., Ltd. 17,500 242,450
Kyobo Securities Co., Ltd. 76,680 151,418
Kyong Dong Boiler Co., Ltd. 3,450 41,950
Kyungbang Co., Ltd. 1,856 89,552
LG Cable, Ltd. 68,050 1,331,722
LG Engineering & Construction Corp. 104,882 2,718,555
LG International Corp. 107,834 958,242
* LG Investment & Securities Co., Ltd. 200,240 1,448,180
Lotte Confectionary Co., Ltd. 1,170 713,422
Lotte Sam Kang Co., Ltd. 2,460 217,916
Meritz Securities Co., Ltd. 73,900 178,730
* Midopa Co., Ltd. 88,950 390,882
Motonic Corp. 640 8,478
Namhae Chemical Corp. 105,810 187,833
Namyang Dairy Products Co., Ltd. 1,320 419,238
Nong Shim Holdings Co., Ltd. 1,750 98,534
Oriental Fire & Marine Insurance Co., Ltd. 16,810 267,430
Ottogi Corporation 7,320 282,453
* Pacific Industries, Inc. 12,240 135,156
* Pantech Co., Ltd. 19,630 72,249
* PaperCorea, Inc. 19,552 52,950
* Partsnic Co., Ltd. 11,310 20,353
* Pohang Coated Steel Co., Ltd. 12,780 296,849
Poong Lim Industrial Co., Ltd. 32,280 77,933
Poong San Corp. 66,220 888,366
* Pum Yang Construction Co., Ltd. 14,380 117,102
Pusan Bank 200,400 1,548,313
Pusan City Gas Co., Ltd. 21,560 308,340
Pyung Hwa Industrial Co., Ltd. 45,370 172,546
* Regent Securities Co., Ltd. 108,437 118,815
* Rocket Electric Co., Ltd. 3,460 5,273
* Saehan Industries, Inc. 95,610 161,402
* Saehan Media Corp. 31,250 51,785
* Sam Jin Pharmaceutical Co., Ltd. 2,650 74,760
</Table>
<Page>
<Table>
Sam Yung Trading Co., Ltd. 13,840 22,915
Sambu Construction Co., Ltd. 11,175 129,370
Samhwa Crown and Closure Co., Ltd. 3,100 31,983
Samhwa Paints Industrial Co., Ltd. 33,600 92,809
* Samlip Industrial Co., Ltd. 15,670 95,423
Samsung Climate Control Co., Ltd. 11,990 69,072
Samsung Corp. 331,070 4,806,994
* Samsung Engineering Co., Ltd. 84,110 583,657
Samsung Fine Chemicals 57,050 1,004,286
Samsung Heavy Industries Co., Ltd. 491,740 2,763,171
Samsung Securities Co., Ltd. 103,330 1,948,027
* Samsung Techwin Co., Ltd. 37,420 271,872
Samwhan Corp. Co., Ltd. 17,730 118,407
Samyang Corp. 22,135 759,461
Samyang Genex Co., Ltd. 5,490 207,702
Samyang Tongsang Co., Ltd. 2,820 34,662
* Samyoung Chemical Co., Ltd. 2,820 21,477
* Samyoung Corp. 6,130 56,507
Samyoung Electronics Co., Ltd. 39,200 266,786
Seah Holdings Corp. 4,619 105,345
Seah Steel Corp. 6,245 111,207
* Segye Corp. 20,530 32,073
Sejong Industrial Co., Ltd. 44,050 140,968
Sejong Securities Co., Ltd. 54,071 86,943
Sempio Foods Co. 3,610 28,858
* Seoul Securities Co., Ltd. 109,220 329,377
* Shin Dong-Ah Fire & Marine Insurance Co. 22,873 69,253
Shin Heung Securities Co., Ltd. 9,130 19,308
Shin Young Securities Co., Ltd. 18,390 245,385
Shin Young Wacoal, Inc. 273 10,224
* Shin-Ho Paper Manufacturing Co., Ltd. 38,850 132,063
Shinmoorim Paper Manufacturing Co., Ltd. 34,120 237,346
Shinpoong Pharmaceutical Co., Ltd. 4,540 45,467
* Shinsegae Engineering & Construction Co., Ltd. 3,980 57,708
* Shinsung Tongsang Co., Ltd. 21,550 26,563
Sindo Ricoh 15,060 893,136
* SK Chemicals Co., Ltd. 37,810 417,008
SK Gas Co., Ltd. 18,370 419,963
* SKC Co., Ltd. 57,310 465,750
Song Woun Industries 24,310 45,444
* Ssang Bang Wool Co., Ltd. 52,870 122,031
* Ssangyong Cement Industry Co., Ltd. 587,792 685,639
* Ssangyong Fire & Marine Insurance Co. 13,190 38,345
* Ssangyong Motor Co. 158,040 968,533
STX Corp. 24,376 163,781
* STX Engine 8,711 40,128
Sung Chang Enterprise Co., Ltd. 9,000 119,557
Sung Shin Cement Co., Ltd. 40,070 762,421
* Sungwon Corp. 20,600 27,278
* Sunjin Co., Ltd. 4,240 99,898
* Sunkyong Securities Co., Ltd. 384,280 173,295
Tae Kwang Industrial Co., Ltd. 2,380 818,749
</Table>
<Page>
<Table>
Tae Kyung Industrial Co., Ltd. 63,000 137,064
Tae Young Corp. 16,270 558,367
Taegu Department Store Co., Ltd. 19,941 140,603
Tai Han Electric Wire Co., Ltd. 84,107 678,538
Tai Lim Packaging Industries Co., Ltd. 4,380 13,256
The Will-Bes & Co., Ltd. 10,640 21,043
* Tong Kook Corp. 607 905
* Tong Yang Investment Bank 166,420 316,965
* Tong Yang Major Corp. 24,960 64,492
Tong Yang Moolsan Co., Ltd. 4,560 11,400
* Tongil Heavy Industries Co., Ltd. 160,770 110,072
TS Corp. 3,881 58,991
Union Steel Manufacturing Co., Ltd. 21,297 756,625
Wiscom Co., Ltd. 22,000 67,145
Woongjin.Com Co., Ltd. 78,940 276,115
Yoo Sung Enterprise Co., Ltd. 3,780 63,056
Youlchon Chemical Co., Ltd. 47,300 368,764
* Young Poong Mining & Construction Corp. 18,030 946
* Youngbo Chemical Co., Ltd. 33,000 61,501
Youngone Corp. 108,650 371,927
Youngpoong Corp. 1,580 99,636
Yuhan Corp. 5,179 471,537
Yuhwa Securities Co., Ltd. 17,000 124,694
* Zinus, Inc. 9,330 27,363
------------------
TOTAL COMMON STOCKS
(Cost $85,258,948) 136,882,992
------------------
RIGHTS/WARRANTS -- (0.0%)
* Hansol Telecom Co., Ltd. Rights 12/15/04 1,646 0
------------------
(Cost $0)
TOTAL -- SOUTH KOREA
(Cost $85,258,948) 136,882,992
------------------
TAIWAN -- (10.7%)
COMMON STOCKS -- (10.6%)
Ability Enterprise Co., Ltd. 168,000 83,463
Abit Computer Co., Ltd. 835,498 252,947
* Abocom Systems, Inc. 105,000 22,300
* Accton Technology Corp. 706,000 284,631
Acer, Inc. 1,544,235 2,351,782
* AGV Products 327,000 70,284
* Allis Electric Co., Ltd. 86,320 18,706
* Ambassador Hotel 435,000 242,591
Amtran Technology Co., Ltd. 411,324 165,774
* Apex Science & Engineering Corp. 103,000 15,322
* Arima Computer Corp. 1,620,000 472,790
Asia Cement Corp. 4,164,115 2,729,088
Asia Chemical Corp. 357,000 94,572
Asia Polymer Corp. 272,160 144,920
</Table>
<Page>
<Table>
* Askey Computer Co., Ltd. 192,917 99,442
* Aurora Corp. 210,650 115,947
Aurora Systems Corp. 157,000 62,768
Avision, Inc. 56,000 31,583
Bank of Kaohsiung Co., Ltd. 838,622 588,601
* Behavior Tech Computer Corp. 544,000 139,187
* Bes Engineering Corp. 1,609,089 280,951
* Carnival Industrial Corp. 336,000 55,544
Cathay Chemical Works, Inc. 131,000 42,519
Cathay Real Estate Development Co., Ltd. 1,914,421 1,034,776
* Central Insurance Co., Ltd. 317,000 112,364
Central Reinsurance Co., Ltd. 354,550 142,540
* Chang Hwa Commercial Bank 8,379,459 5,204,329
* Chang-Ho Fibre Corp. 50,000 20,393
* Charoen Pokphand Enterprises Co., Ltd. 96,000 19,593
Cheng Loong Corp. 1,608,480 587,021
* Chia Her Industrial Co., Ltd. 699,000 71,344
* Chia Hsin Cement Corp. 1,071,000 480,625
* Chia Hsin Food & Synthetic Fiber Co., Ltd. 812,250 103,694
Chia-I Industrial Co., Ltd. 334,000 124,019
* Chien Tai Cement Co., Ltd. 470,397 8,598
China Airlines 5,608,939 3,208,657
China Chemical & Pharmaceutical Co. 300,240 124,375
* China Development Financial Holdong Co., Inc. 1,130,000 548,046
China Electric Manufacturing Co., Ltd. 306,000 87,029
* China General Plastics Corp. 314,000 137,792
* China Glaze Co., Ltd. 54,000 12,201
* China Life Insurance Co., Ltd. 698,763 423,895
* China Man-Made Fiber Co., Ltd. 952,020 491,068
China Motor Co., Ltd. 1,022,000 1,127,806
* China Petrochemical Development Corp. 2,349,000 486,272
* China Rebar Co., Ltd. 1,009,328 120,400
China Steel Structure Co., Ltd. 173,873 88,119
* China Synthetic Rubber Corp. 385,948 134,294
* China United Trust & Investment Corp. 851,145 87,328
* China Wire & Cable Co., Ltd. 379,000 67,301
Chinatrust Financial Holdings Co., Ltd. 241,686 275,523
Chin-Poon Industrial Co., Ltd. 397,716 231,021
* Chun Yu Works & Co., Ltd. 230,000 87,680
Chun Yuan Steel Industrial Co., Ltd. 574,050 372,362
Chung Hsin Electric & Machinery Co., Ltd. 512,000 209,959
Chung Hwa Pulp Corp. 702,419 336,127
* Chung Shing Textile Co., Ltd. 228,600 4,364
* Chungwa Picture Tubes Co., Ltd. 1,890,000 788,191
Clevo Co. 518,848 163,429
CMC Magnetics Corp. 5,392,000 2,522,761
Collins Co., Ltd. 328,758 106,346
* Compeq Manufacturing Co., Ltd. 1,296,000 459,607
* Compex International Co. Ltd. 46,400 4,591
Continental Engineering Corp. 1,419,965 625,525
* Cosmos Bank Taiwan 2,469,000 1,144,718
CTCI Corp. 626,154 351,712
</Table>
<Page>
<Table>
Cyntec Co., Ltd. 33,600 17,668
* Da-Cin Construction Co., Ltd. 229,000 97,112
* Delpha Construction Co., Ltd. 228,044 33,910
Der Pao Construction Co., Ltd. 483,000 105,331
DFI, Inc. 64,000 30,310
* Elite Material Co., Ltd. 93,000 30,090
Elitegroup Computer Systems Co., Ltd. 832,250 398,033
* Enlight Corp. 250,000 60,124
* Entie Commercial Bank 3,198,474 1,087,976
* ET Internet Technology Corp. 354,676 188,384
Eten Information Systems, Ltd. 134,000 61,217
Eternal Chemical Co., Ltd. 966,000 591,740
* Eva Airways Corp. 5,875,071 2,578,957
* Ever Fortune Industrial Co., Ltd. 409,000 4,188
* Everest Textile Co., Ltd. 432,177 129,528
Evergreen International Storage & Transport Corp. 1,926,000 887,461
Evergreen Marine Corp., Ltd. 2,170,457 2,039,722
Everlight Chemical Industrial Corp. 306,950 111,098
* Everspring Industry Co., Ltd. 206,000 43,933
Far East Department Stores, Ltd. 1,706,000 953,859
Far East Textile, Ltd. 7,095,613 5,497,160
Far Eastern International Bank 825,000 492,119
Federal Corp. 264,000 155,289
* FIC Global, Inc. 640,080 91,369
First Copper Technology Co., Ltd. 322,750 139,508
* First Financial Holding Co., Ltd. 3,071,000 2,528,207
First Hotel 130,380 67,905
Formosa Taffeta Co., Ltd. 3,094,706 1,425,688
* Formosan Rubber Group, Inc. 345,000 140,118
Formosan Union Chemical Corp. 195,247 71,848
Fortune Electric Co., Ltd. 191,000 48,826
* Fu I Industrial Co., Ltd. 264,000 58,812
Fuh-Hwa Financial Holding Co., Ltd. 5,354,953 2,632,812
Fwuson Industry Co., Ltd. 302,000 52,735
* G.T.M. Corp. 133,000 45,302
* Giga Storage Corp. 209,898 68,209
Giga-Byte Technology Co., Ltd. 876,750 1,046,865
* Gold Circuit Electronics, Ltd. 483,140 204,429
* Goldsun Development & Construction Co., Ltd. 1,416,000 371,078
* Grand Pacific Petrochemical Corp. 347,000 142,802
Great China Metal Industry Co., Ltd. 287,000 181,164
Great Wall Enterprise Co., Ltd. 376,980 92,725
* Helix Co., Ltd 158,211 32,178
Hey Song Corp. 594,000 185,740
Ho Tung Holding Corp. 781,628 243,151
* Hocheng Corp. 364,000 94,402
Hong Ho Precision Textile Co., Ltd. 93,889 14,672
Hong Tai Electric Industrial Co., Ltd. 282,000 81,104
* Hsinchu International Bank 1,615,834 1,023,556
Hsing Ta Cement Co., Ltd. 376,980 115,904
Hua Eng Wire & Cable Co., Ltd. 702,035 173,690
Hua Nan Financial Holding Co., Ltd. 80,774 66,462
</Table>
<Page>
<Table>
* Hualon Corp. 257,040 8,615
* Hung Ching Development & Construction Co., Ltd. 528,000 66,201
Hung Poo Construction Corp. 348,000 218,104
* Hung Sheng Construction Co., Ltd. 735,000 315,407
International Bank of Taipei 2,686,734 1,868,206
Inventec Corp. 2,928,550 1,350,876
* Jean Co., Ltd. 154,000 34,661
Jui Li Enterprise Co., Ltd. 195,000 64,258
Jung Shing Wire Co., Ltd. 123,000 44,566
Kang Na Hsiung Co., Ltd. 74,271 33,411
* Kao Hsing Chang Iron & Steel Corp. 360,000 164,212
* Kee Tai Properties Co., Ltd. 272,000 58,765
King Yuan Electronics Co., Ltd. 496,172 320,997
* Kingdom Construction Co., Ltd. 464,000 143,173
Kinpo Electronics, Inc. 2,139,240 911,864
Knowledge-Yield-Excellence Systems Corp. 116,000 74,103
* Kuoyang Construction Co., Ltd. 136,029 56,816
* Kwong Fong Industries Corp. 230,000 28,136
Lan Fa Textile Co., Ltd. 301,395 94,150
* Lead Data Co., Ltd. 444,140 80,703
* Leadtek Research, Inc. 112,000 57,716
* Lealea Enterprise Co., Ltd. 658,000 127,035
Lee Chang Yung Chemical Industry Corp. 505,501 226,960
* Lee Chi Enterprises Co., Ltd. 196,000 69,350
* Lelon Co., Ltd. 132,118 44,475
* Leofoo Development Co., Ltd. 238,000 85,935
* Les Enphants Co., Ltd. 126,000 48,534
* Li Peng Enterprise Co., Ltd. 513,000 149,809
Li Shin International Enterprise Corp. 39,900 16,253
Lien Hwa Industrial Corp. 734,000 266,460
Ling Sheng PrecisionIndustrial Corp. 211,320 85,353
Long Bon Development Co., Ltd. 568,000 180,402
Long Chen Paper Co., Ltd. 507,000 161,421
Lucky Cement Corp. 449,000 122,842
* Luxon Electronics Corp. 313,400 49,784
* Macronix International Co., Ltd. 6,883,000 1,494,502
* Megamedia Corp. 65,782 1,221
Mercuries & Associates, Ltd. 559,980 184,769
Mercuries Data Co., Ltd. 142,657 46,274
Merida Industry Co., Ltd. 171,000 101,495
* Microelectronics Technology, Inc. 352,000 138,235
Micro-Star International Co., Ltd. 1,059,400 636,066
* Microtek International, Inc. 115,062 17,454
Mitac International Corp. 1,765,120 816,597
Mitac Technology Corp. 52,000 22,152
Mustek Systems, Inc. 82,500 20,586
* Namchow Chemical Industrial Co., Ltd. 164,057 30,642
* Nankang Rubber Tire Co., Ltd. 104,312 124,232
Nantex Industry Co., Ltd. 186,430 58,869
* New Asia Construction & Development Co., Ltd. 146,000 25,042
Nien Hsing Textile Co., Ltd. 118,000 113,535
Ocean Plastics Co., Ltd. 128,000 59,741
</Table>
<Page>
<Table>
* Opto Tech Corp. 483,000 88,591
* Orient Semiconductor Electronics, Ltd. 648,713 61,891
* Pacific Construction Co., Ltd. 324,256 22,354
* Pacific Electric Wire & Cable Corp. 1,873,020 30,224
Pan Overseas Electronics Co., Ltd. 187,864 46,481
* Pan-International Industrial Corp. 192,450 135,239
Phihong Technology Co., Ltd. 79,110 29,287
Phoenix Precision Technology Corp. 132,000 69,552
* Picvue Electronics, Ltd. 604,000 106,901
Premier Image Technology Corp. 206,000 158,497
Primax Electronics, Ltd. 484,744 97,827
* Prince Housing & Development Corp. 1,102,000 270,683
* Procomp Informatics, Ltd. 391,440 77,741
Prodisc Technology, Inc. 861,157 316,414
Radium Life Tech 85,534 69,273
Ralec Electronic Corp. 172,450 69,455
Realtek Semiconductor Corp. 774,000 811,420
* Rectron, Ltd. 78,300 11,170
Rexon Industrial Corp., Ltd. 218,820 79,357
Ritek Corp. 3,291,518 1,177,701
* Ruentex Development Co., Ltd. 626,000 123,642
Sampo Corp. 1,757,850 382,955
* San Fang Chemical Industry Co., Ltd. 82,280 61,430
Sanyang Industrial Co., Ltd. 1,215,000 468,890
Sanyo Electric Co., Ltd. 351,000 189,021
* SDI Corp. 191,483 85,833
Sheng Yu Steel Co., Ltd. 5,000 6,116
Shihlin Electric & Engineering Corp. 842,000 547,119
* Shihlin Paper Corp. 224,000 157,052
Shinkong Co., Ltd. 186,190 97,547
* Shinkong Synthetic Fibers Co., Ltd. 2,041,000 561,424
Shinung Corp. 290,700 66,533
* Silicon Integrated Systems Corp. 2,199,423 778,533
Siliconware Precision Industries Co., Ltd. 1,128,000 869,468
* Sin Yih Ceramic Co., Ltd. 211,000 44,377
Sincere Navigation Corp. 382,052 481,423
* Sinkong Spinning Co., Ltd. 75,000 29,350
SinoPac Holdings Co., Ltd. 4,067,997 2,253,934
* Sintek Photronics Corp. 783,000 329,925
* Siward Crystal Technology Co., Ltd. 40,789 18,400
* Solomon Technology Corp. 338,000 66,636
South East Soda Manufacturing Co., Ltd. 233,000 54,403
* Southeast Cement Co., Ltd. 497,700 123,134
* Space Shuttle Hi-Tech Co., Ltd. 177,000 22,137
Standard Foods Taiwan, Ltd. 288,000 103,864
Stark Technology, Inc. 58,000 25,264
Sunonwealth Electric Machine Industry Co., Ltd. 21,000 8,820
Systex Corp., Ltd. 1,378,341 458,784
Ta Chen Stainless Pipe Co., Ltd. 81,000 59,067
* Ta Chong Bank 1,394,000 514,923
Ta Ya Elec Wire & Cable Co., Ltd. 509,860 177,469
Tah Hsin Industrial Corp. 268,000 76,311
</Table>
<Page>
<Table>
Ta-I Technology Co., Ltd. 151,200 81,166
* Taichung Commercial Bank 2,479,000 934,131
* Tainan Business Bank 749,000 351,986
Tainan Spinning Co., Ltd. 2,697,000 779,237
* Taita Chemical Co., Ltd. 223,000 80,095
* Taitung Business Bank 163,395 34,128
* Taiwan Business Bank 6,606,120 2,418,612
Taiwan Cement Corp. 5,395,763 3,238,375
Taiwan Fire & Marine Insurance Co., Ltd. 302,077 166,918
* Taiwan Flourescent Lamp Co., Ltd. 124,000 51,601
Taiwan Glass Ind. Corp. 1,403,896 1,282,417
* Taiwan Kolin Co., Ltd. 498,000 104,563
Taiwan Mask Corp. 303,000 143,940
Taiwan Navigation Co., Ltd. 116,354 102,771
* Taiwan Pulp & Paper Corp. 238,000 78,021
* Taiwan Sakura Corp. 252,900 68,868
Taiwan Sogo Shinkong Security Co., Ltd. 181,860 91,775
* Taiwan Tea Corp. 992,215 156,223
* Tatung Co., Ltd. 7,449,000 2,762,124
* Tay-Shan Enterprises Co., Ltd. 372,320 77,131
Teapo Electronic Corp. 80,580 20,256
Teco Electric & Machinery Co., Ltd. 3,473,834 1,056,848
Tecom, Ltd. 307,753 147,056
Test-Rite International Co., Ltd. 97,005 57,934
* The Chinese Bank 2,439,000 497,865
* The Farmers Bank of China 2,821,160 949,543
The First Insurance Co., Ltd. 203,840 125,424
Ton Yi Industrial Corp. 2,957,810 826,791
Tsann Kuen Enterprise Co., Ltd. 121,870 126,485
TSRC Corp. 714,000 283,397
Tung Ho Steel Enterprise Corp. 722,323 549,193
* Twinhead International Corp. 211,017 54,350
* Tycoons Group Enterprise Co., Ltd. 263,000 81,674
Ulead Systems, Inc. 66,000 34,456
* Union Bank of Taiwan 2,636,000 883,339
* Union Insurance Co., Ltd. 613,454 175,245
Uni-President Enterprises Corp. 6,359,130 3,124,720
* Unitech Printed Circuit Board Corp. 433,000 174,952
United Epitaxy Co., Ltd. 81,978 28,041
* United Microelectronics Corp. 1,648,000 1,014,574
* Universal Cement Corp. 353,360 130,354
* Universal Microelectronics Co., Ltd. 69,010 23,136
Universal Scientific Industrial Co., Ltd. 944,800 335,072
UPC Technology Corp. 1,032,840 404,459
Usi Corp. 1,056,000 387,234
* Ve Wong Corp. 177,000 57,615
* Via Technologies, Inc. 1,871,000 1,008,236
* Visual Photonics Epitacy Co., Ltd. 86,000 18,070
* Walsin Lihwa Corp. 5,724,000 3,003,523
Walsin Technology Corp., Ltd. 450,191 244,203
Wan Hwa Enterprise Co., Ltd. 260,590 88,294
Waterland Financial Holdings 3,969,000 1,545,720
</Table>
<Page>
<Table>
* Wei Chih Steel Industrial Co., Ltd. 211,898 55,599
* Wei Chuan Food Corp. 167,000 55,673
* Winbond Electronics Corp. 7,834,000 2,991,349
Wintek Corp. 128,432 117,476
Wistron Corp. 1,270,101 544,328
World Peace Industrial Co., Ltd. 314,700 191,275
WUS Printed Circuit Co., Ltd. 489,406 210,351
* Yageo Corp. 3,486,840 1,182,669
Yang Ming Marine Transport Corp. 1,078,058 966,345
* Yi Jinn Industrial Co., Ltd. 387,000 73,642
Yieh Phui Enterprise Co., Ltd. 1,054,000 742,020
Yosun Industrial Corp. 119,116 79,204
Yuen Foong Yu Paper Manufacturing Co., Ltd. 2,399,926 1,171,602
Yulon Motor Co., Ltd. 2,280,263 2,497,979
Yung Chi Paint & Varnish Manufacturing Co., Ltd. 1,000 1,270
Yung Shin Pharmaceutical Industrial Co., Ltd. 268,000 226,749
Yung Tay Engineering Co., Ltd. 456,000 244,081
Zig Sheng Industrial Co., Ltd. 354,764 122,912
------------------
TOTAL COMMON STOCKS
(Cost $108,048,876) 124,571,449
------------------
INVESTMENT IN CURRENCY -- (0.1%)
* Taiwan Dollar 973,977
------------------
(Cost $950,056)
TOTAL -- TAIWAN
(Cost $108,998,932) 125,545,426
------------------
MEXICO -- (10.1%)
COMMON STOCKS -- (10.1%)
Alfa S.A. de C.V. Series A 3,740,264 18,523,498
Cementos de Mexico S.A. de C.V. Series B 785,300 5,064,308
* Cintra S.A. de C.V. 85,000 47,699
* Consorcio Hogar S.A. de C.V. Series B 189,500 61,778
Controladora Comercial Mexicana S.A. de C.V. Series B 5,484,600 6,145,703
* Corporacion Geo S.A. de C.V. Series B 1,728,500 3,233,215
* Corporacion Interamericana de Entramiento S.A. de C.V. Series B 1,414,805 3,831,035
* Corporacion Mexicana de Restaurantes S.A. de C.V. Series B 3,689 493
Corporativo Fragua S.A. de C.V. Series B 70 249
* Desc S.A. de C.V. Series B 8,736,833 2,365,776
El Puerto de Liverpool S.A. Series 1 20,000 32,957
El Puerto de Liverpool S.A. Series C1 328,600 520,995
* Empaques Ponderosa S.A. de C.V. Series B 90,000 6,413
* Empresas ICA Sociedad Controladora S.A. de C.V. 16,050,200 5,732,852
Empresas la Moderna S.A. de C.V. Series A 3,457,285 363,382
Fomento Economico Mexicano Series B & D 488,000 2,325,952
* GPo Iusacell 143,500 274,812
Gruma S.A. de C.V. Series B 1,452,050 3,036,866
Grupo Carso S.A. de C.V. Series A-1 721,000 3,525,767
</Table>
<Page>
<Table>
Grupo Cementos de Chihuahua, S.A. de C.V. 1,504,200 3,061,524
Grupo Continental S.A. 94,000 154,061
Grupo Corvi S.A. de C.V. Series L 284,000 59,953
Grupo Financiero del Norte S.A. Series C 650,000 3,647,538
Grupo Financiero GBM Atlantico S.A. de C.V. Series L 74 20
Grupo Financiero GBM Atlantico S.A. de C.V. Series L 75,724 20,235
Grupo Financiero Inbursa S.A. de C.V. Series O 2,728,165 5,100,691
* Grupo Gigante S.A. de C.V. Series B 324,076 225,158
Grupo Industrial Maseca S.A. de C.V. Series B 2,310,200 1,111,192
Grupo Industrial Saltillo Unique Series 853,600 1,388,357
* Grupo Nutrisa S.A. de C.V. 428 152
Grupo Posadas S.A. de C.V. Series L 356,000 221,970
* Grupo Qumma S.A. de C.V. Series B 5,301 85
* Grupo Tribasa S.A. de C.V. 152,065 0
* Herdez Common Series 319,000 152,016
* Hylsamex S.A. de C.V. Series B 1,026,960 3,000,360
Industrias Bachoco S.A. de C.V. (Certificate Representing Series B and Series L) 246,000 525,887
Industrias Penoles S.A. de C.V. 1,277,400 6,656,236
* Industrias S.A. de C.V. Series B 93,000 650,277
* Jugos del Valle S.A. de C.V. Series B 170,900 228,491
* Nueva Grupo Mexico S.A. de C.V. Series B 5,325,961 25,736,156
Organizacion Soriana S.A. de C.V. Series B 2,735,500 9,405,242
* Sanluis Corporacion S.A. de C.V.(Certificates representing 1 share Series B, 1
share Series C & 1 share Series D) 2,400 2,052
* US Commercial Corp. S.A. de C.V. 271,000 114,418
Vitro S.A. 2,052,500 1,901,352
------------------
TOTAL COMMON STOCKS
(Cost $69,257,596) 118,457,173
------------------
INVESTMENT IN CURRENCY -- (0.0%)
* Mexican Peso 5,970
------------------
(Cost $6,374)
TOTAL -- MEXICO
(Cost $69,263,970) 118,463,143
------------------
BRAZIL -- (9.1%)
PREFERRED STOCKS -- (7.9%)
* Acesita SA 413,076 5,414,029
Alpargatas-Santista Textil SA 430,000 59,441
Banco Bradesco SA 83,828 5,485,803
* Bradespar SA 2,851 84,691
Brasil Telecom Participacoes SA 1,406,899 10,448
* Braskem SA 142,800,000 6,216,000
Centrais Electricas de Santa Catarin Celesc Series B 1,323,000 515,581
Companhia Brasileira de Petroleo Ipiranga SA 202,800 1,468,809
* Companhia Siderurgica Paulista 720,000 307,059
Confab Industrial SA 1,800,000 1,800,000
</Table>
<Page>
<Table>
Coteminas Cia Tecidos Norte de Minas 15,097,500 1,453,689
Distribuidora de Produtos de Petroleo Ipiranga SA 8,000 100,000
Duratex SA 66,910,000 2,951,912
Embraco SA 342,000 164,713
Embratel Participacoes SA 1,389,166 3,248
Forjas Taurus SA 254,000 123,265
Gerdau SA 775,552 13,959,936
Globex Utilidades SA 34,076 142,255
* Inepar SA Industria e Construcoes 78,960,001 26,126
Investimentos Itau SA 2,207,166 3,448,697
Magnesita SA Series A 36,500,000 195,248
Marcopolo SA 326,400 760,800
Metalurgica Gerdau SA 396,800 9,337,929
Perdigao SA NPV 199,200 3,517,491
* Plascar Participacoes Industriais SA 6,900,000 14,079
Polialden Petroquimica SA 780,000 315,441
Ripasa SA Papel e Celulose 1,298,000 1,932,684
Sadia SA 3,838,282 7,761,232
Sao Pau Alpargatas SA 470,000 49,678
Siderurgica Belgo-Mineira 12,307,631 6,312,186
Siderurgica de Tubarao Sid Tubarao 160,870,000 8,398,360
Suzano Bahia Sul Papel e Celullose SA 459,431 2,069,129
Suzano Petroquimica SA 94,000 243,294
Tele Celular Sul Participacoes SA 2,775,366 4,275
* Tele Leste Celular Participacoes SA 1,784,040 420
Tele Norte Celular Participacoes SA 1,390,958 261
Tele Norte Leste Participacoes SA 7,538 115,703
Telemar Norte Leste SA 95,000 2,219,926
Telemig Celular Participacoes SA 1,422,616 2,055
* Telesp Celular Participacoes 1,389,246 3,652
Uniao des Industrias Petroquimicas SA Series B 2,153,712 2,842,583
Unibanco-Uniao de Bancos Brasileiros SA 135,500 749,733
Usinas Siderurgicas de Minas Gerais SA 41,925 846,978
Vale do Rio Doce Series B 239,144 0
Votorantim Celulose e Papel SA 26,200,000 1,974,729
------------------
TOTAL PREFERRED STOCKS
(Cost $22,269,100) 93,403,568
------------------
COMMON STOCKS -- (1.2%)
Avipal SA Avicultura e Agropecua 12,500,000 36,673
Brasil Telecom Participacoes SA 51,256,779 488,070
Companhia Siderurgica Nacional 606,400 11,548,353
* Embratel Participacoes 50,000,000 284,375
Eternit SA 8,800 115,824
Tele Celular Sul Participacoes SA 98,247,830 136,536
Tele Centro Oeste Celular Participacoes SA 50,294,346 230,208
* Tele Leste Celular Participacoes 64,212,621 12,984
* Tele Norte Celular Participacoes 50,064,513 12,148
Tele Norte Leste Participacoes SA 51,468 804,188
Telemig Celular Participacoes SA 51,793,284 161,854
------------------
TOTAL COMMON STOCKS
(Cost $2,920,794) 13,831,213
------------------
</Table>
<Page>
<Table>
RIGHTS/WARRANTS -- (0.0%)
* Telesp Celular Participacoes SA Preferred Rights 12/17/04 487,012 378
------------------
(Cost $0)
TOTAL -- BRAZIL
(Cost $25,189,894) 107,235,159
------------------
MALAYSIA -- (7.7%)
COMMON STOCKS -- (7.7%)
* A&M Realty Berhad 427,100 155,125
ACP Industries Berhad 512,000 164,340
* Advance Synergy Berhad 641,000 67,340
Advanced Synergy Capital Berhad 153,500 23,591
Affin Holdings Berhad 3,199,500 1,505,440
Aluminum Co. of Malaysia 250,000 110,376
* AMBD Berhad 1,990,900 96,843
AMFB Holdings Berhad 277,500 467,266
AMMB Holdings Berhad 938,944 844,474
Ancom Berhad 375,000 80,881
Ann Joo Resources Berhad 692,900 346,327
* Antah Holding Berhad 306,000 20,471
APM Automotive Holdings Berhad 94,500 60,660
Apollo Food Holdings Berhad 198,400 117,962
* Arab Malaysia Corp. Berhad 2,000,000 709,897
Asas Dunia Berhad 524,700 130,836
* Asia Pacific Land Berhad 1,349,000 99,192
Asiatic Development Berhad 2,166,500 1,002,743
* Avenue Assets Berhad 2,401,600 347,209
Ayer Hitam Planting Syndicate Berhad 27,000 16,948
Bandar Raya Developments Berhad 1,327,800 691,530
Batu Kawan Berhad 791,000 1,249,399
* Berjaya Capital Berhad 1,765,900 417,928
* Berjaya Group Berhad 3,516,900 110,807
Berjaya Land Berhad 2,688,000 579,410
Bernas Padiberas Nasional Berhad 1,391,800 625,255
Bimb Holdings Berhad 1,029,800 493,102
Bina Darulaman Berhad 118,000 39,022
Binaik Equity Berhad 149,800 39,327
Bolton Properties Berhad 747,000 179,446
Boustead Holdings Berhad 1,782,900 820,681
Cahya Mata Sarawak Berhad 1,008,800 438,185
* Camerlin Group Berhad 845,200 222,303
Chemical Co. of Malaysia Berhad 311,000 184,122
Chin Teck Plantations Berhad 96,800 127,458
Choo Bee Metal Industries Berhad 235,700 166,172
Commerce Asset Holding Berhad 1,104,000 1,411,330
* Cosway Corp. Berhad 854,100 177,640
* Country Heights Holdings Berhad 174,000 58,563
Courts Mammoth Berhad 495,200 214,720
</Table>
<Page>
<Table>
Cycle & Carriage Bintang Berhad 249,800 206,233
* Damansara Realty Berhad 391,000 14,340
Datuk Keramik Holdings Berhad 127,000 3,352
Dijaya Corp. Berhad 612,100 156,755
Diversified Resources Berhad 3,343,600 1,987,814
DNP Holdings Berhad 166,000 29,294
* E&O Property Development Berhad 1,766,800 322,553
Eastern & Oriental Berhad 325,000 62,357
Eastern Pacific Industrial Corp. Berhad 414,400 189,490
Edaran Otomobil Nasional Berhad 809,800 708,645
Esso Malaysia Berhad 471,200 309,893
Europlus Berhad 278,100 45,675
* Faber Group Berhad 170,300 26,889
Far East Holdings Berhad 159,200 157,532
Focal Aims Holdings Berhad 424,000 45,294
Fraser & Neave Holdings Berhad 110,800 142,734
General Corp. Berhad 564,000 77,895
Glomac Berhad 234,200 134,169
Gold IS Berhad 734,100 283,832
Golden Hope Plantations Berhad 3,578,300 3,840,162
* Golden Plus Holdings Berhad 201,000 144,662
* Gopeng Berhad 273,900 44,357
Grand United Holdings Berhad 451,100 68,202
* Gula Perak Berhad 417,000 180,952
Guthrie Ropel Berhad 191,700 189,629
Hap Seng Consolidated Berhad 662,100 433,205
Highlands and Lowlands Berhad 2,218,800 2,089,065
* Ho Hup Construction Co. Berhad 175,100 49,734
* Ho Wah Genting Berhad 369,000 40,228
Hong Leong Credit Berhad 1,191,937 1,453,203
Hong Leong Industries Berhad 261,000 329,419
Hong Leong Properties Berhad 2,295,741 367,975
Hume Industries (Malaysia) Berhad 270,667 355,725
Hwang-DBS (Malaysia) Berhad 654,000 285,237
IGB Corp. Berhad 3,872,600 1,322,918
IJM Corp. Berhad 785,800 967,535
IJM Plantations Berhad 204,400 65,058
* Insas Berhad 1,680,000 174,397
* Integrated Logistics Berhad 324,000 167,134
IOI Properties Berhad 13,600 27,714
Island & Peninsular Berhad 522,500 651,247
Jaya Tiasa Holdings Berhad 439,000 461,882
Jerneh Asia Berhad 265,700 153,800
* Johan Holdings Berhad 228,000 16,207
Johor Port Berhad 1,078,200 606,042
Johore Tenggara Oil Palm Berhad 464,000 131,727
K & N Kenanga Holdings Berhad 1,454,300 313,615
Keck Seng (Malaysia) Berhad 657,500 321,694
* Kedah Cement Holdings Berhad 1,058,307 1,571,756
* Kejora Harta Berhad 601,000 55,943
Kian Joo Can Factory Berhad 598,200 448,212
* KIG Glass Industrial Berhad 260,000 15,730
</Table>
<Page>
<Table>
Kim Hin Industry Berhad 325,900 188,400
Kim Loong Resources Berhad 113,000 40,418
KPJ Healthcare Berhad 478,600 188,826
Kuala Lumpur Kepong Berhad 1,394,500 2,527,436
* Kub Malaysia Berhad 1,251,400 197,459
Kulim Malaysia Berhad 777,425 582,944
* Kumpulan Emas Berhad 1,268,000 100,028
Kwantas Corp. Berhad 123,000 166,648
* Land & General Berhad 2,261,700 178,397
Landmarks Berhad 1,637,000 382,290
* Leader Universal Holdings Berhad 1,621,833 185,646
* Leong Hup Holdings Berhad 286,000 68,438
* Lien Hoe Corp. Berhad 654,850 53,401
Lingui Development Berhad 1,457,900 516,406
Lion Diversified Holdings Berhad 1,044,100 587,628
Lion Industries Corp. Berhad 1,851,381 929,377
Malayan Cement Berhad 67,500 13,750
Malayawata Steel Berhad 645,100 369,922
* Malaysia Building Society Berhad 263,000 56,253
Malaysia Industrial Development Finance Berhad 3,251,000 1,111,238
Malaysia Mining Corp. Berhad 3,938,200 2,217,468
Malaysian Airlines System Berhad 80,000 94,589
Malaysian Mosaics Berhad 1,097,200 453,143
Malaysian National Reinsurance Berhad 156,500 141,611
Malaysian Plantations Berhad 2,514,000 1,559,767
Maruichi Malaysia Steel Tube Berhad 479,000 275,914
Matrix International Berhad 316,000 107,230
Matsushita Electric Co. (Malaysia) Berhad 160,880 435,825
MBM Resources Berhad 349,933 221,055
* Meda, Inc. Berhad 650,100 47,867
Mega First Corp. Berhad 448,000 108,455
Mentakab Rubber Co. (Malaya) Berhad 1,100 791
* Merge Housing Berhad 57,900 24,810
Metro Kajang Holdings Berhad 535,333 202,648
* Metroplex Berhad 817,000 17,202
Mieco Chipboard Berhad 228,000 161,689
* MTD Infraperdana Berhad 2,842,600 533,472
Muda Holdings Berhad 706,000 72,389
Muhibbah Engineering Berhad 321,600 81,863
MUI Properties Berhad 1,314,000 122,768
* Mulpha International Berhad 5,006,400 901,664
* Multi-Purpose Holdings Berhad 1,974,000 585,439
Mutiara Goodyear Development Berhad 247,900 67,840
MWE Holdings Berhad 360,000 59,193
* Mycron Steel Berhad 119,750 45,064
* Naluri Berhad 2,329,400 367,513
* Nam Fatt Berhad 286,100 44,377
Narra Industries Berhad 154,200 68,717
NCB Holdings Berhad 1,463,300 1,046,991
Negri Sembilan Oil Palms Berhad 167,600 105,843
* New Straits Times Press (Malaysia) Berhad 735,600 808,368
Nylex (Malaysia) Berhad 109,750 20,489
</Table>
<Page>
<Table>
Oriental Holdings Berhad 1,834,816 2,152,456
Oriental Interest Berhad 170,000 60,726
OSK Holdings Berhad 1,507,666 614,693
OSK Property Holdings Berhad 186,678 61,344
Pacific & Orient Berhad 239,300 106,951
Pan Malaysia Cement Works Berhad 1,271,800 170,496
* Pan Pacific Asia Berhad 100,000 2,368
* Paracorp Berhad 252,000 12,921
Paramount Corp. Berhad 203,900 123,279
PBA Holdings Berhad 648,400 286,588
Pelangi Berhad 1,655,800 239,485
* Pernas International Holdings Berhad 2,030,200 366,052
Petaling Garden Berhad 636,200 264,433
Petronas Dagangan Berhad 166,400 323,959
Phileo Allied Berhad 1,545,500 1,019,595
* Pilecon Engineering Berhad 210,000 4,400
PJ Development Holdings Berhad 1,043,900 144,372
PK Resources Berhad 25,000 4,633
PPB Group Berhad 1,822,033 3,162,998
* Premium Nutri 513,100 53,226
* Prime Utilities Berhad 46,000 12,642
* Promet Berhad 140,000 10,684
Proton Holdings Berhad 1,305,500 3,126,329
Pulai Springs Berhad 159,800 67,703
RHB Capital Berhad 6,154,200 3,883,025
Road Builders (Malaysia) Holdings Berhad 974,400 666,353
Sapura Telecommunications Berhad 155,152 65,243
Sarawak Enterprise Corp. Berhad 3,311,700 1,193,291
Sarawak Oil Palms Berhad 93,000 53,857
SCB Developments Berhad 188,000 217,631
Scientex, Inc. Berhad 116,000 62,536
Selangor Dredging Berhad 619,000 68,293
Selangor Properties Berhad 1,164,600 698,439
Shangri-La Hotels (Malaysia) Berhad 384,300 125,333
Shell Refining Co. Federation of Malaysia Berhad 48,000 112,416
SHL Consolidated Berhad 561,300 237,910
* Silverstone Corp. Berhad 8,690 868
Sime Darby Berhad (Malaysia) 355,980 566,216
* Sime Engineering Services Berhad 222,000 79,375
* South East Asia Lumber, Inc. Berhad 228,800 64,948
Southern Acids (Malaysia) Berhad 44,000 20,720
Southern Bank Berhad (Foreign) 1,854,950 1,580,212
Southern Steel Berhad 443,000 259,740
Store Corp. Berhad 124,630 84,010
Sunrise Berhad 827,200 363,303
Sunway City Berhad 1,225,700 545,265
* Sunway Holdings, Inc. Berhad 394,000 129,535
* Suria Capital Holdings Berhad 1,181,600 168,992
Ta Enterprise Berhad 4,292,200 1,015,767
Talam Corp. Berhad 139,050 40,255
* Tamco Corp. Holdings Berhad 219,500 21,084
Tan Chong Motor Holdings Berhad 2,220,500 969,638
</Table>
<Page>
<Table>
Tekala Corp. Berhad 337,700 95,029
* Time Dotcom Berhad 6,720,400 1,226,286
Tiong Nam Transport Holdings Berhad 171,500 57,294
Tradewinds (Malaysia) Berhad 782,900 566,349
* Trengganu Development & Management Berhad 534,400 138,065
Tronoh Mines Malaysia Berhad 508,500 378,733
UDA Holdings Berhad 875,200 349,338
* UEM World Berhad 1,725,700 489,669
UMW Holdings Berhad 1,271,243 1,806,529
Unico-Desa Plantations Berhad 1,791,900 216,989
Union Paper Holdings Berhad 1,014,100 207,885
Uniphone Telecommunications Berhad 286,800 65,961
United Malacca Rubber Estates Berhad 310,800 288,094
United Plantations Berhad 341,100 452,896
* Utama Banking Group Berhad 955,000 216,068
VS Industry Berhad 285,500 86,307
Warisan TC Holdings Berhad 109,850 51,741
Worldwide Holdings Berhad 418,600 226,619
WTK Holdings Berhad 282,000 444,694
Yeo Hiap Seng (Malaysia) Berhad 296,100 152,845
YTL Corp. Berhad 946,500 1,269,904
Yu Neh Huat Berhad 208,300 69,634
------------------
TOTAL COMMON STOCKS
(Cost $78,273,577) 90,853,909
------------------
RIGHTS/WARRANTS -- (0.0%)
* Kulim Malaysia Berhad Warrants 06/30/09 144,025 31,458
* Mieco Chipboard Berhad Warrants 04/21/09 76,000 27,800
------------------
TOTAL RIGHTS/WARRANTS
(Cost $2,000) 59,258
------------------
TOTAL -- MALAYSIA
(Cost $78,275,577) 90,913,167
------------------
TURKEY -- (7.0%)
COMMON STOCKS -- (7.0%)
* Adana Cimento Sanayi Ticaret A.S. 130,533,878 118,411
* Ak Enerji A.S. 216,113,700 884,547
Akbank T.A.S. 2,744,529,505 13,018,047
* Aksa 148,490,460 1,556,982
Aksigorta A.S. 401,460,655 1,278,578
* Alarko Sanayii ve Ticaret A.S. 40,047,992 290,956
* Alternatifbank A.S. 92,933,793 51,270
* Altinyildiz Mensucat ve Konfeksiyan Fabrikalari A.S. 87,865,000 79,112
* Anadolu Anonim Turk Sigorta Sirketi 450,118,800 904,614
Anadolu Cam Sanayii A.S. 561,694,217 1,747,909
* Ayen Enerji A.S. 52,628,000 452,119
* Bagfas Bandirma Gubre Fabrik 11,130,000 184,463
Bati Cimento A.S. 255,022,921 516,129
</Table>
<Page>
<Table>
* Bolu Cimento Sanayi A.S. 290,345,704 448,618
Borusan 98,343,000 877,349
* Bossa Ticaret ve Sanayi Isletmeleri A.S. 360,180,000 485,092
* Brisa Bridgestone Sanbanci Lastik San & Tic A.S. 9,261,000 464,759
CIMSA A.S. (Cimento Sanayi ve Ticaret) 480,369,600 1,473,061
* Dardanel Onentas 16,183,440 12,715
* Dogan Sirketler Grubu Holdings A.S. 3,007,361,142 5,213,633
* Doktas Dokumculuk Ticaret ve Sanayi A.S. 63,360,000 87,932
* Eczacibasi Yapi Gere 362,756,250 451,376
Eregli Demir ve Celik Fabrikalari Turk A.S. 1,995,394,500 8,286,369
* Finansbank 3,416,061,534 3,864,369
* Goldas Kuyumculuk Sanayi A.S. 327,200,000 377,216
Goltas Cimento 24,412,000 237,049
* Gubre Fabrikalari Ticaret A.S. 29,241,000 54,330
* Gunes Sigorta A.S. 309,093,748 336,407
* Ihlas Holding 319,654,400 243,261
* Izmir Demir Celik 230,946,541 573,469
Kartonsan 1,000,000 92,733
* Kordsa Sabanci Dupont Endustriye Iplik ve Kord Bezi Sanayi ve Ticaret A.S. 414,951,000 687,701
* Kutahya Porslen Sanayii A.S. 7,076,000 115,073
* Mardin Cimento 51,378,750 351,897
Marshall Boya ve Vernik Sanayii A.S. 11,818,000 168,833
* Medya Holdings A.S. Series C 33,508,000 161,400
* Menderes Tekstil Sanayi ve Ticaret A.S. 347,650,000 165,020
* Milpa Ticari ve Sinai Urunler Pazarlama 48,774,528 46,242
* Net Holding A.S. 123,098,207 75,421
* Net Turizm Ticaret ve Sanayi 92,089,000 65,383
* Netas Northern Electric Telekomunikasyon A.S. 24,805,400 541,710
* Otobus Karoseri Sanayi A.S. 98,162,368 386,896
* Pinar Entegre et ve Yem Sanayii A.S. 51,591,600 46,131
Pinar Sut Mamulleri Sanayii A.S. 58,424,850 78,833
* Raks Elektroniks A.S. 5,859,000 5,685
* Sabah Yayincilik A.S. 31,938,000 84,722
Sarkuysan Elektrolitik Bakir Sanayi A.S. 247,799,135 328,555
* Sasa Suni ve Sentetik Elyat Sanayi A.S. 1,121,965,000 1,247,294
* Tat Konserve Sanayii A.S. 175,295,920 331,175
* Tekstil Bankasi A.S. 501,024,697 192,065
Ticaret ve Sanayi A.S. 27,299,993 61,382
Tire Kutsan Oluklu Mukavvakutu ve Kagit Sanayi A.S. 156,597,250 273,165
* Tofas Turk Otomobil Fabrikasi A.S. 544,993,508 1,030,511
Trakya Cam Sanayii A.S. 1,227,824,231 3,187,670
* Turk Demir Dokum Fabrikalari 166,949,478 410,316
Turk Dis Ticaret Bankasi A.S. 1,984,958,042 2,244,001
* Turk Siemens Kablo ve Elektrik Sanayi A.S. 39,312,000 69,226
Turk Sise ve Cam Fabrikalari A.S. 2,182,218,316 5,124,095
* Turkiye Garanti Bankasi A.S. 2,762,007,650 6,754,907
Turkiye Is Bankasi A.S. Series C 1,860,440,560 8,766,399
Ulker Gida Sanayi Ve Ticaret 113,147,029 434,608
* Unye Cimento Sanayi ve Ticaret A.S. 20,978,642 22,337
USAS (Ucak Servisi A.S.) 3,420,000 100,671
* Vestel Elektronik Sanayi Ticaret A.S. 223,134,000 779,921
</Table>
<Page>
<Table>
* Yapi ve Kredi Bankasi A.S. 1,405,653,434 3,755,187
* Yatak ve Vorgan Sanayi ve Ticaret Yatas 18,345,600 16,030
------------------
TOTAL -- TURKEY
(Cost $31,842,604) 82,773,337
------------------
INDONESIA -- (6.3%)
COMMON STOCKS -- (6.3%)
* PT Apac Centretex Corporation Tbk 774,000 14,197
PT Asahimas Flat Glass Co., Ltd. 5,333,500 1,422,121
PT Astra Agro Lestari Tbk 12,738,500 4,655,616
PT Astra Graphia Tbk 18,779,000 738,745
PT Bank Central Asia Tbk 2,554,000 778,379
PT Bank NISP Tbk 44,791,078 3,466,501
* PT Bank Pan Indonesia Tbk 113,482,661 5,156,231
PT Berlian Laju Tanker Tbk 54,456,800 4,819,079
PT Bhakti Investama Tbk 31,933,500 956,663
* PT Branta Mulia Tbk 180,000 16,000
* PT Budi Acid Jaya Tbk 6,410,000 85,297
* PT Charoen Pokphand Indonesia Tbk 13,979,000 433,609
* PT Clipan Finance Indonesia Tbk 12,461,000 574,203
* PT Davomas Adabi Tbk 14,203,500 1,729,285
PT Dynaplast Tbk 3,040,000 615,385
* PT Ever Shine Textile Tbk 19,347,215 300,957
* PT Great River International 1,788,000 108,740
* PT Hero Supermarket Tbk 220,000 45,067
PT Indorama Synthetics Tbk 7,901,320 591,630
PT International Nickel Indonesia Tbk 7,522,000 9,852,368
* PT Jaya Real Property 5,189,500 1,052,241
* PT Karwell Indonesia 1,466,500 66,807
* PT Kawasan Industry Jababeka Tbk 534,000 7,085
PT Komatsu Indonesia Tbk 6,049,000 1,907,787
PT Lautan Luas Tbk 7,721,000 338,490
* PT Lippo Karawaci Tbk 170,676 34,047
PT Matahari Putra Prima Tbk Foreign 12,852,500 886,591
PT Mayorah Indah 8,497,572 1,223,186
PT Medco Energi International Tbk 31,249,000 7,186,336
* PT Metrodata Electronics Tbk 18,582,000 174,074
* PT Modern Photo Tbk 1,266,500 84,062
* PT Mutlipolar Corporation Tbk 3,195,000 118,605
* PT Panasia Indosyntec Tbk 403,200 21,840
* PT Panin Insurance Tbk 27,086,000 1,004,039
PT Rig Tenders Indonesia Tbk 2,760,000 284,641
PT Selamat Semp Tbk 10,624,000 359,509
PT Semen Gresik Tbk 8,421,591 11,991,021
* PT Sinar Mas Agro Resources and Technology Tbk 1,688,580 581,622
PT Summarecon Agung Tbk 2,250,000 161,464
* PT Sunson Textile Manufacturer Tbk 6,012,000 91,093
* PT Suparma Tbk 3,995,345 81,768
* PT Surya Dumai Industri Tbk 5,145,000 214,375
</Table>
<Page>
<Table>
PT Surya Toto Indonesia 46,400 28,355
PT Tempo Scan Pacific 6,466,000 6,313,906
PT Tigaraksa Satria Tbk 68,400 28,120
PT Timah Tbk 5,855,000 1,409,160
PT Trias Sentosa Tbk 29,527,200 702,407
PT Trimegah Sec Tbk 34,298,000 702,984
PT Tunas Ridean Tbk 10,810,000 722,529
* PT Ultrajaya Milk Industry & Trading Co. 13,717,500 646,683
PT Unggul Indah Corp. Tbk 371,435 86,668
-----------------
TOTAL COMMON STOCKS
(Cost $37,400,548) 74,871,568
------------------
INVESTMENT IN CURRENCY -- (0.0%)
* Indonesia Rupiah 1,057
------------------
(Cost $1,131)
TOTAL -- INDONESIA
(Cost $37,401,679) 74,872,625
------------------
ISRAEL -- (5.7%)
COMMON STOCKS -- (5.7%)
* Afcon Industries, Ltd. 2,102 7,984
American Israeli Paper Mills, Ltd. 13,563 761,052
* Ashtrom Properties, Ltd. 171,400 66,135
* Azorim Investment Development & Construction Co., Ltd. 299,403 2,410,217
Bank Hapoalim, Ltd. 3,775,700 11,007,262
Bank Leumi Le-Israel 4,836,950 11,358,181
Bank of Jerusalem, Ltd. 71,150 69,132
* Baran Group, Ltd. 94,200 695,272
Blue Square Chain Stores Properties & Investments, Ltd. 33,400 300,870
CLAL Industries, Ltd. 773,796 3,445,597
Delta Galil Industries, Ltd. 78,554 731,987
* Discount Mortgage Bank, Ltd. 3,611 345,936
* Elbit Medical Imaging 192,747 1,829,891
Elco Industries (1975) 11,441 44,073
Electra Consumer 23,400 174,970
* Electrochemical Industries (1952), Ltd. 48,800 1,724
* Elron Electronic Industries, Ltd. 202,296 2,902,441
* Feuchtwanger Investments 1984, Ltd. 10,500 6,035
* First International Bank of Israel 294,660 1,720,855
* First International Bank of Israel, Ltd. 434,800 535,200
* Formula Systems (1985), Ltd. 93,700 1,428,953
* Formula Vision Technologies, Ltd. 1,953 1,609
* Global Trade Centre Real Estate 3,052 3,276
* Granite Hacarmel Investments, Ltd. 142,500 211,647
IDB Development Corp., Ltd. Series A 87,522 2,281,454
Industrial Building Corp., Ltd. 408,034 452,300
Investec Bank, Ltd. 4,400 143,475
Israel Cold Storage & Supply Co., Ltd. 7,000 30,197
* Israel Corp. Series A 4,000 792,648
</Table>
<Page>
<Table>
* Israel Land Development Co., Ltd. 234,969 625,978
Israel Petrochemical Enterprises, Ltd. 253,817 1,815,589
* Israel Steel Mills, Ltd. 97,000 868
* Kardan Real Estate, Ltd. 3,052 2,441
Knafaim-Arkia Holdings, Ltd. 117,857 1,556,266
* Koor Industries, Ltd. 125,769 5,851,171
* Leader Holding & Investments, Ltd. 113,800 150,949
* Liberty Properties, Ltd. 3,457 23,602
M.A.Industries, Ltd. 227,355 1,117,777
Mehadrin, Ltd. 24,063 388,541
Merhav-Ceramic & Building Materials Center, Ltd. 36,232 47,272
Middle East Tube Co. 46,200 45,823
Miloumor, Ltd. 26,800 110,323
* Minrav Holdings, Ltd. 2,000 77,903
* Nice Systems, Ltd. 50,930 1,442,344
* OCIF Investments and Development, Ltd. 3,380 42,338
Otzar Hashilton Hamekomi, Ltd. 1,050 76,155
Packer Plada, Ltd. 2,877 153,208
* Polgat Industries, Ltd. Series B 21,900 53,889
Property and Building Corp., Ltd. 7,261 545,540
Scitex Corp., Ltd. 365,565 1,652,295
* Shrem Fudim Kelner & Co., Ltd. 28,100 77,364
* Super-Sol, Ltd. Series B 688,337 1,613,360
* Team Computer & Systems, Ltd. 7,900 84,766
* Union Bank of Israel, Ltd. 373,011 1,256,518
United Mizrahi Bank, Ltd. 1,233,305 4,665,069
* Urdan Industries, Ltd. 183,950 87,148
Ytong Industries, Ltd. 174,250 141,069
------------------
TOTAL COMMON STOCKS
(Cost $50,280,448) 67,465,939
------------------
INVESTMENT IN CURRENCY -- (0.0%)
* Israel Shekel 6,255
------------------
(Cost $6,027)
RIGHTS/WARRANTS -- (0.0%)
* Global Trade Centre Warrants 10/10/04 183 0
* GTC Warrants 91 0
------------------
TOTAL RIGHTS/WARRANTS
(Cost $0) 0
------------------
TOTAL -- ISRAEL
(Cost $50,286,475) 67,472,194
------------------
THAILAND -- (4.8%)
COMMON STOCKS -- (4.8%)
* Adkinson Securities Public Co., Ltd. (Foreign) 1,753,500 351,501
* Advance Agro Public Co., Ltd. (Foreign) 1,587,830 1,017,323
</Table>
<Page>
<Table>
American Standard Sanitaryware (Thailand) Public Co. Ltd. (Foreign) 4,150 28,011
Bangkok Bank Public Co., Ltd. 229,700 664,446
Bangkok Expressway Public Co., Ltd. (Foreign) 4,575,300 2,890,763
Bangkok Insurance Public Co., Ltd. 20,800 120,335
* Bangkok Land Co., Ltd. (Foreign) 15,770,403 276,112
* Bank of Ayudhya Public Co., Ltd. (Foreign) 12,702,400 4,061,158
Banpu Public Co., Ltd. (Foreign) 1,172,600 4,611,850
Big C Supercenter Public Co., Ltd. (Foreign) 1,274,800 608,126
Cal-Comp Electronics (Thailand) Public Co., Ltd. 344,500 305,950
Capital Nomura Securities Public Co., Ltd. (Foreign) 370,100 657,371
Central Plaza Hotel Public Co., Ltd. (Foreign) 723,000 339,394
Charoen Pokphand Foods Public Co., Ltd. (Foreign) 15,460,340 1,388,724
Delta Electronics (Thailand) Public Co., Ltd. (Foreign) 801,300 339,551
* Eastern Star Real Estate Public Co., Ltd. (Foreign) 1,690,100 24,444
Eastern Water Resources Development & Management Public Co., Ltd. (Foreign) 859,080 697,553
* Finansa Public Co., Ltd. 47,700 36,008
Hana Microelectronics Public Co., Ltd. 935,000 465,009
Hermraj Land & Development Public Co., Ltd. 2,199,700 56,932
ICC International Public Co., Ltd. 2,755,000 2,726,338
* Jasmine International Public Co., Ltd. (Foreign) 7,213,100 128,119
Kang Yong Electric Public Co., Ltd. (Foreign) 236,200 389,571
* Kasikornbank PCL (Foreign) 1,530,000 2,232,301
KCE Electronics Public Co., Ltd. (Foreign) 120,000 23,750
KGI Securities One Public Co., Ltd. (Foreign) 1,727,200 149,886
Krung Thai Bank Public Co., Ltd. (Foreign) 7,702,100 1,758,916
* Krungthai Card Public Co., Ltd. 170,800 101,847
Laguna Resorts & Hotels Public Co., Ltd. (Foreign) 545,800 699,388
Loxley Public Co., Ltd. (Foreign) 1,347,600 121,732
MBK Development Public Co., Ltd. 226,700 277,551
* Millennium Steel Public Co., Ltd. 2,811,400 149,808
Modernform Group Public Co., Ltd. (Foreign) 46,000 40,561
Muramoto Electronic (Thailand) Public Co., Ltd. (Foreign) 134,300 1,070,038
* Nakornthai Strip Mill Public Co., Ltd. 10,058,100 464,495
National Finance and Securities Public Co., Ltd. (Foreign) 9,023,000 2,884,796
National Petrochemical Public Co., Ltd. (Foreign) 2,010,600 5,356,838
* Natural Park Public Co., Ltd. (Foreign) 2,593,500 85,551
* Pacific Assets Public Co., Ltd. (Foreign) 380,000 46,283
* Padaeng Industry Public Co., Ltd. (Foreign) 1,600,800 487,430
Quality Houses Public Co., Ltd. (Foreign) 6,835,400 211,601
Regional Container Lines Public Co., Ltd. 6,950,000 5,334,623
Saha Pathana Inter-Holding Public Co., Ltd. 3,316,000 1,169,561
Saha Pathanapibul Public Co., Ltd. (Foreign) 1,367,000 383,287
Saha-Union Public Co., Ltd. (Foreign) 3,025,300 1,381,766
Sansiri Public Co., Ltd. 562,300 46,799
Shinawatra Satellite Public Co., Ltd. (Foreign) 282,200 126,743
Siam Commercial Bank Public Co., Ltd. (Foreign) 1,137,800 1,457,978
Siam Food Products Public Co., Ltd. (Foreign) 97,100 192,180
Siam Industrial Credit Public Co., Ltd. 4,055,050 632,798
Siam Makro Public Co., Ltd. (Foreign) 77,200 99,904
* Standard Chartered Nakornthon Bank Public Co., Ltd. (Foreign) 839 70,254
</Table>
<Page>
<Table>
Supalai (Forign) 456,500 32,665
Thai Plastic & Chemicals Public Co., Ltd. (Foreign) 290,000 145,699
Thai Rayon Public Co., Ltd. 16,500 145,699
Thai Rung Union Car Public Co., Ltd. (Foreign) 5,386,250 1,530,728
* Tipco Asphalt Public Co., Ltd. (Foreign) 43,600 26,552
* TPI Polene Public Co., Ltd. (Foreign) 3,890,162 2,739,203
* Tuntex (Thailand) Public Co., Ltd. (Foreign) 1,987,600 96,833
* Tycoons Worldwide Group Public Co., Ltd. 703,300 215,933
* United Communication Industry Public Co., Ltd. (Foreign) 864,400 1,469,546
* Vinythai Public Co., Ltd. (Foreign) 1,988,317 585,244
------------------
TOTAL COMMON STOCKS
(Cost $29,044,407) 56,231,356
------------------
RIGHTS/WARRANTS -- (0.0%)
* Bangkok Land (Foreign) Warrants 2006 3,987,330 0
* Eastern Water Resources Develpoment & Management Public Co., Ltd. (Foreign)
Warrants 11/02/04 229,088 0
* Modernform Group Public Co., Ltd. Warrants 11/30/07 4,600 0
------------------
TOTAL RIGHTS/WARRANTS
(Cost $0) 0
------------------
TOTAL -- THAILAND
(Cost $29,044,407) 56,231,356
------------------
HUNGARY -- (3.1%)
COMMON STOCKS -- (3.1%)
* Danubius Hotel & Spa RT 172,246 5,047,225
Egis RT 80,537 4,674,703
* Fotex First Hungarian-American Photo Service Co. 2,356,737 1,827,776
* Globus Konzervipari RT 349,690 1,141,126
Magyar Olay-Es Gazipari RT 183,209 12,377,521
* Mezogazdasagi Gepgyarto Reszvenytarsasag (Mezogep) 100,770 520,419
* North American Business Industries RT 121,832 291,234
* Pannonplast P.L.C. 138,882 918,067
* Raba Hungarian Railway Carriage & Machine Works 482,083 1,673,538
* Synergon Information Systems Ltd., Budapest 247,161 445,783
* Tiszai Vegyi Kombinat RT 253,242 7,190,453
------------------
TOTAL -- HUNGARY
(Cost $23,732,647) 36,107,845
------------------
CHILE -- (3.0%)
COMMON STOCKS -- (3.0%)
Banco de Credito e Inversiones SA Series A 54,733 1,181,656
Banmedica SA 347,000 224,156
CAP SA (Compania de Aceros del Pacifico) 199,310 1,717,810
Cementos Bio-Bio S.A. 62,327 156,811
</Table>
<Page>
<Table>
Cervecerias Unidas SA 143,000 724,420
Consumidores de Gas de Santiago SA 103,000 548,049
COPEC (Cia de Petroleos de Chile) 947,488 7,489,705
Cristalerias de Chile SA 14,500 149,745
CTI SA (Cia Tecno Industrial) 4,900,000 101,707
Empresa Nacional de Electricidad SA 2,479,503 1,374,106
Empresa Nacional de Telecomunicaciones SA 86,880 635,077
Empresas CMPC SA 286,547 6,575,602
* Empresas Iansa SA 4,994,997 241,152
* Enersis SA 11,284,592 1,699,643
Industrias Forestales Inforsa SA 2,387,597 572,293
Inversiones Frimetal SA 4,900,000 0
* Madeco Manufacturera de Cobre SA 1,450,969 148,735
Maderas y Sinteticos SA 1,414,095 901,463
Minera Valparaiso SA 7,500 97,535
Parque Arauco S.A. 543,207 280,722
Sociedad Industrial Pizarreno SA 63,000 155,827
Sociedad Quimica y Minera de Chile SA Series A 43,364 261,695
Sociedad Quimica y Minera de Chile SA Series B 945,090 5,751,674
Soquimic Comercial SA 150,000 73,948
Sud Americana de Vapores SA 410,000 944,411
Telecomunicaciones de Chile SA Series A 477,600 1,274,683
Telecomunicaciones de Chile SA Series B 372,166 917,366
Vina de Concha y Toro SA 350,000 520,600
Vina San Pedro SA 4,500,000 48,959
Vina Sta Carolina SA Series A 163,489 110,336
------------------
TOTAL COMMON STOCKS
(Cost $19,296,477) 34,879,886
------------------
INVESTMENT IN CURRENCY -- (0.0%)
* Chilean Pesos 22,521
------------------
(Cost $22,286)
TOTAL -- CHILE
(Cost $19,318,763) 34,902,407
------------------
POLAND -- (2.7%)
COMMON STOCKS -- (2.7%)
* Amica Wronki SA 174,355 1,938,420
* Bank Ochrony Srodowiska SA 4,447 66,451
Bank Przemyslowo Handlowy Pbk 9,050 1,293,510
Bank Zackodni Wbk SA 31,975 886,867
* Big Bank Gdanski SA 2,628,365 2,613,046
* Budimex SA 74,631 1,011,471
Debica SA 13,100 416,588
* Huta Ferrum SA 4,233 11,162
* Impexmetal SA 241,068 3,824,727
* Kredyt Bank SA 959,329 2,591,723
Lentex SA 104,119 827,453
* Mostostal Export SA 654,595 287,661
</Table>
<Page>
<Table>
* Mostostal Warszawa SA 183,300 354,655
* Mostostal Zabrze Holding SA 140,376 33,489
* Netia Holdings SA 778,057 1,088,115
Orbis SA 561,018 4,264,844
Polifarb Cieszyn Wroclaw SA 929,467 2,274,921
Polski Koncern Naftowy Orlen S.A. 402,322 4,782,623
Przedsiebiorstwo Farmaceutyczne JELFA SA 139,333 2,356,191
* Raciborska Fabryka Kotlow SA 291,972 1,210,917
* Stalexport SA 117,513 99,720
* Ster-Projekt SA 10,577 20,490
------------------
TOTAL -- POLAND
(Cost $23,766,828) 32,255,044
------------------
ARGENTINA -- (2.2%)
COMMON STOCKS -- (2.2%)
* Acindar Industria Argentina de Aceros SA Series B 2,261,067 3,224,294
* Alpargatas SA Industrial y Comercial 6,363 3,011
Banco del Sud Sociedad Anonima Series B 310,563 335,897
* Banco Frances del Rio de la Plata SA 353,379 668,860
* Banco Suquia SA 327,868 52,242
* Capex SA Series A 131,575 199,062
* Celulosa Argentina SA Series B 10,843 9,040
* Central Costanera SA Series B 261,000 329,340
* Central Puerto SA Series B 161,000 82,921
Cresud SA Comercial Industrial Financiera y Agropecuaria 535,252 749,489
DYCASA SA (Dragados y Construcciones Argentina) Series B 55,000 44,261
* Garovaglio y Zorraquin SA 65,800 9,002
* Grupo Financiero Galicia SA Series B 2,067,935 1,431,175
* IRSA Inversiones y Representaciones SA 1,257,197 1,214,065
* Juan Minetti SA 806,693 877,693
Ledesma S.A.A.I. 885,405 547,218
* Metrogas SA Series B 176,000 64,019
* Molinos Rio de la Plata SA Series B 541,214 740,415
* Polledo SA Industrial y Constructora y Financiera 50,000 8,369
* Renault Argentina SA 2,501,957 491,278
Siderar SAIC Series A 645,512 3,896,037
* Sol Petroleo SA 173,000 26,730
Solvay Indupa S.A.I.C. 1,334,322 1,374,447
* Telecom Argentina Stet-France SA Series B 476,600 972,659
Tenaris SA 1,660,259 7,936,331
* Transportadora de Gas del Sur SA Series B 660,500 644,218
------------------
TOTAL COMMON STOCKS
(Cost $19,009,343) 25,932,073
------------------
RIGHTS/WARRANTS -- (0.0%)
* BBVA Banco Frances Rights 11/17/04 237,500 52,751
------------------
(Cost $0)
</Table>
<Page>
<Table>
INVESTMENT IN CURRENCY -- (0.0%)
* Argentine Peso 3,417
------------------
(Cost $3,426)
TOTAL -- ARGENTINA
(Cost $19,012,769) 25,988,241
------------------
PHILIPPINES -- (2.2%)
COMMON STOCKS -- (2.2%)
Aboitiz Equity Ventures, Inc. 5,782,000 334,134
Alaska Milk Corp. 7,953,000 417,586
* Alsons Consolidated Resources, Inc. 16,904,000 96,251
Bacnotan Consolidated Industries, Inc. 1,696,970 479,349
* Belle Corp. 30,800,000 328,624
* Cebu Holdings, Inc. 7,763,250 69,353
* Digital Telecommunications (Philippines), Inc. 131,630,000 4,440,325
* Equitable PCI Bank, Inc. 2,841,900 2,606,839
* Fil-Estate Land, Inc. 3,196,340 28,360
* Filinvest Development Corp. 5,283,500 92,601
* Filinvest Land, Inc. 151,904,100 2,915,224
* Filipina Water Bottling Corp. 5,471,786 0
* First E-Bank Corp. 409,000 8,102
Keppel Philippines Marine, Inc. 9,725,165 58,836
* Kuok Philippine Properties, Inc. 4,300,000 15,376
* Megaworld Properties & Holdings, Inc. 179,870,000 4,022,193
Metro Bank and Trust Co. 349,020 180,253
* Mondragon International Philippines, Inc. 2,464,000 5,480
Petron Corp. 15,160,000 889,677
* Philippine National Bank 3,619,900 1,464,313
* Philippine National Construction Corp. 398,900 26,262
* Philippine Realty & Holdings Corp. 20,930,000 89,381
Philippine Savings Bank 1,095,390 555,491
* Prime Orion Philippines, Inc. 14,400,000 43,308
* RFM Corp. 2,488,200 30,665
Robinson's Land Corp. Series B 16,019,000 701,332
Security Bank Corp. 2,713,200 1,305,478
SM Development Corp. 21,996,400 562,189
* Solid Group, Inc. 19,668,000 139,424
Soriano (A.) Corp. 20,195,000 567,058
Union Bank of the Philippines 547,400 223,935
Universal Robina Corp. 16,140,300 2,868,555
* Urban Bank, Inc. 14,950 122
------------------
TOTAL -- PHILIPPINES
(Cost $28,352,716) 25,566,076
------------------
CZECH REPUBLIC -- (0.8%)
COMMON STOCKS -- (0.8%)
Ceske Telecom A.S. 185,201 2,772,440
</Table>
<Page>
<Table>
CEZ A.S. 491,462 7,088,714
------------------
TOTAL -- CZECH REPUBLIC
(Cost $7,263,981) 9,861,154
------------------
<Caption>
VALUE+
------------------
EMU -- (0.0%)
INVESTMENT IN CURRENCY -- (0.0%)
* Euro Currency 549
------------------
(Cost $372)
<Caption>
FACE
AMOUNT VALUE+
------------ ------------------
(000)
TEMPORARY CASH INVESTMENTS -- (0.6%)
Repurchase Agreement, PNC Capital Markets, Inc. 1.88%, 12/01/04
(Collateralized by $6,920,000 FNMA Notes 2.95%, 11/14/07, valued at
$6,929,709) to be repurchased at $6,834,357 6,834 6,834,000
------------------
(Cost $6,834,000)
TOTAL INVESTMENTS - (100.0%)
(Cost $742,067,139) $ 1,178,009,783
------------------
</Table>
- ----------
+ Securities have been fair valued. See Note B to Financial Statements.
* Non-Income Producing Securities.
See accompanying Notes to Financial Statements.
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2004
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<Table>
ASSETS:
Investments at Value (Cost $742,067) $ 1,178,010
Cash 9
Receivables:
Investment Securities Sold 779
Dividends and Interest 1,530
Fund Shares Sold 1,391
------------
Total Assets 1,181,719
------------
LIABILITIES:
Payables:
Investment Securities Purchased 522
Fund Shares Redeemed 3,520
Due to Advisor 93
Deferred Thailand Capital Gains Tax 4,368
Deferred Chilean Repatriation Tax 17
Accrued Expenses and Other Liabilities 249
------------
Total Liabilities 8,769
------------
NET ASSETS applicable to 42,541,317 shares outstanding $0.01 par value shares
(Authorized 200,000,000 shares) $ 1,172,950
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 27.57
============
NET ASSETS CONSIST OF:
Paid-in Capital $ 717,020
Accumulated Net Investment Income (Loss) 3,225
Accumulated Net Realized Gain (Loss) 22,438
Accumulated Net Realized Foreign Exchange Gain (Loss) (1,330)
Unrealized Appreciation (Depreciation) from Investment Securities and Foreign
Currency Transactions 435,943
Unrealized Net Foreign Exchange Gain (Loss) 22
Deferred Thailand Capital Gains Tax (4,368)
------------
Total Net Assets $ 1,172,950
============
</Table>
See accompanying Notes to Financial Statements.
22
<Page>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 2004
(AMOUNTS IN THOUSANDS)
<Table>
INVESTMENT INCOME
Dividends (Net of Foreign Taxes Withheld of $3,034) $ 22,565
Interest 141
------------
Total Investment Income 22,706
------------
EXPENSES
Investment Advisory Services 852
Accounting & Transfer Agent Fees 692
Custodian Fees 1,095
Legal Fees 42
Audit Fees 31
Shareholders' Reports 75
Directors' Fees and Expenses 6
Other 68
------------
Total Expenses 2,861
------------
NET INVESTMENT INCOME (LOSS) 19,845
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND
FOREIGN CURRENCY
Net Realized Gain (Loss) on Investment Securities Sold 26,764
Net Realized Gain (Loss) on Foreign Currency Transactions (1,330)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency 294,842
Translation of Foreign Currency Denominated Amounts 36
Deferred Thailand Capital Gains Tax 1,032
------------
NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY 321,344
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 341,189
============
</Table>
See accompanying Notes to Financial Statements.
23
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<Table>
<Caption>
YEAR YEAR
ENDED ENDED
NOV. 30, NOV. 30,
2004 2003
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income (Loss) $ 19,845 $ 9,519
Net Realized Gain (Loss) on Investment Securities Sold 26,764 9,445
Net Realized Gain (Loss) on Foreign Currency Transactions (1,330) (301)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency 294,842 164,617
Translation of Foreign Currency Denominated Amounts 36 (93)
Deferred Thailand Capital Gains Tax 1,032 (3,793)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations 341,189 179,394
------------ ------------
Distributions From:
Net Investment Income (15,246) (10,213)
Net Long-Term Gains (6,727) --
------------ ------------
Total Distributions (21,973) (10,213)
------------ ------------
Capital Share Transactions (1):
Shares Issued 283,404 187,083
Shares Issued in Lieu of Cash Distributions 19,331 10,213
Shares Redeemed (66,724) (94,351)
------------ ------------
Net Increase (Decrease) from Capital Share Transactions 236,011 102,945
------------ ------------
Total Increase (Decrease) 555,227 272,126
NET ASSETS
Beginning of Period 617,723 345,597
------------ ------------
End of Period $ 1,172,950 $ 617,723
============ ============
(1) SHARES ISSUED AND REDEEMED:
Shares Issued 12,545 11,549
Shares Issued in Lieu of Cash Distributions 905 597
Shares Redeemed (3,000) (7,037)
------------ ------------
10,450 5,109
============ ============
</Table>
See accompanying Notes to Financial Statements.
24
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<Table>
<Caption>
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
2004 2003 2002 2001 2000
------------ ------------ ------------ ------------ ------------
Net Asset Value, Beginning of Period $ 19.25 $ 12.81 $ 12.28 $ 14.14 $ 20.88
------------ ------------ ------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) 0.52(1) 0.33 0.23 0.38 0.19
Net Gains (Losses) on Securities (Realized
and Unrealized) 8.42(1) 6.45 0.83 (0.92) (5.75)
------------ ------------ ------------ ------------ ------------
Total from Investment Operations 8.94 6.78 1.06 (0.54) (5.56)
------------ ------------ ------------ ------------ ------------
LESS DISTRIBUTIONS
Net Investment Income (0.41) (0.34) (0.32) (0.33) (0.16)
Net Realized Gains (0.21) -- (0.21) (0.99) (1.02)
------------ ------------ ------------ ------------ ------------
Total Distributions (0.62) (0.34) (0.53) (1.32) (1.18)
------------ ------------ ------------ ------------ ------------
Net Asset Value, End of Period $ 27.57 $ 19.25 $ 12.81 $ 12.28 $ 14.14
============ ============ ============ ============ ============
Total Investment Return 47.38% 53.30% 8.79% (4.34)% (28.02)%
Net Assets, End of Period (thousands) $ 1,172,950 $ 617,723 $ 345,597 $ 279,096 $ 295,276
Ratio of Expenses to Average Net Assets 0.34% 0.42% 0.40% 0.52% 0.54%
Ratio of Net Investment Income to Average Net
Assets 2.33%(1) 2.39% 1.67% 3.16% 1.46%
Portfolio Turnover Rate 8% 10% 15% 19% 19%
</Table>
(1) Net investment income (loss), net gains (losses) on securities (realized
and unrealized) and the ratio of net investment income to average net assets
for the year ended November 30, 2004 have been restated as discussed in
Note H.
See accompanying Notes to Financial Statements.
25
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
NOTES TO FINANCIAL STATEMENTS
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.
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 operation 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 which are listed on a
securities exchange and for which market quotations are readily available are
valued at the last quoted sale price of the day or, if there is no such reported
sale, at the mean between the most recent bid and asked prices. Price
information on listed securities is taken from the exchange where the security
is primarily traded. Unlisted securities for which market quotations are readily
available are valued at the mean between the quoted bid and asked prices.
Securities for which quotations are not readily available, or for which market
quotations have become unreliable, are approved in good faith at fair value
using methods approved by the Board of Directors.
The Fund will also apply a 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 New York Stock Exchange (NYSE). For
example, trading in the Japanese securities markets is completed each day at the
close of the Tokyo Stock Exchange (generally 11:00 p.m. PT), which is fourteen
hours prior to the close of the NYSE (generally 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 foreign 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 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,
and may trigger fair value pricing. Consequently, 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 a Fund. 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.
2. FOREIGN CURRENCY TRANSLATIONS: 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.
26
<Page>
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. 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
November 30, 2004.
4. 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.
5. 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 a
percentage 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. Micro Cap Portfolio, DFA
International Value Portfolio, Emerging Markets 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'
Fees and Expenses. At November 30, 2004, the total liability for deferred
compensation to Directors is included in Accrued Expenses and Other Liabilities
in the amount of $13,700.
6. OTHER: Security transactions are accounted for on 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. Interest
income is recorded on the accrual basis.
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. 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 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 of the
underlying securities.
27
<Page>
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. ("Dimensional" or the "Advisor") provides
investment advisory services to the Fund. For the year ended November 30, 2004,
the Fund paid the Advisor a fee based on an annual effective rate of 0.10 of 1%
of average net assets.
Certain officers of the Fund are also officers, directors and shareholders
of the Advisor.
D. PURCHASES AND SALES OF SECURITIES:
For the year ended November 30, 2004, the Fund made the following purchases
and sales of investment securities other than short-term securities (amounts in
thousands):
<Table>
Purchases $ 307,963
Sales 65,388
</Table>
There were no purchases or sales of U.S. Government Securities during the
year ended November 30, 2004.
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.
Dividends from net investment income and distributions from 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,
accumulated net realized gains, and undistributed net investment income as
appropriate, in the period that the differences arise. Accordingly, the
following permanent differences as of November 30, 2004, primarily attributable
to realized net foreign currency gains/losses and net realized gains on
securities considered to be "passive foreign investment companies", were
reclassified to the following accounts (amounts in thousands):
<Table>
<Caption>
INCREASE INCREASE
(DECREASE) (DECREASE)
ACCUMULATED UNDISTRIBUTED
NET REALIZED NET INVESTMENT
GAINS INCOME
------------ --------------
$ (1,396) $ 1,396
</Table>
These reclassifications had no effect on net assets or net asset value per
share.
The tax character of dividends and distributions declared and paid during
the years ended November 30, 2004 and 2003 were as follows (amounts in
thousands):
<Table>
<Caption>
ORDINARY
INCOME AND
SHORT-TERM LONG-TERM
GAINS CAPITAL GAIN TOTAL
---------- ------------ ---------
2004 $ 15,246 $ 6,727 $ 21,973
2003 10,213 -- 10,213
</Table>
Short-term gain distributions to shareholders are treated as ordinary
income for tax purposes.
28
<Page>
As of November 30, 2004, the components of distributable
earnings/(accumulated losses) were as follows (amounts in thousands):
<Table>
<Caption>
TOTAL NET
DISTRIBUTABLE
UNDISTRIBUTED UNDISTRIBUTED EARNINGS
NET INVESTMENT NET REALIZED (ACCUMULATED
INCOME CAPITAL GAINS LOSSES)
-------------- ------------- ------------
$ 5,282 $ 24,032 $ 29,314
</Table>
Certain of the Funds'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. During the
year ended November 30, 2004, the Fund had unrealized appreciation
(depreciation) (mark to market) and realized gains on the sale of passive
foreign investment companies, of $1,967,765 and $2,725,434, respectively, which
are included in distributable net investment income for tax purposes,
accordingly, such gains have been reclassified from accumulated net realized
gains to accumulated net investment income.
At November 30, 2004, the total cost of securities and net realized gains
or losses on securities sold for federal income tax purposes were different from
amounts reported for financial reporting purposes. The federal tax cost,
aggregate gross unrealized appreciation and depreciation of securities held by
each the Fund, at November 30, 2004 were as follows (amounts in thousands):
<Table>
<Caption>
NET
UNREALIZED
FEDERAL UNREALIZED UNREALIZED APPRECIATION/
TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
---------- ------------ ------------ --------------
$ 747,035 $ 482,228 $ (51,253) $ 430,975
</Table>
F. LINE OF CREDIT:
The Fund together with other Dimensional-advised portfolios, has entered
into a $50 million unsecured discretionary line of credit effective June 2004
with its domestic custodian bank. The Fund is permitted to borrow, subject to
its investment limitations, up to a maximum of $50 million, as long as total
borrowings under the line of credit do not exceed $50 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, since this is not a
committed facility. The agreement for the discretionary line of credit may be
terminated by either party at any time. The agreement for the line of credit
expires on June 28, 2005. There were no borrowings by the Fund under the
discretionary line of credit with the domestic custodian bank during the year
ended November 30, 2004.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $150 million unsecured line of credit effective April
2004 with its international custodian bank. Each portfolio is permitted to
borrow, subject to investment limitations, up to a maximum of $150 million, as
long as total borrowings under the line of credit do not exceed $150 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 line of credit. The
agreement for the line of credit expires in April 2005. There were no borrowings
by the Fund under the line of credit during the year ended November 30, 2004.
G. CONTRACTUAL OBLIGATIONS:
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties and 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.
H. RESTATEMENT:
To correct a clerical error, the Fund has restated the net investment
income (loss) and net gains (losses) on securities (realized and unrealized)
per share and the ratio of net investment income to average net assets as
reported in the financial highlights for the year ended November 30, 2004.
These restatements had no effect on the Fund's net asset values, either in
total or per share, or its total increase (decrease) in net assets from
operations during the year.
The restatement changed the financial highlights for the year ended
November 30, 2004 as follows:
<Table>
<Caption>
RESTATED ORIGINALLY
AMOUNT REPORTED
--------- ----------
Net Investment Income (Loss) -- per share $0.52 $0.62
Net Gains (Losses) on Securities (Realized and Unrealized) --
per share 8.42 8.32
--------- ----------
Total from Investment Operations -- per share $8.94 $8.94
Ratio of Net Investment Income to Average Net Assets 2.33% 2.29%
</Table>
29
<Page>
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
In our opinion, the accompanying statement of assets and liabilities,
including the summary schedule of portfolio holdings, and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position
of Dimensional Emerging Markets Value Fund Inc. (the "Fund") at November 30,
2004, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended and the
financial highlights, for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States
of America. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at November 30, 2004 by correspondence with the
custodian, provide a reasonable basis for our opinion.
As disclosed in Note H, the Fund restated its financial highlights as of
November 30, 2004 and for the year then ended.
PricewaterhouseCoopers LLP
Fort Lauderdale, Florida
January 14, 2005
(except for Note H for which
the date is March 24, 2005)
30
<Page>
FUND MANAGEMENT
TRUSTEES/DIRECTORS
Each Board of Trustees/Directors of The DFA Investment Trust Company Inc.
("DFAITC"), DFA Investment Dimensions Group Inc. ("DFAIDG"), Dimensional
Investment Group Inc. ("DIG") and Dimensional Emerging Markets Value Fund Inc.
("DEM") (each, the "Fund" and collectively, the "Funds") is responsible for
establishing the Fund's policies and for overseeing the management of the Fund.
The Trustees/Directors of the Funds, including all of the disinterested
Directors, have adopted written procedures to monitor potential conflicts of
interest that might develop between portfolios of the Funds (the "Feeder
Portfolios") that invest in certain series of DFAITC or DEM (the "Master
Funds").
Each Board has two standing committees, an Audit Committee and a Portfolio
Performance and Service Review Committee (the "Performance Committee"). The
Audit Committee is comprised of George M. Constantinides, Roger G. Ibbotson and
Abbie J. Smith. Each member of the Audit Committee is a disinterested Director.
The Audit Committee oversees the Fund's accounting and financial reporting
policies and practices, the Fund's internal controls, the Fund's financial
statements and the independent audits thereof and performs other oversight
functions as requested by the Board of Trustee's/Directors. The Audit Committee
recommends the appointment of each Fund's independent registered certified
public accountanting firm and also acts as a liaison between the Fund's
independent registered certified public accountanting firm and the full Board.
There were four Audit Committee meetings held during the fiscal year ended
November 30, 2004.
The Performance Committee is comprised of Messrs. Constantinides and
Ibbotson, Ms. Smith, John R. Gould, Myron S. Scholes and Robert C. Merton. Each
member of the Fund's Performance Committee is a disinterested Director. The
Performance Committee regularly reviews and monitors the investment performance
of the Fund's series and reviews the performance of the Fund's service
providers. There were three Performance Committee meetings held during the
fiscal year ended November 30, 2004.
Certain biographical information for each disinterested Trustee/Director
and each interested Trustee/Director of the Funds is set forth in the tables
below, including a description of each Trustee/Director's experience as a
Trustee/Director of the Funds and as a director or trustee of other funds, as
well as other recent professional experience.
The statements of additional information (together, "SAI") of the Funds
include additional information about each Trustee/Director. You may obtain
copies of the SAI and prospectus of each Fund advised by Dimensional Fund
Advisors Inc. by calling collect (310) 395-8005 or by mailing a request to
Dimensional Fund Advisors, Inc. 1299 Ocean Avenue, 11th Floor, Santa Monica,
California 90401. Prospectuses are also available at www.dfafunds.com.
<Table>
<Caption>
NAME, AGE, POSITION PORTFOLIOS WITHIN THE
WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND
AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD
- ---------------------------------------------------------------------------------------------------------------------------
DISINTERESTED TRUSTEES/DIRECTORS
George M. Constantinides DFAITC - since 1993 75 portfolios in 4 Leo Melamed Professor of Finance, Graduate School
Director of DFAIDG, DIG DFAIDG - since 1983 investment companies of Business, University of Chicago.
and DEM. DIG - since 1993
Trustee of DFAITC. DEM - since 1993
1101 E.58th Street
Chicago, IL 60637
Date of Birth: 9/22/47
John P. Gould Director of DFAITC - since 1993 75 portfolios in 4 Steven G. Rothmeier Distinguished Service
DFAIDG, DIG and DEM. DFAIDG - since 1986 investment companies Professor of Economics, Graduate School of
Trustee of DFAITC. DIG - since 1993 Business, University of Chicago. Senior
1101 E.58th Street DEM - since 1993 Vice-President, Lexecon Inc. (economics, law,
Chicago, IL 60637 strategy and finance consulting). Formerly,
Date of Birth: 1/19/39 President, Cardean University (division of
UNext.com). Member of the Boards of Milwaukee
Mutual Insurance Company and UNext.com. Formerly,
Trustee, First Prairie Funds (registered
investment company). Trustee, Harbor Fund
(registered investment company) (13 Portfolios).
</Table>
31
<Page>
<Table>
<Caption>
NAME, AGE, POSITION PORTFOLIOS WITHIN THE
WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND
AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD
- ----------------------------------------------------------------------------------------------------------------------------
Roger G. Ibbotson DFAITC - since 1993 75 portfolios in 4 Professor in Practice of Finance, Yale School of
Director of DFAIDG, DIG DFAIDG - since 1981 investment companies Management. Director, BIRR Portfolio Analysis,
and DEM. DIG - since 1993 Inc. (software products). Chairman, Ibbotson
Trustee of DFAITC. DEM - since 1993 Associates, Inc., Chicago, IL (software, data,
Yale School of Management publishing and consulting). Partner, Zebra Capital
P.O. Box 208200 Management, LLC (hedge fund manager). Formerly,
New Haven, CT Director, Hospital Fund, Inc. (investment
06520-8200 management services).
Date of Birth: 5/27/43
Robert C. Merton DFA ITC - since 2003 75 portfolios in 4 John and Natty McArthur University Professor,
Director of DFAIDG, DIG DFA IDG - since 2003 investment companies Graduate School of Business Administration,
and DEM. DFA DIG - since 2003 Harvard University (since 1998). George Fisher
Trustee of DFAITC. DEM - since 2003 Baker Professor of Business Administration,
Harvard Business School Graduate School of Business Administration,
397 Morgan Hall Harvard University (1988-1998), Co-founder, Chief
Soldiers Field Science Officer, Integrated Finance Limited (since
Boston, MA 02163 2002). Director, MF Risk, Inc. (risk managemetnt
Date of Birth: 7/31/44 software) (since 2001). Director, Peninsula Banking
Group (bank) (since 2003). Director, Community
First Financial Group (bank holding company)
(since 2003). Formerly, Co-Founder and Principal,
Long-Term Capital Management. Director, Vical
Incorporated (biopharamceutical product
development).
Myron S. Scholes DFAITC - since 1993 75 portfolios in 4 Frank E. Buck Professor Emeritus of Finance,
Director of DFAIDG, DIG DFAIDG - since 1981 investment companies Stanford University. Managing Partner, Oak Hill
and DEM. DIG - since 1993 Capital Management (private equity firm). Chairman,
Trustee of DFAITC. DEM - since 1993 Oak Hill Platinum Partners (hedge fund). Director,
Oak Hill Capital Chicago Mercantile Exchange. Consultant, Arbor
Management, Inc. Investors. Formerly, Director, Smith Breeden
2775 Sand Hill Rd. Family of Funds. Director, American Century Fund
Suite 220 Complex (registered investment companies) (38
Menlo Park, CA 94025 Portfolios); and Director, Chicago Mercantile
Date of Birth: 7/01/41 Exchange Holdings Inc..
Abbie J. Smith DFAITC - since 2000 75 portfolios in 4 Boris and Irene Stern Professor of Accounting,
Director of DFAIDG, DIG DFAIDG - since 2000 investment companies Graduate School of Business, University of
and DEM. DIG - since 2000 Chicago, Formerly, Marvin Bower Fellow, Harvard
Trustee of DFAITC. DEM - since 2000 Business School (9/01 to 8/02). Director, HON
Graduate School of Business Industries Inc. (office furniture) and Director,
University of Chicago Ryder System Inc. (transportation).
1101 East 58th Street,
Chicago, IL 60637
Date of Birth: 4/30/53
INTERESTED TRUSTEES/DIRECTORS**
David G. Booth DFAITC - since 1993 75 portfolios in 4 Chairman, Director, Chief Executive Officer, Chief
Chairman, Director, Chief DFAIDG - since 1981 investment companies Investment Officer and President of Dimensional
Executive Officer, Chief DIG - since 1992 Fund Advisors Inc., DFA Securities Inc., DFAIDG,
Investment Officer and DEM - since 1993 DIG and DEM. Chairman, Trustee, Chief Executive
President of DFAIDG, DIG Officer, Chief Investment Officer and President of
and DEM. Chairman, DFAITC. Director of Dimensional Fund Advisors Ltd.
Trustee, Chief Executive and formerly Chief Investment Officer. Director,
Officer, Chief Investment Chief Investment Officer and President of DFA
Officer and President of Australia Ltd. Formerly, Director of Dimensional
DFAITC. Funds PLC. Chairman, Director, Chief Executive
1299 Ocean Avenue Officer and Chief Investment Officer of
Santa Monica, CA 90401 Dimensional Fund Advisors Canada Inc. (All Chief
Date of Birth: 12/02/46 Investment Officer positions held starting
1/1/2003 except for Dimensional Fund Advisors
Canada Inc., which was from 6/17/2003.)
Limited Partner, Oak Hill Partners. Director,
University of Chicago Business School. Formerly,
Director, SA Funds (registered investment
company). Formerly Director, Assented Corporation
(investment management) (until 2002).
</Table>
32
<Page>
<Table>
<Caption>
NAME, AGE, POSITION PORTFOLIOS WITHIN THE
WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND
AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD
- ----------------------------------------------------------------------------------------------------------------------------
Rex A. Sinquefield* DFAITC - since 1993 75 portfolios in 4 Chairman and Director (and prior to 1/1/2003,
Chairman and Director of DFAIDG - since 1981 investment companies Chief Investment Officer) of Dimensional Fund
DFAIDG, DIG and DEM. DIG - since 1992 Advisors Inc., DFA Securities Inc., DFAIDG, DIG
Trustee and Chairman of DEM - since 1993 and DEM. Chairman, Trustee (and prior to 1/1/2003,
DFAITC. Chief Investment Officer) of DFAITC. Director and
1299 Ocean Avenue formerly President of Dimensional Fund Advisors
Santa Monica, CA 90401 Ltd. Director (and prior to 1/1/2003, Chief
Date of Birth: 9/07/44 Investment Officer) of DFA Australia Ltd. Director
of Dimensional Funds PLC and Dimensional Fund
Advisors Canada Inc.
Trustee, St. Louis University. Life Trustee and
Member of Investment Committee, DePaul University.
Director, The German St. Vincent Orphan Home.
Member of Investment Committee, Archdiocese of
St. Louis.
</Table>
(1) Each Trustee/Director holds office for an indefinite term until his or her
successor is elected and qualified.
(2) Each Trustee/Director is a director or trustee of each of the four
registered investment companies within the DFA Fund Complex, which includes
the Funds.
* Rex A. Sinquefield and Jeanne C. Sinquefield are husband and wife.
** Interested Directors are described as such because they are deemed to be
"interested persons," as that term is defined under the Investment Company
Act of 1940, as amended, due to their positions with Dimensional Fund
Advisors Inc.
OFFICERS
The name, age, information regarding positions with the Funds and the
principal occupation for each officer of the Funds are set forth below. Each
officer listed below holds the same office (except as otherwise noted) in the
following entities: Dimensional Fund Advisors Inc. ("Dimensional"), DFA
Securities Inc., DFAIDG, DIG, DFAITC and DEM (collectively, the "DFA Entities").
The address of each officer is: Dimensional Fund Advisors Inc. 1299 Ocean
Avenue, 11th Floor, Santa Monica, California 90401, unless otherwise indicated.
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- --------------------------------------------------------------------------------------------------------
OFFICERS
Arthur H. Barlow Since 1993 Vice President of all the DFA Entities. Formerly,
Vice President Vice President of DFA Australia Limited and
Date of Birth: 11/7/55 Dimensional Fund Advisors Ltd.
Valerie A. Brown Since 2001 Vice President and Assistant Secretary of all the
Vice President and Assistant DFA Entities, DFA Australia Limited, Dimensional
Secretary Fund Advisors Ltd., and since June 2003,
Date of Birth: 1/24/67 Dimensional Fund Advisors Canada Inc. Prior to
April 2001, legal counsel for Dimensional (since
March 2000). Associate, Jones, Day, Reavis & Pogue
from October 1991 to February 2000.
Stephen A. Clark Since 2004 Vice President of all the DFA Entities. April 2001
Vice President to April 2004, Portfolio Manager of Dimensional.
Date of Birth: 8/20/72 Formerly, Graduate Student at the University of
Chicago (Septempter 2000 to March 2001); and
Associate of US Bancorp Piper Jaffrey
(September 1999 to Spetember 2000).
Truman A. Clark Since 1996 Vice President of all the DFA Entities. Formerly,
Vice President Vice President of DFA Australia Limited and
Date of Birth: 4/8/41 Dimensional Fund Advisors Ltd.
Christopher S. Crossan Since 2004 Vice President of all the DFA Entities. Formerly,
Vice President Senior Compliance Officer, INVESCO Institutional,
Date of Birth: 12/21/65 Inc. and its affiliates (August 2000 to
January 2004); Brach Chief, Investment Company and
Invesment Advisor Inspections, Securities and
Exchange Commission (April 1994 to August 2000).
</Table>
33
<Page>
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- --------------------------------------------------------------------------------------------------------
James L. Davis Since 1999 Vice President of all the DFA Entities. Formerly,
Vice President Vice President of DFA Australia Limited and
Date of Birth: 11/29/56 Dimensional Fund Advisors Ltd. Formerly at Kansas
State University, Arthur Andersen & Co., and
Phillips Petroleum Co.
Robert T. Deere Since 1994 Vice President of all the DFA Entities and DFA
Vice President Australia Limited. Formerly, Vice President of
Date of Birth: 10/8/57 Dimensional Fund Advisors Ltd.
Robert W. Dintzner Since 2001 Vice President of all the DFA Entities. Formerly,
Vice President Vice President of DFA Australia Limited. Prior to
Date of Birth: 3/18/70 April 2001, marketing supervisor and marketing
coordinator for Dimensional.
Richard A. Eustice Since 1998 Vice President and Assistant Secretary of all the
Vice President and Assistant DFA Entities and DFA Australia Limited. Formerly,
Secretary Vice President of Dimensional Fund Advisors Ltd.
Date of Birth: 8/5/65
Eugene F. Fama, Jr. Since 1993 Vice President of all the DFA Entities. Formerly,
Vice President Vice President of DFA Australia Limited and
Date of Birth: 1/21/61 Dimensional Fund Advisors Ltd.
Robert M. Fezekas Since 2001 Vice President of all the DFA Entities. Prior to
Vice President December 2001, Portfolio Manager of Dimensional.
Date of Birth: 10/28/70
Damon S. Fisher Since 2004 Vice President of all DFA Entities. Prior to
Vice President April 2004, institutional client service
Date of Birth: 8/2/68 representative of Dimensional.
Gretchen A. Flicker Since 2004 Vice President of all DFA Entities. Prior to
Vice President April 2004, institutional client service
Date of Birth: 6/9/71 representative of Dimensional.
Glenn S. Freed Since 2001 Vice President of all the DFA Entities. Formerly,
Vice President Professor and Associate Dean of the Leventhal
Date of Birth: 11/24/61 School of Accounting (September 1998 to August 2001)
and Academic Director Master of Business Taxation
Program (June 1996 to August 2001) at the University
of Southern California Marshall School of Business.
Henry F. Gray Since 2000 Vice President of all the DFA Entities. Formerly,
Vice President Vice President of DFA Australia Limited. Prior to
Date of Birth: 9/22/67 July 2000, Portfolio Manager.
Kamyab Hashemi-Nejad Since 1997 Vice President, Controller and Assistant Treasurer
Vice President, Controller and of all the DFA Entities, DFA Australia Limited,
Assistant Treasurer and Dimensional Fund Advisors Ltd. Formerly,
Date of Birth: 1/22/61 Assistant Secretary of Dimensional Fund Advisors
Ltd..
Christine W. Ho Since 2004 Vice President of all DFA Entities. Prior to
Vice President April 2004, Assistant Controller of Dimensional.
Date of Birth: 11/29/1967
Jeff J. Jeon Since 2004 Vice President of all DFA Entities. Prior to
Vice President April 2004, counsel of Dimensional. Formerly, an
Date of Birth: 11/8/73 Associate at Gibson, Dunn & Crutcher LLP
(September 1997 to August 2001).
Patrick Keating Since 2003 Vice President of all the DFA Entities and
Vice President Dimensional Fund Advisors Canada Inc. Formerly,
Date of Birth: 12/21/54 Director, President and Chief Executive Officer,
Assante Asset Management, Inc. (October 2000 to
December 2002); Director, Assante Capital Management
(October 2000 to December 2002); President and Chief
Executive Officer, Assante Capital Management
(October 2000 to April 2001); Executive Vice
President, Assante Corporation (May 2001 to
December 2002); Director, Assante Asset Management
Ltd. (September 1997 to December 2002); President and
Chief Executive Officer, Assante Asset Management
Ltd. (September 1998 to May 2001); Executive Vice
President, Loring Ward (financial services
company) (January 1996 to September 1998).
</Table>
34
<Page>
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- --------------------------------------------------------------------------------------------------------
Joseph F. Kolerich Since 2004 Vice President of all the DFA Entities. From
Vice President April 2001 to April 2004, Portfolio Manager for
Date of Birth: 11/7/71 Dimensional. Formerly, a trader at Lincoln Capital
Fixed Income Management (formerly Lincoln Capital
Management Company).
Heather H. Mathews Since 2004 Vice President of all the DFA Entities. Prior to
Vice President April 2004, Portfolio Manager for Dimensional Fund
Date of Birth: 12/12/69 Advisors Inc. Formerly, Graduate Student at
Harvard University (August 1998 to June 2000).
David M. New Since 2003 Vice President of all the DFA Entities. Formerly,
Vice President Client Service Manager of Dimensional. Formerly,
Date of Birth: 2/9/60 Director of Research, Wurts and Associates
(investment consulting firm) (December 2000 to
June 2002); and President, Kobe Investment Research
(August 1999 to November 2000).
Catherine L. Newell Vice President Vice President and Secretary of all the DFA
Vice President and Secretary since 1997 Entities. Vice President and Assistant Secretary
Date of Birth: 5/7/64 and Secretary of DFA Australia Limited (since February 2002,
since 2000 April 1997 and May 2002, respectively). Vice
President and Secretary of Dimensional Fund
Advisors Canada Inc. (since June 2003). Director,
Dimensional Funds plc (since January 2002).
Formerly, Assistant Secretary of all DFA Entities
and Dimensional Fund Advisors Ltd.
David A. Plecha Since 1993 Vice President of all the DFA Entities, DFA
Vice President Australia Limited and Dimensional Fund Advisors
Date of Birth: 10/26/61 Ltd..
Edwardo A. Repetto Since 2002 Vice President of all the DFA Entities. Formerly,
Vice President Research Associate for Dimensional (June 2000 to
Date of Birth: 1/28/67 April 2002). Formerly, Research Scientist
(August 1998 to June 2000), California Institute of
Technology.
Michael T. Scardina Since 1993 Vice President, Chief Financial Officer and
Vice President, Chief Financial Treasurer of all the DFA Entities, DFA Australia
Officer and Treasurer Limited and Dimensional Fund Advisors Ltd., and
Date of Birth: 10/12/55 since June 2003, Dimensional Fund Advisors Canada
Inc. Director, Dimensional Fund Advisors
Ltd. (since February 2002) and Dimensional Funds,
plc (January 2002).
David E. Schneider Since 2001 Vice President of all the DFA Entities. Prior to
Vice President 2001, Regional Director of Dimensional.
Santa Monica, CA
Date of Birth: 1/26/46
John C. Siciliano Since 2001 Vice President of all the DFA Entities. Director
Vice President of Dimensional Fund Advisors, Ltd. Formerly, Vice
Santa Monica, CA President of DFA Australia Limited. Formerly,
Date of Birth: 8/24/54 Director of Dimensional Funds plc. Formerly,
Managing Principal, Payden & Rygel Investment
Counsel (April 1998 to December 2000).
Jeanne C. Sinquefield, Ph.D.* Since 1988 Executive Vice President of all the DFA Entities
Executive Vice President and DFA Australia Limited. Vice President
Santa Monica, CA (formerly, Executive Vice President) of Dimensional
Date of Birth: 12/2/46 Fund Advisors Ltd. (since January 2003) and
Dimensional Fund Advisor Canada Inc. (since June
2003).
Grady M. Smith Since 2004 Vice President of all the DFA Entities. Prior to
Vice President April 2004, Portfolio Manager of Dimensional.
Date of Birth: 5/26/56 Formerly, Principal of William M. Mercer,
Incorporated (July 1995 to June 2001).
Carl G. Snyder Since 2000 Vice President of all the DFA Entities. Prior to
Vice President July 2000, Portfolio Manager of Dimensional.
Santa Monica, CA Formerly, Vice President of DFA Australia Limited.
Date of Birth: 6/8/63
Lawrence R. Spieth Since 2004 Vice President of all the DFA Entities. Prior to
Vice President April 2004, institutional client service
Date of Birth: 11/10/47 representative of Dimensional.
</Table>
35
<Page>
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- --------------------------------------------------------------------------------------------------------
Bradley G. Steiman Since 2004 Vice President of all the DFA Entities and
Vice President Dimensional Fund Advisors Canada Inc. (since
Date of Birth: 3/25/73 June 2003). Prior to April 2002, Regional Director of
Dimensional. Formerly, Vice President and General
Manager of Assante Global Advisors (July 2000 to
April 2002); Vice President of Assante Asset
Management Inc. (March 2000 to July 2000); and
Private Client Manager at Loring Ward Investment
Counsel Ltd. (June 1997 to February 2002).
Karen E. Umland Since 1997 Vice President of all the DFA Entities, DFA
Vice President Australia Limited, Dimensional Fund Advisors Ltd.,
Santa Monica, CA and since June 2003, Dimensional Fund Advisors
Date of Birth: 3/10/66 Canada Inc.
Carol W. Wardlaw Since 2004 Vice President of all the DFA Entities. Prior to
Vice President April 2004, institutional client service
Date of Birth: 8/7/58 representative of Dimensional.
Weston J. Wellington Since 1997 Vice President of all the DFA Entities. Formerly,
Vice President Vice President of Dimensional Fund Advisors Ltd.
Santa Monica, CA
Date of Birth: 3/1/51
Daniel M. Wheeler Since 2001 Vice President of all the DFA Entities. Prior to
Vice President 2001, Director of Financial Advisors Services of
Santa Monica, CA Dimensional. Director of Dimensional Fund Advisors
Date of Birth: 3/3/45 Ltd. (since October 2003) and President of
Dimensional Fund Advisors Canada Inc. (since
June 2003).
</Table>
(1) Each officer holds office for an indefinite term at the pleasure of the
Boards of Trustee/Directors and until his or her successor is elected and
qualified.
* Rex A. Sinquefield and Jeanne C. Sinquefield are husband and wife.
36
<Page>
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: (310) 395-8005. 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.dfaus.com and reflects the twelve-month period beginning July 1, 2003
and ending June 30, 2004.
37
<Page>
ITEM 2. CODE OF ETHICS.
The Registrant has adopted, as of the end of the period covered by this Form
N-CSR/A (the "Report"), a code of ethics that applies to the Registrant's
principal executive officer and principal financial officer (the "Code of
Business Ethics"). The Registrant has not made any substantive amendments to the
Code of Business Ethics during the period covered by this Report. The
Registrant also has not granted any waiver from any provisions of the Code of
Business Ethics during the period covered by this Report. A copy of the Code
of Business Ethics is filed as an exhibit to this Report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Directors has determined that Abbie J. Smith possesses
the technical attributes to qualify as an "audit committee financial expert"
serving on the Registrant's Audit Committee and has designated Ms. Smith as the
"audit committee financial expert." Ms. Smith earned a Ph.D. in Accounting, and
has taught Accounting at the graduate level since 1980. Ms. Smith's education
and career have provided her with an understanding of generally accepted
accounting principles and financial statements; the ability to assess the
general application of such principles in connection with the accounting for
estimates, accruals and reserves; and experience preparing, analyzing and
evaluating financial statements that present a breadth and level of complexity
of issues that can reasonably be expected to be raised by the Registrant's
financial statements. In addition, Ms. Smith has served on the boards of
directors and audit committees of entities other than the Registrant. Ms. Smith
is independent under the standards set forth in Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
Fiscal Year Ended November 30, 2004: $20,942
Fiscal Year Ended November 30, 2003: $18,792
(b) Audit-Related Fees
Fees for Registrant- Fiscal Year Ended November 30, 2004: $2,640
Fiscal Year Ended November 30, 2003: $2,580
Audited-Related Fees included, for the fiscal year ended November 30,
2004, fees for services related to limited procedures performed in
connection with the production of the Registrant's semi-annual financial
statements, and, for fiscal year ended November 30, 2003, fees for
services related to limited procedures performed in connection with the
production of the Registrant's semi-annual financial statements and for
consents issued in connection with post-effective amendments to the
Registrant's registration statement.
There were no Audit-Related Fees required to be approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal
years indicated above.
(c) Tax Fees
Fees for Registrant- Fiscal Year Ended November 30, 2004: $1,100
Fiscal Year Ended November 30, 2003: $ 960
In the fiscal years ended November 30, 2004 and November 30, 2003, Tax
Fees included services in connection with the Registrant's excise tax
calculations and review of the Registrant's tax returns.
There were no Tax Fees required to be approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years
indicated above.
<Page>
(d) All Other Fees
Fees for Registrant - Fiscal Year Ended November 30, 2004: $0
Fiscal Year Ended November 30, 2003: $0
There were no "All Other Fees" required to be approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal
years indicated above.
(e) (1) Audit Committee's Pre-Approval Policies and Procedures
Pre-Approval Policies and Procedures
as adopted by the
Audit Committees
of
DFA Investment Dimensions Group Inc.
Dimensional Emerging Markets Value Fund Inc.
Dimensional Investment Group Inc.
The DFA Investment Trust Company
(together, the "Funds")
The Sarbanes-Oxley Act of 2002 (the "Act") and the rules (the "Rules")
adopted by the U.S. Securities and Exchange Commission (the "SEC")
require that the Funds' Audit Committees (together, the "Committee")
pre-approve all audit services and non-audit services provided to the
Funds by their independent auditors (the "Auditor"). The Act and the
Rules also require that the Committee pre-approve all non-audit services
provided by the Auditor to Dimensional Fund Advisors, Inc.
("Dimensional"), the Funds' investment advisor, and to affiliates of
Dimensional that provide ongoing services to the Funds (with
Dimensional, together the "Service Affiliates") if the services directly
impact the Funds' operations and financial reporting.
The following policies and procedures govern the ways in which the
Committee will pre-approve audit and various types of non-audit services
that the Auditor provides to the Funds and to Service Affiliates. These
policies and procedures do not apply in the case of audit services that
the Auditor provides to Service Affiliates, nor do they apply to
services that an audit firm other than the Auditor provides to such
entities.
These policies and procedures comply with the requirements for
pre-approval, but also provide a mechanism by which management of the
Funds may request and secure pre-approval of audit and non-audit
services in an orderly manner with minimal disruption to normal business
operations. Pre-approval of non-audit services may be achieved through a
combination of the procedures described in Sections C and D below.
<Page>
A. General
1. The Committee must pre-approve all audit services and non-audit
services that the Auditor provides to the Funds.
2. The Committee must pre-approve any engagement of the Auditor to
provide non-audit services to any Service Affiliate during the
period of the Auditor's engagement to provide audit services to
the Funds, if the non-audit services to the Service Affiliate
directly impact the Funds' operations and financial reporting.
B. Pre-Approval of Audit Services to the Funds
1. The Committee shall approve the engagement of an auditor to
certify the Funds' financial statements for each fiscal year (the
"Engagement"). The approval of the Engagement shall not be
delegated to a Designated Member (as that term is defined in
Section D below). In approving the Engagement, the Committee shall
obtain, review and consider sufficient information concerning the
proposed Auditor to enable the Committee to make a reasonable
evaluation of the Auditor's qualifications and independence. The
Committee also shall consider the Auditor's proposed fees for the
Engagement, in light of the scope and nature of the audit services
that the Funds will receive.
2. The Committee shall report to the Boards of Directors/Trustees
of the Funds (together, the "Board") regarding its approval of the
Engagement and of the proposed fees for the Engagement, and the
basis for such approval.
3. Unless otherwise in accordance with applicable law, the
Engagement, in any event, shall require that the Auditor be
selected by the vote, cast in person, of a majority of the members
of the Board who are not "interested persons" of the Funds (as
that term is defined in Section 2(a)(19) of the Investment Company
Act of 1940) (the "Independent Directors").
C. Pre-Approval of Non-Audit Services to the Funds and to Service
Affiliates--by Types of Services
1. The Committee may pre-approve types of non-audit services to
the Funds and their Service Affiliates pursuant to this Section C.
2. Annually, at such time as the Committee considers the
Engagement of the Auditor, management of the Funds, in
consultation with the Auditor, shall provide to the Committee, for
its consideration and action, the following: (a) a list of those
types of non-audit services, if any, that the Funds may request
from the Auditor during the fiscal year; and (b) a list of those
types of non-audit services directly impacting the Funds'
operations and financial reporting that Service Affiliates may
request from the Auditor during the fiscal year.
<Page>
3. The lists submitted to the Committee shall describe the types
of non-audit services in reasonable detail and shall include an
estimated budget (or budgeted range) of fees, where possible, and
such other information as the Committee may request.
4. The Committee's pre-approval of the types of non-audit services
submitted pursuant to this Section C shall constitute
authorization for management of the Funds to utilize the Auditor
for the types of non-audit services so pre-approved, if needed or
desired during the fiscal year.
5. A list of the types of non-audit services pre-approved by the
Committee pursuant to this Section C will be distributed to
management of the Service Affiliates and the appropriate partners
of the Auditor. Periodically, the Auditor will discuss with the
Committee those non-audit services that have been or are being
provided pursuant to this Section C.
D. Pre-Approval of Non-Audit Services to the Funds and to Service
Affiliates--Project-by-Project Basis
1. The Committee also may pre-approve non-audit services on a
project-by-project basis pursuant to this Section D.
2. Management of the Funds, in consultation with the Auditor, may
submit either to the Committee or to the Designated Member, as
provided in this Section D, for their consideration and action, a
pre-approval request identifying one or more non-audit service
projects. The request so submitted shall describe the project(s)
in reasonable detail and shall include an estimated budget (or
budgeted range) of fees and such other information as the
Committee or the Designated Member, as appropriate, shall request.
3. The Committee, from time to time, shall designate one or more
of its members who are Independent Directors (each a "Designated
Member") to consider, on the Committee's behalf, any non-audit
services, whether to the Funds or to any Service Affiliate, that
have not been pre-approved by the Committee. The Designated Member
also shall review, on the Committee's behalf, any proposed
material change in the nature or extent of any non-audit services
previously approved. The Funds' management, in consultation with
the Auditor, shall explain why such non-audit services or material
change in non-audit services are necessary and appropriate and the
anticipated costs thereof.
4. The Designated Member will review the requested non-audit
services or proposed material change in such services and will
either:
(a) pre-approve, pre-approve subject to conditions, or
disapprove any such requested services, or any proposed
material change in services, whether to the Funds or to a
Service Affiliate; or
<Page>
(b) refer such matter to the Committee for its
consideration and action.
In considering any requested non-audit services or proposed
material change in such services, the Designated Member's
authority shall be limited to approving non-audit services or
proposed material changes that do not exceed $10,000 in value.
5. The Designated Member's pre-approval (or pre-approval subject
to conditions) of the requested non-audit services or proposed
material change in services pursuant to this Section D shall
constitute authorization for the management of the Funds or the
Service Affiliate, as the case may be, to utilize the Auditor for
the non-audit services so pre-approved. Any action by the
Designated Member in approving a requested non-audit service shall
be presented for ratification by the Committee not later than at
its next scheduled meeting. If the Designated Member does not
approve the Auditor providing the requested non-audit service, the
matter may be presented to the full Committee for its
consideration and action.
E. Amendment; Annual Review
1. The Committee may amend these procedures from time to time.
2. These procedures shall be reviewed annually by the Committee.
F. Recordkeeping
1. The Funds shall maintain a written record of all decisions made
by the Committee or by a Designated Member pursuant to these
procedures, together with appropriate supporting materials.
2. In connection with the approval of any non-audit service
pursuant to the de minimis exception provided in the Rules, a
record shall be made indicating that each of the conditions for
this exception, as set forth in the Rules, has been satisfied.
3. A copy of these Procedures (and of any amendments to these
Procedures) shall be maintained and preserved permanently in an
easily accessible place. The written records referred to in
paragraphs 1 and 2 of this Section F shall be maintained and
preserved for six years from the end of the fiscal year in which
the actions recorded were taken, for at least the first two years
in an easily accessible location.
(e)(2) The fees disclosed in Items 4(b), 4(c) or 4(d) were approved by
the Registrant's Audit Committee but not pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) The percentage of hours expended on the principal accountant's
engagement to audit the Registrant's financial statements for
the fiscal year ended November 30,
<Page>
2004 that were attributed to work performed by persons other
than the principal accountant's full time, permanent employees
was NOT greater than 50%.
(g) Aggregate Non-Audit Fees
Fiscal Year Ended November 30, 2004: $164,040
Fiscal Year Ended November 30, 2003: $149,540
(h) The Registrant's Audit Committee has considered whether the
provision of non-audit services that were rendered to the
Registrant's investment adviser, and any entity controlling,
controlled by, or under common control with the investment
adviser that provides ongoing services to the Registrant, that
were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the
principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is not applicable to the Registrant because it is not a listed issuer.
ITEM 6. SCHEDULE OF INVESTMENTS.
Please see schedule of investments contained in the reports to stockholders
included under Item 1 of this Report.
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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 10. 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 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
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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 1940
Act) that occurred during the Registrant's second fiscal quarter
that have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a) Code of Ethics is filed herewith.
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 are filed herewith.
(c) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 are filed herewith.
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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,
Chief Executive Officer and Chief Investment Officer
Date: March 28, 2005
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: March 28, 2005
By: /s/ Michael T. Scardina
--------------------------------------------
Michael T. Scardina
Principal Financial Officer
Dimensional Emerging Markets Value Fund Inc.
Date: March 28, 2005