<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7440
--------------------------------------------
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: December 1, 2004 - May 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
DFA Investment Dimensions Group Inc.
Emerging Markets Value Portfolio
and
Dimensional Emerging Markets Value Fund Inc.
Semi-Annual Report
Six Months Ended May 31, 2005
(Unaudited)
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
AND
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SEMI-ANNUAL REPORT
(UNAUDITED)
TABLE OF CONTENTS
<Table>
<Caption>
PAGE
----
DFA INVESTMENT DIMENSIONS GROUP INC. -- EMERGING MARKETS VALUE PORTFOLIO
Disclosure of Fund Expenses 1
Disclosure of Portfolio Holdings 2
Statement of Assets and Liabilities 3
Statement of Operations 4
Statements of Changes in Net Assets 5
Financial Highlights 6
Notes to Financial Statements 7
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Disclosure of Fund Expenses 10
Disclosure of Portfolio Holdings 11
Schedule of Investments 12
Statement of Assets and Liabilities 17
Statement of Operations 18
Statements of Changes in Net Assets 19
Financial Highlights 20
Notes to Financial Statements 21
VOTING PROXIES ON FUND PORTFOLIO SECURITIES 25
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT 26
</Table>
This report is submitted for the information of the Fund's shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus.
i
<Page>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
DISCLOSURE OF FUND EXPENSES
(UNAUDITED)
The following Expense Table is shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A fund's
expenses are expressed as a percentage of its average net assets. This figure is
known as the expense ratio. The following examples are intended to help you
understand the ongoing 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% ANNUAL 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 an annual return of 5% before expenses, 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 ("SEC") requires all mutual funds to
calculate expenses based on a 5% annual return. You can assess your
fund's cost by comparing this hypothetical example with the
hypothetical examples that appear in shareholder reports of other
funds.
Please note that the expenses shown in the table are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs
(if any). The "Annualized Expense Ratio" represents the actual expenses for the
six month period indicated.
<Table>
<Caption>
FOR THE PERIOD DECEMBER 1, 2004 TO MAY 31, 2005
EXPENSE TABLE
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
12/01/04 05/31/05 RATIO PERIOD*
------------ ------------ ------------ ------------
Actual Fund Return $ 1,000.00 $ 1,070.30 0.71% $ 3.66
Hypothetical 5% Annual Return $ 1,000.00 $ 1,021.46 0.71% $ 3.58
</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 365.
1
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
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 DFA Investment
Dimensions Group 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. DFA Investment Dimensions Group Inc.
filed its most recent Form N-Q with the SEC on April 29, 2005. 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).
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.
<Table>
Investment Companies 100.0%
-----
100.0%
=====
</Table>
2
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2005
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
<Table>
ASSETS:
Investment in Dimensional Emerging Markets Value Fund Inc.
(48,889,093 Shares, Cost $1,048,808) at Value+ $ 1,404,584
Receivables:
Investment Securities Sold 929
Fund Shares Sold 1,106
Prepaid Expenses and Other Assets 13
--------------
Total Assets 1,406,632
--------------
LIABILITIES:
Payables:
Fund Shares Redeemed 2,035
Due to Advisor 463
Accrued Expenses and Other Liabilities 29
--------------
Total Liabilities 2,527
--------------
NET ASSETS $ 1,404,105
==============
SHARES OUTSTANDING, $0.01 PAR VALUE
(Authorized 100,000,000 Shares) 74,002,165
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 18.97
==============
</Table>
- ----------
+ See Note B to Financial Statements.
See accompanying Notes to Financial Statements.
3
<Page>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2005
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<Table>
INVESTMENT INCOME
Income Distributions Received from Dimensional Emerging Markets Value Fund Inc. $ 8,053
------------
EXPENSES
Administrative Services 2,453
Accounting & Transfer Agent Fees 10
Legal Fees 6
Audit Fees 1
Filing Fees 34
Shareholders' Reports 6
Directors' Fees and Expenses 4
Other 1
------------
Total Expenses 2,515
------------
NET INVESTMENT INCOME (LOSS) 5,538
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
Capital Gain Distributions Received from Dimensional Emerging Markets Value Fund Inc. 19,856
Net Realized Gain (Loss) on Investment Securities Sold (930)
Change in Unrealized Appreciation (Depreciation) of Investment Securities 29,934
------------
NET GAIN (LOSS) 48,860
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 54,398
============
</Table>
See accompanying Notes to Financial Statements.
4
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<Table>
<Caption>
SIX MONTHS YEAR
ENDED ENDED
MAY 31, NOV.30,
2005 2004
------------ ------------
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income (Loss) $ 5,538 $ 8,355
Capital Gain Distributions Received from Dimensional Emerging Markets Value
Fund Inc. 19,856 4,408
Net Realized Gain (Loss) on Investment Securities Sold (930) (2,987)
Change in Unrealized Appreciation (Depreciation) of Investment Securities 29,934 234,247
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations 54,398 244,023
------------ ------------
Distributions From:
Net Investment Income (6,785) (12,625)
Net Short-Term Gains (1,064) (803)
Net Long-Term Gains (3,734) --
------------ ------------
Total Distributions (11,583) (13,428)
------------ ------------
Capital Share Transactions (1):
Shares Issued 544,754 332,075
Shares Issued in Lieu of Cash Distributions 7,948 10,785
Shares Redeemed (86,725) (81,177)
------------ ------------
Net Increase (Decrease) from Capital Share Transactions 465,977 261,683
------------ ------------
Total Increase (Decrease) 508,792 492,278
NET ASSETS
Beginning of Period 895,313 403,035
------------ ------------
End of Period $ 1,404,105 $ 895,313
============ ============
(1) SHARES ISSUED AND REDEEMED:
Shares Issued 28,137 22,587
Shares Issued in Lieu of Cash Distributions 424 778
Shares Redeemed (4,501) (5,596)
------------ ------------
24,060 17,769
============ ============
</Table>
See accompanying Notes to Financial Statements.
5
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<Table>
<Caption>
SIX MONTHS YEAR YEAR
ENDED ENDED ENDED
MAY 31, NOV. 30, NOV. 30,
2005 2004 2003
------------ ------------ -----------
(UNAUDITED)
Net Asset Value, Beginning of Period $ 17.93 $ 12.53 $ 8.42
------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) 0.13 0.21 0.19
Net Gains (Losses) on Securities
(Realized and Unrealized) 1.12 5.54 4.13
------------ ------------ ------------
Total from Investment Operations 1.25 5.75 4.32
------------ ------------ ------------
LESS DISTRIBUTIONS
Net Investment Income (0.14) (0.35) (0.14)
Net Realized Gains (0.07) -- (0.07)
------------ ------------ ------------
Total Distributions (0.21) (0.35) (0.21)
------------ ------------ ------------
Net Asset Value, End of Period $ 18.97 $ 17.93 $ 12.53
============ ============ ============
Total Return 7.03%*** 46.76% 52.59%
------------ ------------ ------------
Net Assets, End of Period (thousands) $ 1,404,105 $ 895,313 $ 403,035
Ratio of Expenses to Average Net Assets** 0.71%* 0.77% 0.86%
Ratio of Net Investment Income to Average Net Assets 0.91%* 1.37% 2.41%
Portfolio Turnover Rate of Master Fund Series 3%*** 8% 10%
<Caption>
YEAR YEAR YEAR
ENDED ENDED ENDED
NOV. 30, NOV. 30, NOV. 30,
2002 2001 2000
------------ ------------ ------------
Net Asset Value, Beginning of Period $ 8.43 $ 8.97 $ 13.67
------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) 0.18 0.18 0.10
Net Gains (Losses) on Securities
(Realized and Unrealized) 0.49 (0.58) (3.56)
------------ ------------ ------------
Total from Investment Operations 0.67 (0.40) (3.46)
------------ ------------ ------------
LESS DISTRIBUTIONS
Net Investment Income (0.23) (0.09) (0.11)
Net Realized Gains (0.45) (0.05) (1.13)
------------ ------------ ------------
Total Distributions (0.68) (0.14) (1.24)
------------ ------------ ------------
Net Asset Value, End of Period $ 8.42 $ 8.43 $ 8.97
============ ============ ============
Total Return 8.29% (4.60)% (28.30)%
------------ ------------ ------------
Net Assets, End of Period (thousands) $ 118,516 $ 60,999 $ 44,658
Ratio of Expenses to Average Net Assets** 0.85% 1.00% 1.04%
Ratio of Net Investment Income to Average Net Assets 2.10% 2.34% 0.76%
Portfolio Turnover Rate of Master Fund Series 15% 19% 19%
</Table>
- ----------
* Annualized
** Represents the combined ratio for the Portfolio and its respective pro-rata
share of its Master Fund.
*** Non-annualized
See accompanying Notes to Financial Statements.
6
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
DFA Investment Dimensions Group Inc. (the "Group") is an open-end
management investment company whose shares are offered, without a sales charge,
generally to institutional investors and clients of registered investment
advisors. The Group offers thirty-seven portfolios, one of which, the Emerging
Markets Value Portfolio (the "Portfolio") is included in this report. Of the
remaining portfolios, thirty-six are presented within four separate reports.
The Portfolio invests all of its assets in the Dimensional Emerging Markets
Value Fund Inc. (the "Fund"). At May 31, 2005, the Portfolio owned 83% 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 Group in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
increases and decreases in net assets from operations during the reporting
period. Actual results could differ from those estimates and those differences
could be material.
1. SECURITY VALUATION: The shares of the Fund held by the Portfolio are
valued at its respective daily net asset value.
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 May 31, 2005, the total liability for deferred
compensation to Directors is included in Accrued Expenses and Other Liabilities
in the amount of $18,388.
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 six months ended May 31, 2005, 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.
7
<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.
The tax character of dividends and distributions declared and paid during
the years ended November 30, 2004 and November 30, 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.
At 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>
At May 31, 2005, the total cost and aggregate gross unrealized appreciation
and depreciation of securities for federal income tax purposes were different
from amounts reported for financial reporting purposes (amounts in thousands):
<Table>
<Caption>
NET
UNREALIZED
FEDERAL UNREALIZED UNREALIZED APPRECIATION/
TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
---------- ------------ ------------ --------------
$ 1,061,972 $ 355,776 $ (13,165) $ 342,611
</Table>
E. COMPONENTS OF NET ASSETS
At May 31, 2005 net assets consisted of (amounts in thousands):
<Table>
<Caption>
ACCUMULATED UNREALIZED
ACCUMULATED NET REALIZED APPRECIATION
NET GAIN (LOSS) (DEPRECIATION)
PAID-IN INVESTMENT OF INVESTMENT OF INVESTMENT TOTAL
CAPITAL INCOME (LOSS) SECURITIES SECURITIES NET ASSETS
---------- ------------- ------------- -------------- ----------
$ 1,044,881 $ (1,255) $ 4,703 $ 355,776 $ 1,404,105
</Table>
F. 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 27, 2006. There were no borrowings under the discretionary line
of credit by the Portfolio during the six months ended May 31, 2005.
8
<Page>
The Portfolio, together with other Dimensional-advised portfolios, has also
entered into an additional $150 million unsecured line of credit effective April
3, 2005 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 on April 2, 2006. There were no
borrowings by the Portfolio under the line of credit during the six months ended
May 31, 2005.
G. CONTRACTUAL OBLIGATIONS:
In the normal course of business, the Group enters into contracts that
contain a variety of representations and warranties and which provide general
indemnification. The Group's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Group
and/or its affiliates that have not yet occurred. However, based on experience,
the Group expects the risk of loss to be remote.
9
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
DISCLOSURE OF FUND EXPENSES
(UNAUDITED)
The following Expense Table is shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A fund's
expenses are expressed as a percentage of its average net assets. This figure is
known as the expense ratio. The following examples are intended to help you
understand the ongoing 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% ANNUAL 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 an annual return of 5% before expenses, 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 ("SEC") requires all mutual funds to
calculate expenses based on a 5% annual return. You can assess your
fund's cost by comparing this hypothetical example with the
hypothetical examples that appear in shareholder reports of other
funds.
Please note that the expenses shown in the table are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs
(if any). The "Annualized Expense Ratio" represents the actual expenses for the
six month period indicated.
<Table>
<Caption>
FOR THE PERIOD DECEMBER 1, 2004 TO MAY 31, 2005
EXPENSE TABLE
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
12/01/04 05/31/05 RATIO PERIOD*
------------ ------------ ------------ ------------
Actual Fund Return $ 1,000.00 $ 1,072.90 0.29% $ 1.50
Hypothetical 5% Annual Return $ 1,000.00 $ 1,023.55 0.29% $ 1.46
</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 365.
10
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
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 most recent Form N-Q with the SEC on April 29, 2005. 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://www.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.
<Table>
Financials 25.0%
Materials 21.3
Industrials 16.6
Consumer Discretionary 9.8
Consumer Staples 7.9
Information Technology 6.1
Utilities 3.7
Energy 3.4
Other 2.5
Telecommunication Services 2.3
Health Care 1.4
-----
100.0%
=====
</Table>
11
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SCHEDULE OF INVESTMENTS
MAY 31, 2005
(UNAUDITED)
<Table>
<Caption>
SHARES VALUE +
--------------- ---------------
TAIWAN -- (12.6%)
COMMON STOCKS -- (12.5%)
* A.G.V. Products Corp. 327,000 $ 78,754
Ability Enterprise Co., Ltd. 271,000 124,590
Abit Computer Co., Ltd. 835,498 40,490
* Abocom Systems, Inc. 105,000 36,963
* Accton Technology Corp. 855,000 430,989
Acer, Inc. 1,544,235 2,921,761
* Allis Electric Co., Ltd. 86,320 16,819
Altek Corp. 36,000 35,574
* Ambassador Hotel 605,000 490,917
Amtran Technology Co., Ltd. 680,324 347,467
* Apex Science & Engineering Corp. 103,000 14,555
* Arima Computer Corp. 1,851,000 447,114
Asia Cement Corp. 6,392,115 4,086,269
Asia Chemical Corp. 357,000 99,253
Asia Polymer Corp. 272,160 126,746
* Askey Computer Co., Ltd. 723,917 409,110
Audix Co., Ltd. 56,000 65,766
* Aurora Corp. 448,650 270,083
Aurora Systems Corp. 157,000 69,059
Avision, Inc. 240,000 122,081
Bank of Kaohsiung Co., Ltd. 966,622 645,777
* Behavior Tech Computer Corp. 544,000 191,987
* Bes Engineering Corp. 2,010,089 280,364
* Carnival Industrial Corp. 336,000 70,932
Cathay Chemical Works, Inc. 131,000 37,929
Cathay Real Estate Development Co., Ltd. 2,493,421 1,044,444
* Central Insurance Co., Ltd. 336,020 104,357
Central Reinsurance Co., Ltd. 538,550 216,652
* Chang Hwa Commercial Bank 10,732,459 6,030,722
* Chang-Ho Fibre Corp. 50,000 21,217
* Charoen Pokphand Enterprises Co., Ltd. 96,000 15,288
Cheng Loong Corp. 1,798,480 559,929
* Chia Her Industrial Co., Ltd. 699,000 44,475
* Chia Hsin Cement Corp. 1,216,000 443,889
* Chia Hsin Food & Synthetic Fiber Co., Ltd. 812,250 71,018
Chia-I Industrial Co., Ltd. 474,000 91,540
* Chien Tai Cement Co., Ltd. 282,238 7,049
China Airlines 9,373,939 5,188,714
China Chemical & Pharmaceutical Co. 300,240 114,384
* China Development Financial Holding Corp. 20,000,000 7,617,330
China Electric Manufacturing Co., Ltd. 306,000 89,574
* China General Plastics Corp. 314,000 89,709
* China Glaze Co., Ltd. 54,000 11,329
</Table>
1
<Page>
<Table>
* China Life Insurance Co., Ltd. 1,148,763 488,731
* China Man-Made Fiber Co., Ltd. 952,020 408,161
China Motor Co., Ltd. 3,157,000 3,247,583
* China Petrochemical Development Corp. 2,716,000 646,830
* China Rebar Co., Ltd. 1,009,328 84,913
China Steel Structure Co., Ltd. 173,873 80,357
* China Synthetic Rubber Corp. 497,948 165,330
* China United Trust & Investment Corp. 534,289 65,689
* China Wire & Cable Co., Ltd. 379,000 48,729
Chinatrust Financial Holdings Co., Ltd. 241,686 271,513
Chin-Poon Industrial Co., Ltd. 514,716 283,164
* Chun Yu Works & Co., Ltd. 230,000 56,185
Chun Yuan Steel Industrial Co., Ltd. 756,050 435,915
Chung Hsin Electric & Machinery Co., Ltd. 646,000 278,434
Chung Hwa Pulp Corp. 999,419 336,961
* Chung Shing Textile Co., Ltd. 228,600 2,941
* Chungwa Picture Tubes Co., Ltd. 15,536,000 6,802,487
Clevo Co. 822,848 282,376
CMC Magnetics Corp. 7,126,000 3,289,183
Collins Co., Ltd. 328,758 109,914
Compal Electronics, Inc. 2,118,000 2,025,155
* Compeq Manufacturing Co., Ltd. 1,514,000 502,022
* Compex International Co. Ltd. 46,400 296
Continental Engineering Corp. 1,840,965 817,978
* Cosmos Bank Taiwan 4,232,000 2,009,236
CTCI Corp. 1,049,154 554,437
Cyntec Co., Ltd. 33,600 28,354
* Da-Cin Construction Co., Ltd. 229,000 58,369
* Delpha Construction Co., Ltd. 228,044 30,020
Der Pao Construction Co., Ltd. 483,000 108,613
DFI, Inc. 64,000 38,046
Edom Technology Co., Ltd. 68,000 56,071
Elan Microelectronincs Corp. 45,000 21,859
* Elite Material Co., Ltd. 93,000 20,942
Elitegroup Computer Systems Co., Ltd. 1,384,250 881,334
* Enlight Corp. 250,000 79,424
* EnTie Commercial Bank 3,763,474 1,297,577
* ET Internet Technology Corp. 354,676 141,002
Eten Information Systems, Ltd. 134,000 91,948
Eternal Chemical Co., Ltd. 1,075,000 720,217
* Eva Airways Corp. 9,548,071 4,729,757
* Ever Fortune Industrial Co., Ltd. 409,000 4,303
* Everest Textile Co., Ltd. 432,177 96,135
Evergreen International Storage & Transport Corp. 2,303,000 877,084
Evergreen Marine Corp., Ltd. 2,170,457 1,941,335
Everlight Chemical Industrial Corp. 306,950 93,429
* Everspring Industry Co., Ltd. 206,000 46,420
Far East Department Stores, Ltd. 2,431,000 1,331,777
Far East Textile, Ltd. 10,566,613 7,916,095
* Far Eastern International Bank 825,000 449,199
Federal Corp. 353,000 188,818
* FIC Global, Inc. 640,080 77,607
First Copper Technology Co., Ltd. 322,750 82,890
</Table>
2
<Page>
<Table>
* First Financial Holding Co., Ltd. 3,071,000 2,493,860
First Hotel 130,380 93,329
Formosa Taffeta Co., Ltd. 4,993,706 2,437,007
* Formosan Rubber Group, Inc. 562,000 225,684
Formosan Union Chemical Corp. 195,247 66,493
Fortune Electric Co., Ltd. 191,000 55,598
* Fu I Industrial Co., Ltd. 264,000 49,321
Fuh-Hwa Financial Holding Co., Ltd. 6,221,953 3,295,759
Fwuson Industry Co., Ltd. 302,000 48,663
* G.T.M. Corp. 133,000 43,233
* Giga Storage Corp. 209,898 64,979
Giga-Byte Technology Co., Ltd. 1,190,750 1,304,808
* Gold Circuit Electronics, Ltd. 714,140 320,668
* Goldsun Development & Construction Co., Ltd. 1,691,000 396,503
* Grand Pacific Petrochemical Corp. 347,000 100,905
Great China Metal Industry Co., Ltd. 461,000 226,541
Great Wall Enterprise Co., Ltd. 376,980 109,194
* Helix Co., Ltd 158,211 26,058
Hey Song Corp. 763,000 233,343
Ho Tung Holding Corp. 781,628 180,247
* Hocheng Corp. 364,000 88,942
Hong Ho Precision Textile Co., Ltd. 93,889 9,837
Hong Tai Electric Industrial Co., Ltd. 282,000 77,367
* Hsinchu International Bank 1,615,834 947,049
Hsing Ta Cement Co., Ltd. 376,980 109,357
Hua Eng Wire & Cable Co., Ltd. 702,035 134,971
Hua Nan Financial Holding Co., Ltd. 80,774 62,351
* Hualon Corp. 257,040 8,851
* Hung Ching Development & Construction Co., Ltd. 528,000 60,654
Hung Poo Construction Corp. 430,000 306,722
* Hung Sheng Construction Co., Ltd. 981,000 499,243
International Bank of Taipei 3,672,734 2,523,717
Inventec Corp. 5,395,550 2,492,740
* Jean Co., Ltd. 154,000 34,980
Jui Li Enterprise Co., Ltd. 195,000 46,660
Jung Shing Wire Co., Ltd. 123,000 38,359
Kang Na Hsiung Co., Ltd. 74,271 31,092
* Kao Hsing Chang Iron & Steel Corp. 520,000 138,996
* Kee Tai Properties Co., Ltd. 272,000 49,271
King Yuan Electronics Co., Ltd. 1,397,172 1,268,078
* Kingdom Construction Co., Ltd. 464,000 109,837
Kinpo Electronics, Inc. 2,613,240 1,129,527
Knowledge-Yield-Excellence Systems Corp. 289,000 212,797
* Kuoyang Construction Co., Ltd. 136,029 38,966
* Kwong Fong Industries Corp. 230,000 24,373
Lan Fa Textile Co., Ltd. 301,395 69,962
* Lead Data Co., Ltd. 444,140 76,871
* Leadtek Research, Inc. 112,000 56,100
* Lealea Enterprise Co., Ltd. 658,000 86,454
Lee Chang Yung Chemical Industry Corp. 857,501 438,866
* Lee Chi Enterprises Co., Ltd. 196,000 47,063
* Lelon Co., Ltd. 132,118 51,224
* Leofoo Development Co., Ltd. 238,000 142,762
* Les Enphants Co., Ltd. 126,000 64,071
</Table>
3
<Page>
<Table>
* Li Peng Enterprise Co., Ltd. 694,000 143,340
Li Shin International Enterprise Corp. 39,900 21,096
Lien Hwa Industrial Corp. 1,116,000 376,956
Lingsen Precision Industries, Ltd. 211,320 81,792
Long Bon Development Co., Ltd. 694,000 191,143
Long Chen Paper Co., Ltd. 628,000 158,541
Lucky Cement Corp. 449,000 101,936
* Luxon Electronics Corp. 313,400 44,846
* Macronix International Co., Ltd. 8,709,000 1,363,361
Mega Financial Holding Co., Ltd. 18,530,000 12,005,790
* Megamedia Corp. 65,782 545
Mercuries & Associates, Ltd. 706,980 179,039
Mercuries Data Co., Ltd. 142,657 41,412
Merida Industry Co., Ltd. 171,000 107,520
* Microelectronics Technology, Inc. 621,000 248,046
Micro-Star International Co., Ltd. 1,471,400 1,142,865
* Microtek International, Inc. 115,062 17,933
Mitac International Corp. 2,265,120 2,411,355
Mitac Technology Corp. 171,000 128,962
Mustek Systems, Inc. 250,500 68,248
* Namchow Chemical Industrial Co., Ltd. 164,057 26,404
* Nankang Rubber Tire Co., Ltd. 104,312 96,653
Nantex Industry Co., Ltd. 186,430 70,144
* New Asia Construction & Development Co., Ltd. 146,000 16,666
Nien Hsing Textile Co., Ltd. 118,000 98,564
Ocean Plastics Co., Ltd. 128,000 45,106
* Opto Tech Corp. 483,000 110,587
* Orient Semiconductor Electronics, Ltd. 648,713 56,050
* Pacific Construction Co., Ltd. 324,256 18,127
* Pacific Electric Wire & Cable Corp. 1,873,020 31,053
Pan Jit International, Inc. 157,000 78,146
Pan Overseas Electronics Co., Ltd. 187,864 46,038
* Pan-International Industrial Corp. 198,450 281,267
Phihong Technology Co., Ltd. 239,110 71,670
Phoenix Precision Technology Corp. 602,000 597,276
* Picvue Electronics, Ltd. 604,000 68,764
Premier Image Technology Corp. 209,000 232,108
Primax Electronics, Ltd. 484,744 115,955
* Prince Housing & Development Corp. 1,536,000 389,815
* Procomp Informatics, Ltd. 391,440 0
Prodisc Technology, Inc. 1,339,157 452,419
* Radium Life Tech Corp. 85,534 43,902
Ralec Electronic Corp. 172,450 72,967
Realtek Semiconductor Corp. 1,364,000 1,381,094
* Rectron, Ltd. 78,300 10,893
Rexon Industrial Corp., Ltd. 218,820 67,432
Ritek Corp. 3,638,518 1,275,854
* Ruentex Development Co., Ltd. 1,099,000 225,098
Sampo Corp. 2,082,850 361,512
* San Fang Chemical Industry Co., Ltd. 207,280 119,366
Sanyang Industrial Co., Ltd. 1,570,000 685,877
Sanyo Electric Co., Ltd. 451,000 241,667
* SDI Corp. 191,483 71,271
Sheng Yu Steel Co., Ltd. 5,000 5,230
Shihlin Electric & Engineering Corp. 1,048,000 750,104
</Table>
4
<Page>
<Table>
* Shihlin Paper Corp. 400,000 281,475
Shinkong Co., Ltd. 186,190 89,761
* Shinkong Synthetic Fibers Co., Ltd. 2,561,000 535,229
Shinung Corp. 290,700 61,683
Shuttle, Inc. 204,000 104,757
* Silicon Integrated Systems Corp. 2,630,423 1,427,225
Siliconware Precision Industries Co., Ltd. 1,128,000 1,068,941
* Sin Yih Ceramic Co., Ltd. 211,000 44,052
Sincere Navigation Corp. 382,052 414,414
* Sinkong Spinning Co., Ltd. 195,000 69,107
SinoPac Holdings Co., Ltd. 6,415,997 3,415,298
* Sintek Photronics Corp. 1,334,000 580,187
* Siward Crystal Technology Co., Ltd. 40,789 20,437
* Solomon Technology Corp. 338,000 65,495
* South East Soda Manufacturing Co., Ltd. 233,000 52,920
* Southeast Cement Co., Ltd. 656,700 129,676
* Space Shuttle Hi-Tech Co., Ltd. 177,000 19,808
Standard Foods Taiwan, Ltd. 288,000 105,340
Stark Technology, Inc. 150,000 72,659
Sunonwealth Electric Machine Industry Co., Ltd. 21,000 8,877
Systex Corp., Ltd. 1,541,341 505,839
Ta Chen Stainless Pipe Co., Ltd. 81,000 39,642
* Ta Chong Bank 2,711,906 812,719
* Ta Jung Transportation Co., Ltd. 602,000 153,812
Ta Ya Electric Wire & Cable Co., Ltd. 621,860 190,566
Tah Hsin Industrial Corp. 268,000 94,651
Ta-I Technology Co., Ltd. 151,200 89,150
* Taichung Commercial Bank 2,479,000 704,883
* Tainan Business Bank 749,000 277,888
Tainan Spinning Co., Ltd. 3,261,000 748,443
* Taita Chemical Co., Ltd. 223,000 62,452
* Taitung Business Bank 163,395 33,068
* Taiwan Business Bank 11,323,412 3,592,081
Taiwan Cement Corp. 7,528,763 4,273,469
Taiwan Fire & Marine Insurance Co., Ltd. 406,077 196,903
* Taiwan Flourescent Lamp Co., Ltd. 124,000 49,315
Taiwan Glass Ind. Corp. 2,245,896 2,138,904
* Taiwan Kolin Co., Ltd. 905,000 241,411
Taiwan Mask Corp. 525,000 237,761
Taiwan Navigation Co., Ltd. 116,354 86,365
* Taiwan Pulp & Paper Corp. 238,000 55,043
Taiwan Sakura Corp. 252,900 63,902
Taiwan Sogo Shinkong Security Co., Ltd. 563,860 337,559
* Taiwan Tea Corp. 992,215 151,789
* Tatung Co., Ltd. 9,309,000 2,966,840
* Tay-Shan Enterprises Co., Ltd. 372,320 73,067
Teapo Electronic Corp. 80,580 19,742
Teco Electric & Machinery Co., Ltd. 3,789,834 1,098,094
Tecom, Ltd. 406,753 195,790
Test-Rite International Co., Ltd. 97,005 61,478
* The Chinese Bank 2,740,000 433,166
* The Farmers Bank of China 3,670,160 1,161,097
The First Insurance Co., Ltd. 203,840 104,712
Ton Yi Industrial Corp. 4,114,810 1,021,162
</Table>
5
<Page>
<Table>
Tsann Kuen Enterprise Co., Ltd. 253,870 295,580
TSRC Corp. 1,141,000 567,709
Tung Ho Steel Enterprise Corp. 722,323 459,514
* Twinhead International Corp. 211,017 33,846
TYC Brother Industrial Co., Ltd. 261,000 190,285
* Tycoons Group Enterprise Co., Ltd. 401,000 92,707
Ulead Systems, Inc. 66,000 59,266
* Union Bank of Taiwan 3,637,577 1,114,658
* Union Insurance Co., Ltd. 787,454 181,159
Uni-President Enterprises Corp. 7,962,130 3,591,312
* Unitech Printed Circuit Board Corp. 433,000 140,206
United Epitaxy Co., Ltd. 421,978 230,301
* United Microelectronics Corp. 29,761,000 20,051,403
* Universal Cement Corp. 465,360 164,664
* Universal Microelectronics Co., Ltd. 69,010 21,206
Universal Scientific Industrial Co., Ltd. 1,316,800 499,416
UPC Technology Corp. 1,370,840 481,150
USI Corp. 1,432,000 470,987
* U-TECH Media Corp. 120,000 47,250
* Ve Wong Corp. 177,000 46,289
* Via Technologies, Inc. 2,917,402 1,887,443
* Visual Photonics Epitacy Co., Ltd. 86,000 19,422
* Walsin Lihwa Corp. 7,240,000 3,019,884
Walsin Technology Corp., Ltd. 550,191 296,631
Wan Hwa Enterprise Co., Ltd. 260,590 113,092
Waterland Financial Holdings 4,553,000 1,911,276
* Wei Chih Steel Industrial Co., Ltd. 211,898 33,317
* Wei Chuan Food Corp. 420,000 127,672
Weltrend Semiconductor, Inc. 106,000 39,756
* Winbond Electronics Corp. 9,457,000 3,032,711
Wintek Corp. 128,432 172,308
Wistron Corp. 2,039,101 1,433,670
World Peace Industrial Co., Ltd. 314,700 180,437
Wus Printed Circuit Co., Ltd. 617,406 219,129
* Yageo Corp. 4,270,840 1,613,497
Yang Ming Marine Transport Corp. 1,078,058 945,670
* Yi Jinn Industrial Co., Ltd. 387,000 46,217
Yieh Phui Enterprise Co., Ltd. 1,882,478 961,579
Yosun Industrial Corp. 286,116 194,804
Yuen Foong Yu Paper Manufacturing Co., Ltd. 2,827,926 1,069,148
Yulon Motor Co., Ltd. 3,867,263 4,482,480
Yung Chi Paint & Varnish Manufacturing Co., Ltd. 1,000 1,309
Yung Shin Pharmaceutical Industrial Co., Ltd. 268,000 267,310
Yung Tay Engineering Co., Ltd. 574,000 299,626
Zig Sheng Industrial Co., Ltd. 477,764 131,467
---------------
TOTAL COMMON STOCKS
(Cost $197,469,867) 210,305,089
---------------
INVESTMENT IN CURRENCY -- (0.1%)
* Taiwan Dollar 2,130,393
---------------
(Cost $2,140,116)
TOTAL -- TAIWAN
(Cost $199,609,983) 212,435,482
---------------
</Table>
6
<Page>
<Table>
<Caption>
SHARES VALUE +
--------------- ---------------
SOUTH KOREA -- (12.5%)
COMMON STOCKS -- (12.5%)
Aekyung Petrochemical Co., Ltd. 10,140 188,134
* Anam Semiconductor, Inc. 519,149 1,091,486
Asia Cement Manufacturing Co., Ltd. 9,438 318,175
AUK Corp. 24,000 82,155
Baiksan Co., Ltd. 41,550 41,134
* Boo Kook Securities Co., Ltd. 17,385 112,801
BYC Co., Ltd. 810 44,933
* Byuck San Corp. 2,132 34,625
Byuck San Engineering and Construction Co., Ltd. 87,860 429,347
* Capro Corp. 16,830 83,294
Cheil Industrial, Inc. 95,804 1,576,163
* Cho Kwang Leather Co., Ltd. 4,860 15,382
Choil Aluminium Manufacturing Co., Ltd. 5,770 35,854
Chon Bang Co., Ltd. 2,520 87,740
Chong Kun Dang Pharmaceutical Corp. 11,299 140,151
Choongwae Pharmaceutical Corp. 9,816 238,866
Chosun Refractories Co., Ltd. 7,370 203,753
* CKD Bio Corp. 3,109 18,584
D.I Corp. 65,430 179,544
* Dacom Corp. 36,810 353,546
Dae Chang Industrial Co. 6,170 24,070
Dae Dong Industrial Co., Ltd. 3,930 25,876
Dae Han Fire & Marine Insurance Co., Ltd. 12,610 67,149
Dae Sang Corp. 82,740 387,572
Dae Won Kang Up Co., Ltd. 13,100 240,240
* Dae Young Packaging Co., Ltd. 356,210 50,845
Daeduck Electronics Co., Ltd. 58,160 460,343
Daeduck Industries Co., Ltd. 39,860 375,387
Daegu Bank Co., Ltd. 193,922 1,514,121
Daehan Flour Mills Co., Ltd. 2,525 209,051
Daehan Synthetic Fiber Co., Ltd. 2,000 63,080
Daelim Industrial Co., Ltd. 70,240 3,368,644
Daelim Trading Co., Ltd. 27,140 110,112
Daesung Industrial Co., Ltd. 7,690 232,865
Daewoo Engineering & Construction Co., Ltd. 819,780 5,736,840
Daewoo International Corp. 64,190 943,227
Daewoo Motor Sales Corp. 61,560 701,204
* Daewoo Securities Co., Ltd. 495,270 3,279,349
Daewoong Co., Ltd. 12,340 115,615
Dahaam E-Tec Co., Ltd. 5,985 82,554
Daishin Securities Co., Ltd. 103,481 1,318,578
Daiyang Metal Co., Ltd. 40,000 63,454
* Daou Technology, Inc. 60,000 95,061
DC Chemical Co., Ltd. 38,990 794,967
* Dong Ah Tire Industrial Co., Ltd. 43,904 217,838
Dong Bu Insurance Co., Ltd. 132,650 1,122,563
* Dong Hai Pulp Co., Ltd. 14,310 33,875
Dong IL Rubber Belt Co., Ltd. 7,744 16,086
Dong Wha Pharmaceutical Industries Co. 5,167 70,462
</Table>
7
<Page>
<Table>
* Dong Won Co., Ltd. 5,520 62,634
Dong Yang Department Store Co., Ltd. 9,000 69,860
Dong-A Pharmaceutical Co., Ltd. 20,320 755,818
Dongbu Corp. 46,410 537,308
Dongbu Hannong Chemical Co., Ltd. 14,890 255,126
Dongbu Securities Co., Ltd. 22,040 79,532
Dongbu Steel Co., Ltd. 46,108 471,909
Dong-Il Corp. 4,205 133,621
Dongkook Industries Co., Ltd. 1,620 6,151
Dongkuk Steel Mill Co., Ltd. 155,862 2,548,275
* Dongsu Industrial Co., Ltd. 15,408 183,001
Dongsung Chemical Co., Ltd. 3,770 24,990
Dongwon F&B Co., Ltd. 6,666 355,309
Dongwon Financial Holding Co., Ltd. 116,926 1,960,752
Dongwon Industries Co., Ltd. 1,876 30,113
Dongyang Express & Construction Corp. 5,250 114,185
Dongyang Mechatronics Corp. 20,680 71,921
* Doosan Corp. 47,020 496,292
Doosan Heavy Industries & Construction Co., Ltd. 400,500 5,512,737
* Doosan Industrial Development Co., Ltd. 193,240 954,468
DPI Co., Ltd. 33,340 165,765
Duck Yang Industry Co., Ltd. 4,000 42,869
Enex Co., Ltd. 5,960 34,129
F&F Co., Ltd. 23,100 46,714
* First Fire & Marine Insurance Co., Ltd. 40,160 66,375
* Firstech Co., Ltd. 28,190 43,694
* FNC Kolon Corp. 11,960 85,493
Fursys, Inc. 24,120 381,678
Global & Yuasa Battery Co., Ltd. 11,600 27,819
Green Cross Corp. 10,540 326,121
Gwangju Shinsegae Co., Ltd. 1,590 125,617
Halla Engineering & Construction Corp. 7,450 120,056
Han Kuk Carbon Co., Ltd. 25,070 68,694
Han Wha Corp. 146,740 2,374,047
Han Yang Securities Co., Ltd. 24,940 88,546
Hana Securities Co., Ltd. 40,790 416,954
Handok Pharmaceuticals Co., Ltd. 18,150 197,882
Handsome Corp. 35,380 380,080
Hanil Cement Manufacturing Co., Ltd. 18,013 996,512
Hanil E-wha Co., Ltd. 79,730 123,357
Hanil Iron & Steel Co., Ltd. 1,815 37,671
Hanjin Heavy Industry Co., Ltd. 165,520 1,955,105
Hanjin Transportation Co., Ltd. 23,460 289,665
* Hankook Core Co., Ltd. 7,001 0
Hankook Cosmetics Co., Ltd. 30,000 64,182
Hankook Tire Manufacturing Co., Ltd. 150,550 1,699,498
Hankuk Electric Glass Co., Ltd. 23,010 1,007,707
Hankuk Glass Industries, Inc. 22,200 1,272,622
Hankuk Paper Manufacturing Co., Ltd. 9,800 348,721
* Hanmi Capital Co., Ltd. 28,690 159,217
Hansae Co., Ltd. 3,260 39,344
Hansol Chemical Co., Ltd. 12,467 80,600
Hansol CSN Co., Ltd. 103,640 147,984
Hansol Paper Co., Ltd. 102,044 991,153
</Table>
8
<Page>
<Table>
* Hansol Telecom Co., Ltd. 547 7,873
Hanssem Co., Ltd. 12,390 76,823
Hanwha Chemical Corp. 246,060 2,636,568
Hanwha Securities Co., Ltd. 62,690 296,766
Heesung Cable, Ltd. 3,660 47,123
Histeel Co., Ltd. 1,188 18,792
* Honam Petrochemical Corp. 21,360 837,182
Hotel Shilla, Ltd. 76,920 524,738
HS R&A Co., Ltd. 4,980 44,801
Huchems Fine Chemical Corp. 45,340 233,775
* Huneed Technologies Co., Ltd. 90,030 36,966
Husteel Co., Ltd. 10,370 146,281
Hwa Sung Industrial Co. 26,510 156,884
Hwashin Co., Ltd. 42,000 64,462
Hyosung T & C Co., Ltd. 72,817 801,895
Hyundai Cement Co., Ltd. 15,435 427,117
* Hyundai Corp. 6,015 38,659
Hyundai Department Store Co., Ltd. 37,908 1,790,195
Hyundai Department Store H & S Co., Ltd. 8,362 249,251
Hyundai Development Co. 160,560 3,381,813
Hyundai Elevator Co., Ltd. 12,210 522,500
Hyundai Heavy Industries Co., Ltd. 189,160 9,895,943
Hyundai Hysco 170,820 2,038,629
Hyundai Marine & Fire Insurance Co., Ltd. 127,340 698,190
* Hyundai Merchant Marine Co., Ltd. 193,270 3,062,097
Hyundai Mipo Dockyard Co., Ltd. 15,693 987,135
Hyundai Motor Co., Ltd. 446,030 24,988,826
Hyundai Pharmaceutical Ind. Co., Ltd. 4,200 60,528
* Hyundai Securities Co., Ltd. 249,730 1,681,820
Il Dong Pharmaceutical Co., Ltd. 5,840 147,096
Il Yang Pharmaceutical Co., Ltd. 6,107 50,263
Iljin Diamond Co., Ltd. 9,368 90,751
* Iljin Display Co., Ltd. 5,361 58,597
Iljin Electric, Ltd. 26,530 63,400
Ilshin Spinning Co., Ltd. 3,600 146,849
Ilsung Pharmaceutical Co., Ltd. 3,990 94,577
INI Steel Co., Ltd. 235,930 3,469,070
ISU Chemical Co., Ltd. 14,350 151,392
Jeil Pharmaceutical Co. 2,220 127,609
Jeonbuk Bank, Ltd. 54,559 256,301
* Jinro, Ltd. 407 18,179
Joongang Constuction Co., Ltd. 9,880 132,562
* Keang Nam Enterprises Co., Ltd. 19,942 174,524
KEC Corp. 155,000 238,655
Keyang Electric Machinery Co., Ltd. 71,760 92,878
KG Chemical Corp. 11,123 59,634
Kia Motors Corp. 899,680 12,798,297
Kodenshi Korea Corp. 38,000 76,793
Kolon Chemical Co., Ltd. 20,220 147,983
* Kolon Engineering & Construction Co., Ltd. 37,850 192,457
* Kolon Industries, Inc. 32,379 235,242
* Kolon International Corp. 1,905 8,149
Korea Cast Iron Pipe Co., Ltd. 44,688 142,182
Korea Circuit Co. 31,660 162,431
</Table>
9
<Page>
<Table>
Korea Development Co., Ltd. 23,520 477,686
* Korea Development Leasing Corp. 6,348 180,340
Korea Electric Terminal Co., Ltd. 9,980 128,915
Korea Fine Chemical Co., Ltd. 7,000 67,053
Korea Flange Co., Ltd. 10,290 165,469
Korea Iron & Steel Co., Ltd. 25,230 550,009
Korea Iron & Steel Works Co., Ltd. 21,294 333,507
Korea Kolmar Co., Ltd. 36,944 200,547
Korea Komho Petrochemical Co., Ltd. 61,750 1,094,720
Korea Mutual Savings Bank 14,910 108,853
Korea Petrochemical Industry Co., Ltd. 12,300 279,007
Korea Polyol Co., Ltd. 10,556 341,241
Korea Reinsurance Co., Ltd. 111,460 611,778
Korea Zinc Co., Ltd. 52,610 1,580,741
Korean Air Co., Ltd. 203,658 3,616,225
Korean Air Terminal Service Co., Ltd. 3,490 55,469
* KP Chemical Corp. 201,976 927,873
* KTB Network, Ltd. 135,720 408,440
Kukdo Chemical Co., Ltd. 8,710 117,591
Kukdong City Gas Co., Ltd. 12,780 282,798
Kumgang Korea Chemical Co., Ltd. 29,050 4,887,310
Kumho Industrial Co., Ltd. 99,300 1,240,595
Kunsul Chemical Industrial Co., Ltd. 12,700 110,973
Kwang Dong Pharmaceutical Co., Ltd. 114,660 319,382
Kyeryong Construction Industrial Co., Ltd. 17,500 365,614
Kyobo Securities Co., Ltd. 76,680 282,348
Kyong Dong Boiler Co., Ltd. 3,450 44,685
* Kyungbang Co., Ltd. 1,856 119,732
LG Cable, Ltd. 81,160 1,938,469
LG Chemical Investment, Ltd. 129,850 3,308,011
LG Chemical, Ltd. 26,500 961,951
LG Engineering & Construction Corp. 104,882 3,261,727
LG International Corp. 117,374 1,350,793
LG Investment & Securities Co., Ltd. 246,950 2,300,034
Lotte Confectionary Co., Ltd. 1,170 835,146
Lotte Sam Kang Co., Ltd. 2,480 346,337
* Meritz Securities Co., Ltd. 73,900 229,786
* Midopa Co., Ltd. 88,950 538,227
Motonic Corp. 640 14,753
Namhae Chemical Corp. 105,810 235,158
Namyang Dairy Products Co., Ltd. 1,600 677,568
Nong Shim Holdings Co., Ltd. 1,750 135,401
Oriental Fire & Marine Insurance Co., Ltd. 16,810 329,721
Ottogi Corp. 7,320 573,253
Pacific Industries, Inc. 12,240 173,906
* Pantech Co., Ltd. 40,270 195,518
PaperCorea, Inc. 19,552 54,560
* Partsnic Co., Ltd. 11,310 13,037
Pohang Coated Steel Co., Ltd. 12,780 355,077
Poong Lim Industrial Co., Ltd. 32,280 116,997
Poong San Corp. 66,220 832,032
* Pum Yang Construction Co., Ltd. 14,667 97,598
Pusan Bank 200,400 1,704,040
Pusan City Gas Co., Ltd. 21,560 391,343
</Table>
10
<Page>
<Table>
Pyung Hwa Industrial Co., Ltd. 45,370 217,657
* Rocket Electric Co., Ltd. 3,460 5,335
* Saehan Industries, Inc. 95,610 223,858
* Saehan Media Corp. 31,250 48,186
Sam Jin Pharmaceutical Co., Ltd. 2,650 115,398
Sam Yung Trading Co., Ltd. 13,840 23,692
Sambu Construction Co., Ltd. 11,398 182,741
Samhwa Crown and Closure Co., Ltd. 3,100 37,832
Samhwa Paints Industrial Co., Ltd. 33,600 104,416
Samlip Industrial Co., Ltd. 15,670 93,699
Samsung Climate Control Co., Ltd. 11,990 63,428
Samsung Corp. 331,070 4,518,093
Samsung Electro-Mechanics Co., Ltd. 43,350 1,052,864
Samsung Engineering Co., Ltd. 84,110 855,690
Samsung Fine Chemicals Co., Ltd. 62,960 1,219,041
Samsung Heavy Industries Co., Ltd. 525,070 4,393,515
Samsung SDI Co., Ltd. 10,430 992,626
Samsung Securities Co., Ltd. 116,860 3,016,820
Samsung Techwin Co., Ltd. 130,710 1,194,104
Samwhan Corp. 17,730 217,089
Samyang Corp. 25,405 918,814
Samyang Genex Co., Ltd. 5,490 241,326
Samyang Tongsang Co., Ltd. 2,820 41,596
* Samyoung Chemical Co., Ltd. 2,820 25,188
Samyoung Corp. 6,130 95,939
Samyoung Electronics Co., Ltd. 39,200 259,223
Seah Holdings Corp. 4,619 186,609
Seah Steel Corp. 6,245 180,510
* Segye Corp. 20,530 34,419
Sejong Industrial Co., Ltd. 44,050 198,861
Sejong Securities Co., Ltd. 54,071 245,265
Sempio Foods Co. 3,610 40,670
Seoul Securities Co., Ltd. 109,220 369,626
* Shin Dong-Ah Fire & Marine Insurance Co. 22,873 81,442
Shin Heung Securities Co., Ltd. 9,130 32,629
Shin Young Securities Co., Ltd. 18,390 310,058
Shin Young Wacoal, Inc. 273 12,453
Shinhan Financial Group Co., Ltd. 46,326 1,186,488
* Shin-Ho Paper Manufacturing Co., Ltd. 38,850 193,856
Shinmoorim Paper Manufacturing Co., Ltd. 34,120 342,128
Shinpoong Pharmaceutical Co., Ltd. 4,540 65,025
Shinsegae Engineering & Construction Co., Ltd. 3,980 82,568
* Shinsung Tongsang Co., Ltd. 21,550 45,659
Sindo Ricoh Co., Ltd. 18,480 1,039,279
SK Chemicals Co., Ltd. 37,810 437,670
SK Gas Co., Ltd. 18,370 528,005
* SKC Co., Ltd. 71,130 606,943
Song Woun Industries 24,310 56,494
* Ssang Bang Wool Co., Ltd. 52,870 156,756
* Ssangyong Cement Industry Co., Ltd. 710,212 899,968
* Ssangyong Fire & Marine Insurance Co. 13,190 41,886
* Ssangyong Motor Co. 247,830 1,708,305
STX Corp. 24,376 454,746
STX Engine Co., Ltd. 8,711 91,805
</Table>
11
<Page>
<Table>
Sung Chang Enterprise Co., Ltd. 9,000 135,197
Sung Shin Cement Co., Ltd. 45,580 897,162
* Sungwon Corp. 20,600 40,691
Sunjin Co., Ltd. 4,240 142,150
* Sunkyong Securities Co., Ltd. 384,280 443,983
Tae Kwang Industrial Co., Ltd. 2,881 1,743,547
Tae Kyung Industrial Co., Ltd. 63,000 198,383
Tae Young Corp. 16,270 553,840
Taegu Department Store Co., Ltd. 19,941 168,221
Tai Han Electric Wire Co., Ltd. 95,477 1,049,958
Tai Lim Packaging Industries Co., Ltd. 4,380 18,408
* The Will-Bes & Co., Ltd. 10,640 26,516
* Tong Kook Corp. 607 941
* Tong Yang Investment Bank 166,420 652,521
* Tong Yang Major Corp. 24,960 99,604
Tong Yang Moolsan Co., Ltd. 4,560 15,273
Tongil Heavy Industries Co., Ltd. 160,770 163,468
TS Corp. 3,881 81,585
Union Steel Manufacturing Co., Ltd. 21,297 689,088
Wiscom Co., Ltd. 22,000 97,425
Woongjin.Com Co., Ltd. 78,940 417,281
Yoosung Enterprise Co., Ltd. 37,800 110,311
Youlchon Chemical Co., Ltd. 47,300 587,660
* Young Poong Mining & Construction Corp. 18,030 984
Youngbo Chemical Co., Ltd. 33,000 60,535
Youngone Corp. 108,650 369,085
Youngpoong Corp. 2,710 272,125
Yuhan Corp. 5,435 501,303
Yuhwa Securities Co., Ltd. 17,000 174,600
* Zinus, Inc. 9,330 6,945
---------------
TOTAL -- SOUTH KOREA
(Cost $123,891,857) 210,092,498
---------------
MEXICO -- (11.8%)
COMMON STOCKS -- (11.8%)
Alfa S.A. de C.V. Series A 5,405,364 31,038,624
Cementos de Mexico S.A. de C.V. Series B 785,300 5,974,697
* Cintra S.A. de C.V. 85,000 57,321
* Consorcio Hogar S.A. de C.V. Series B 540,200 168,745
Controladora Comercial Mexicana S.A. de C.V. Series B 7,880,200 8,470,725
* Corporacion Geo S.A. de C.V. Series B 1,728,500 4,089,254
* Corporacion Interamericana de Entramiento S.A. de C.V.
Series B 1,414,805 2,742,689
* Corporacion Mexicana de Restaurantes S.A. de C.V.
Series B 3,689 712
Corporativo Fragua S.A. de C.V. Series B 70 222
* Desc S.A. de C.V. Series B 8,736,833 2,367,956
El Puerto de Liverpool S.A. de C.V. Series 1 20,000 40,425
El Puerto de Liverpool S.A. de C.V. Series C1 328,600 664,183
Embotelladora Arca S.A. de C.V., Mexico 304,200 625,764
* Empaques Ponderosa S.A. de C.V. Series B 90,000 7,442
* Empresas ICA Sociedad Controladora S.A. de C.V. 19,372,200 7,653,232
</Table>
12
<Page>
<Table>
Empresas la Moderna S.A. de C.V. Series A 3,457,285 662,434
Fomento Economico Mexicano Series B & D 488,000 2,665,442
Gruma S.A. de C.V. Series B 3,347,050 7,149,615
Grupo Carso S.A. de C.V. Series A-1 13,173,051 22,995,215
Grupo Cementos de Chihuahua S.A. de C.V. 2,692,992 4,775,181
Grupo Continental S.A. de C.V. 1,444,500 2,229,587
Grupo Corvi S.A. de C.V. Series L 284,000 52,446
Grupo Financiero del Norte S.A. Series C 650,000 4,329,014
Grupo Financiero GBM Atlantico S.A. de C.V. Series L 74 37
* Grupo Financiero GBM Atlantico S.A. de C.V. Series L 75,724 38,960
Grupo Financiero Inbursa S.A. de C.V. Series O 6,727,615 14,339,916
* Grupo Gigante S.A. de C.V. Series B 324,076 223,309
* Grupo Herdez S.A. de C.V. 319,000 159,143
Grupo Industrial Maseca S.A. de C.V. Series B 2,771,700 1,576,284
Grupo Industrial Saltillo S.A. de C.V. 1,246,869 1,913,087
* Grupo Iusacell S.A. de C.V. 143,500 234,676
* Grupo Nutrisa S.A. de C.V. 428 165
Grupo Posadas S.A. de C.V. Series L 356,000 263,295
* Grupo Qumma S.A. de C.V. Series B 5,301 88
* Grupo Tribasa S.A. de C.V. 152,065 0
Hylsamex S.A. de C.V. Series B 1,026,960 3,698,598
Industrias Bachoco S.A. de C.V. (Certificate
Representing Series B and Series L) 411,800 1,059,356
Industrias Penoles S.A. de C.V. 1,277,400 6,314,031
* Industrias S.A. de C.V. Series B 2,361,452 4,903,262
* Jugos del Valle S.A. de C.V. Series B 213,600 323,804
Nueva Grupo Mexico S.A. de C.V. Series B 7,114,545 33,597,561
* Organizacion Soriana S.A. de C.V. Series B 5,249,700 19,967,897
* Sanluis Corporacion S.A. de C.V. Series A 2,400 860
* Sanluis Corporacion S.A. de C.V. Series C & Series B 3,376 1,393
* US Commercial Corp. S.A. de C.V. 271,000 97,725
Vitro S.A. de C.V. 2,699,100 2,105,349
---------------
TOTAL COMMON STOCKS
(Cost $146,081,834) 199,579,721
---------------
INVESTMENT IN CURRENCY -- (0.0%)
* Mexican Peso
(Cost $6,375) 6,158
---------------
TOTAL -- MEXICO
(Cost $146,088,209) 199,585,879
---------------
SOUTH AFRICA -- (11.5%)
COMMON STOCKS -- (11.5%)
ABSA Group, Ltd. 1,320,947 16,043,409
Advtech, Ltd. 620,958 125,768
Aeci, Ltd. 301,269 1,890,779
Afgri, Ltd. 1,009,836 760,232
African Life Assurance Co., Ltd. 488,203 1,604,797
* Afrikander Lease, Ltd. 246,760 145,911
AG Industries, Ltd. 361,487 167,239
Allied Electronics Corp., Ltd. 368,310 946,198
</Table>
13
<Page>
<Table>
Anglo American PLC 234,915 5,598,545
* Anglovaal Mining, Ltd. 750,206 3,707,714
Argent Industrial, Ltd. 119,621 180,296
* AST Group, Ltd. 195,883 13,012
Aveng, Ltd. 967,782 1,642,163
AVI, Ltd. 770,487 1,408,444
Barloworld, Ltd. 591,025 7,638,436
* Bell Equipment, Ltd. 234,150 297,042
* Bridgestone Firestone Maxiprest, Ltd. 113,271 15,800
* Business Connexion Group, Ltd. 465,381 328,310
Bytes Technology Group, Ltd. 314,654 354,895
Capitec Bank Holdings, Ltd. 169,258 386,060
Caxton & CTP Publishers & Printers, Ltd. 1,459,539 2,332,553
Corpcapital, Ltd. 579,166 22,960
* Datatec, Ltd. 288,099 495,117
Delta Electrical Industries, Ltd. 136,407 792,073
* Dimension Data Holdings PLC 2,167,023 1,257,688
Distell Group, Ltd. 610,033 2,151,535
Dorbyl, Ltd. 84,373 501,163
* Durban Roodeport Deep, Ltd. 155,655 176,354
Ellerine Holdings, Ltd. 260,773 1,915,286
Enviroserv Holdings, Ltd. 259,484 136,579
Gold Reef Casino Resorts, Ltd. 344,218 688,174
Group Five, Ltd. 204,934 409,252
Harmony Gold Mining Co., Ltd. 1,129,748 8,381,894
Highveld Steel & Vanadilum Corp., Ltd. 262,534 2,881,326
Hudaco Industries, Ltd. 70,987 390,979
Iliad Africa, Ltd. 76,658 112,156
Illovo Sugar, Ltd. 819,780 999,582
* Imperial Holdings, Ltd. 377,275 5,547,936
Investec, Ltd. 140,205 4,028,620
* JCI, Ltd. 4,289,448 181,984
Johnic Communications, Ltd. 294,723 1,644,152
Liberty Group, Ltd. 1,200,433 10,945,012
M Cubed Holdings, Ltd. 1,367,759 88,370
Medi-Clinic Corp., Ltd. 1,077,421 2,507,681
Metair Investment, Ltd. 17,631 595,843
* Metorex, Ltd. 610,501 328,674
Metropolitan Holdings, Ltd. 1,647,423 2,306,403
Mittal Steel South Africa, Ltd. 1,861,627 13,888,307
Murray & Roberts Holdings, Ltd. 810,812 1,630,973
Mvelaphanda Group, Ltd. 533,601 501,774
Nampak, Ltd. 1,762,010 3,888,034
Nedcor, Ltd. 1,296,534 14,445,486
New Clicks Holdings, Ltd. 1,129,087 1,244,904
Northam Platinum, Ltd. 675,738 1,067,766
Nu-World Holdings, Ltd. 43,045 179,976
Oceana Group, Ltd. 330,762 641,389
Old Mutual PLC 9,543,274 20,311,584
Omnia Holdings, Ltd. 63,382 367,811
* Palabora Mining Co., Ltd. 69,265 383,917
Peregrine Holdings, Ltd. 559,969 337,185
* Prism Holdings, Ltd. 458,100 29,670
</Table>
14
<Page>
<Table>
PSG Group, Ltd. 278,342 327,526
Rainbow Chicken, Ltd. 720,394 754,740
* Randgold & Exploration Co., Ltd. 204,896 320,785
Redefine Income Fund, Ltd. 83,325 45,916
Sanlam, Ltd. 7,196,373 11,855,679
Santam, Ltd. 368,608 3,302,568
Sappi, Ltd. 641,567 6,212,550
Steinhoff International Holdings, Ltd. 3,474,550 6,905,595
Sun International, Ltd. 151,284 1,423,464
Tiger Wheels, Ltd. 146,318 528,226
Tongaat-Hulett Group, Ltd. 430,477 3,734,785
Trans Hex Group, Ltd. 252,475 633,003
Trencor, Ltd. 580,044 1,695,834
UCS Group, Ltd. 376,067 63,911
Unitrans Ltd 165,695 789,782
Value Group, Ltd. 311,313 82,249
* Western Areas, Ltd. 200,686 661,497
---------------
TOTAL COMMON STOCKS
(Cost $173,630,877) 193,331,282
---------------
INVESTMENT IN CURRENCY -- (0.0%)
* South African Rand 135,706
---------------
(Cost $154,604)
TOTAL -- SOUTH AFRICA
(Cost $173,785,481) 193,466,988
---------------
BRAZIL -- (8.5%)
PREFERRED STOCKS -- (7.4%)
Acesita SA 413,076 5,432,819
Banco Bradesco SA 260,759 8,392,555
Bradespar SA 5,702 95,842
Brasil Telecom Participacoes SA 1,984,088 13,192
Brasileira de Distribuicao Pao de Acucar 146,540,000 3,101,697
* Braskem SA Preferred A 571,200 5,442,935
Centrais Electricas de Santa Catarin Celesc Series B 3,081,000 1,112,459
Companhia Brasileira de Petroleo Ipiranga SA 202,800 2,225,371
Confab Industrial SA 1,800,000 2,510,064
Coteminas Cia Tecidos Norte de Minas 21,607,500 1,865,267
Distribuidora de Produtos de Petroleo Ipiranga SA 8,000 126,167
Duratex SA 66,910,000 3,054,617
Embraco SA 437,300 163,341
* Embratel Participacoes SA 1,389,166 2,952
Forjas Taurus SA 254,000 119,120
Gerdau SA 1,163,328 11,732,256
Globex Utilidades SA 34,076 150,970
Industrias Romi SA 9,200 263,457
* Inepar SA Industria e Construcoes 78,960,001 38,669
Investimentos Itau SA 6,952,166 14,195,749
Magnesita SA Series A 132,900,000 730,826
Marcopolo SA 370,800 661,731
Metalurgica Gerdau SA 595,200 8,250,542
</Table>
15
<Page>
<Table>
Perdigao SA NPV 199,200 4,170,840
* Plascar Participacoes Industriais SA 6,900,000 21,477
Polialden Petroquimica SA 780,000 263,831
Ripasa SA Papel e Celulose 1,495,000 2,215,045
Sadia SA 3,838,282 6,260,406
Santista Textil SA Preferred 29,600 214,982
Sao Pau Alpargatas SA 3,780,000 517,701
Siderurgica Belgo-Mineira 12,307,631 5,414,438
Siderurgica de Tubarao 211,770,000 11,390,493
Suzano Bahia Sul Papel e Celullose SA 459,431 2,002,086
Suzano Petroquimica SA 94,000 179,846
Tele Celular Sul Participacoes SA 2,775,366 4,354
* Tele Leste Celular Participacoes SA 35 301
* Tele Norte Celular Participacoes SA 1,390,958 179
Tele Norte Leste Participacoes SA 7,538 114,564
Telemar Norte Leste SA 545,000 12,734,385
Telemig Celular Participacoes SA 1,422,616 2,326
* Telesp Celular Participacoes SA 754 3,821
* Tim Sul Prefered Receipts 870,934 39,399
Tim Sul SA Preferred Series B 32,030,000 1,448,960
Uniao des Industrias Petroquimicas SA Series B 2,584,454 3,196,378
Unibanco-Uniao de Bancos Brasileiros Units SA 135,500 971,753
Usinas Siderurgicas de Minas Gerais SA 41,925 789,780
* Vale do Rio Doce Series B 239,144 0
Votorantim Celulose e Papel SA 231,000 2,742,855
---------------
TOTAL PREFERRED STOCKS
(Cost $52,619,290) 124,382,798
---------------
COMMON STOCKS -- (1.1%)
Avipal SA Avicultura e Agropecua 12,500,000 40,932
Brasil Telecom Participacoes SA 51,256,779 460,769
Companhia Siderurgica Nacional SA 931,400 16,505,823
* Embratel Participacoes SA 50,000,000 99,606
Eternit SA 8,800 131,881
Tele Celular Sul Participacoes SA 98,247,830 170,848
* Tele Centro Oeste Celular Participacoes SA 16,764 183,329
* Tele Leste Celular Participacoes SA 1,284 9,858
* Tele Norte Celular Participacoes SA 50,064,513 18,700
Tele Norte Leste Participacoes SA 51,468 1,063,750
Telemig Celular Participacoes SA 51,793,284 195,609
---------------
TOTAL COMMON STOCKS
(Cost $9,216,359) 18,881,105
---------------
INVESTMENT IN CURRENCY -- (0.0%)
* Brazilian Real 349,799
---------------
(Cost $340,944)
RIGHTS/WARRANTS -- (0.0%)
* Itausa-Investimentos Itau SA Preferred Rights 06/01/05 53,899 19,461
---------------
(Cost $0)
TOTAL -- BRAZIL
(Cost $62,176,593) 143,633,163
---------------
</Table>
16
<Page>
<Table>
<Caption>
SHARES VALUE +
--------------- ---------------
MALAYSIA -- (7.5%)
COMMON STOCKS -- (7.5%)
* A&M Realty Berhad 213,550 78,679
ACP Industries Berhad 512,000 107,190
* Advance Synergy Berhad 641,000 42,161
Advanced Synergy Capital Berhad 153,500 20,906
Affin Holdings Berhad 7,143,300 2,702,241
Aluminum Co. of Malaysia Berhad 250,000 105,148
* AMBD Berhad 1,990,900 60,170
* AmInvestment Group Berhad 994,468 423,957
AMMB Holdings Berhad 4,338,144 2,644,088
Ancom Berhad 375,000 60,211
Ann Joo Resources Berhad 1,235,100 513,360
* Antah Holding Berhad 306,000 19,326
APM Automotive Holdings Berhad 779,100 494,717
Apollo Food Holdings Berhad 198,400 116,144
* Arab Malaysia Corp. Berhad 2,000,000 573,187
Asas Dunia Berhad 524,700 104,777
* Asia Pacific Land Berhad 1,349,000 67,413
Asiatic Development Berhad 3,736,600 1,591,094
* Avenue Assets Berhad 3,097,700 438,270
Ayer Hitam Planting Syndicate Berhad 27,000 14,713
Bandar Raya Developments Berhad 2,459,300 755,774
Batu Kawan Berhad 1,034,500 1,606,943
* Berjaya Capital Berhad 2,558,900 558,800
* Berjaya Group Berhad 3,516,900 69,124
Berjaya Land Berhad 3,934,800 828,222
Bernas Padiberas Nasional Berhad 2,341,700 780,912
Bimb Holdings Berhad 1,029,800 373,726
Bina Darulaman Berhad 118,000 32,507
Binaik Equity Berhad 149,800 26,578
Bolton Properties Berhad 1,107,100 276,554
Boustead Holdings Berhad 3,078,700 1,432,557
Cahya Mata Sarawak Berhad 1,008,800 334,342
* Camerlin Group Berhad 845,200 266,812
Chemical Co. of Malaysia Berhad 311,000 195,660
Chin Teck Plantations Berhad 296,600 376,067
Choo Bee Metal Industries Berhad 235,700 143,711
Commerce Asset Holding Berhad 1,104,000 1,352,139
* Cosway Corp. Berhad 854,100 147,295
* Country Heights Holdings Berhad 174,000 38,659
Courts Mammoth Berhad 1,280,000 386,904
Cycle & Carriage Bintang Berhad 249,800 193,882
* Damansara Realty Berhad 391,000 8,232
Datuk Keramik Holdings Berhad 127,000 1,338
Dijaya Corp. Berhad 612,100 128,897
Diversified Resources Berhad 6,048,600 2,194,095
DNP Holdings Berhad 166,000 25,754
* E&O Property Development Berhad 5,481,600 915,032
Eastern & Oriental Berhad 325,000 89,967
Eastern Pacific Industrial Corp. Berhad 414,400 190,513
* Econstates Berhad 327,900 49,982
</Table>
17
<Page>
<Table>
Edaran Otomobil Nasional Berhad 1,327,100 1,184,229
Esso Malaysia Berhad 633,200 420,004
Europlus Berhad 278,100 25,217
* Faber Group Berhad 170,300 22,600
Far East Holdings Berhad 159,200 176,709
Focal Aims Holdings Berhad 424,000 33,556
Fraser & Neave Holdings Berhad 110,800 150,097
General Corp. Berhad 564,000 57,052
Glomac Berhad 591,000 194,399
Gold IS Berhad 1,287,600 467,856
Golden Hope Plantations Berhad 3,785,400 3,803,399
* Golden Hope Plantations Berhad Series A 532,950 406,725
* Golden Plus Holdings Berhad 201,000 23,023
* Gopeng Berhad 273,900 35,223
Grand United Holdings Berhad 451,100 33,180
* Gula Perak Berhad 729,750 42,180
Guthrie Ropel Berhad 191,700 182,567
Hap Seng Consolidated Berhad 1,499,200 835,764
Highlands and Lowlands Berhad 3,508,500 3,507,421
* HIL Industries Berhad 373,285 25,974
* Ho Hup Construction Co. Berhad 175,100 32,010
* Ho Wah Genting Berhad 369,000 17,910
Hong Leong Credit Berhad 1,191,937 1,259,623
Hong Leong Industries Berhad 708,000 666,779
Hong Leong Properties Berhad 2,972,341 456,849
Hume Industries (Malaysia) Berhad 389,967 499,794
Hwang-DBS (Malaysia) Berhad 654,000 208,147
IGB Corp. Berhad 8,275,700 2,390,797
IJM Corp. Berhad 1,608,500 1,988,784
IJM Plantations Berhad 204,400 54,316
* Insas Berhad 1,680,000 132,447
Integrated Logistics Berhad 324,000 145,840
IOI Properties Berhad 13,600 26,297
Island & Peninsular Berhad 522,500 187,361
Jaya Tiasa Holdings Berhad 1,128,700 593,170
* Jerneh Asia Berhad 265,700 153,928
* Johan Holdings Berhad 228,000 8,967
Johor Port Berhad 1,549,900 733,804
Johore Tenggara Oil Palm Berhad 464,000 100,079
K & N Kenanga Holdings Berhad 1,454,300 248,773
Keck Seng (Malaysia) Berhad 832,900 418,667
Kedah Cement Holdings Berhad 1,058,307 1,379,611
* Kejora Harta Berhad 601,000 39,490
Kian Joo Can Factory Berhad 598,200 402,906
* KIG Glass Industrial Berhad 260,000 6,840
Kim Hin Industry Berhad 325,900 144,691
Kim Loong Resources Berhad 113,000 30,286
KPJ Healthcare Berhad 478,600 204,155
Kris Components Berhad 368,377 327,371
Kuala Lumpur Kepong Berhad 3,820,500 6,431,139
* Kub Malaysia Berhad 1,251,400 134,892
Kulim Malaysia Berhad 1,295,725 1,028,612
* Kumpulan Emas Berhad 1,268,000 34,980
Kwantas Corp. Berhad 123,000 121,037
</Table>
18
<Page>
<Table>
* Land & General Berhad 2,261,700 83,219
Landmarks Berhad 1,637,000 365,285
* Leader Universal Holdings Berhad 1,621,833 151,252
* Leong Hup Holdings Berhad 286,000 66,189
* Lien Hoe Corp. Berhad 654,850 38,653
Lingui Development Berhad 2,774,700 721,024
Lion Diversified Holdings Berhad 2,414,300 1,077,594
Lion Industries Corp. Berhad 3,576,181 1,173,817
Malayan Cement Berhad 67,500 10,468
Malayawata Steel Berhad 645,100 222,278
* Malaysia Building Society Berhad 263,000 45,586
Malaysia Industrial Development Finance Berhad 5,266,200 1,577,682
Malaysia Mining Corp. Berhad 6,511,900 3,254,826
Malaysian Airlines System Berhad 80,000 74,535
Malaysian Mosaics Berhad 1,968,000 802,463
Malaysian National Reinsurance Berhad 806,900 742,723
Malaysian Plantations Berhad 2,514,000 1,599,573
Maruichi Malaysia Steel Tube Berhad 479,000 183,869
Matsushita Electric Co. (Malaysia) Berhad 294,980 806,492
MBM Resources Berhad 349,933 193,084
* Meda, Inc. Berhad 650,100 17,926
Mega First Corp. Berhad 448,000 94,846
Mentakab Rubber Co. (Malaya) Berhad 1,100 478
* Merge Housing Berhad 57,900 20,583
Metro Kajang Holdings Berhad 535,333 122,295
* Metroplex Berhad 817,000 10,755
Mieco Chipboard Berhad 732,600 343,126
* MTD Infraperdana Berhad 5,891,300 1,317,668
Muda Holdings Berhad 706,000 54,771
Muhibbah Engineering Berhad 321,600 76,493
* MUI Properties Berhad 1,314,000 91,395
* Mulpha International Berhad 6,934,500 902,952
* Multi-Purpose Holdings Berhad 1,974,000 412,198
Mutiara Goodyear Development Berhad 247,900 27,738
MWE Holdings Berhad 360,000 59,590
* Mycron Steel Berhad 119,750 30,859
* Naluri Berhad 2,329,400 256,940
* Nam Fatt Berhad 286,100 25,535
Narra Industries Berhad 154,200 54,954
NCB Holdings Berhad 2,363,700 1,614,988
Negri Sembilan Oil Palms Berhad 167,600 100,470
* New Straits Times Press (Malaysia) Berhad 1,101,400 921,125
Nylex (Malaysia) Berhad 109,750 17,537
Oriental Holdings Berhad 2,837,416 2,982,519
Oriental Interest Berhad 170,000 55,875
OSK Holdings Berhad 3,075,218 881,048
OSK Property Holdings Berhad 186,678 36,977
Pacific & Orient Berhad 239,300 115,218
* Pan Malaysia Cement Works Berhad 1,271,800 149,993
* Pan Pacific Asia Berhad 100,000 2,368
* Paracorp Berhad 252,000 6,291
Paramount Corp. Berhad 203,900 121,855
PBA Holdings Berhad 1,502,500 541,167
Pelangi Berhad 1,655,800 326,753
</Table>
19
<Page>
<Table>
* Pernas International Holdings Berhad 2,664,000 490,019
Petaling Garden Berhad 871,000 357,386
Petronas Dagangan Berhad 332,800 366,018
Phileo Allied Berhad 2,670,400 2,203,451
* Pilecon Engineering Berhad 210,000 3,575
PJ Development Holdings Berhad 1,043,900 104,250
PK Resources Berhad 25,000 3,423
PPB Group Berhad 3,187,333 6,033,555
* Premium Nutrients Berhad 513,100 24,962
* Prime Utilities Berhad 46,000 4,177
* Promet Berhad 140,000 0
Proton Holdings Berhad 1,305,500 2,436,930
Pulai Springs Berhad 159,800 62,222
RHB Capital Berhad 11,437,200 6,041,905
Road Builders (Malaysia) Holdings Berhad 2,368,700 1,650,230
Sapura Telecommunications Berhad 155,152 39,569
Sarawak Enterprise Corp. Berhad 4,271,000 1,404,825
Sarawak Oil Palms Berhad 93,000 51,842
SCB Developments Berhad 343,700 314,827
Scientex, Inc. Berhad 116,000 78,366
Selangor Dredging Berhad 619,000 58,529
Selangor Properties Berhad 1,498,300 792,019
Shangri-La Hotels (Malaysia) Berhad 706,000 232,233
Shell Refining Co. Federation of Malaysia Berhad 48,000 116,155
SHL Consolidated Berhad 943,700 429,553
* Silverstone Corp. Berhad 8,690 389
Sime Darby Berhad 355,980 543,401
* Sime Engineering Services Berhad 222,000 52,746
* South East Asia Lumber, Inc. Berhad 228,800 15,857
Southern Acids (Malaysia) Berhad 44,000 19,056
Southern Bank Berhad (Foreign) 1,854,950 1,512,650
Southern Steel Berhad 521,000 217,928
Store Corp. Berhad 124,630 78,793
Subur Tiasa Holdings Berhad 438,600 279,109
Sunrise Berhad 827,200 311,063
Sunway City Berhad 2,051,700 1,078,323
Sunway Holdings, Inc. Berhad 394,000 110,850
* Suria Capital Holdings Berhad 1,181,600 127,325
TA Enterprise Berhad 7,022,400 1,347,905
Talam Corp. Berhad 139,050 13,888
* Tamco Corp. Holdings Berhad 219,500 15,247
Tan Chong Motor Holdings Berhad 3,485,700 1,466,740
Tekala Corp. Berhad 337,700 94,047
* Time Dotcom Berhad 8,323,300 578,319
Tiong Nam Transport Holdings Berhad 171,500 40,172
Tradewinds (Malaysia) Berhad 782,900 538,035
* Trengganu Development & Management Berhad 534,400 105,099
Tronoh Mines Malaysia Berhad 508,500 361,325
UAC Berhad 49,800 62,419
UDA Holdings Berhad 875,200 340,121
* UEM World Berhad 5,673,800 917,093
UMW Holdings Berhad 3,008,943 3,956,167
Unico-Desa Plantations Berhad 2,705,000 316,915
* Union Paper Holdings Berhad 1,014,100 155,926
</Table>
20
<Page>
<Table>
Uniphone Telecommunications Berhad 286,800 32,506
United Malacca Rubber Estates Berhad 310,800 279,594
United Plantations Berhad 821,200 1,079,130
* Utama Banking Group Berhad 955,000 122,823
VS Industry Berhad 285,500 84,856
Warisan TC Holdings Berhad 109,850 48,861
Worldwide Holdings Berhad 418,600 194,733
WTK Holdings Berhad 575,400 635,284
Yeo Hiap Seng (Malaysia) Berhad 296,100 150,066
YTL Corp. Berhad 2,986,700 4,124,289
Yu Neh Huat Berhad 748,600 254,058
---------------
TOTAL COMMON STOCKS
(Cost $129,698,824) 126,145,284
---------------
PREFERRED STOCKS -- (0.0%)
* Malayan United Industries Berhad A1 08/03/13 1,526,067 18,072
* Malayan United Industries Berhad A2 08/03/13 1,526,067 14,056
---------------
TOTAL PREFERRED STOCKS
(Cost $8,641) 32,128
---------------
RIGHTS/WARRANTS -- (0.0%)
* Ancom Berhad Rights 06/03/05 187,500 2,220
* Melewar Industrial Group Warrants 95,800 0
* Mieco Chipboard Berhad Warrants 04/21/09 76,000 13,400
---------------
TOTAL RIGHTS/WARRANTS
(Cost $7,042) 15,620
---------------
TOTAL -- MALAYSIA
(Cost $129,714,507) 126,193,032
---------------
TURKEY -- (6.3%)
COMMON STOCKS -- (6.3%)
Adana Cimento Sanayi Ticaret A.S. 259,762 160,814
Akbank T.A.S. 2,744,529 14,649,872
* Akenerji Elektrik Uretim A.S. 216,113 845,294
Aksa Akrilik Kimya Sanayii A.S. 148,490 1,307,341
Aksigorta A.S. 401,460 1,541,513
Alarko Carrier Sanayii ve Ticaret A.S. 40,047 267,262
* Alternatifbank A.S. 92,933 81,325
* Altinyildiz mensucat ve Konfeksiyon Fabrikalari A.S. 87,865 84,260
* Anadolu Anonim Turk Sigorta Sirketi 450,118 950,025
Anadolu Cam Sanayii A.S. 561,694 1,998,109
* Ayen Enerji A.S. 473,652 642,980
Bagfas Bandirma Gubre Fabrikalari A.S. 11,130 226,694
Bati Anabolu Cimento A.S. 255,022 687,263
Bolu Cimento Sanayii A.S. 485,644 610,285
Borusan Mannesmann Boru Sanayi ve Ticaret A.S. 98,343 730,862
Bossa Ticaret ve Sanayi Isletmeleri Ticaret A.S. 360,180 420,079
Brisa Bridgestone Sabanci Lastik San ve Ticaret A.S. 9,261 478,008
Cimsa Cimento Sanayi Ve Ticaret A.S. 480,369 2,020,979
</Table>
21
<Page>
<Table>
* Dardanel Onentas Gida Sanayii A.S. 16,183 10,066
* Dogan Sirketler Grubu Holding A.S. 3,007,361 6,912,309
Doktas Dokumculuk Ticaret ve Sanayi A.S. 63,360 72,536
* Eczacibasi Yapi Gerecleri Sanayi ve Ticaret A.S. 362,756 465,567
Eregli Demir ve Celik Fabrikalari Turk A.S. 1,995,394 8,011,778
* Finansbank A.S. 3,416,061 12,105,192
* Goldas Kuyumculuk Sanayi A.S. 327,200 213,790
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. 24,412 362,977
Gubre Fabrikalari Ticaret A.S. 29,241 50,529
Gunes Sigorta A.S. 309,093 346,202
Ihlas Holding A.S. 319,654 214,783
* Izmir Demir Celik Sanayii A.S. 230,946 477,639
Izocam Ticaret Ve Sanayi A.S. 27,299 86,148
Karton Sanayi ve Ticaret A.S. 1,000 89,164
Kordsa Sabanci Dupont Endustriyel Iplik Kord Bezi
Sanayi ve Ticaret A.S. 414,951 684,845
* Kutahya Porselen Sanayii A.S. 7,076 109,684
Mardin Cimento Sanayii ve Ticaret 138,517 363,289
* Marshall Boya ve Vernik Sanayii A.S. 11,818 232,519
* Medya Holdings A.S. 33,508 169,443
* Menderes Tekstil Sanayi ve Ticaret A.S. 347,650 165,451
* Milpa Ticari ve Sinai Urunler Pazarlama Sanayi ve
Ticaret A.S. 48,774 55,023
* Net Holding A.S. 369,294 105,389
* Net Turizm Ticaret ve Sanayi A.S. 184,178 107,599
Nortel Networks Netas Telekomuenikasyon A.S. 24,805 544,771
Otobus Karoseri Sanayi A.S. 98,162 323,279
Pinar Entegre et ve Un Sanayii A.S. 51,591 41,556
Pinar Sut Mamulleri Sanayii A.S. 58,424 68,514
* Raks Elektronik Sanayi ve Ticaret A.S. 5,859 3,359
* Sabah Yayincilik A.S. 31,938 88,944
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S. 247,799 302,310
* Sasa Dupont Sabanci Polyester Sanayi A.S. 1,121,965 942,823
* Tat Konserve Sanayii A.S. 175,295 338,055
* Tekstil Bankasi A.S. 593,041 525,546
Tire Kutsan Oluklu Mukavva Kutu ve Kagit Sanayii A.S. 156,597 217,291
Tofas Turk Otomobil Fabrikasi A.S. 544,993 752,460
Trakya Cam Sanayii A.S. 1,227,824 3,905,356
Turk Demir Dokum Fabrikalari A.S. 166,949 739,018
* Turk Dis Ticaret Bankasi A.S. 1,984,958 6,287,335
Turk Pirelli Kablo ve Sistemleri A.S. 39,312 67,571
Turk Sise ve Cam Fabrikalari A.S. 2,182,218 5,237,741
* Turkiye Garanti Bankasi A.S. 2,762,007 10,424,036
Turkiye Is Bankasi A.S. 1,860,440 10,048,589
Ulker Gida Sanayi ve Ticaret A.S. 124,461 356,637
* Unye Cimento Sanayi ve Ticaret A.S. 20,978 24,726
USAS Ucak Servisi A.S. 20,520 67,460
* Vestel Elektronik Sanayi ve Ticaret A.S. 223,134 775,118
* Yapi ve Kredi Bankasi A.S. 1,405,653 5,341,851
* Yatas Yatak ve Yorgan Sanayi ve Ticaret A.S. 18,345 12,989
---------------
TOTAL -- TURKEY
(Cost $31,903,220) 106,552,222
---------------
</Table>
22
<Page>
<Table>
<Caption>
SHARES VALUE +
--------------- ---------------
ISRAEL -- (5.1%)
COMMON STOCKS -- (5.1%)
* Afcon Industries, Ltd. 2,102 7,656
American Israeli Paper Mills, Ltd. 17,596 812,835
* Ashtrom Properties, Ltd. 171,400 77,137
Azorim Investment Development & Construction Co., Ltd. 299,403 2,919,943
Bank Hapoalim, Ltd. 4,239,985 14,885,225
Bank Leumi Le-Israel 5,434,353 15,376,651
Bank of Jerusalem, Ltd. 71,150 81,138
* Baran Group, Ltd. 94,200 950,394
Blue Square Chain Stores Properties & Investments, Ltd. 33,400 307,176
CLAL Industries, Ltd. 773,796 3,563,712
Delta Galil Industries, Ltd. 95,091 793,378
* Discount Mortgage Bank, Ltd. 3,611 394,288
Elbit Medical Imaging, Ltd. 168,210 3,237,612
Electra Consumer Products 23,400 198,821
* Electrochemical Industries (1952), Ltd. 48,800 0
* Elron Electronic Industries, Ltd. 202,296 2,909,915
* Feuchtwanger Investments 1984, Ltd. 10,500 5,964
* First International Bank of Israel, Ltd. Par Value $0.01 434,800 673,601
* First International Bank of Israel, Ltd. Par Value $0.05 294,660 2,116,218
Formula Systems (1985), Ltd. 93,700 1,358,244
* Formula Vision Technologies, Ltd. 1,953 1,886
Global Trade Centre Real Estate NV 3,052 6,667
* Granite Hacarmel Investments, Ltd. 142,500 199,110
IDB Development Corp., Ltd. Series A 87,522 2,687,039
Industrial Building Corp., Ltd. 557,683 654,074
Israel Cold Storage & Supply Co., Ltd. 7,000 29,807
Israel Corp. Series A 4,000 1,144,205
* Israel Land Development Co., Ltd. 234,969 1,027,675
Israel Petrochemical Enterprises, Ltd. 253,817 2,207,041
* Israel Steel Mills, Ltd. 97,000 857
* Kardan Real Estate, Ltd. 3,052 4,115
Knafaim-Arkia Holdings, Ltd. 117,857 1,335,476
* Koor Industries, Ltd. 125,769 8,185,325
* Leader Holding & Investments, Ltd. 166,882 318,219
* Liberty Properties, Ltd. 3,457 25,356
M.A.Industries, Ltd. 227,355 1,375,440
Mehadrin, Ltd. 24,063 442,202
Merhav-Ceramic & Building Materials Center, Ltd. 36,232 68,541
* Middle East Tube Co. 46,200 54,420
Miloumor, Ltd. 50,403 171,222
Minrav Holdings, Ltd. 2,000 74,228
* Nice Systems, Ltd. 50,930 1,868,109
* OCIF Investments and Development, Ltd. 7,956 149,249
Otzar Hashilton Hamekomi, Ltd. 1,050 87,585
Packer Plada, Ltd. 4,006 196,299
Polgat Industries, Ltd. Series A 87,600 59,821
Property and Building Corp., Ltd. 7,261 657,682
Scitex Corp., Ltd. 365,565 2,480,646
* Shrem Fudim Kelner & Co., Ltd. 28,100 97,972
Super-Sol, Ltd. Series B 688,337 1,856,287
* Team Computer & Systems, Ltd. 7,900 89,994
</Table>
23
<Page>
<Table>
* Union Bank of Israel, Ltd. 373,011 1,362,399
* United Mizrahi Bank, Ltd. 1,233,305 5,842,867
* Urdan Industries, Ltd. 183,950 97,410
* Ytong Industries, Ltd. 174,250 163,385
---------------
TOTAL COMMON STOCKS
(Cost $54,248,755) 85,692,518
---------------
INVESTMENT IN CURRENCY -- (0.0%)
* Israel Shekel 145
---------------
(Cost $132)
RIGHTS/WARRANTS -- (0.0%)
* GTC Warrants 91 0
---------------
(Cost $0)
TOTAL -- ISRAEL
(Cost $54,248,887) 85,692,663
---------------
INDONESIA -- (4.8%)
COMMON STOCKS -- (4.8%)
* PT Apac Centretex Corporation Tbk 774,000 14,667
PT Asahimas Flat Glass Tbk 5,333,500 1,483,723
PT Astra Agro Lestari Tbk 12,738,500 4,879,540
PT Astra Graphia Tbk 18,779,000 679,407
PT Bank Central Asia Tbk 2,554,000 929,641
PT Bank NISP Tbk 44,791,078 4,405,817
PT Bank Pan Indonesia Tbk 113,482,661 5,348,802
PT Berlian Laju Tanker Tbk 54,456,800 5,372,640
PT Bhakti Investama Tbk 31,933,500 786,579
* PT Branta Mulia Tbk 180,000 18,912
* PT Budi Acid Jaya Tbk 6,410,000 77,175
* PT Charoen Pokphand Indonesia Tbk 13,979,000 630,974
* PT Clipan Finance Indonesia Tbk 12,461,000 450,036
* PT Davomas Adabi Tbk 71,017,500 1,084,545
PT Dynaplast Tbk 3,040,000 470,127
* PT Ever Shine Textile Tbk 19,347,215 152,452
* PT Great River International Tbk 1,788,000 86,413
* PT Hero Supermarket Tbk 220,000 73,003
PT Indorama Synthetics Tbk 7,901,320 497,191
PT International Nickel Indonesia Tbk 7,522,000 10,980,061
* PT Jaya Real Property Tbk 5,189,500 1,303,609
* PT Karwell Indonesia Tbk 1,466,500 63,171
* PT Kawasan Industry Jababeka Tbk 534,000 6,989
PT Komatsu Indonesia Tbk 6,049,000 2,515,322
PT Lautan Luas Tbk 7,721,000 511,111
PT Matahari Putra Prima Tbk 12,852,500 767,694
PT Mayorah Indah Tbk 8,497,572 1,068,354
PT Medco Energi International Tbk 31,249,000 10,335,525
* PT Metrodata Electronics Tbk 18,582,000 174,741
* PT Modern Photo Tbk 1,266,500 77,030
* PT Mutlipolar Corporation Tbk 3,195,000 53,502
* PT Panasia Indosyntec Tbk 403,200 21,181
</Table>
24
<Page>
<Table>
* PT Panin Insurance Tbk 27,086,000 866,233
PT Rig Tenders Indonesia Tbk 2,760,000 259,608
PT Selamat Semp Tbk 10,624,000 333,119
PT Semen Gresik Tbk 8,421,591 14,220,477
* PT Sinar Mas Agro Resources and Technology Tbk 1,688,580 749,554
PT Summarecon Agung Tbk 2,250,000 226,023
* PT Sunson Textile Manufacturer Tbk 6,012,000 192,708
* PT Suparma Tbk 3,995,345 111,482
* PT Surya Dumai Industri Tbk 5,145,000 194,600
PT Surya Toto Indonesia Tbk 46,400 29,250
PT Tempo Scan Pacific Tbk 6,466,000 4,738,319
* PT Tigaraksa Satria Tbk 68,400 26,590
PT Timah Tbk 5,855,000 1,411,102
PT Trias Sentosa Tbk 29,527,200 574,407
PT Trimegah Sec Tbk 34,298,000 521,995
PT Tunas Ridean Tbk 10,810,000 940,863
* PT Ultrajaya Milk Industry & Trading Co. Tbk 13,717,500 432,252
PT Unggul Indah Corp. Tbk 371,435 117,073
---------------
TOTAL COMMON STOCKS
(Cost $37,309,655) 81,265,589
---------------
INVESTMENT IN CURRENCY -- (0.0%)
* Indonesia Rupiah 999
---------------
(Cost $1,132)
TOTAL -- INDONESIA
(Cost $37,310,787) 81,266,588
---------------
THAILAND -- (3.8%)
COMMON STOCKS -- (3.8%)
* Adkinson Securities Public Co., Ltd. (Foreign) 1,753,500 284,841
* Advance Agro Public Co., Ltd. (Foreign) 1,859,030 1,047,792
Amarin Plaza Public Co., Ltd. (Foreign) 1,130,300 52,579
Bangkok Bank Public Co., Ltd. (Foreign) 229,700 655,801
Bangkok Expressway Public Co., Ltd. (Foreign) 4,762,500 3,076,929
Bangkok Insurance Public Co., Ltd. (Foreign) 60,600 337,081
* Bangkok Land Public Co., Ltd. (Foreign) 25,356,703 299,562
* Bank of Ayudhya Public Co., Ltd. (Foreign) 13,791,900 4,311,030
Banpu Public Co., Ltd. (Foreign) 1,199,400 4,457,529
Big C Supercenter Public Co., Ltd. (Foreign) 1,274,800 699,681
Cal-Comp Electronics (Thailand) Public Co., Ltd.
(Foreign) 6,655,000 566,731
Capital Nomura Securities Public Co., Ltd. (Foreign) 370,100 473,670
Central Plaza Hotel Public Co., Ltd. (Foreign) 723,000 409,279
Charoen Pokphand Foods Public Co., Ltd. (Foreign) 19,181,540 2,020,600
Delta Electronics (Thailand) Public Co., Ltd. (Foreign) 1,986,600 748,092
Eastern Water Resources Development & Management Public
Co., Ltd. (Foreign) 8,590,800 790,785
Finansa Public Co., Ltd. (Foreign) 47,700 22,776
* Golden Land Property Development Public Co., Ltd.
(Foreign) 232,500 37,195
Hana Microelectronics Public Co., Ltd. (Foreign) 935,000 446,444
Hermraj Land & Development Public Co., Ltd. (Foreign) 8,293,700 185,756
ICC International Public Co., Ltd. (Foreign) 2,755,000 2,788,565
</Table>
25
<Page>
<Table>
* Jasmine International Public Co., Ltd. (Foreign) 13,034,800 166,825
Kang Yong Electric Public Co., Ltd. (Foreign) 236,200 386,594
Kasikornbank Public Co., Ltd. (Foreign) 1,530,000 2,240,586
KCE Electronics Public Co., Ltd. (Foreign) 120,000 12,582
KGI Securities One Public Co., Ltd. (Foreign) 3,648,400 228,081
Krung Thai Bank Public Co., Ltd. (Foreign) 15,705,600 3,556,277
Krungthai Card Public Co., Ltd. (Foreign) 423,700 240,893
Laguna Resorts & Hotels Public Co., Ltd. (Foreign) 545,800 617,937
Loxley Public Co., Ltd. (Foreign) 3,341,100 226,961
MBK Development Public Co., Ltd. (Foreign) 226,700 270,612
* Millennium Steel Public Co., Ltd. (Foreign) 6,139,300 246,297
Modernform Group Public Co., Ltd. (Foreign) 46,000 40,192
Muramoto Electronic (Thailand) Public Co., Ltd. (Foreign) 134,300 733,808
* Nakornthai Strip Mill Public Co., Ltd. (Foreign) 18,337,100 586,715
National Finance and Securities Public Co., Ltd. (Foreign) 9,023,000 2,998,043
National Petrochemical Public Co., Ltd. (Foreign) 2,010,600 5,987,758
* Natural Park Public Co., Ltd. (Foreign) 2,593,500 62,556
* Pacific Assets Public Co., Ltd. (Foreign) 380,000 43,584
Padaeng Industry Public Co., Ltd. (Foreign) 1,600,800 504,313
Quality Houses Public Co., Ltd. (Foreign) 12,468,500 368,255
Regional Container Lines Public Co., Ltd. (Foreign) 6,950,000 5,302,732
Rojana Industrial Park Public Co., Ltd. (Foreign) 222,600 38,625
Saha Pathana Inter-Holding Public Co., Ltd. (Foreign) 3,316,000 1,428,255
Saha Pathanapibul Public Co., Ltd. (Foreign) 1,367,000 471,031
Saha-Union Public Co., Ltd. (Foreign) 3,025,300 1,169,018
Sansiri Public Co., Ltd. (Foreign) 1,055,400 78,447
* Shinawatra Satellite Public Co., Ltd. (Foreign) 939,100 388,306
Siam Commercial Bank Public Co., Ltd. (Foreign) 3,474,600 4,083,489
Siam Food Products Public Co., Ltd. (Foreign) 97,100 114,713
Siam Industrial Credit Public Co., Ltd. (Foreign) 4,055,050 583,855
Siam Makro Public Co., Ltd. (Foreign) 331,200 509,476
Sri Trang Agro Industry Public Co., Ltd. (Foreign) 119,700 56,565
* Standard Chartered Nakornthon Bank Public Co., Ltd. (Foreign) 839 454
Supalai Public Co., Ltd. (Foreign) 456,500 27,190
Thai Plastic & Chemicals Public Co., Ltd. (Foreign) 290,000 111,346
Thai Rayon Public Co., Ltd. (Foreign) 16,500 146,197
Thai Rung Union Car Public Co., Ltd. (Foreign) 5,386,250 914,721
Thai Wacoal Public Co., Ltd. (Foreign) 93,300 74,631
* Tipco Asphalt Public Co., Ltd. (Foreign) 43,600 22,213
* TPI Polene Public Co., Ltd. (Foreign) 4,168,162 2,641,648
* Tuntex (Thailand) Public Co., Ltd. (Foreign) 1,987,600 93,925
Tycoons Worldwide Group Public Co., Ltd. (Foreign) 1,243,300 312,126
* United Communication Industry Public Co., Ltd. (Foreign) 864,400 941,415
Vinythai Public Co., Ltd. (Foreign) 2,702,417 678,431
---------------
TOTAL COMMON STOCKS
(Cost $39,493,571) 63,420,396
---------------
RIGHTS/WARRANTS -- (0.0%)
* Bangkok Land Public Co., Ltd. (Foreign) Warrants 2006 3,987,330 0
* Modernform Group Public Co., Ltd. (Foreign) Warrants 11/30/07 4,600 389
---------------
TOTAL RIGHTS/WARRANTS
(Cost $0) 389
---------------
TOTAL -- THAILAND
(Cost $39,493,571) 63,420,785
---------------
</Table>
26
<Page>
<Table>
CZECH REPUBLIC -- (3.4%)
COMMON STOCKS -- (3.4%)
Cesky Telecom A.S. 535,201 10,020,432
CEZ A.S. 2,744,208 46,529,555
---------------
TOTAL -- CZECH REPUBLIC
(Cost $49,958,001) 56,549,987
---------------
POLAND -- (3.3%)
COMMON STOCKS -- (3.3%)
* Amica Wronki SA 174,355 1,613,850
* Bank Ochrony Srodowiska SA 4,447 65,007
Bank Przemyslowo Handlowy BPH 9,050 1,371,186
Bank Zackodni WBK SA 31,975 871,593
Big Bank Gdanski SA 6,347,135 5,863,786
* Budimex SA 124,553 1,820,779
Debica SA 69,146 1,695,816
* Echo Investment SA 24,869 648,663
Elektrobudowa SA 31,748 219,405
* Fabryki Mebli Forte SA 36,826 117,680
* Huta Ferrum SA 4,233 11,142
* Impexmetal SA 241,068 2,905,734
* Lentex SA 139,083 610,630
* Mostostal Export SA 654,595 204,212
* Mostostal Warszawa SA 183,300 332,934
* Mostostal Zabrze Holding SA 140,376 29,909
Netia Holdings SA 2,929,680 3,299,490
Orbis SA 668,253 4,509,090
Polifarb Cieszyn Wroclaw SA 929,467 1,874,763
Polski Koncern Naftowy Orlen SA 1,699,007 23,039,907
* Prokom Software SA 34,197 967,611
Przedsiebiorstwo Farmaceutyczne JELFA SA 139,333 2,402,578
* Raciborska Fabryka Kotlow SA 291,972 1,036,405
* Stalexport SA 422,172 222,749
* Ster-Projekt SA 189,938 424,423
---------------
TOTAL -- POLAND
(Cost $52,569,461) 56,159,342
---------------
CHILE -- (2.3%)
COMMON STOCKS -- (2.3%)
Banco de Credito e Inversiones SA Series A 54,733 1,115,756
Banmedica SA 347,000 255,606
CAP SA (Compania de Aceros del Pacifico) 199,310 2,210,762
Cementos Bio-Bio SA 62,327 138,267
</Table>
27
<Page>
<Table>
Cervecerias Unidas SA 143,000 667,562
Consumidores de Gas de Santiago SA 103,000 485,225
COPEC (Cia de Petroleos de Chile) 947,488 7,677,290
Cristalerias de Chile SA 14,500 134,133
CTI SA (Cia Tecno Industrial) 4,900,000 105,261
Empresa Nacional de Electricidad SA 2,694,503 2,067,901
Empresa Nacional de Telecomunicaciones SA 86,880 840,150
Empresas CMPC SA 286,547 6,234,085
* Empresas Iansa SA 4,994,997 239,589
Enersis SA 11,659,592 2,148,161
Industrias Forestales Inforsa SA 2,387,597 511,672
* Inversiones Frimetal SA 4,900,000 0
* Madeco Manufacturera de Cobre SA 1,450,969 131,240
Maderas y Sinteticos SA 1,414,095 782,421
Minera Valparaiso SA 7,500 110,492
Parque Arauco SA 543,207 316,386
Sociedad Industrial Pizarreno SA 63,000 118,068
Sociedad Quimica y Minera de Chile SA Series A 43,364 404,929
Sociedad Quimica y Minera de Chile SA Series B 945,090 8,127,207
Soquimic Comercial SA 150,000 53,447
Sud Americana de Vapores SA 410,000 895,503
Telecomunicaciones de Chile SA Series A 477,600 1,178,148
Telecomunicaciones de Chile SA Series B 372,166 908,499
Vina de Concha y Toro SA 350,000 524,026
Vina San Pedro SA 4,500,000 49,722
Vina Sta Carolina SA Series A 163,489 103,653
---------------
TOTAL COMMON STOCKS
(Cost $19,472,515) 38,535,161
---------------
INVESTMENT IN CURRENCY -- (0.0%)
* Chilean Pesos 825,466
---------------
(Cost $833,933)
TOTAL -- CHILE
(Cost $20,306,448) 39,360,627
---------------
ARGENTINA -- (2.0%)
COMMON STOCKS -- (2.0%)
Acindar Industria Argentina de Aceros SA Series B 2,261,067 4,726,149
* Alpargatas SA Industrial y Comercial 6,363 7,657
Banco del Sud Sociedad Anonima Series B 310,563 414,676
* Banco Frances del Rio de la Plata SA 353,379 785,245
* Banco Suquia SA 327,868 53,507
* Capex SA Series A 131,575 249,428
Celulosa Argentina SA Series B 10,843 12,798
* Central Costanera SA Series B 261,000 292,566
* Central Puerto SA Series B 161,000 91,297
Cresud SA Comercial Industrial Financiera y Agropecuaria 535,252 663,515
DYCASA SA (Dragados y Construcciones Argentina) Series B 55,000 58,479
* Garovaglio y Zorraquin SA 65,800 11,281
* Grupo Financiero Galicia SA Series B 2,067,935 1,704,439
* IRSA Inversiones y Representaciones SA 1,257,197 1,500,433
</Table>
28
<Page>
<Table>
* Juan Minetti SA 806,693 885,640
Ledesma S.A.A.I. 885,405 519,597
* Metrogas SA Series B 176,000 78,334
* Molinos Rio de la Plata SA Series B 541,214 829,711
* Polledo SA Industrial y Constructora y Financiera 50,000 11,045
* Renault Argentina SA 2,501,957 680,516
Siderar S.A.I.C. Series A 645,512 4,724,567
* Sol Petroleo SA 173,000 45,002
Solvay Indupa S.A.I.C. 1,334,322 1,803,637
* Telecom Argentina Stet-France SA Series B 476,600 1,104,623
Tenaris SA 1,660,259 10,947,388
* Transportadora de Gas del Sur SA Series B 660,500 783,935
---------------
TOTAL COMMON STOCKS
(Cost $19,009,344) 32,985,465
---------------
INVESTMENT IN CURRENCY -- (0.0%)
* Argentine Peso 471,019
---------------
(Cost $464,426)
TOTAL -- ARGENTINA
(Cost $19,473,770) 33,456,484
---------------
HUNGARY -- (1.9%)
COMMON STOCKS -- (1.9%)
* Danubius Hotel & Spa RT 172,246 3,880,595
Egis RT 80,537 6,922,410
* Fotex First Hungarian-American Photo Service Co. 2,356,737 2,847,869
* Globus Konzervipari RT 349,690 642,730
* Magyar Olay-Es Gazipari RT 85,309 6,337,524
* Mezogazdasagi Gepgyarto Reszvenytarsasag (Mezogep) 100,770 623,336
* North American Business Industries RT 121,832 150,221
* Pannonplast P.L.C. 138,882 1,007,553
* Raba Hungarian Railway Carriage & Machine Works 482,083 1,542,686
* Synergon Information Systems Ltd., Budapest 247,161 574,863
* Tiszai Vegyi Kombinat RT 253,242 7,124,115
---------------
TOTAL -- HUNGARY
(Cost $22,009,258) 31,653,902
---------------
PHILIPPINES -- (1.7%)
COMMON STOCKS -- (1.7%)
Aboitiz Equity Ventures, Inc. 5,782,000 522,478
Alaska Milk Corp. 7,953,000 467,737
* Alsons Consolidated Resources, Inc. 16,904,000 139,699
Bacnotan Consolidated Industries, Inc. 1,696,970 357,682
* Belle Corp. 30,800,000 662,645
* Cebu Holdings, Inc. 7,763,250 132,430
* Digital Telecommunications (Philippines), Inc. 131,630,000 2,649,493
Equitable PCI Bank, Inc. 2,841,900 2,704,664
* Fil-Estate Land, Inc. 3,196,340 32,584
</Table>
29
<Page>
<Table>
* Filinvest Development Corp. 5,283,500 119,874
* Filinvest Land, Inc. 151,904,100 3,949,168
* Filipina Water Bottling Corp. 5,471,786 0
* First E-Bank Corp. 409,000 6,236
Keppel Philippines Marine, Inc. 9,725,165 107,080
* Kuok Philippine Properties, Inc. 4,300,000 15,762
* Megaworld Properties & Holdings, Inc. 179,870,000 4,538,174
Metro Bank and Trust Co. 349,020 188,121
* Mondragon International Philippines, Inc. 2,464,000 5,645
Petron Corp. 15,160,000 914,937
* Philippine National Bank 3,619,900 2,318,452
* Philippine National Construction Corp. 398,900 24,675
* Philippine Realty & Holdings Corp. 20,930,000 69,051
Philippine Savings Bank 1,095,390 662,534
* Prime Orion Philippines, Inc. 14,400,000 59,384
* RFM Corp. 2,488,200 36,484
Robinson's Land Corp. Series B 16,019,000 1,421,571
Security Bank Corp. 2,713,200 1,456,174
SM Development Corp. 21,996,400 628,640
* Solid Group, Inc. 19,668,000 176,903
Soriano (A.) Corp. 20,195,000 735,218
Union Bank of the Philippines 547,400 285,632
Universal Robina Corp. 16,140,300 3,856,760
* Urban Bank, Inc. 14,950 171
---------------
TOTAL -- PHILIPPINES
(Cost $28,352,717) 29,246,058
---------------
INDIA -- (1.0%)
COMMON STOCKS -- (1.0%)
* Adani Exports, Ltd. 257,879 375,437
* Alok Industries, Ltd. 150,255 231,089
* Apollo Tyres, Ltd. 35,681 226,298
* Arvind Mills, Ltd. 223,393 724,231
* Aurobindo Pharmaceuticals, Ltd. 58,049 389,885
* Ballarpur Industries, Ltd. 185,719 509,580
* BASF India, Ltd. 16,868 79,279
* Chambal Fertilizers & Chemicals, Ltd. 464,217 338,029
* Deepak Fertilizers & Petrochemicals Corp., Ltd. 96,707 146,866
* Dr. Reddy's Laboratories, Ltd. 104,746 1,727,839
* E.I.D. - Parry (India), Ltd. 53,405 149,107
* Electrosteel Casings, Ltd. 9,689 94,414
* Essel Propack, Ltd. 15,830 116,939
* Federal Bank, Ltd. 75,231 285,027
* Finolex Cables, Ltd. 21,901 112,661
* Finolex Industries, Ltd. 74,213 131,989
* Great Eastern Shipping Co., Ltd. 268,708 958,785
* GTL, Ltd. 86,203 197,065
* Gujarat Alkalies & Chemicals, Ltd. 43,945 133,900
* Gujarat State Fertilisers & Chemicals, Ltd. 91,254 243,840
* Himachal Futuristic Communications, Ltd. 556,774 239,626
* India Cements, Ltd. 141,720 242,958
</Table>
30
<Page>
<Table>
* Indian Hotels Co., Ltd. 34,848 531,952
Indian Petrochemicals Corp., Ltd. 211,545 788,682
* Indian Rayon & Industries, Ltd. 15,834 161,045
* IndusInd Bank, Ltd. 173,729 243,872
* Industrial Development Bank of India, Ltd. 329,966 704,232
* Ingersoll-Rand (India), Ltd. 15,956 96,577
* Ispat Industries, Ltd. 791,903 374,379
* J.B. Chemicals & Pharmaceuticals, Ltd. 48,049 97,512
Jammu & Kashmir Bank, Ltd. 29,022 222,917
* Jindal Stainless, Ltd. 125,668 284,734
* LIC Housing Finance, Ltd. 50,824 277,793
* Mahavir Spinning Mills, Ltd. 15,408 131,452
* Mahindra & Mahindra, Ltd. 109,940 1,284,307
* Moser Baer (India), Ltd. 94,953 464,712
* MRF, Ltd. 2,143 121,315
* Nagarjuna Fertilizers & Chemicals, Ltd. 247,572 80,515
* NIIT, Ltd. 19,941 88,775
* Nirma, Ltd. 16,550 148,829
* Orchid Chemicals & Phamaceuticals, Ltd. 37,024 271,410
* Pentamedia Graphics, Ltd. 383,284 68,705
* Polaris Software Lab, Ltd. 58,650 135,481
* Punjab Tractors, Ltd. 38,385 167,588
Raymond, Ltd. 45,243 354,032
* SRF, Ltd. 78,441 242,425
* Tata Chemicals, Ltd. 170,715 695,492
* Tata Tea, Ltd. 44,990 589,781
* Tube Investments of India, Ltd. 19,300 136,466
* Videsh Sanchar Nigam, Ltd. 120,042 570,474
---------------
TOTAL -- INDIA
(Cost $16,797,895) 16,990,298
---------------
UNITED STATES -- (0.0%)
COMMON STOCKS -- (0.0%)
* TTI Team Telecom International, Ltd. 16,590 38,323
---------------
TOTAL -- UNITED STATES
(Cost $34,900) 38,323
---------------
EMU -- (0.0%)
INVESTMENT IN CURRENCY -- (0.0%)
* Euro Currency 414
---------------
TOTAL -- EMU
(Cost $284) 414
---------------
</Table>
31
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE +
--------------- ---------------
(000)
TEMPORARY CASH INVESTMENTS -- (0.0%)
Repurchase Agreement, PNC Capital Markets, Inc. 2.89%,
06/01/05 (Collateralized by $878,000 FNMA Notes 2.95%,
11/14/07, valued at $876,903) to be repurchased at
$863,069 $ 863 863,000
---------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $863,000) 863,000
---------------
TOTAL INVESTMENTS - (100.0%)
(Cost $1,208,588,829) $ 1,686,657,735
---------------
</Table>
- ----------
+ Securities have been fair valued. See Note B to Financial Statements.
* Non-Income Producing Securities.
See accompanying Notes to Financial Statements.
32
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2005
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
<Table>
ASSETS:
Investments at Value $ 1,686,658
Cash 15
Receivables:
Investment Securities Sold 617
Dividends and Interest 9,845
Fund Shares Sold 104
Prepaid Expenses and Other Assets 7
---------------
Total Assets 1,697,246
---------------
LIABILITIES:
Payables:
Investment Securities Purchased 114
Fund Shares Redeemed 2,629
Due to Advisor 140
Deferred Thailand Capital Gains Tax 4,312
Deferred Chilean Repatriation Tax 237
Accrued Expenses and Other Liabilities 316
---------------
Total Liabilities 7,748
---------------
NET ASSETS $ 1,689,498
===============
SHARES OUTSTANDING, $0.01 PAR VALUE
(Unlimited Number of Shares Authorized) 58,811,655
===============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 28.73
===============
Investments at Cost $ 1,208,589
===============
</Table>
See accompanying Notes to Financial Statements.
17
<Page>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2005
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<Table>
INVESTMENT INCOME
Dividends (Net of Foreign Taxes Withheld of $2,760) $ 31,477
Interest 198
---------------
Total Investment Income 31,675
---------------
EXPENSES
Investment Advisory Services 761
Accounting & Transfer Agent Fees 434
Custodian Fees 919
Legal Fees 15
Audit Fees 11
Shareholders' Reports 49
Directors' Fees and Expenses 5
Other 37
---------------
Total Expenses 2,231
---------------
NET INVESTMENT INCOME (LOSS) 29,444
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on Investment Securities Sold 7,388
Net Realized Gain (Loss) on Foreign Currency Transactions (1,918)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency 42,126
Translation of Foreign Currency Denominated Amounts 84
Deferred Thailand Capital Gains Tax 56
---------------
NET GAIN (LOSS) 47,736
---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 77,180
===============
</Table>
See accompanying Notes to Financial Statements.
18
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<Table>
<Caption>
SIX MONTHS YEAR
ENDED ENDED
MAY 31, NOV.30,
2005 2004
--------------- ---------------
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income (Loss) $ 29,444 $ 19,845
Net Realized Gain (Loss) on Investment Securities Sold 7,388 26,764
Net Realized Gain (Loss) on Foreign Currency Transactions (1,918) (1,330)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency 42,126 294,842
Translation of Foreign Currency Denominated Amounts 84 36
Deferred Thailand Capital Gains Tax 56 1,032
--------------- ---------------
Net Increase (Decrease) in Net Assets Resulting from Operations 77,180 341,189
--------------- ---------------
Distributions From:
Net Investment Income (10,321) (15,246)
Net Short-Term Gains (1,386) --
Net Long-Term Gains (24,479) (6,727)
--------------- ---------------
Total Distributions (36,186) (21,973)
--------------- ---------------
Capital Share Transactions (1):
Shares Issued 468,527 283,404
Shares Issued in Lieu of Cash Distributions 32,560 19,331
Shares Redeemed (25,533) (66,724)
--------------- ---------------
Net Increase (Decrease) from Capital Share Transactions 475,554 236,011
--------------- ---------------
Total Increase (Decrease) 516,548 555,227
NET ASSETS
Beginning of Period 1,172,950 617,723
--------------- ---------------
End of Period $ 1,689,498 $ 1,172,950
=============== ===============
(1) SHARES ISSUED AND REDEEMED:
Shares Issued 15,977 12,545
Shares Issued in Lieu of Cash Distributions 1,169 905
Shares Redeemed (875) (3,000)
--------------- ---------------
16,271 10,450
=============== ===============
</Table>
See accompanying Notes to Financial Statements.
19
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<Table>
<Caption>
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
MAY 31, NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
2005 2004 2003 2002 2001 2000
----------- ----------- ----------- ---------- ---------- ----------
(UNAUDITED)
Net Asset Value, Beginning of Period $ 27.57 $ 19.25 $ 12.81 $ 12.28 $ 14.14 $ 20.88
----------- ----------- ----------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) 0.51 0.52 0.33 0.23 0.38 0.19
Net Gains (Losses) on Securities
(Realized and Unrealized) 1.48 8.42 6.45 0.83 (0.92) (5.75)
----------- ----------- ----------- ---------- ---------- ----------
Total from Investment Operations 1.99 8.94 6.78 1.06 (0.54) (5.56)
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Net Investment Income (0.23) (0.41) (0.34) (0.32) (0.33) (0.16)
Net Realized Gains (0.60) (0.21) -- (0.21) (0.99) (1.02)
----------- ----------- ----------- ---------- ---------- ----------
Total Distributions (0.83) (0.62) (0.34) (0.53) (1.32) (1.18)
- ----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 28.73 $ 27.57 $ 19.25 $ 12.81 $ 12.28 $ 14.14
==================================================================================================================================
Total Return 7.29%# 47.38% 53.30% 8.79% (4.34)% (28.02)%
- ----------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands) $ 1,689,498 $ 1,172,950 $ 617,723 $ 345,597 $ 279,096 $ 295,276
Ratio of Expenses to Average Net
Assets 0.29%* 0.34% 0.42% 0.40% 0.52% 0.54%
Ratio of Net Investment Income to
Average Net Assets 3.88%* 2.33% 2.39% 1.67% 3.16% 1.46%
Portfolio Turnover Rate 1%# 8% 10% 15% 19% 19%
</Table>
- ----------
* Annualized
# Non-annualized
See accompanying Notes to Financial Statements.
20
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
Dimensional Emerging Markets Value Fund Inc. (the "Fund") was organized as
a closed-end management investment company registered under the Investment
Company Act of 1940, as amended. Effective November 21, 1997, the Fund was
reorganized as an open-end management investment company.
B. SIGNIFICANT ACCOUNTING POLICIES:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
increases and decreases in net assets from operations during the reporting
period. Actual results could differ from those estimates and those differences
could be material.
1. SECURITY VALUATION: Securities held by the Fund 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 TRANSLATION: Securities and other assets and
liabilities of the Fund whose values are initially expressed in foreign
currencies are translated to U.S. dollars using the mean between the most
recently quoted bid and asked prices for the U.S. dollar as quoted by generally
recognized reliable sources. Dividend and interest income and certain expenses
are translated to U.S. dollars at the rate of exchange on their respective
accrual dates.
21
<Page>
Receivables and payables denominated in foreign currencies are marked to market
based on daily exchange rates and exchange gains or losses are realized upon
ultimate receipt or disbursement.
The Fund does not isolate the effect of fluctuations in foreign exchange
rates from the effect of fluctuations in the market prices of securities held
whether realized or unrealized.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and foreign withholding taxes recorded on the Fund's books and the
U.S. dollar equivalent amounts actually received or paid.
3. DEFERRED COMPENSATION PLAN: Each eligible Director of the Fund may
elect participation in the Deferred Compensation Plan (the "Plan"). Under the
Plan, effective January 1, 2002, such Directors may defer payment of 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 May 31, 2005, the total liability for deferred
compensation to Directors is included in Accrued Expenses and Other Liabilities
in the amount of $23,156.
4. 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.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. ("Dimensional" or the "Advisor") provides
investment advisory services to the Fund. For the six months ended May 31, 2005,
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 six months ended May 31, 2005, the Fund made the following
purchases and sales of investment securities other than short-term securities
(amounts in thousands):
<Table>
Purchases $ 478,127
Sales 16,260
</Table>
There were no purchases or sales of U.S. Government Securities during the
six months ended May 31, 2005.
22
<Page>
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.
The tax character of dividends and distributions declared and paid during
the years ended November 30, 2004 and November 30, 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.
At 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 Fund's investments are in securities considered to be
"passive foreign investment companies", for which any unrealized appreciation
(depreciation) (mark to market) and/or realized gains are required to be
included in distributable net investment income for tax purposes. 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 May 31, 2005, the total cost and aggregate gross unrealized appreciation
and depreciation of securities for federal income tax purposes were different
from amounts reported for financial reporting purposes (amounts in thousands):
<Table>
<Caption>
NET
UNREALIZED
FEDERAL UNREALIZED UNREALIZED APPRECIATION/
TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
----------- ------------ ------------ --------------
$ 1,209,474 $ 544,700 $ (67,516) $ 477,184
</Table>
F. COMPONENTS OF NET ASSETS:
At May 31, 2005 net assets consisted of (amounts in thousands):
<Table>
<Caption>
UNREALIZED
APPRECIATION
ACCUMULATED ACCUMULATED (DEPRECIATION) UNREALIZED
ACCUMULATED NET REALIZED NET REALIZED DEFERRED OF INVESTMENT NET
NET GAIN (LOSS) FOREIGN THAILAND SECURITIES FOREIGN
PAID-IN INVESTMENT OF INVESTMENT EXCHANGE CAPITAL AND FOREIGN EXCHANGE TOTAL
CAPITAL INCOME (LOSS) SECURITIES GAIN (LOSS) GAINS TAX CURRENCY GAIN (LOSS) NET ASSETS
------------ ------------- ------------- ------------- ---------- -------------- ----------- -------------
$ 1,192,574 $ 21,018 $ 3,961 $ (1,918) $ (4,312) $ 478,069 $ 106 $ 1,689,498
</Table>
23
<Page>
G. FINANCIAL INSTRUMENTS:
In accordance with the Fund's investment objectives and policies, the Fund
may invest in certain financial instruments that have off-balance sheet risk in
excess of the amounts recognized in the financial statements and concentrations
of credit and market risk. These instruments and their significant corresponding
risks are described below:
1. REPURCHASE AGREEMENTS: The Fund may purchase money market instruments
from financial institutions, such as banks and non-bank dealers, subject to the
counterparty's agreement to repurchase them at an agreed upon date and price.
The counterparty will be required on a daily basis to maintain the value of the
collateral subject to the agreement at not less than the repurchase price
(including accrued interest). The agreements are conditioned upon the collateral
being deposited under the Federal Reserve book-entry system or with the Fund's
custodian or a third party sub-custodian. In the event of default or bankruptcy
by the other party to the agreement, retention of the collateral may be subject
to legal proceedings. All open repurchase agreements were entered into on May
31, 2005.
2. FOREIGN MARKET RISKS: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States, including the possibility of future political and economic
developments and the level of foreign governmental supervision and regulation of
foreign securities markets. These markets are generally smaller, less liquid and
more volatile than the major securities markets in the United States.
Consequently, acquisition and disposition of securities by the Fund may be
inhibited.
H. 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. 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 27, 2006. There were no borrowings by the Fund under the
discretionary line of credit with the domestic custodian bank during the six
months ended May 31, 2005.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $150 million unsecured line of credit effective April
3, 2005 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 on April 2, 2006. There were no
borrowings by the Fund under the line of credit during the six months ended May
31, 2005.
I. 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.
24
<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 and
ending June 30.
25
<Page>
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
At the Board meeting held on December 15, 2004 (the "Meeting"), the Board
of Directors (the "Board") of Dimensional Emerging Markets Value Fund Inc. (the
"Fund") considered the continuation of the Fund's investment management
agreement (the "Advisory Agreement.").
Prior to the Meeting, independent counsel to the Independent Board Members
sent to the Advisor a request for information, which identified the information
that the Independent Board Members wished to receive in order to consider the
continuation of the Advisory Agreements. The Independent Board Members, met with
their independent counsel in advance of the Meeting to discuss the materials
provided by the Advisor, the independent reports prepared by Lipper Analytical
Services, Inc., and issues related to the continuation of the Advisory
Agreements.
At the Meeting, the Board considered a number of factors when considering
the continuation of the Advisory Agreement for the Fund, including: (i) the
nature, extent and quality of services provided by the Advisor to the Fund; (ii)
the performance of the Fund and the Advisor; (iii) the fees and expenses borne
by the Fund; (iv) the profitability realized by the Advisor from the
relationship with the Fund; (v) whether economies of scale are realized by the
Advisor with respect to the Fund as it grows larger, and the extent to which
this is reflected in the level of the advisory fee charged; (vi) comparisons of
the services to be rendered and the amounts to be paid under other advisory
contracts; and (vii) any benefits to be derived by the Advisor from its
relationship with the Fund.
When considering the nature and quality of the services provided by the
Advisor to the Fund, the Board reviewed: (a) the scope and depth of the
Advisor's organization; (b) the experience and expertise of its investment
professionals currently providing management services to the Fund; and (c) the
Advisor's investment advisory capabilities. The Board evaluated the Advisor's
portfolio management process. The Board also considered the nature and character
of non-investment management services provided by the Advisor. After analyzing
the caliber of services provided by the Advisor to the Fund, both quantitatively
and qualitatively, including the impact of these services on investment
performance, the Board concluded that the nature, extent and quality of services
provided to the Fund were consistent with the operational requirements of the
Fund and met the needs of the shareholders of the Fund.
In considering the performance of the Fund, the Board analyzed the Lipper
reports, which compared the performance of the Fund with other funds in its
respective peer group and peer universe, and noted that the performance of the
Fund compared favorably with its peer group. The Board determined, among other
things, that the performance of the Fund was acceptable as compared with
relevant performance standards.
When considering the fees and expenses borne by the Fund, and considering
the reasonableness of the management fees paid to the Advisor in light of the
services provided to the Fund and any additional benefits received by the
Advisor in connection with providing such services, the Board compared the fees
charged by the Advisor to the Fund to the fees charged to the funds in its peer
group for comparable services as provided in the Lipper reports. The Board
concluded that the advisory fees and total expenses of the Fund over various
periods were favorable in relation to its peer funds, and that the advisory fees
were fair, both on an absolute basis and in comparison with the fees of other
funds identified in the peer groups and the industry at large.
The Board considered the profitability of the Fund to the Advisor by
reviewing the profitability analysis provided by the Advisor, including
information about its fee revenues and income. The Board reviewed the overall
profitability of the Advisor, and the compensation that it received for
providing services to the Fund, including administrative fees paid by the feeder
portfolio. The Board considered the profitability to the Advisor of managing the
Fund and other "non-1940 Act registered" investment vehicles. Upon closely
examining the Advisor's profitability, the Board concluded, among other things,
that it was reasonable.
26
<Page>
The Board also discussed whether economies of scale are realized by the
Advisor with respect to the Fund as it grows larger, and the extent to which
this is reflected in the level of advisory fees charged. For several reasons,
the Board concluded that economies of scale and the reflection of such economies
of scale in the level of advisory fees charged were inapplicable to the Fund at
the present time, due to the current level of fees and expenses and the
profitability of the Fund.
After full consideration of the factors discussed above, with no single
factor identified as being of paramount importance, the Board, including the
Independent Board Members, with the assistance of independent counsel, concluded
that the continuation of the Advisory Agreement for the Fund was in the best
interests of the Fund and its shareholders.
27
<Page>
ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is not applicable to the Registrant.
<Page>
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. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the Registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this Form
N-CSR (the "Report"), the Registrant's Principal Executive Officer and
Principal Financial Officer believe that the disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) are effectively designed to ensure that
information required to be disclosed by the Registrant in the Report
is recorded, processed, summarized and reported by the filing date,
including ensuring that information required to be disclosed in the
Report is accumulated and communicated to the Registrant's officers
that are making certifications in the Report, as appropriate, to allow
timely decisions regarding required disclosure. The Registrant's
management, including the Principal Executive Officer and the
Principal Financial Officer, recognizes that any set of controls and
procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or are
<Page>
reasonably likely to materially affect, the Registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) This item is not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 are filed herewith.
(a)(3) This item is not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are filed herewith.
<Page>
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: August 4, 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: August 4, 2005
By: /s/ Michael T. Scardina
-------------------------------------
Michael T. Scardina
Principal Financial Officer
Dimensional Emerging Markets Value Fund Inc.
Date: August 4, 2005