<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 No. 811-06094
THE LATIN AMERICA EQUITY FUND, INC.
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
The Latin America Equity Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: December 31
Date of reporting period: January 1, 2005 to June 30, 2005
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
THE LATIN AMERICA
EQUITY FUND, INC.
SEMI-ANNUAL REPORT
JUNE 30, 2005
(UNAUDITED)
[LAQ LISTED NYSE(R) LOGO]
LAQ-SAR-0605
<Page>
CONTENTS
<Table>
Letter to Shareholders 1
Portfolio Summary 3
Schedule of Investments 5
Statement of Assets and Liabilities 10
Statement of Operations 11
Statement of Changes in Net Assets 12
Financial Highlights 14
Notes to Financial Statements 16
Results of Annual Meeting of Shareholders 22
Privacy Policy Notice 23
Description of InvestLink(SM) Program 24
Proxy Voting and Portfolio Holdings Information 27
</Table>
<Page>
LETTER TO SHAREHOLDERS
July 29, 2005
DEAR SHAREHOLDER:
For the six month period ended June 30, 2005, The Latin America Equity Fund,
Inc. (the "Fund") had an increase in its net asset value (NAV) of 11.44%,
assuming reinvestment of dividends and distributions. By comparison, the Morgan
Stanley Capital International Latin America Index* had an increase of 11.36%
(net of dividend taxation) for the period. Based on market price, the Fund's
shares rose 8.13% during the period. As a result, the Fund's discount to its NAV
stood at 13.91% on June 30, 2005, compared with a discount of 11.28% at the
beginning of the period.
LATIN AMERICA: LEADING AN OUTPERFORMING ASSET CLASS
The period was a positive one for emerging stock markets as a group, both in
absolute terms and compared with developed stock markets, at least for
US-dollar-based investors. Emerging markets initially rallied, but then turned
sharply down in March on worries that rising US interest rates could threaten
global growth. These fears subsided in the latter part of the period, with
inflation appearing to be under control and as long-term US interest rates
remained fairly stable. Investors' appetite for risk in general returned and
emerging markets ended the period on a solid note.
Latin America outperformed the broader emerging markets group by a handy margin,
reflecting continued healthy economic fundamentals and a positive earnings
backdrop. Mexico rose more than 8% amid supportive economic, inflation and
interest-rate data. Argentina and Chile also had solid gains, aided by high
prices for the commodities they export. Brazil, a very strong performer in 2004,
underperformed in local currency terms, but posted a 9.5% gain in dollar terms
due to a surge in the REAL against the dollar. As the period drew to a close,
however, political developments began to cast a pall over Brazil. Accusations
were made that the ruling PT party had made payments to allied parties in return
for votes. A parliamentary commission has now been set up investigate these
scandals, holding the possibility of a protracted political deadlock.
PERFORMANCE: AIDED BY STOCK SELECTION
The Fund slightly outperformed its benchmark for the six month period. Factors
that helped the Fund's performance included our overweighting in Brazil and good
stock selection in Mexico and Argentina. From a sector standpoint, the Fund's
consumer discretionary and telecommunications holdings were positive
contributors to absolute and relative performance. Within health care, a small
portion of both the Fund and the index, we owned a Brazilian medical diagnostics
company that had a solid gain. The Fund's energy stocks modestly lagged the
benchmark's energy component.
THE PORTFOLIO AND OUTLOOK: ALL EYES ON BRAZIL
With regard to recent portfolio activity, from a broad country perspective, we
increased our overweight position in Brazil. We remain slightly underweight in
Mexico. We also added to Colombia and Argentina during the first half of the
year. These purchases were financed by reducing Chile and Venezuela.
In general, our stock focus has been aimed at identifying companies with
defensive characteristics, typically with reliable cash flows and above-average
free cash flow and/or dividend yields. In Brazil, our purchases were primarily
as a result of new equity issuance and included two electricity utilities, one
that came to the market through an initial public offering of stock and the
other through a secondary offering; and an airline, which was also through a
secondary offering. We also re-established a position in a tobacco company. We
also added modestly to our position in a Brazilian wireless telecom company, in
the belief that pessimism about the company was fully priced into its stock. In
Mexico, we raised our stake in Cemex (3.02% of the Fund's net assets as of June
30, 2005), a cement company with multi-national operations, removing our
underweighting in the stock. In the materials sector, we narrowed our overall
underweighting, viewing weakness in iron ore and steel stocks as a buying
opportunity.
1
<Page>
Our sales included banks in Brazil, based on their relatively high valuations in
the wake of good performance and our view that interest rates might be at or
near a peak. We also took profits in a Brazilian beverage company and reduced
our overweighting in a regional mobile telecom company based in Mexico.
Looking ahead, we believe that the overall financial conditions are still in
place for investors to continue allocating assets to emerging markets in general
and Latin America in particular. The region's economic fundamentals on the whole
remain good in our view, and we particularly note the better-than-expected
inflation data recently seen in both Brazil and Mexico, a long-awaited
development.
In broad terms, worries about softening global growth conditions and the impact
that this may have on commodity markets on the one hand has been balanced
against concerns about the interest rate cycle in the U.S. on the other;
however, for the time being it would seem that global growth is the way
Goldilocks would like it - not too hot and not too cold. While history isn't
predictive, such an environment has often been generally supportive for emerging
markets.
One regional risk factor we are monitoring closely is the political situation in
Brazil, which could potentially lead to a damaging power vacuum in the country.
In our worst case scenario, the accusations could negatively impact president
Lula in his campaign for re-election next year. We currently remain overweight
in Brazil, based on macro and company-specific factors; however this situation
clearly has the potential to deteriorate and we will be monitoring events
closely.
Respectfully,
/s/ Matthew J.K. Hickman
Matthew J.K. Hickman
Chief Investment Officer**
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY
FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN
ACCOUNTING METHODS; THESE RISKS ARE GENERALLY HEIGHTENED FOR EMERGING-MARKET
INVESTMENTS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
* The Morgan Stanley Capital International EM (Emerging Markets) Latin America
Index is a free float-adjusted market capitalization index that is designed to
measure equity-market performance in Latin America. It is the exclusive property
of Morgan Stanley Capital International Inc. Investors cannot invest directly in
an index.
** Matthew J.K. Hickman, Vice President, is a portfolio manager specializing in
Latin American equities and is primarily responsible for management of the
Fund's assets. He joined in 2003 from Compass Group Investment Advisors, where
he was general manager of the private wealth management division based in
Santiago, Chile. Previously, he was a financial advisor in Credit Suisse First
Boston's Private Client Services channel; an equity analyst focusing on Latin
American telecommunications companies and several Latin American country markets
at ABN AMRO, Lehman Brothers, Bear, Stearns & Co. Inc. and James Capel; and an
equity analyst and member of the management team for the Five Arrows Chile Fund
at Rothschild Asset Management. Mr. Hickman holds a BA in modern languages from
Cambridge University and a diploma in corporate finance from London Business
School. He is fluent in Spanish, Portuguese and French, and is a candidate for
Level II of the Chartered Financial Analyst Examination in 2005. He is also the
Chief Investment Officer of The Chile Fund, Inc.
2
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
PORTFOLIO SUMMARY - AS OF JUNE 30, 2005 (UNAUDITED)
[CHART]
GEOGRAPHIC ASSET BREAKDOWN
AS A PERCENT OF NET ASSETS
<Table>
<Caption>
JUNE 30, 2005 DECEMBER 31, 2004
------------- -----------------
Argentina 2.78% 1.75%
Brazil 53.42% 52.02%
Chile 5.85% 8.45%
Colombia 1.55% 0.00%
Latin America 0.95% 0.82%
Mexico 29.82% 30.78%
Panama 0.00% 0.83%
Peru 1.93% 1.52%
Spain 0.94% 0.00%
Venezuela 0.16% 1.21%
Global 0.93% 1.01%
Cash and Other Assets 1.67% 1.61%
</Table>
[CHART]
SECTOR ALLOCATION
AS A PERCENT OF NET ASSETS
<Table>
<Caption>
JUNE 30, 2005 DECEMBER 31, 2004
------------- -----------------
Banking 9.00% 9.69%
Bottling 0.00% 1.82%
Broadcast, Radio & Television 0.00% 0.93%
Cellular Telecommunications 7.61% 11.44%
Cement 3.02% 2.12%
Diversified Operations 2.92% 0.00%
Electric Generation 3.57% 0.00%
Electric-Integrated 0.00% 3.59%
Food & Beverages 6.55% 5.12%
Food-Retail 0.00% 0.99%
Mining 9.25% 11.86%
Oil & Natural Gas 12.16% 11.11%
Retail-Major Department Stores 2.94% 1.69%
Telephone-Integrated 9.67% 14.97%
Other 33.31% 24.67%
</Table>
3
<Page>
TOP 10 HOLDINGS, BY ISSUER
<Table>
<Caption>
PERCENT OF
HOLDING SECTOR COUNTRY NET ASSETS
- ------------------------------------------------------------------------------------------------------------------
1. Petroleo Brasileiro S.A. Oil & Natural Gas Brazil 10.1
2. Companhia Vale do Rio Doce Mining Brazil 8.1
3. AES Tiete S.A. Electric Generation Brazil 3.6
4. America Telecom, S.A. de C.V Cellular Telecommunications Mexico 3.5
5. Tele Norte Leste Participacoes S.A. Telephone-Integrated Brazil 3.1
6. Cemex, S.A. de C.V. Cement Mexico 3.0
7. Wal-Mart de Mexico, S.A. de C.V. Retail-Major Department Stores Mexico 2.9
8. America Movil, S.A. de C.V. Cellular Telecommunications Mexico 2.7
9. Grupo Televisa S.A. Broadcast, Radio & Television Mexico 2.5
10. Fomento Economico Mexicano, S.A. de C.V. Food & Beverages Mexico 2.4
</Table>
4
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
SCHEDULE OF INVESTMENTS - JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
NO. OF
DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------------------
EQUITY OR EQUITY-LINKED SECURITIES-98.12%
ARGENTINA-3.72%
AGRICULTURE-0.46%
Cresud S.A.C.I.F. y A., ADR 64,700 $ 786,105
--------------
BANKING-0.71%
Banco Hipotecario, ADR+ 250,300 1,211,677
--------------
OIL & NATURAL GAS-2.05%
Repsol YPF, S.A., ADR 64,300 1,615,859
Tenaris S.A., ADR 24,400 1,909,788
--------------
3,525,647
--------------
REAL ESTATE DEVELOPMENT-0.24%
IRSA Inversiones y Representaciones S.A., GDR+ 33,900 413,580
--------------
TELEPHONE-INTEGRATED-0.26%
Nortel Inversora S.A., PNB, ADR+ 45,700 449,688
--------------
TOTAL ARGENTINA
(Cost $5,291,160) 6,386,697
--------------
BRAZIL-53.43%
AEROSPACE/DEFENSE-EQUIPMENT-0.03%
Empresa Brasileira de Aeronautica S.A., ADR 1,400 46,298
--------------
AIRLINES-1.66%
Tam S.A., PN+ 401,100 2,853,474
--------------
AUTO PARTS-0.26%
Iochpe Maxion S.A., PN 70,800 446,416
--------------
BANKING-5.02%
Banco Bradesco S.A. 11,100 373,682
Banco Bradesco S.A., PN 89,308 3,148,755
Banco do Brasil S.A. 66,400 889,926
Banco Itau Holding Financeira S.A., PN 16,660 3,047,690
Uniao de Bancos Brasileiros S.A., GDR 30,300 1,170,186
--------------
8,630,239
--------------
BOTTLING-1.86%
Companhia de Bebidas das Americas, ADR 22,600 $ 575,396
Companhia de Bebidas das Americas, PN, ADR 84,800 2,620,320
--------------
3,195,716
--------------
CELLULAR TELECOMMUNICATIONS-1.38%
Celular CRT Participacoes S.A. 1,160 20,385
Celular CRT Participacoes S.A., PNA 40,360 803,269
Telesp Celular Participacoes S.A., ADR+ 361,457 1,543,421
--------------
2,367,075
--------------
COSMETICS & TOILETRIES-0.59%
Natura Cosmeticos S.A. 31,800 1,008,470
--------------
DIVERSIFIED OPERATIONS-1.80%
Bradespar S.A., PN 69,600 1,186,280
Investimentos Itau S.A., PN 880,000 1,893,034
Investimentos Itau S.A., Receipt, PN+ 6,822 13,982
--------------
3,093,296
--------------
ELECTRIC GENERATION-3.57%
AES Tiete S.A. 49,700,000 799,746
AES Tiete S.A., PN 300,300,000 5,340,927
--------------
6,140,673
--------------
ELECTRIC-INTEGRATED-1.04%
Companhia Energetica de Minas Gerais, ADR 28,000 891,800
CPFL Energia S.A., ADR 37,600 891,120
--------------
1,782,920
--------------
FOOD-RETAIL-1.17%
Companhia Brasileira de
Distribuicao Grupo Pao de Acucar, ADR 57,600 1,145,664
Perdigao S.A., PN 37,000 869,574
--------------
2,015,238
--------------
</Table>
See accompanying notes to financial statements.
5
<Page>
<Table>
<Caption>
NO. OF
DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------------------
FOOTWEAR & RELATED APPAREL-0.39%
Grendene S.A. 97,700 $ 672,709
--------------
INSURANCE-0.77%
Porto Seguro S.A. 147,900 1,315,223
--------------
MEDICAL LABS & TESTING SERVICES-0.71%
Diagnosticos da America S.A. 90,700 1,221,368
--------------
MINING-8.05%
Companhia Vale do Rio Doce, ADR, PNA 544,200 13,822,680
--------------
OIL & NATURAL GAS-10.11%
Petroleo Brasileiro S.A., ADR 377,100 17,361,684
--------------
PAPER & RELATED PRODUCTS-1.57%
Aracruz Celulose S.A., ADR 58,200 2,022,450
Votorantim Celulose e Papel S.A., ADR 56,350 681,835
--------------
2,704,285
--------------
PETROCHEMICALS-0.76%
Braskem S.A., PNA 157,600 1,304,713
--------------
PUBLIC THOROUGHFARES-0.35%
Companhia de Concessoes Rodoviarias 26,200 608,874
--------------
STEEL-2.89%
Companhia Siderurgica de Tubarao, PN 11,300,000 519,661
Companhia Siderurgica Nacional S.A., ON 92,600 1,486,149
Gerdau S.A., PN 74,400 712,022
Usinas Siderurgicas de Minas Gerais S.A., PNA 139,100 2,244,213
--------------
4,962,045
--------------
TELEPHONE-INTEGRATED-7.12%
Brasil Telecom Participacoes S.A. 143,300,000 $ 1,558,308
Brasil Telecom Participacoes S.A., ADR 17,900 646,190
Embratel Participacoes S.A., ADR+ 74,600 786,284
Tele Norte Leste Participacoes S.A., ADR 85,800 1,428,570
Tele Norte Leste Participacoes S.A., ON 173,136 3,959,803
Telecomunicacoes de Sao Paulo S.A., PN 106,600 2,160,439
Telemar Norte Leste S.A., PNA 70,700 1,688,537
--------------
12,228,131
--------------
TEXTILES-0.32%
Companhia Tecidos Norte de
Minas S.A., PN 6,200,000 556,517
--------------
TOBACCO-0.50%
Souza Cruz S.A. 70,600 855,033
--------------
TRANSPORTATION-1.03%
All America Latina Logistica 60,000 1,765,573
--------------
UTILITIES-0.48%
Companhia de Saneamento
Basico do Estado de Sao Paulo, ON 13,890,000 832,224
--------------
TOTAL BRAZIL
(Cost $66,469,861) 91,790,874
--------------
CHILE-5.64%
BANKING-0.55%
Banco Santander Chile S.A. 30,613,969 946,197
--------------
CHEMICALS-DIVERSIFIED-0.42%
Sociedad Quimica y Minera de
Chile S.A., Class B 73,000 729,811
--------------
</Table>
See accompanying notes to financial statements.
6
<Page>
<Table>
<Caption>
NO. OF
DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------------------
DIVERSIFIED OPERATIONS-1.12%
Empresas Copec S.A. 238,785 $ 1,917,207
--------------
ELECTRIC-INTEGRATED-1.32%
Empresa Nacional de
Electricidad S.A. 1,474,568 1,232,307
Enersis S.A. 4,947,068 1,033,746
--------------
2,266,053
--------------
FOOD & BEVERAGES-1.10%
Compania Cervecerias
Unidas S.A. 197,880 953,268
Embotelladora Andina
S.A., PNA 294,613 615,526
Embotelladora Andina
S.A., PNB 140,000 321,506
--------------
1,890,300
--------------
PAPER & RELATED PRODUCTS-0.68%
Empresas CMPC S.A. 50,000 1,161,184
--------------
TELEPHONE-INTEGRATED-0.45%
Compania de Telecomunicaciones
de Chile S.A., Class A 305,000 774,152
--------------
TOTAL CHILE
(Cost $5,975,439) 9,684,904
--------------
COLOMBIA-1.55%
BANKING-0.52%
BanColombia S.A., ADR 56,300 900,237
--------------
INVESTMENT COMPANIES-1.03%
Suramericana de Inversiones S.A. 384,800 1,770,527
--------------
TOTAL COLOMBIA
(Cost $2,562,013) 2,670,764
--------------
<Caption>
NO. OF
DESCRIPTION SHARES/UNITS VALUE
- --------------------------------------------------------------------------------
LATIN AMERICA-0.95%
VENTURE CAPITAL-0.95%
J.P. Morgan Latin America
Capital Partners
(Cayman), L.P.+ ++ 880,437 $ 1,120,515
J.P. Morgan Latin America
Capital Partners
(Delaware), L.P.+ ++# 1,398,860 505,562
--------------
TOTAL LATIN AMERICA
(Cost $1,677,274) 1,626,077
--------------
MEXICO-29.81%
AIRLINES-0.51%
Cintra, S.A. de C.V.+ 1,156,300 867,729
--------------
AIRPORT DEVELOPMENT/MAINTANANCE-0.67%
Grupo Aeroportuario del Sureste
S.A. de C.V., ADR 36,300 1,156,155
--------------
BANKING-1.07%
Grupo Financiero Inbursa,
S.A. de C.V., ON 847,000 1,830,646
--------------
BROADCAST, RADIO & TELEVISION-2.70%
Grupo Radio Centro
S.A. de C.V., ADR+ 57,800 417,894
Grupo Televisa S.A., ADR 68,100 4,228,329
--------------
4,646,223
--------------
BUILDING-HEAVY CONSTRUCTION-0.49%
Empresas ICA Sociedad
Controladora S.A. de C.V.+ 2,086,600 845,835
--------------
CELLULAR TELECOMMUNICATIONS-6.23%
America Movil, S.A. de C.V.,
Series L, ADR 78,600 4,685,346
America Telecom, S.A. de C.V.,
Series A1 Shares+ 1,886,600 6,018,346
--------------
10,703,692
--------------
</Table>
See accompanying notes to financial statements.
7
<Page>
<Table>
<Caption>
NO. OF
DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------------------
CEMENT-3.02%
Cemex, S.A. de C.V., ADR 122,310 $ 5,188,390
--------------
ENGINEERING & CONSTRUCTION-1.25%
Corporacion GEO, S.A. de C.V.,
Series B+ 854,500 2,155,194
--------------
FOOD & BEVERAGES-5.46%
Embotelladoras Arca S.A.,
Nominative Shares 403,100 859,641
Fomento Economico Mexicano,
S.A. de C.V., ADR 68,112 4,057,432
Gruma S.A., Class B 484,800 1,131,008
Grupo Bimbo, S.A. de C.V.,
Series A 496,100 1,424,279
Grupo Modelo, S.A. de C.V.,
Series C 614,300 1,914,630
--------------
9,386,990
--------------
METAL-DIVERSIFIED-1.08%
Grupo Mexico SA de C.V.,
Class B+ 1,144,500 1,863,194
--------------
MINING-0.25%
Baja Mining Corp.+ 1,520,200 434,414
--------------
REAL ESTATE DEVELOPMENT-2.30%
Consorcio ARA,
S.A. de C.V. 384,500 1,326,797
Desarrolladora Homex
S.A. de C.V., ADR+ 33,800 926,796
Urbi, Desarrollos Urbanos,
S.A. de C.V.+ 309,800 1,699,814
--------------
3,953,407
--------------
RETAIL-MAJOR DEPARTMENT STORES-2.94%
Wal-Mart de Mexico, S.A. de C.V., Series V 1,006,930 4,085,481
Wal-Mart de Mexico,
S.A. de C.V., Series V, ADR 23,677 960,661
--------------
5,046,142
--------------
<Caption>
NO. OF
DESCRIPTION SHARES/UNITS VALUE
- --------------------------------------------------------------------------------
TELEPHONE-INTEGRATED-1.84%
Telefonos de Mexico,
S.A. de C.V., Class L, ADR 167,000 $ 3,154,630
--------------
TOTAL MEXICO
(Cost $41,050,639) 51,232,641
--------------
PERU-1.93%
BANKING-0.97%
Credicorp Limited 83,800 1,666,782
--------------
MINING-0.96%
Compania de Minas
Buenaventura S.A.u., ADR 71,400 1,641,486
--------------
TOTAL PERU
(Cost $2,919,263) 3,308,268
--------------
VENEZUELA-0.16%
BANKING-0.16%
Mercantil Servicios
Financieros, C.A., ADR
(Cost $400,340) 103,600 276,125
--------------
GLOBAL-0.93%
VENTURE CAPITAL-0.93%
Emerging Markets
Ventures I L.P.+ ++#
(Cost $1,554,429) 2,216,375 1,602,040
--------------
TOTAL EQUITY OR EQUITY-LINKED
SECURITIES (Cost $127,900,418) 168,578,390
--------------
TOTAL SHORT-TERM INVESTMENTS-1.88%
CHILEAN MUTUAL FUND-0.21%
Fondo Mutuo Security Check
(Cost $357,850) 73,692 364,841
--------------
</Table>
See accompanying notes to financial statements.
8
<Page>
<Table>
<Caption>
PRINCIPAL
DESCRIPTION AMOUNT (000S) VALUE
- --------------------------------------------------------------------------------
GRAND CAYMAN-1.67%
Wells Fargo Bank N.A.,
overnight deposit, 2.45%,
07/01/05* (Cost $2,867,000) $ 2,867 $ 2,867,000
--------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,224,850) 3,231,841
--------------
TOTAL INVESTMENTS-100.00%
(Cost $131,125,268) (Notes B,E,G) 171,810,231
--------------
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES-0.00% 1,676
--------------
NET ASSETS-100.00% $ 171,811,907
==============
</Table>
+ Non-income producing security.
++ Restricted security, not readily marketable; security is valued at fair
value as determined in good faith by, or under the direction of the Board
of Directors under procedures established by the Board of Directors. (See
Notes B and H.)
# As of June 30, 2005, the aggregate amount of open commitments for the Fund
is $1,907,516. (See Note H)
* Variable rate account. Rate resets on a daily basis; amounts are available
on the same business day.
ADR American Depository Receipts.
GDR Global Depository Receipts.
ON Ordinary Shares.
PN Preferred Shares.
PNA Preferred Shares, Class A.
PNB Preferred Shares, Class B.
See accompanying notes to financial statements.
9
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES - JUNE 30, 2005 (UNAUDITED)
<Table>
ASSETS
Investments, at value (Cost $131,125,268) (Notes B,E,G) $ 171,810,231
Cash (including $6,747 of foreign currencies with a cost of $6,888) 7,199
Receivables:
Dividends 366,215
Investments sold 342,669
Prepaid expenses 13,551
---------------
Total Assets 172,539,865
---------------
LIABILITIES
Payables:
Investment advisory fees (Note C) 338,657
Investments purchased 182,459
Administration fees (Note C) 36,292
Directors' fees 17,574
Chilean repatriation taxes 30,161
Other accrued fees 122,815
---------------
Total Liabilities 727,958
---------------
NET ASSETS (applicable to 6,322,240 shares of common stock outstanding) (Note D) $ 171,811,907
===============
NET ASSETS CONSIST OF
Capital stock, $0.001 par value; 6,322,240 shares issued and outstanding
(100,000,000 shares authorized) $ 6,322
Paid-in capital 140,606,867
Undistributed net investment income 1,631,695
Accumulated net realized loss on investments and foreign currency related transactions (11,129,953)
Net unrealized appreciation in value of investments and translation of other
assets and liabilities denominated in foreign currencies 40,696,976
---------------
Net assets applicable to shares outstanding $ 171,811,907
===============
NET ASSET VALUE PER SHARE ($171,811,907 DIVIDED BY 6,322,240) $ 27.18
===============
MARKET PRICE PER SHARE $ 23.40
===============
</Table>
See accompanying notes to financial statements.
10
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
STATEMENT OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
<Table>
INVESTMENT INCOME
Income (Note B):
Dividends $ 3,501,498
Interest 14,511
Net investment loss allocated from partnerships (254,707)
Less: Foreign taxes withheld (193,408)
--------------
Total Investment Income 3,067,894
--------------
Expenses:
Investment advisory fees (Note C) 671,567
Administration fees (Note C) 118,452
Custodian fees 94,931
Audit fees 29,263
Accounting fees 26,095
Legal fees 25,731
Directors' fees 20,100
Printing (Note C) 19,315
NYSE listing fees 11,745
Transfer agent fees 11,521
Insurance 2,914
Other 6,540
Brazilian taxes (Note B) 38,663
Chilean repatriation taxes (Note B) 27,306
--------------
Total Expenses 1,104,143
--------------
Net Investment Income 1,963,751
--------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND
FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain/(loss) from:
Investments 28,013,727
Foreign currency related transactions (173,706)
Net change in unrealized appreciation in value of investments and translation
of other assets and liabilities denominated in foreign currencies (12,206,084)
--------------
Net realized and unrealized gain on investments and foreign currency related transactions 15,633,937
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 17,597,688
==============
</Table>
See accompanying notes to financial statements.
11
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE
SIX MONTHS
ENDED FOR THE
JUNE 30, 2005 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2004
----------------- -----------------
INCREASE IN NET ASSETS
Operations:
Net investment income $ 1,963,751 $ 2,852,033
Net realized gain on investments and foreign currency related
transactions 27,840,021 19,125,891
Net change in unrealized appreciation in value of
investments and translation of other assets and liabilities denominated
in foreign currencies (12,206,084) 22,966,932
----------------- -----------------
Net increase in net assets resulting from operations 17,597,688 44,944,856
----------------- -----------------
Dividends to shareholders:
Net investment income -- (2,908,230)
----------------- -----------------
Total increase in net assets 17,597,688 42,036,626
----------------- -----------------
NET ASSETS
Beginning of period 154,214,219 112,177,593
----------------- -----------------
End of period $ 171,811,907* $ 154,214,219
================= =================
</Table>
- ----------
* Includes undistributed net investment income of $1,631,695.
See accompanying notes to financial statements.
12
<Page>
This page left intentionally blank.
13
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
FINANCIAL HIGHLIGHTS^
Contained below is per share operating performance data for a share of common
stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from information provided in the financial statements and market price
data for the Fund's shares.
<Table>
<Caption>
FOR THE
SIX MONTHS
ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, 2005 --------------------------------
(UNAUDITED) 2004 2003
--------------- ------------- -------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 24.39 $ 17.74 $ 11.55
--------------- ------------- -------------
Net investment income/(loss) 0.31 0.45+ 0.34+
Net realized and unrealized gain/(loss) on investments
and foreign currency related transactions 2.48 6.66 5.99
--------------- ------------- -------------
Net increase/(decrease) in net assets resulting from operations 2.79 7.11 6.33
--------------- ------------- -------------
Dividends and distributions to shareholders:
Net investment income -- (0.46) (0.14)
Net realized gain on investments and
foreign currency related transactions -- -- --
--------------- ------------- -------------
Total dividends and distributions to shareholders -- (0.46) (0.14)
--------------- ------------- -------------
Anti-dilutive impact due to capital shares tendered or repurchased -- -- --
--------------- ------------- -------------
Net asset value, end of period $ 27.18 $ 24.39 $ 17.74
=============== ============= =============
Market value, end of period $ 23.40 $ 21.64 $ 15.26
=============== ============= =============
Total investment return (a) 8.13% 45.04% 59.15%
=============== ============= =============
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 171,812 $ 154,214 $ 112,178
Ratio of expenses to average net assets (b) 1.40%(d) 1.41% 1.37%
Ratio of expenses to average net assets, excluding fee waivers 1.40%(d) 1.41% 1.37%
Ratio of expenses to average net assets, excluding taxes 1.31%(d) 1.40% 1.49%
Ratio of net investment income/(loss) to average net assets 2.48%(d) 2.36% 2.49%(c)
Portfolio turnover rate 50.68% 69.80% 62.62%
</Table>
^ Per share amounts prior to November 10, 2000 have been restated to reflect
a conversion factor of 0.9175 for shares issued in connection with the
merger of The Latin America Investment Fund, Inc. and The Latin America
Equity Fund, Inc.
* Based on actual shares outstanding on November 21, 2001 (prior to the 2001
tender offer) and December 31, 2001.
** Based on actual shares outstanding on November 6, 2002 (prior to the 2002
tender offer) and December 31, 2002.
+ Based on average shares outstanding.
++ Includes a $0.01 per share decrease to the Fund's net asset value per share
resulting from the dilutive impact of shares issued pursuant to the Fund's
automatic dividend reinvestment program.
See accompanying notes to financial statements
14
<Page>
<Table>
<Caption>
FOR THE YEARS ENDED DECEMBER 31,
---------------------------------------------------------------
2002 2001 2000 1999
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 15.06 $ 16.60 $ 18.57 $ 10.96
------------ ------------ ------------ ------------
Net investment income/(loss) 0.01** 0.41* (0.11)+ 0.07+
Net realized and unrealized gain/(loss) on investments
and foreign currency related transactions (3.41) (1.50) (2.44) 7.07
------------ ------------ ------------ ------------
Net increase/(decrease) in net assets resulting from operations (3.40) (1.09) (2.55) 7.14
------------ ------------ ------------ ------------
Dividends and distributions to shareholders:
Net investment income (0.21) (0.57) (0.08) --
Net realized gain on investments and
foreign currency related transactions -- -- -- --
------------ ------------ ------------ ------------
Total dividends and distributions to shareholders (0.21) (0.57) (0.08) --
------------ ------------ ------------ ------------
Anti-dilutive impact due to capital shares tendered or repurchased 0.10 0.12 0.66 0.47
------------ ------------ ------------ ------------
Net asset value, end of period $ 11.55 $ 15.06 $ 16.60 $ 18.57
============ ============ ============ ============
Market value, end of period $ 9.67 $ 12.15 $ 12.875 $ 13.76
============ ============ ============ ============
Total investment return (a) (18.83)% (1.07)% (5.87)% 75.65%
============ ============ ============ ============
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 73,045 $ 112,009 $ 145,281 $ 123,262
Ratio of expenses to average net assets (b) 3.06% 1.51% 2.13% 2.14%
Ratio of expenses to average net assets, excluding fee waivers 3.06% 1.51% 2.19% 2.22%
Ratio of expenses to average net assets, excluding taxes 1.52% 1.40% 2.03% 2.05%
Ratio of net investment income/(loss) to average net assets 0.21% 2.52% (0.55)% 0.46%
Portfolio turnover rate 75.28% 101.73% 125.83% 161.71%
<Caption>
FOR THE YEARS ENDED DECEMBER 31,
--------------------------------------------------------------
1998 1997 1996 1995
------------ ------------ ------------ ------------
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 18.77 $ 18.41 $ 16.27 $ 19.53
------------ ------------ ------------ ------------
Net investment income/(loss) 0.16 0.16 0.21 0.07
Net realized and unrealized gain/(loss) on investments
and foreign currency related transactions (7.85)++ 2.01 2.00 (3.07)
------------ ------------ ------------ ------------
Net increase/(decrease) in net assets resulting from operations (7.69) 2.17 2.21 (3.00)
------------ ------------ ------------ ------------
Dividends and distributions to shareholders:
Net investment income (0.12) (0.17) (0.07) --
Net realized gain on investments and
foreign currency related transactions -- (1.64) -- (0.26)
------------ ------------ ------------ ------------
Total dividends and distributions to shareholders (0.12) (1.81) (0.07) (0.26)
------------ ------------ ------------ ------------
Anti-dilutive impact due to capital shares tendered or repurchased -- -- -- --
------------ ------------ ------------ ------------
Net asset value, end of period $ 10.96 $ 18.77 $ 18.41 $ 16.27
============ ============ ============ ============
Market value, end of period $ 7.834 $ 14.918 $ 15.259 $ 14.033
============ ============ ============ ============
Total investment return (a) (46.63)% 10.29% 9.18% (25.65)%
============ ============ ============ ============
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 86,676 $ 148,130 $ 145,230 $ 128,377
Ratio of expenses to average net assets (b) 2.41% 1.89% 1.69% 2.04%
Ratio of expenses to average net assets, excluding fee waivers 2.60% 2.02% 1.80% 2.15%
Ratio of expenses to average net assets, excluding taxes 1.77% 1.65% -- 1.81%
Ratio of net investment income/(loss) to average net assets 1.12% 0.77% 1.16% 0.42%
Portfolio turnover rate 142.35% 111.83% 43.22% 27.05%
</Table>
(a) Total investment return at market value is based on the changes in market
price of a share during the period and assumes reinvestment of dividends
and distributions, if any, at actual prices pursuant to the Fund's dividend
reinvestment program.
(b) Ratios reflect actual expenses incurred by the Fund. Amounts are net of fee
waivers and inclusive of taxes.
(c) Ratio includes the effect of a reversal of Chilean repatriation tax
accrual; excluding the reversal, the ratio would have been 2.36%.
(d) Annualized
15
<Page>
THE LATIN AMERICA EQUITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE A. ORGANIZATION
The Latin America Equity Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a closed-end, non-diversified
management investment company.
NOTE B. SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES: The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
("GAAP") 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 revenue and expenses during the reporting period. Actual results could differ
from those estimates.
SECURITY VALUATION: The net asset value of the Fund is determined daily as of
the close of regular trading on the New York Stock Exchange, Inc. (the
"Exchange") on each day the Exchange is open for business. The Fund's equity
investments are valued at market value, which is generally determined using the
closing price on the exchange or market on which the security is primarily
traded at the time of valuation (the "Valuation Time"). If no sales are
reported, equity investments are generally valued at the most recent bid
quotation as of the Valuation Time or at the lowest ask quotation in the case of
a short sale of securities. Debt securities with a remaining maturity greater
than 60 days are valued in accordance with the price supplied by a pricing
service, which may use a matrix, formula or other objective method that takes
into consideration market indices, yield curves and other specific adjustments.
Debt obligations that will mature in 60 days or less are valued on the basis of
amortized cost, which approximates market value, unless it is determined that
this method would not represent fair value.
Securities and other assets for which market quotations are not readily
available, or whose values have been materially affected by events occurring
before the Fund's Valuation Time, but after the close of the securities' primary
market, are valued at fair value as determined in good faith by, or under the
direction of, the Board of Directors under procedures established by the Board
of Directors. The Fund may utilize a service provided by an independent third
party which has been approved by the Board of Directors to fair value certain
securities. At June 30, 2005, the Fund held 1.88% of its net assets in
securities valued at fair value as determined in good faith under procedures
established by the Board of Directors with an aggregate cost of $3,231,703 and
fair value of $3,228,117. The Fund's estimate of fair value assumes a willing
buyer and a willing seller neither acting under a compulsion to buy or sell.
Although these securities may be resold in privately negotiated transactions,
the prices realized on such sales could differ from the prices originally paid
by the Fund or the current carrying values, and the difference could be
material.
SHORT-TERM INVESTMENT: The Fund sweeps available cash into a short-term time
deposit available through Brown Brothers Harriman & Co., the Fund's custodian.
The short-term time deposit is a variable rate account classified as a
short-term investment.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME: Investment transactions are
accounted for on a trade date basis. The cost of investments sold is determined
by use of the specific identification method for both financial reporting and
U.S. income tax purposes. Interest income is accrued as earned; dividend income
is recorded on the ex-dividend date.
TAXES: No provision is made for U.S. income or excise taxes as it is the Fund's
intention to continue to qualify as a regulated investment company and to make
the requisite distributions to its shareholders sufficient to
16
<Page>
relieve it from all or substantially all U.S. income and excise taxes.
Income received by the Fund from sources within Latin America may be subject to
withholding and other taxes imposed by such countries. Also, certain Latin
American countries impose taxes on funds remitted or repatriated from such
countries.
For Chilean securities the Fund accrues foreign taxes on realized gains and
repatriation taxes in an amount equal to what the Fund would owe if the
securities were sold and the proceeds repatriated on the valuation date as a
liability and reduction of realized/unrealized gains. Taxes on foreign income
are recorded when the related income is recorded. For the six months ended June
30, 2005, the Fund accrued $27,306 of such expense.
FOREIGN CURRENCY TRANSLATIONS: The books and records of the Fund are maintained
in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on
the following basis:
(I) market value of investment securities, assets and liabilities at the
valuation date rate of exchange; and
(II) purchases and sales of investment securities, income and expenses at
the relevant rates of exchange prevailing on the respective dates of
such transactions.
The Fund does not isolate that portion of gains and losses in investments in
equity securities which is due to changes in the foreign exchange rates from
that which is due to changes in market prices of equity securities. Accordingly,
realized and unrealized foreign currency gains and losses with respect to such
securities are included in the reported net realized and unrealized gains and
losses on investment transactions balances.
The Fund reports certain foreign currency related transactions and foreign taxes
withheld on security transactions as components of realized gains for financial
reporting purposes, whereas such foreign currency related transactions are
treated as ordinary income for U.S. federal income tax purposes.
Net unrealized currency gains or losses from valuing foreign currency
denominated assets and liabilities at period end exchange rates are reflected as
a component of net unrealized appreciation/depreciation in value of investments,
and translation of other assets and liabilities denominated in foreign
currencies.
Net realized foreign exchange gains or losses represent foreign exchange gains
and losses transactions in foreign currencies and forward foreign currency
contracts, exchange gains or losses from realized between the trade date and
settlement dates on security transactions, and the difference between the
amounts of interest and dividends recorded on the Fund's books and the U.S.
dollar equivalent of the amounts actually received.
DISTRIBUTIONS OF INCOME AND GAINS: The Fund distributes at least annually to
shareholders substantially all of its net investment income and net realized
short-term capital gains, if any. The Fund determines annually whether to
distribute any net realized long-term capital gains in excess of net realized
short-term capital losses, including capital loss carryovers, if any. An
additional distribution may be made to the extent necessary to avoid the payment
of a 4% U.S. federal excise tax. Dividends and distributions to shareholders are
recorded by the Fund on the ex-dividend date.
The character of distributions made during the year from net investment income
or net realized gains may differ from their ultimate characterization for U.S.
income tax purposes due to U.S. generally accepted
17
<Page>
accounting principles/tax differences in the character of income and expense
recognition.
PARTNERSHIP ACCOUNTING POLICY: The Fund records its pro-rata share of the
income/(loss) and capital gains/(losses) allocated from the underlying
partnerships and adjusts the cost of the underlying partnerships accordingly.
These amounts are included in the Fund's Statement of Operations.
OTHER: The Fund invests in securities of foreign countries and governments which
involve certain risks in addition to those inherent in domestic investments.
Such risks generally include, among others, currency risks (fluctuations in
currency exchange rates), information risk (key information may be inaccurate or
unavailable) and political risk (expropriation, nationalization or the
imposition of capital or currency controls or punitive taxes). Other risks of
investing in foreign securities include liquidity and valuation risks.
Some countries require governmental approval for the repatriation of investment
income, capital or the proceeds of sales of securities 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. Amounts repatriated prior to the end of specified periods
may be subject to taxes as imposed by a foreign country.
The Latin American securities markets are substantially smaller, less liquid and
more volatile than the major securities markets in the United States. A high
proportion of the securities of many companies in Latin American countries may
be held by a limited number of persons, which may limit the number of securities
available for the investment by the Fund. The limited liquidity of Latin
American country securities markets may also affect the Fund's ability to
acquire or dispose of securities at the price and time it wishes to do so.
The Fund, subject to local investment limitations, may invest up to 10% of its
assets (at the time of commitment) in illiquid equity securities, including
securities of private equity funds (whether in corporate or partnership form)
that invest primarily in emerging markets. When investing through another
investment fund, the Fund will bear its proportionate share of the expenses
incurred by the fund, including management fees. Such securities are expected to
be illiquid which may involve a high degree of business and financial risk and
may result in substantial losses. Because of the current absence of any liquid
trading market for these investments, the Fund may take longer to liquidate
these positions than would be the case for publicly traded securities. Although
these securities may be resold in privately negotiated transactions, the prices
realized on such sales could be substantially less than those originally paid by
the Fund or the current carrying values and these differences could be material.
Further, companies whose securities are not publicly traded may not be subject
to the disclosure and other investor protection requirements applicable to
companies whose securities are publicly traded.
NOTE C. AGREEMENTS
Credit Suisse Asset Management, LLC ("CSAM") serves as the Fund's investment
adviser with respect to all investments. CSAM receives as compensation for its
advisory services from the Fund, an annual fee, calculated weekly and paid
quarterly, equal to 1.00% of the first $100 million of the Fund's average weekly
market value or net assets (whichever is lower), 0.90% of the next $50 million
and 0.80% of amounts over $150 million. For the six months ended June 30, 2005,
CSAM earned $671,567 for advisory services. CSAM also provides certain
administrative services to the Fund and is reimbursed by the Fund for costs
incurred on behalf of the Fund (up to $20,000 per annum). For the six months
ended June 30, 2005, CSAM was reimbursed $10,230 for administrative services
rendered to the Fund.
18
<Page>
CELFIN CAPITAL Servicios Financieros S.A. ("Celfin") serves as the Fund's
sub-adviser with respect to Chilean investments. As compensation for its
services, Celfin is paid a fee, out of the advisory fees payable to CSAM,
calculated weekly and paid quarterly at an annual rate of 0.10% of the Fund's
average weekly market value or net assets (whichever is lower). For the six
months ended June 30, 2005, these sub-advisory fees amounted to $69,124.
For the six months ended June 30, 2005, Celfin earned approximately $7,000 in
brokerage commissions from portfolio transactions executed on behalf of the
Fund.
Bear Stearns Funds Management Inc. ("BSFM") serves as the Fund's U.S.
administrator. The Fund paid BSFM a monthly fee that is calculated weekly based
on the Fund's average weekly net assets. For the six months ended June 30, 2005,
BSFM earned $69,302 for administrative services.
Celfin Capital S.A. Administradora de Fondos de Capital Extranjero ("AFCE")
serves as the Fund's Chilean administrator. For its services, AFCE is paid an
annual fee by the Fund equal to the greater of 2,000 Unidad de Fomentos
("U.F.s") (approximately $60,000 at June 30, 2005) or 0.10% of the Fund's
average weekly market value or net assets invested in Chile (whichever is lower)
and an annual reimbursement of out-of-pocket expenses not to exceed 500 U.F.s.
In addition, an accounting fee is also paid to AFCE. For the six months ended
June 30, 2005, the administration fees and accounting fees amounted to $38,920
and $2,840, respectively.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the
Fund to provide certain financial printing services. For the six months ended
June 30, 2005, Merrill was paid $13,597 for its services to the Fund.
The Independent Directors receive fifty percent (50%) of their annual retainer
in the form of shares purchased by the Fund's transfer agent in the open market.
Directors as a group own less than 1% of the Fund's outstanding shares.
NOTE D. CAPITAL STOCK
The authorized capital stock of the Fund is 100,000,000 shares of common stock,
$0.001 par value. Of the 6,322,240 shares outstanding at June 30, 2005, CSAM
owned 13,746 shares.
NOTE E. INVESTMENT IN SECURITIES
For the six months ended June 30, 2005, purchases and sales of securities, other
than short-term investments, were $81,631,569 and $80,400,387, respectively.
NOTE F. CREDIT FACILITY
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participates in a $75 million committed, unsecured,
line of credit facility ("Credit Facility") with Deutsche Bank, A.G. as
administrative agent and syndication agent and State Street Bank and Trust
Company as operations agent for temporary or emergency purposes. Under the terms
of the Credit Facility, the Participating Funds pay an aggregate commitment fee
at a rate of 0.10% per annum on the average unused amount of the Credit
Facility, which is allocated among the Participating Funds in such manner as is
determined by the governing Boards of the Participating Funds. In addition, the
Participating Funds pay interest on borrowing at the Federal Funds rate plus
0.50%. During the six months ended June 30, 2005, the Fund had no borrowings
under the Credit Facility.
NOTE G. FEDERAL INCOME TAXES
Income and capital gains distributions are determined in accordance with federal
income tax regulations, which may differ from GAAP. These differences are
19
<Page>
primarily due to differing treatments of foreign currency transactions, losses
deferred due to wash sales and post-October losses.
The tax character of dividends paid during the year ended December 31, 2004 for
the Fund was $2,908,230 of ordinary income.
At December 31, 2004, the Fund had a capital loss carryover for U.S. federal
income tax purposes of $36,274,467 of which, $669,188, $674,775, $19,880,258 and
$15,050,246 expire in 2006, 2007, 2009 and 2010, respectively. It is uncertain
whether the Fund will be able to realize the benefits before they expire. For
the calendar year ended December 31, 2004, the Fund utilized $17,335,914 in
capital loss carryforwards.
At June 30, 2005, the identified cost for federal income tax purposes, as well
as the gross unrealized appreciation from investments for those securities
having an excess of value over cost, gross unrealized depreciation from
investments for those securities having an excess of cost over value and the net
unrealized appreciation from investments were $131,641,631, $42,394,529,
$(2,225,929) and $40,168,600, respectively.
NOTE H. RESTRICTED SECURITIES
Certain of the Fund's investments are restricted as to resale and are valued at
fair value as determined in good faith by, or under the direction of, the Board
of Directors under procedures established by the Board of Directors in the
absence of readily ascertainable market values.
<Table>
<Caption>
NUMBER FAIR PERCENT
OF ACQUISITION VALUE AT VALUE PER OF NET DISTRIBUTIONS OPEN
SECURITY UNITS/SHARES DATE(S) COST 06/30/05 UNIT/SHARE ASSETS RECEIVED COMMITMENTS
- -------- ------------ ------------------- ------------ ------------ ---------- ------- ------------- -----------
Emerging Markets
Ventures I L.P. 2,205,494 01/22/98 - 12/31/04 $ 1,543,548 $ 1,594,175 $ 0.72 0.93
10,881 01/10/05 10,881 7,865 0.72 0.00
------------ ------------ ------------ ------- ------------- -----------
2,216,375 1,554,429 1,602,040 0.93 $ 611,174 $ 283,624
------------ ------------ ------------ ------- ------------- -----------
J.P. Morgan Latin
America Capital
Partners
(Cayman), L.P. 880,437 04/10/00 - 05/28/03 854,576 1,120,515 1.27 0.65 30 --
------------ ------------ ------------ ------- ------------- -----------
J.P. Morgan Latin
America Capital
Partners
(Delaware), L.P. 1,398,860 04/10/00 - 03/26/04 822,698 505,562 0.36 0.30 651,384 1,623,892
------------ ------------ ------------ ------- ------------- -----------
Total $ 3,231,703 $ 3,228,117 1.88 $ 1,262,588 $ 1,907,516
============ ============ ======= ============= ===========
</Table>
The Fund may incur certain costs in connection with the disposition of the above
securities.
20
<Page>
NOTE I. SELF-TENDER OFFERS
On December 4, 2003 the Board of Directors announced that it was suspending the
annual self-tender program that the Fund was previously engaged in, and had
authorized management to take the necessary actions to make the Fund's shares
eligible for sale to Chilean pension plans in Chile through a local market
listing in the belief that such eligibility may provide long-term and sustained
investment interest in the Fund and thus afford both additional liquidity to
existing shareholders as well as a possible reduction in the discount from net
asset value at which the Fund's shares currently trade. If the Chilean listing
(which was completed in 2004) does not have its anticipated affect within a
reasonable period of time, the Board will consider other actions, which may
include a reinstitution of the annual self-tender offer program, share
repurchases, open-ending, liquidation or such other actions as the Board deems
appropriate under the circumstances.
NOTE J. CONTINGENCIES
In the normal course of business, the Fund may provide general indemnifications
pursuant to certain contracts and organizational documents. The Fund's maximum
exposure under these arrangements is dependent on future claims that may be made
against the Fund and, therefore, cannot be estimated: however, based on
experience, the risk of loss from such claims is considered remote.
21
<Page>
RESULTS OF ANNUAL MEETING OF SHAREHOLDERS (UNAUDITED)
On April 21, 2005, the Annual Meeting of Shareholders of The Latin America
Equity Fund, Inc. (the "Fund") (the "Meeting") was held and the following matter
was voted upon:
(1) To re-elect one director to the Board of Directors of the Fund.
<Table>
<Caption>
NAME OF DIRECTOR FOR WITHHELD
- ---------------- --------- ----------
James J. Cattano 4,128,172 1,669,221
</Table>
In addition to the directors re-elected at the Meeting, Enrique R. Arzac, Martin
M. Torino and George W. Landau continued as directors of the Fund.
Effective April 15, 2005, William W. Priest, Jr. resigned as Director of the
Fund.
Effective May 18, 2005, Michael E. Kenneally and Steven Rappaport were appointed
as Directors of the Fund by the Board of Directors.
22
<Page>
IMPORTANT PRIVACY CHOICES FOR CONSUMERS (UNAUDITED)
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to current
and potential customers, we may obtain nonpublic personal information about you.
This information may include your name, address, e-mail address, social security
number, account number, assets, income, financial situation, transaction history
and other personal information.
We may collect nonpublic information about you from the following sources:
- - Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- - Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.
RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that
additional products and services may be of interest to you, we may share the
information described above with our affiliates unless you say "No."
/ / No, please do not share personal and financial information with your
affiliated companies. [If you check this box, you must send this notice
back to us with your name, address and account number to The Latin America
Equity Fund, Inc., c/o Credit Suisse Asset Management, LLC, 466 Lexington
Avenue, New York, New York 10017.]
We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM") AND CREDIT SUISSE ASSET MANAGEMENT
SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS IN CSAM
SPONSORED AND ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE FUNDS, AND
OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT INTENDED TO BE
INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT OF OUR CURRENT
PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE TO YOU. THIS
NOTICE IS DATED AS OF MAY 18, 2005.
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DESCRIPTION OF INVESTLINK(SM) PROGRAM (UNAUDITED)
The InvestLink(SM) Program is sponsored and administered by EquiServe Trust
Company, N.A., not by The Latin America Equity Fund, Inc. (the "Fund").
EquiServe Trust Company, N.A., will act as program administrator (the "Program
Administrator") of the InvestLink(SM) Program (the "Program"). The purpose of
the Program is to provide existing shareholders with a simple and convenient way
to invest additional funds and reinvest dividends in shares of the Fund's common
stock ("Shares") at prevailing prices, with reduced brokerage commissions and
fees.
In order to participate in the Program, you must be a registered holder of at
least one Share of stock of the Fund. Purchases of Shares with funds from a
participant's cash payment or automatic account deduction will begin on the next
day on which funds are invested. All cash payments must be drawn on a U.S. bank
and payable in U.S. dollars. Checks must be made payable to EquiServe. If a
participant selects the dividend reinvestment option, automatic investment of
dividends generally will begin with the next dividend payable after the Program
Administrator receives his enrollment form. Once in the Program, a person will
remain a participant until he terminates his participation or sells all Shares
held in his Program account, or his account is terminated by the Program
Administrator. A participant may change his investment options at any time by
requesting a new enrollment form and returning it to the Program Administrator.
A participant will be assessed certain charges in connection with his
participation in the Program. All optional cash deposit investments will be
subject to a service charge. Sales processed through the Program will have a
service fee deducted from the net proceeds, after brokerage commissions. In
addition to the transaction charges outlined above, participants will be
assessed per share processing fees (which include brokerage commissions.)
Participants will not be charged any fee for reinvesting dividends.
The number of Shares to be purchased for a participant depends on the amount of
his dividends, cash payments or bank account or payroll deductions, less
applicable fees and commissions, and the purchase price of the Shares. The
investment date for cash payments is the 25th day of each month (or the next
trading day if the 25th is not a trading day). The investment date for dividend
reinvestment is the dividend payment date. The Program Administrator uses
dividends and funds of participants to purchase Shares of the Fund in the open
market. Such purchases will be made by participating brokers as agent for the
participants using normal cash settlement practices. All Shares purchased
through the Program will be allocated to participants as of the settlement date,
which is usually three business days from the purchase date. In all cases,
transaction processing will occur within 30 days of the receipt of funds, except
where temporary curtailment or suspension of purchases is necessary to comply
with applicable provisions of the Federal Securities laws or when unusual market
conditions make prudent investment impracticable. In the event the Program
Administrator is unable to purchase Shares within 30 days of the receipt of
funds, such funds will be returned to the participants.
The average price of all Shares purchased by the Program Administrator with all
funds received during the time period from two business days preceding any
investment date up to the second business day preceding the next investment date
shall be the price per share allocable to a participant in connection with the
Shares purchased for his account with his funds or dividends received by the
Program Administrator during such time period. The average price of all Shares
sold by the Program Administrator pursuant to sell orders received during such
time period shall be the price per share allocable to a participant in
connection with the Shares sold for his account pursuant to his sell orders
received by the Program Administrator during such time period. All sale requests
having an
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anticipated market value of $100,000.00 or more are expected to be submitted in
written form. In addition, all sale requests received by the Program
Administrator within thirty (30) days of an address change are expected to be
submitted in written form.
EquiServe Trust Company, N.A., as Program Administrator, administers the Program
for participants, keeps records, sends statements of account to participants and
performs other duties relating to the Program. Each participant in the Program
will receive a statement of his account following each purchase of Shares. The
statements will also show the amount of dividends credited to such participant's
account (if applicable), as well as the fees paid by the participant. In
addition, each participant will receive copies of the Fund's annual and
semi-annual reports to shareholders, proxy statements and, if applicable,
dividend income information for tax reporting purposes.
If the Fund is paying dividends on the Shares, a participant will receive
dividends through the Program for all Shares held on the dividend record date on
the basis of full and fractional Shares held in his account, and for all other
Shares of the Fund registered in his name. The Program Administrator will send
checks to the participants for the amounts of their dividends that are not to be
automatically reinvested at no cost to the participants.
Shares of the Fund purchased under the Program will be registered in the name of
the accounts of the respective participants. Unless requested, the Fund will not
issue to participants certificates for Shares of the Fund purchased under the
Program. The Program Administrator will hold the Shares in book-entry form until
a Program participant chooses to withdraw his Shares or terminate his
participation in the Program. The number of Shares purchased for a participant's
account under the Program will be shown on his statement of account. This
feature protects against loss, theft or destruction of stock certificates.
A participant may withdraw all or a portion of the Shares from his Program
account by notifying the Program Administrator. After receipt of a participant's
request, the Program Administrator will issue to such participant certificates
for the whole Shares of the Fund so withdrawn or, if requested by the
participant, sell the Shares for him and send him the proceeds, less applicable
brokerage commissions, fees, and transfer taxes, if any. If a participant
withdraws all full and fractional Shares in his Program account, his
participation in the Program will be terminated by the Program Administrator. In
no case will certificates for fractional Shares be issued. The Program
Administrator will convert any fractional Shares held by a participant at the
time of his withdrawal to cash.
Participation in any rights offering, dividend distribution or stock split will
be based upon both the Shares of the Fund registered in participants' names and
the Shares (including fractional Shares) credited to participants' Program
accounts. Any stock dividend or Shares resulting from stock splits with respect
to Shares of the Fund, both full and fractional, which participants hold in
their Program accounts and with respect to all Shares registered in their names
will be automatically credited to their accounts.
All Shares of the Fund (including any fractional share) credited to his account
under the Program will be voted as the participant directs. The participants
will be sent the proxy materials for the annual meetings of shareholders. When a
participant returns an executed proxy, all of such Shares will be voted as
indicated. A participant may also elect to vote his Shares in person at the
Shareholders' meeting.
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A participant will receive tax information annually for his personal records and
to help him prepare his U.S. federal income tax return. The automatic
reinvestment of dividends does not relieve him of any income tax which may be
payable on dividends. For further information as to tax consequences of
participation in the Program, participants should consult with their own tax
advisors.
The Program Administrator in administering the Program will not be liable for
any act done in good faith or for any good faith omission to act. However, the
Program Administrator will be liable for loss or damage due to error caused by
its negligence, bad faith or willful misconduct. Shares held in custody by the
Program Administrator are not subject to protection under the Securities
Investors Protection Act of 1970.
The participant should recognize that neither the Fund nor the Program
Administrator can provide any assurance of a profit or protection against loss
on any Shares purchased under the Program. A participant's investment in Shares
held in his Program account is no different than his investment in directly held
Shares in this regard. The participant bears the risk of loss and the benefits
of gain from market price changes with respect to all of his Shares. Neither the
Fund nor the Program Administrator can guarantee that Shares purchased under the
Program will, at any particular time, be worth more or less than their purchase
price. Each participant must make an independent investment decision based on
his own judgment and research.
While the Program Administrator hopes to continue the Program indefinitely, the
Program Administrator reserves the right to suspend or terminate the Program at
any time. It also reserves the right to make modifications to the Program.
Participants will be notified of any such suspension, termination or
modification in accordance with the terms and conditions of the Program. The
Program Administrator also reserves the right to terminate any participant's
participation in the Program at any time. Any question of interpretation arising
under the Program will be determined in good faith by the Program Administrator
and any such good faith determination will be final.
Any interested shareholder may participate in the Program. All other cash
payments or bank account deductions must be at least $100.00, up to a maximum of
$100,000.00 annually. An interested shareholder may join the Program by reading
the Program description, completing and signing the enrollment form and
returning it to the Program Administrator. The enrollment form and information
relating to the Program (including the terms and conditions) may be obtained by
calling the Program Administrator at one of the following telephone numbers:
(800) 730-6001 (U.S. and Canada) or (781) 575-3100 (outside U.S. and Canada).
All correspondence regarding the Program should be directed to: EquiServe Trust
Company N.A., InvestLink(SM) Program, P.O. Box 43010, Providence, RI 02940-3010.
InvestLink is a service mark of EquiServe Trust Company, N.A.
26
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PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)
Information regarding how the The Latin America Equity Fund, Inc. (the "Fund")
voted proxies related to its portfolio securities during the 12-month period
ended June 30 of each year as well as the policies and procedures that the Fund
uses to determine how to vote proxies relating to its portfolio securities are
available:
- By calling 1-800-293-1232;
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Fund files a complete schedule of its portfolio holdings for the first and
third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q
are available on the SEC's website at http://www.sec.gov and may be reviewed and
copied at the SEC's Public Reference Room in Washington, DC. Information on the
operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330.
27
<Page>
OTHER FUNDS MANAGED BY CREDIT SUISSE ASSET MANAGEMENT, LLC
Credit Suisse Capital Appreciation Fund
Credit Suisse Cash Reserve Fund
Credit Suisse Commodity Return Strategy Fund
Credit Suisse Emerging Markets Fund
Credit Suisse Fixed Income Fund
Credit Suisse Global Fixed Income Fund
Credit Suisse Global Small Cap Fund
Credit Suisse High Income Fund
Credit Suisse International Focus Fund
Credit Suisse Japan Equity Fund
Credit Suisse Large Cap Blend Fund
Credit Suisse Large Cap Value Fund
Credit Suisse Mid-Cap Growth Fund
Credit Suisse New York Municipal Fund
Credit Suisse Short Duration Bond Fund
Credit Suisse Small Cap Growth Fund
Credit Suisse Small Cap Value Fund
Fund shares are not deposits or other obligations of Credit Suisse Asset
Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by
Credit Suisse Asset Management, LLC or any affiliate. Fund investments are
subject to investment risks, including loss of your investment. There are
special risk considerations associated with international, global,
emerging-market, small-company, private equity, high-yield debt,
single-industry, single-country and other special, aggressive or concentrated
investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is
provided in the Prospectus, which should be read carefully before investing. You
may obtain copies by calling Credit Suisse Funds at 800-927-2874. For up-to-date
performance, please look in the mutual fund section of your newspaper under
Credit Suisse.
Credit Suisse Asset Management Securities, Inc., Distributor.
28
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SUMMARY OF GENERAL INFORMATION (UNAUDITED)
The Fund--The Latin America Equity Fund, Inc.--is a closed-end, non-diversified
management investment company whose shares trade on the New York Stock Exchange,
Inc. Its investment objective is long-term capital appreciation through
investments primarily in Latin American equity securities. Credit Suisse Asset
Management, LLC (New York), the Fund's investment adviser, is part of Credit
Suisse Asset Management ("CSAM"), the institutional and mutual-fund
asset-management arm of Credit Suisse First Boston. As of June 30, 2005, CSAM
managed over $24 billion in the U.S. and, together with its global affiliates,
managed assets of over $327 billion in 16 countries.
SHAREHOLDER INFORMATION
The market price is published in: THE NEW YORK TIMES (daily) under the
designation "LatAEqty", THE WALL STREET JOURNAL (daily) under the designation of
"LatAmEq", and BARRON'S (each Monday) under the designation "Latin Amer Eq". The
Fund's New York Stock Exchange, Inc. trading symbol is LAQ. Weekly comparative
net asset value (NAV) and market price information about The Latin America
Equity Fund, Inc.'s shares are published each Sunday in THE NEW YORK TIMES and
each Monday in THE WALL STREET JOURNAL and BARRON'S, as well as other
newspapers, in a table called "Closed-End Funds."
THE CSAM GROUP OF FUNDS
LITERATURE REQUEST--Call today for free descriptive information on the
closed-end funds listed below at 1-800-293-1232 or visit our website on the
Internet: http://www.csam.com/us.
CLOSED-END FUNDS
SINGLE COUNTRY
The Chile Fund, Inc. (CH)
The First Israel Fund, Inc. (ISL)
The Indonesia Fund, Inc. (IF)
MULTIPLE COUNTRY
The Emerging Markets Telecommunications Fund, Inc. (ETF)
FIXED INCOME
Credit Suisse Asset Management Income Fund, Inc. (CIK)
Credit Suisse High Yield Bond Fund (DHY)
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that The Latin America Equity Fund, Inc. may
from time to time purchase shares of its capital stock in the open market.
<Page>
DIRECTORS AND CORPORATE OFFICERS
Enrique R. Arzac Lead Director
James J. Cattano Director
George W. Landau Director
Steven Rappaport Director
Martin M. Torino Director
Michael E. Kenneally Director and Chairman of the Board
Steven Plump Chief Executive Officer and President
Matthew J.K. Hickman Chief Investment Officer
J. Kevin Gao Senior Vice President
Ajay Mehra Chief Legal Officer
Emidio Morizio Chief Compliance Officer
Michael A. Pignataro Chief Financial Officer and Secretary
Karen Regan Assistant Secretary
Robert M. Rizza Treasurer
John Smith Assistant Treasurer
INVESTMENT ADVISER
Credit Suisse Asset Management, LLC
466 Lexington Avenue
New York, NY 10017
ADMINISTRATOR
Bear Stearns Funds Management Inc.
383 Madison Avenue
New York, NY 10179
CUSTODIAN
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
SHAREHOLDER SERVICING AGENT
EquiServe Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
Two Commerce Square
Philadelphia, PA 19103
LEGAL COUNSEL
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019
This report, including the financial statements herein, is sent to the
shareholders of the Fund for their information. The financial information
included herein is taken from the records of the Fund without examination by
independent registered public accountants who do not express an opinion thereon.
It is not a prospectus, circular or representation intended for use in the
purchase or sale of shares of the Fund or of any securities mentioned in this
report.
[LAQ LISTED NYSE(R) LOGO]
LAQ-SAR-0605
<Page>
ITEM 2. CODE OF ETHICS.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 6. SCHEDULE OF INVESTMENTS.
Included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
None.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors since the registrant
last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g)
of Schedule 14A in its definitive proxy statement dated March 1, 2005.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's second fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 12. EXHIBITS.
<Page>
(a)(1) Not applicable.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
<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.
THE LATIN AMERICA EQUITY FUND, INC.
/s/Steven Plump
---------------
Name: Steven Plump
Title: Chief Executive Officer
Date: September 1, 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.
/s/Steven Plump
---------------
Name: Steven Plump
Title: Chief Executive Officer
Date: September 1, 2005
/s/Michael A. Pignataro
-----------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: September 1, 2005