<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, 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, Santa Monica, CA 90401
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 310-395-8005
Date of fiscal year end: November 30
Date of reporting period: November 30, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
AND
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
ANNUAL REPORT
YEAR ENDED NOVEMBER 30, 2005
<Page>
DIMENSIONAL INVESTING
Dimensional Fund Advisors strives to deliver the returns of capital markets and
add value through resourceful trading. The firm departs from the rules and
rigidity of traditional indexing and avoids the futile and cost-generating
activity of stock picking and market timing. Instead, we focus on the dimensions
of capital markets that reward investors and we deliver them as intelligently
and effectively as possible.
On the firm's twenty-fifth anniversary, it pays to look back at the performance
of asset classes over a variety of different climates. Through good times and
bad, clients who stayed the course not only captured asset class returns across
the spectrum but in many cases added value over traditional indexes through
Dimensional's engineering and trading infrastructure.
A look through our annual reports gives you a sense of the breadth of our
strategy line. As daunting as this variety may seem, all the strategies are
easily understood if you look at the simple dimensions that drive returns.
Academic research has documented that, over the long term, small cap stocks
outperform large cap stocks and that value stocks outperform growth stocks.
These returns seem to be compensation for risk. In fixed income, risk is well
described by bond maturity and credit quality. Dimensional's vehicles
deliberately target specific risk and return trade-offs. The portfolios are
diversified and painstakingly designed to work together in your total investment
plan.
DIMENSIONAL'S INVESTMENT STRATEGIES
$84 Billion in Assets Under Management Worldwide as of November 30, 2005
CORE EQUITY
US Core Equity
International Core Equity
Emerging Markets Core Equity
SMALL CAP
US Micro Cap
US Small Cap
International Small Cap
Emerging Markets Small Cap
VALUE
US Small Cap Value
US Large Cap Value
International Small Cap Value
International Value
Emerging Markets Value
TAX-MANAGED
US Small Cap
US Small Cap Value
US Equity
US Marketwide Value
International Value
FIXED INCOME
One-year
Two-Year Global
Five-Year Government
Five-Year Global
Intermediate Government
Short-Term Municipal
We invite you to explore our website, www.dimensional.com, to learn more about
the concepts and strategies of Dimensional investing.
[DIMENSIONAL LOGO]
Dimensional Fund Advisors Inc. is an investment advisor registered with the
Securities and Exchange Commission. Consider the investment objectives, risks,
and charges and expenses of the Dimensional funds carefully before investing.
For this and other information about the Dimensional funds, please read the
prospectus carefully before investing. Prospectuses are available by calling
Dimensional Fund Advisors Inc. collect at (310) 395-8005; on the Internet at
www.dimensional.com; or, by mail, DFA Securities Inc., c/o Dimensional Fund
Advisors Inc., 1299 Ocean Avenue, Santa Monica, CA 90401. Dimensional funds are
distributed by DFA Securities Inc.
<Page>
ANNUAL REPORT
TABLE OF CONTENTS
DIMENSIONAL INVESTING
<Table>
<Caption>
PAGE
--------
DFA INVESTMENT DIMENSIONS GROUP INC. -- EMERGING MARKETS VALUE PORTFOLIO
Performance Chart 1
Management's Discussion and Analysis (including Dimensional Emerging Markets Value Fund Inc.) 2
Definitions of Abbreviations and Footnotes 5
Disclosure of Fund Expenses 6
Disclosure of Portfolio Holdings 7
Statement of Assets and Liabilities 8
Statement of Operations 9
Statements of Changes in Net Assets 10
Financial Highlights 11
Notes to Financial Statements 12
Report of Independent Registered Public Accounting Firm 15
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Performance Chart 16
Disclosure of Fund Expenses 17
Disclosure of Portfolio Holdings 18
Summary Schedule of Portfolio Holdings 19
Statement of Assets and Liabilities 22
Statement of Operations 23
Statements of Changes in Net Assets 24
Financial Highlights 25
Notes to Financial Statements 26
Report of Independent Registered Public Accounting Firm 30
FUND MANAGEMENT 31
VOTING PROXIES ON FUND PORTFOLIO SECURITIES 38
NOTICE TO SHAREHOLDERS 39
</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
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DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHART
[CHART]
EMERGING MARKETS VALUE PORTFOLIO VS.
MSCI EMERGING MARKETS INDEX (GROSS DIVIDENDS)
APRIL 1998-NOVEMBER 2005
GROWTH OF $10,000
<Table>
<Caption>
MSCI EMERGING MARKETS INDEX
DATE EMERGING MARKETS VALUE PORTFOLIO (GROSS DIVIDENDS)
4/1/1998 10000
4/30/1998 9592 10000
5/31/1998 8448 8630
6/30/1998 7681 7725
7/31/1998 8010 7970
8/31/1998 5930 5666
9/30/1998 5900 6025
10/31/1998 7164 6659
11/30/1998 8328 7213
12/31/1998 8617 7109
1/31/1999 8492 6994
2/28/1999 8565 7062
3/31/1999 9518 7993
4/30/1999 11910 8982
5/31/1999 11900 8929
6/30/1999 13350 9943
7/31/1999 13060 9672
8/31/1999 13174 9760
9/30/1999 12749 9431
10/31/1999 13308 9631
11/30/1999 14157 10495
12/31/1999 15877 11830
1/31/2000 15832 11901
2/29/2000 15413 12058
3/31/2000 15198 12118
4/30/2000 14281 10969
5/31/2000 13274 10516
6/30/2000 13297 10886
7/31/2000 12731 10326
8/31/2000 12742 10377
9/30/2000 11814 9471
10/31/2000 10977 8784
11/30/2000 10151 8017
12/31/2000 10454 8210
1/31/2001 11453 9340
2/28/2001 10523 8609
3/31/2001 9512 7764
4/30/2001 9960 8147
5/31/2001 10190 8244
6/30/2001 10075 8075
7/31/2001 9799 7565
8/31/2001 9914 7490
9/30/2001 8306 6330
10/31/2001 8639 6724
11/30/2001 9684 7426
12/31/2001 10350 8015
1/31/2002 11172 8287
2/28/2002 11023 8423
3/31/2002 11683 8930
4/30/2002 12007 8988
5/31/2002 11857 8845
6/30/2002 11010 8182
7/31/2002 10574 7559
8/31/2002 10599 7675
9/30/2002 9329 6847
10/31/2002 9727 7292
11/30/2002 10487 7793
12/31/2002 10174 7534
1/31/2003 10328 7501
2/28/2003 10238 7299
3/31/2003 10008 7091
4/30/2003 11325 7723
5/31/2003 12168 8278
6/30/2003 12705 8750
7/31/2003 12999 9297
8/31/2003 13855 9921
9/30/2003 14533 9994
10/31/2003 15824 10844
11/30/2003 16003 10978
12/31/2003 17928 11774
1/31/2004 18420 12192
2/29/2004 19612 12754
3/31/2004 19858 12918
4/30/2004 18459 11862
5/31/2004 17915 11628
6/30/2004 18242 11681
7/31/2004 18476 11475
8/31/2004 19297 11955
9/30/2004 20568 12646
10/31/2004 21210 12949
11/30/2004 23505 14148
12/31/2004 25015 14829
1/31/2005 25426 14876
2/28/2005 27743 16182
3/31/2005 25715 15116
4/30/2005 24800 14713
5/31/2005 25158 15231
6/30/2005 25985 15757
7/31/2005 27875 16872
8/31/2005 28318 17024
9/30/2005 30590 18611
10/31/2005 28676 17395
11/30/2005 30792 18836
</Table>
<Table>
<Caption>
AVERAGE ANNUAL ONE FIVE FROM
TOTAL RETURN YEAR YEARS 4/1/1998
- ------------------------------------------------------------------
31.06% 24.72% 15.81%
</Table>
Past performance is not predictive of future performance.
Daily index data not available at the inception of the fund. Index return is
from first full month of fund inception.
Prior to April 2002, the returns shown reflect a reimbursement fee of 0.5% of
the net asset value at the time of purchase.
The returns shown do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares.
MSCI data copyright MSCI 2006. All rights reserved.
1
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DFA INVESTMENT DIMENSIONS GROUP INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
INTERNATIONAL EQUITY MARKET REVIEW YEAR ENDED NOVEMBER 30, 2005
International equity markets had broadly positive returns for the year
under review. When expressed in local currencies, prices rose strongly in all of
the largest country constituents of the MSCI EAFE Index. Net returns were
diminished considerably by appreciation of the U.S. dollar relative to the euro,
Japanese yen, Swiss franc, British pound, Australian dollar and Swedish krona.
Overall, currency exchange rate changes negatively impacted returns for U.S.
dollar-based investors: total return for the MSCI EAFE Index (net dividends) was
27.48% in local currency and 13.27% in U.S. dollars.
% TOTAL RETURNS FOR YEAR ENDED NOVEMBER 30, 2005
<Table>
<Caption>
LOCAL
CURRENCY U.S. DOLLAR
TEN LARGEST DEVELOPED MARKETS RETURN RETURN
- ----------------------------- -------- -----------
United Kingdom (net dividends) 19.09% 7.72%
Japan (net dividends) 41.66% 21.55%
France 25.50% 11.33%
Switzerland 38.51% 19.87%
Germany 26.12% 11.88%
Netherlands 29.13% 14.55%
Australia 25.56% 19.79%
Italy 19.84% 6.30%
Spain 24.16% 10.12%
Sweden 27.30% 6.03%
</Table>
- ----------
Gross returns unless otherwise noted.
Source: Morgan Stanley Capital International
Large company growth stocks were the poorest-performing asset class in
international markets, while small company stocks had the best relative results.
% TOTAL RETURNS FOR YEAR ENDED NOVEMBER 30, 2005 (U.S. DOLLARS)
<Table>
MSCI EAFE Small Cap Index (price-only) 20.35%
MSCI EAFE Value Index (net dividends) 14.34%
MSCI EAFE Index (net dividends) 13.27%
MSCI EAFE Growth Index (net dividends) 12.14%
</Table>
2
<Page>
Returns in emerging markets were higher, on average, than in developed
country markets, although results varied widely among individual countries. For
the year under review, total returns were 33.12% for the MSCI Emerging Markets
Index (gross dividends), and 13.27% for the MSCI EAFE Index (net dividends).
% TOTAL RETURNS FOR YEAR ENDED NOVEMBER 30, 2005
<Table>
<Caption>
TOTAL
RETURNS
COUNTRY (U.S. $)
- ------- --------
Argentina 67.41%
Brazil 73.90%
Thailand 4.11%
Chile 30.93%
Indonesia 6.11%
Hungary 28.07%
Israel 32.85%
Poland 34.73%
Taiwan 6.89%
Mexico 53.97%
Malaysia 0.54%
Philippines 22.52%
Turkey 80.71%
South Korea 47.97%
</Table>
- ----------
Source: Morgan Stanley Capital International
MASTER-FEEDER STRUCTURE
The portfolio described below, called a "Feeder Fund", does not buy
individual securities directly; instead, the portfolio invests in a
corresponding fund called a "Master Fund". The Master Fund, in turn, purchases
stocks, bonds, and/or other securities.
EMERGING MARKETS VALUE PORTFOLIO
The Emerging Markets Value Portfolio (the "Portfolio") seeks to capture the
returns of value stocks in selected emerging markets by purchasing shares of the
Dimensional Emerging Markets Value Fund Inc., (the "Master Fund") which invests
in such stocks. The investment strategy employs a disciplined, quantitative
approach, emphasizing broad diversification and consistent exposure to emerging
markets value stocks, but does not attempt to track closely a specific equity
index. As of November 30, 2005, the Master Fund held 1,471 stocks in 17
countries. Target country weights in the Master Fund are determined by the
relative free-float adjusted market capitalization of eligible securities within
each country. Target country weights are also capped at a ceiling set by the
manager to improve portfolio diversification and limit potential risks
associated with individual countries. Free-float adjustment excludes the share
capital of a company that is not freely available for trading in the public
equity markets by international investors. Throughout the year ended November
30, 2005, the Master Fund was essentially fully invested in equities throughout
the year: cash equivalents averaged less than 1.0% of the Master Fund's assets.
As a result of the Master Fund's diversified investment approach,
performance was determined principally by broad structural trends in emerging
country stock markets, rather than the behavior of a limited number of stocks.
For the year ended November 30, 2005, emerging markets value stocks outperformed
developed country stocks but underperformed core emerging markets strategies.
Total returns were 13.27% for the MSCI EAFE Index (net dividends), 33.12% for
the MSCI Emerging Markets Index (gross dividends), and 31.06% for the Emerging
Markets Value Portfolio. Relative to the MSCI Emerging Markets Index,
underperformance of the Portfolio was due primarily to greater exposure to
stocks with market capitalizations under $700 million and to portfolio
composition differences in Latin America. The average weight for stocks with
market caps under $700 million which underperformed the MSCI Emerging Markets
Index, was 29% for the Master Fund compared to 3% for the Index. Securities from
Latin America
3
<Page>
produced a return of 39.71% for the Master Fund compared to 60.47% for the
Index. To a lesser extent, underperformance was attributable due to the Master
Fund's greater exposure to stocks with pronounced value characteristics, defined
as a relatively high book-to-market ratio.
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Dimensional Emerging Markets Value Inc. (the "Fund") seeks to capture the
returns of value stocks in selected emerging markets. The investment strategy
employs a disciplined, quantitative approach, emphasizing broad diversification
and consistent exposure to emerging markets value stocks, but does not attempt
to track closely a specific equity index. As of November 30, 2005, the Fund held
1,471 stocks in 17 countries. Target country weights in the Fund are determined
by the relative free-float adjusted market capitalization of eligible securities
within each country. Target country weights are also capped at a ceiling set by
the manager to improve portfolio diversification and limit potential risks
associated with individual countries. Free-float adjustment excludes the share
capital of a company that is not freely available for trading in the public
equity markets by international investors. The Fund was essentially fully
invested in equities throughout the year: cash equivalents averaged less than 1%
of the Fund's assets.
As a result of the Fund's diversified investment approach, performance was
determined principally by broad structural trends in emerging market country
stock markets, rather than the behavior of a limited number of stocks. For the
year ended November 30, 2005, emerging markets value stocks outperformed
developed country stocks but underperformed core emerging markets strategies.
Total returns were 13.27% for the MSCI EAFE Index (net dividends), 33.12% for
the MSCI Emerging Markets Index (gross dividends), and 31.60% for the Fund.
Relative to the MSCI Emerging Markets Index, underperformance of the Fund was
primarily due to greater exposure to stocks with market capitalizations under
$700 million and to portfolio composition differences in Latin America. The
average weight for stocks with market caps under $700 million which
underperformed the MSCI Emerging Markets Index, was 29% for the Fund compared to
3% for the Index. Securities from Latin America produced a return of 39.71% for
the Fund compared to 60.47% for the Index. To a lesser extent, underperformance
was attributable to the Fund's greater exposure to stocks with pronounced value
characteristics, defined as a relatively high book-to market ratio.
4
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
STATEMENT OF ASSETS AND LIABILITIES/SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
FHLMC Federal Home Loan Mortgage Corporation
ADR American Depositary Receipt
+ See Note B to Financial Statements.
++ Securities have been fair valued. See Note B to Financial Statements.
** Calculated as a percentage of total net assets. Percentages shown
parenthetically next to the category headings have been calculated as a
percentage of total investments. "Other Securities" are those securities
that are not among the top 50 holdings of the Fund or do not
individually represent more than 1.0% of the net assets of the Fund.
Some of the individual securities in this category may be Non-Income
Producing Securities.
* Non-Income Producing Securities.
FINANCIAL HIGHLIGHTS
(1) Represents the combined ratios for the respective portfolio and its
respective pro-rata share of its Master Fund Series.
(2) Computed using average shares outstanding.
ALL STATEMENTS AND SCHEDULES
- - Amounts designated as - are either zero or rounded to zero.
SEC Securities Exchange Commission
5
<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 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.
FOR THE PERIOD JUNE 1, 2005 TO NOVEMBER 30, 2005
EXPENSE TABLE
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
EMERGING MARKETS VALUE PORTFOLIO 06/01/05 11/30/05 RATIO PERIOD*
- -------------------------------- ------------ ----------- ---------- -----------
Actual Fund Return $ 1,000.00 $ 1,224.50 0.70% $ 3.90
Hypothetical 5% Annual Return $ 1,000.00 $ 1,021.56 0.70% $ 3.55
</Table>
- ----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent fiscal half-year (183), then
divided by the days in the year (365), to reflect the half-year period. The
expenses shown reflect the direct expenses of the feeder fund and the
indirect payment of the feeder fund's portion of the expenses of its master
fund.
6
<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 October 27, 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>
Affiliated Investment Companies 100.0%
</Table>
7
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2005
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<Table>
ASSETS:
Investment in Dimensional Emerging Markets Value Fund Inc. (Affiliated Investment Company)
(60,239,814 Shares, Cost $1,407,867) at Value+ $ 2,078,274
Receivables:
Investment Securities Sold 16,309
Fund Shares Sold 581
Prepaid Expenses and Other Assets 20
-------------
Total Assets 2,095,184
-------------
LIABILITIES:
Payables:
Fund Shares Redeemed 16,890
Due to Advisor 667
Accrued Expenses and Other Liabilities 147
-------------
Total Liabilities 17,704
-------------
NET ASSETS $ 2,077,480
=============
SHARES OUTSTANDING, $0.01 PAR VALUE
(Authorized 100,000,000 Shares) 90,894,931
=============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 22.86
=============
</Table>
See accompanying Notes to Financial Statements.
8
<Page>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 2005
(AMOUNTS IN THOUSANDS)
<Table>
INVESTMENT INCOME
Income Distributions Received from Affiliated Investment Company $ 42,760
-------------
EXPENSES
Administrative Services Fees 5,970
Accounting & Transfer Agent Fees 20
Legal Fees 10
Audit Fees 3
Filing Fees 123
Shareholders' Reports 58
Directors' Fees & Expenses 19
Other 9
-------------
Total Expenses 6,212
-------------
NET INVESTMENT INCOME (LOSS) 36,548
-------------
REALIZED AND UNREALIZED GAIN (LOSS)
Capital Gain Distributions Received from Affiliated Investment Company 19,856
Net Realized Gain (Loss) on Investment Securities Sold (2,232)
Change in Unrealized Appreciation (Depreciation) of Investment Securities 344,565
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) 362,189
-------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 398,737
=============
</Table>
See accompanying Notes to Financial Statements.
9
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<Table>
<Caption>
YEAR YEAR
ENDED ENDED
NOV. 30, NOV. 30,
2005 2004
------------- -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income (Loss) $ 36,548 $ 8,355
Capital Gain Distributions Received from Affiliated Investment Company 19,856 4,408
Net Realized Gain (Loss) on Investment Securities Sold (2,232) (2,987)
Change in Unrealized Appreciation (Depreciation) of Investment Securities 344,565 234,247
------------- -------------
Net Increase (Decrease) in Net Assets Resulting from Operations 398,737 244,023
------------- -------------
Distributions From:
Net Investment Income (31,728) (12,625)
Net Short-Term Gains (1,064) (803)
Net Long-Term Gains (3,733) --
------------- -------------
Total Distributions (36,525) (13,428)
------------- -------------
Capital Share Transactions (a):
Shares Issued 1,008,916 332,075
Shares Issued in Lieu of Cash Distributions 26,529 10,785
Shares Redeemed (215,490) (81,177)
------------- -------------
Net Increase (Decrease) from Capital Share Transactions 819,955 261,683
------------- -------------
Total Increase (Decrease) in Net Assets 1,182,167 492,278
NET ASSETS
Beginning of Period 895,313 403,035
------------- -------------
End of Period $ 2,077,480 $ 895,313
============= =============
(a) SHARES ISSUED AND REDEEMED:
Shares Issued 50,012 22,587
Shares Issued in Lieu of Cash Distributions 1,352 778
Shares Redeemed (10,411) (5,596)
------------- -------------
40,953 17,769
============= =============
ACCUMULATED NET INVESTMENT INCOME (LOSS) $ 4,812 $ (8)
</Table>
See accompanying Notes to Financial Statements.
10
<Page>
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<Table>
<Caption>
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
2005 2004 2003 2002 2001
- --------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 17.93 $ 12.53 $ 8.42 $ 8.43 $ 8.97
------------ ------------ ------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) 0.50 0.21 0.19 0.18 0.18
Net Gains (Losses) on Securities
(Realized and Unrealized) 4.96 5.54 4.13 0.49 (0.58)
------------ ------------ ------------ ------------ ------------
Total from Investment Operations 5.46 5.75 4.32 0.67 (0.40)
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Net Investment Income (0.44) (0.35) (0.14) (0.23) (0.09)
Net Realized Gains (0.09) -- (0.07) (0.45) (0.05)
------------ ------------ ------------ ------------ ------------
Total Distributions (0.53) (0.35) (0.21) (0.68) (0.14)
- --------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 22.86 $ 17.93 $ 12.53 $ 8.42 $ 8.43
================================================================================================================================
Total Return 31.06% 46.76% 52.59% 8.29% (4.60)%
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of
Period (thousands) $ 2,077,480 $ 895,313 $ 403,035 $ 118,516 $ 60,999
Ratio of Expenses to Average Net Assets (1) 0.70% 0.77% 0.86% 0.85% 1.00%
Ratio of Net Investment Income to Average
Net Assets 2.45% 1.37% 2.41% 2.10% 2.34%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying Notes to Financial Statements.
11
<Page>
DFA INVESTMENT DIMENSIONS GROUP INC.
EMERGING MARKETS VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
A. ORGANIZATION:
DFA Investment Dimensions Group Inc. (the "Group") is an open-end
management investment company whose shares are offered, without a sales charge,
generally to institutional investors and clients of registered investment
advisors. The Group offers forty-one portfolios, one of which, the Emerging
Markets Value Portfolio (the "Portfolio") is included in this report. Of the
remaining portfolios, thirty-nine are presented in separate reports and one has
not yet commenced operations.
The Portfolio invests all of its assets in the Dimensional Emerging Markets
Value Fund Inc. (the "Fund"). At November 30, 2005, the Portfolio owned 86% 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 November 30, 2005, the total liability (in thousands) for
deferred compensation to Directors is included in Accrued Expenses and Other
Liabilities in the amount of $25.
Each Director has the option to receive their distribution of proceeds in
one of the following methods upon one year's notice: lump sum, annual
installments over a period of agreed upon years, or semi-annual installments
over a period of agreed upon years. As of November 30, 2005, none of the
Directors have requested distribution of proceeds.
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
12
<Page>
year ended November 30, 2005, the Portfolio's administrative services fees were
accrued daily and paid monthly to the Advisor based on an effective annual rate
of 0.40 of 1% of average daily net assets.
FEES PAID TO OFFICERS AND DIRECTORS:
Certain Officers and Directors of the Advisor are also Officers and
Directors of the Group; however, such Officers and Directors (with the exception
of the Chief Compliance Officer ("CCO")) receive no compensation from the Group.
For the year ended November 30, 2005, the total related amounts paid by the
Group under this arrangement were $107 (in thousands). The total related amount
paid by the Portfolio is included in Other Expenses on the Statement of
Operations.
D. FEDERAL INCOME TAXES:
The Portfolio has qualified and intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code for
federal income tax purposes and to distribute substantially all of its taxable
income and net capital gains to shareholders. Accordingly, no provision has been
made for federal income taxes.
The tax character of dividends and distributions declared and paid during
the years ended November 30, 2005 and November 30, 2004 were as follows (amounts
in thousands):
<Table>
<Caption>
NET INVESTMENT
INCOME AND
SHORT-TERM LONG-TERM
CAPITAL GAINS CAPITAL GAINS TOTAL
--------------- ------------- --------------
2005 $ 32,792 $ 3,733 $ 36,525
2004 12,625 803 13,428
</Table>
At November 30, 2005, the components of distributable earnings/(accumulated
losses) were as follows (amounts in thousands):
<Table>
<Caption>
UNDISTRIBUTED TOTAL NET
NET INVESTMENT DISTRIBUTABLE
INCOME AND UNDISTRIBUTED EARNINGS/
SHORT-TERM LONG-TERM (ACCUMULATED
CAPITAL GAINS CAPITAL GAINS LOSSES)
-------------- ------------- --------------
$ 5,093 $ 17,974 $ 23,067
</Table>
For federal income tax purposes, the Portfolio measures its capital loss
carryforwards annually at November 30, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
As of November 30, 2005, the Portfolio had no capital loss carryforwards
available to offset future realized capital gains.
At November 30, 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)
------------ -------------- -------------- --------------
$ 1,422,694 $ 670,407 $ (14,827) $ 655,580
</Table>
E. COMPONENTS OF NET ASSETS
At November 30, 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 NET
CAPITAL INCOME (LOSS) SECURITIES SECURITIES ASSETS
------------ ------------- -------------- -------------- ------------
$ 1,398,859 $ 4,812 $ 3,402 $ 670,407 $ 2,077,480
</Table>
13
<Page>
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
2005 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. 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 Portfolio under the line of credit with the domestic custodian
bank during the year ended November 30, 2005.
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 credit with the international
custodian bank during the year ended November 30, 2005.
G. CONTRACTUAL OBLIGATIONS:
In the normal course of business, the Group enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Group's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Group
and/or its affiliates that have not yet occurred. However, based on experience,
the Group expects the risk of loss to be remote.
H. OTHER:
On November 30, 2005, one shareholder held approximately 28% of the
outstanding shares of the Portfolio. One or more of the shareholders may be
omnibus accounts, which typically hold shares for the benefit of several other
underlying investors.
14
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS OF EMERGING MARKETS VALUE PORTFOLIO AND
BOARD OF DIRECTORS OF DFA INVESTMENT DIMENSIONS GROUP INC.
In our opinion, the accompanying statement of assets and liabilities and the
related statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Emerging Markets Value Portfolio (one of the portfolios constituting DFA
Investment Dimensions Group Inc., hereafter referred to as the "Portfolio") at
November 30, 2005, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the financial highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Portfolio's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
November 30, 2005 by correspondence with the transfer agent of the investee
fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 23, 2006
15
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
PERFORMANCE CHART
[CHART]
DIMENSIONAL EMERGING MARKETS VALUE FUND INC. VS.
MSCI EMERGING MARKETS INDEX (GROSS DIVIDENDS)
NOVEMBER 30, 1995-NOVEMBER 30, 2005
GROWTH OF $10,000
<Table>
<Caption>
DIMENSIONAL EMERGING MSCI EMERGING MARKETS
DATE MARKETS VALUE FUND INC. INDEX (GROSS DIVIDENDS)
11/30/1995 9950 10000
12/31/1995 10289 10444
1/31/1996 11243 11187
2/29/1996 10941 11009
3/31/1996 10994 11095
4/30/1996 11358 11538
5/31/1996 11436 11486
6/30/1996 11553 11558
7/31/1996 10623 10768
8/31/1996 10969 11044
9/30/1996 11222 11140
10/31/1996 10955 10843
11/30/1996 11052 11025
12/31/1996 11174 11074
1/31/1997 12500 11830
2/28/1997 12808 12336
3/31/1997 12453 12011
4/30/1997 12322 12033
5/31/1997 13183 12377
6/30/1997 13715 13039
7/31/1997 13974 13234
8/31/1997 12515 11550
9/30/1997 13263 11870
10/31/1997 11610 9922
11/30/1997 11288 9560
12/31/1997 11724 9791
1/31/1998 11003 9023
2/28/1998 11854 9965
3/31/1998 12402 10398
4/30/1998 12244 10284
5/31/1998 10866 8875
6/30/1998 9929 7944
7/31/1998 10318 8196
8/31/1998 7629 5827
9/30/1998 7600 6196
10/31/1998 9230 6848
11/30/1998 10746 7418
12/31/1998 11177 7311
1/31/1999 11019 7193
2/28/1999 11125 7263
3/31/1999 12368 8220
4/30/1999 15478 9237
5/31/1999 15478 9183
6/30/1999 17361 10226
7/31/1999 16993 9947
8/31/1999 17142 10038
9/30/1999 16608 9699
10/31/1999 17335 9905
11/30/1999 18450 10794
12/31/1999 20756 12167
1/31/2000 20645 12240
2/29/2000 20106 12401
3/31/2000 19827 12462
4/30/2000 18647 11281
5/31/2000 17337 10815
6/30/2000 17374 11195
7/31/2000 16640 10620
8/31/2000 16659 10672
9/30/2000 15451 9740
10/31/2000 14355 9034
11/30/2000 13280 8245
12/31/2000 13679 8443
1/31/2001 14996 9606
2/28/2001 13780 8854
3/31/2001 12463 7984
4/30/2001 13030 8379
5/31/2001 13344 8478
6/30/2001 13192 8305
7/31/2001 12838 7780
8/31/2001 12990 7703
9/30/2001 10882 6510
10/31/2001 11328 6915
11/30/2001 12704 7637
12/31/2001 13574 8243
1/31/2002 14669 8522
2/28/2002 14478 8662
3/31/2002 15350 9184
4/30/2002 15776 9243
5/31/2002 15584 9096
6/30/2002 14478 8414
7/31/2002 13914 7774
8/31/2002 13946 7893
9/30/2002 12287 7042
10/31/2002 12808 7499
11/30/2002 13820 8015
12/31/2002 13411 7749
1/31/2003 13617 7715
2/28/2003 13498 7506
3/31/2003 13205 7293
4/30/2003 14942 7943
5/31/2003 16072 8513
6/30/2003 16788 8998
7/31/2003 17168 9562
8/31/2003 18309 10203
9/30/2003 19210 10278
10/31/2003 20937 11153
11/30/2003 21175 11290
12/31/2003 23738 12108
1/31/2004 24385 12538
2/29/2004 25981 13117
3/31/2004 26305 13285
4/30/2004 24474 12199
5/31/2004 23749 11959
6/30/2004 24202 12013
7/31/2004 24506 11801
8/31/2004 25619 12295
9/30/2004 27305 13005
10/31/2004 28178 13317
11/30/2004 31224 14550
12/31/2004 33249 15251
1/31/2005 33808 15299
2/28/2005 36893 16642
3/31/2005 34212 15546
4/30/2005 32999 15131
5/31/2005 33501 15664
6/30/2005 34615 16205
7/31/2005 37129 17352
8/31/2005 37743 17508
9/30/2005 40780 19140
10/31/2005 38239 17890
11/30/2005 41077 19371
</Table>
<Table>
<Caption>
AVERAGE ANNUAL ONE FIVE TEN
TOTAL RETURN YEAR YEARS YEARS
- ------------------------------------------------------------------
31.60% 25.22% 15.18%
</Table>
Past performance is not predictive of future performance.
Prior to April 2002, the returns shown reflect a reimbursement fee of 0.5% of
the net asset value at the time of purchase.
The returns shown do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares.
MSCI data copyright MSCI 2006. All rights reserved.
16
<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 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.
FOR THE PERIOD JUNE 1, 2005 TO NOVEMBER 30, 2005
EXPENSE TABLE
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING
DIMENSIONAL EMERGING MARKETS VALUE FUND INC. 06/01/05 11/30/05 RATIO PERIOD*
- -------------------------------------------- ----------- ----------- ---------- -----------
Actual Fund Return $ 1,000.00 $ 1,226.50 0.28% $ 1.56
Hypothetical 5% Annual Return $ 1,000.00 $ 1,023.66 0.28% $ 1.42
</Table>
- ----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent fiscal half-year (183), then
divided by the days in the year (365), to reflect the half-year period.
17
<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 October 27, 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 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>
Financials 24.1%
Materials 21.7
Industrials 14.5
Consumer Discretionary 10.0
Energy 8.3
Consumer Staples 7.2
Information Technology 5.0
Utilities 3.9
Telecommunication Services 2.4
Health Care 1.5
Other 1.4
-----
100.0%
=====
</Table>
18
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
NOVEMBER 30, 2005
<Table>
<Caption>
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------------- --------------- ---------------
SOUTH AFRICA -- (12.1%)
COMMON STOCKS -- (12.1%)
ABSA Group, Ltd. 898,244 $ 12,722,093 0.5%
Barloworld, Ltd. 812,425 12,821,554 0.5%
* Harmony Gold Mining Co., Ltd. 1,528,002 18,602,113 0.8%
Liberty Group, Ltd. 1,494,978 16,617,062 0.7%
Mittal Steel South Africa, Ltd. 2,388,294 20,735,581 0.9%
Nedbank Group, Ltd. 2,021,460 27,316,866 1.1%
Old Mutual PLC 13,373,079 34,620,312 1.4%
* Sanlam, Ltd. 8,883,110 18,053,349 0.8%
Other Securities 133,731,581 5.5%
--------------- ---------------
TOTAL COMMON STOCKS 295,220,511 12.2%
--------------- ---------------
RIGHTS/WARRANTS -- (0.0%)
* Other Securities 283,293 0.0%
--------------- ---------------
TOTAL -- SOUTH AFRICA 295,503,804 12.2%
--------------- ---------------
SOUTH KOREA -- (11.7%)
COMMON STOCKS -- (11.7%)
Daewoo Engineering & Construction Co., Ltd. 819,780 10,446,122 0.4%
Doosan Heavy Industries & Construction Co., Ltd. 400,500 11,486,218 0.5%
Hyundai Heavy Industries Co., Ltd. 189,160 13,202,835 0.5%
Hyundai Motor Co., Ltd. 446,030 36,597,684 1.5%
Kia Motors Corp. 899,680 21,266,533 0.9%
Other Securities 193,043,656 8.0%
--------------- ---------------
TOTAL -- SOUTH KOREA 286,043,048 11.8%
--------------- ---------------
TAIWAN -- (10.9%)
COMMON STOCKS -- (10.9%)
* China Development Financial Holding Corp. 34,616,000 12,460,167 0.5%
Far East Textile, Ltd. 15,571,942 9,500,481 0.4%
Mega Financial Holding Co., Ltd. 18,530,000 12,138,844 0.5%
United Microelectronics Corp. 32,824,183 18,237,665 0.8%
Other Securities 213,623,791 8.8%
--------------- ---------------
TOTAL -- TAIWAN 265,960,948 11.0%
--------------- ---------------
INDIA -- (10.8%)
COMMON STOCKS -- (10.8%)
* Reliance Industries, Ltd. 6,386,159 115,436,390 4.8%
Tata Steel, Ltd. 1,751,526 13,297,260 0.6%
Other Securities 133,735,318 5.5%
--------------- ---------------
TOTAL -- INDIA 262,468,968 10.9%
--------------- ---------------
MEXICO -- (9.5%)
COMMON STOCKS -- (9.5%)
Alfa S.A. de C.V. Series A 5,405,364 30,511,096 1.3%
Controladora Comercial Mexicana S.A. de C.V. Series B 7,880,200 11,644,513 0.5%
Gruma S.A. de C.V. Series B 3,347,050 10,208,867 0.4%
Grupo Carso S.A. de C.V. Series A-1 13,173,051 31,195,062 1.3%
Grupo Financiero Inbursa S.A. de C.V. Series O 6,727,615 10,578,612 0.4%
Nueva Grupo Mexico S.A. de C.V. Series B 21,343,635 45,974,639 1.9%
* Organizacion Soriana S.A. de C.V. Series B 5,249,700 22,799,919 1.0%
Other Securities 68,480,847 2.8%
--------------- ---------------
TOTAL -- MEXICO 231,393,555 9.6%
--------------- ---------------
</Table>
19
<Page>
<Table>
<Caption>
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------------- --------------- ---------------
BRAZIL -- (7.8%)
PREFERRED STOCKS -- (6.0%)
Banco Bradesco SA 384,650 $ 11,809,200 0.5%
Gerdau SA 1,163,328 17,306,055 0.7%
Investimentos Itau SA 6,952,166 23,820,673 1.0%
Metalurgica Gerdau SA 595,200 11,452,907 0.5%
Sadia SA 3,838,282 10,608,186 0.4%
Telemar Norte Leste SA 545,000 16,074,223 0.7%
Other Securities 54,920,384 2.2%
--------------- ---------------
TOTAL PREFERRED STOCKS 145,991,628 6.0%
--------------- ---------------
COMMON STOCKS -- (1.8%)
* Cia Siderurgica Belgo-Mineira 35,029,733 21,127,531 0.9%
Companhia Siderurgica Nacional SA 931,400 19,443,794 0.8%
Other Securities 2,962,425 0.1%
--------------- ---------------
TOTAL COMMON STOCKS 43,533,750 1.8%
--------------- ---------------
TOTAL -- BRAZIL 189,525,378 7.8%
--------------- ---------------
TURKEY -- (6.8%)
COMMON STOCKS -- (6.8%)
Akbank T.A.S 3,293,434 25,929,952 1.1%
Eregli Demir ve Celik Fabrikalari Turk A.S 1,995,394 12,716,408 0.5%
* Finansbank A.S 5,486,436 21,963,656 0.9%
* Turkiye Garanti Bankasi A.S 4,833,512 16,094,096 0.7%
Turkiye Is Bankasi A.S 2,232,528 19,065,081 0.8%
Other Securities 69,204,921 2.8%
--------------- ---------------
TOTAL -- TURKEY 164,974,114 6.8%
--------------- ---------------
MALAYSIA -- (5.4%)
COMMON STOCKS -- (5.4%)
Other Securities 130,852,687 5.4%
--------------- ---------------
PREFERRED STOCKS -- (0.0%)
Other Securities 40,393 0.0%
--------------- ---------------
RIGHTS/WARRANTS -- (0.0%)
* Other Securities 14,422 0.0%
--------------- ---------------
TOTAL -- MALAYSIA 130,907,502 5.4%
--------------- ---------------
ISRAEL -- (4.5%)
COMMON STOCKS -- (4.5%)
Bank Hapoalim, Ltd. 5,987,462 25,965,262 1.1%
Bank Leumi Le-Israel 7,901,628 28,366,273 1.2%
Other Securities 55,581,442 2.2%
--------------- ---------------
TOTAL -- ISRAEL 109,912,977 4.5%
--------------- ---------------
CZECH REPUBLIC -- (3.5%)
COMMON STOCKS -- (3.5%)
* Cesky Telecom A.S 535,201 10,779,403 0.5%
CEZ A.S 2,744,208 75,160,267 3.1%
--------------- ---------------
TOTAL -- CZECH REPUBLIC 85,939,670 3.6%
--------------- ---------------
POLAND -- (3.1%)
COMMON STOCKS -- (3.1%)
Polski Koncern Naftowy Orlen SA 1,889,530 33,935,305 1.4%
Other Securities 42,231,176 1.8%
--------------- ---------------
TOTAL -- POLAND 76,166,481 3.2%
--------------- ---------------
</Table>
20
<Page>
<Table>
<Caption>
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------------- --------------- ---------------
INDONESIA -- (3.1%)
COMMON STOCKS -- (3.1%)
PT International Nickel Indonesia Tbk 7,522,000 $ 9,585,057 0.4%
PT Medco Energi International Tbk 31,249,000 10,329,197 0.4%
PT Semen Gresik Tbk 8,421,591 15,013,158 0.6%
Other Securities 39,786,196 1.7%
--------------- ---------------
TOTAL -- INDONESIA 74,713,608 3.1%
--------------- ---------------
THAILAND -- (3.0%)
COMMON STOCKS -- (3.0%)
Other Securities 72,162,969 3.0%
--------------- ---------------
RIGHTS/WARRANTS -- (0.0%)
* Other Securities 3,440 0.0%
--------------- ---------------
TOTAL -- THAILAND 72,166,409 3.0%
--------------- ---------------
CHILE -- (1.9%)
COMMON STOCKS -- (1.9%)
Sociedad Quimica y Minera de Chile SA Series B 945,090 10,973,469 0.5%
Other Securities 35,077,407 1.4%
--------------- ---------------
TOTAL -- CHILE 46,050,876 1.9%
--------------- ---------------
HUNGARY -- (1.8%)
COMMON STOCKS -- (1.8%)
Egis RT 121,985 12,483,057 0.5%
Other Securities 32,383,718 1.4%
--------------- ---------------
TOTAL -- HUNGARY 44,866,775 1.9%
--------------- ---------------
ARGENTINA -- (1.6%)
COMMON STOCKS -- (1.6%)
Tenaris SA 1,660,259 18,265,822 0.8%
Other Securities 21,987,763 0.9%
--------------- ---------------
TOTAL -- ARGENTINA 40,253,585 1.7%
--------------- ---------------
PHILIPPINES -- (1.3%)
COMMON STOCKS -- (1.3%)
Other Securities 31,637,198 1.3%
--------------- ---------------
UNITED STATES -- (0.0%)
COMMON STOCKS -- (0.0%)
Other Securities 1,143,164 0.0%
--------------- ---------------
<Caption>
FACE
AMOUNT
---------------
(000)
TEMPORARY CASH INVESTMENTS -- (1.2%)
Repurchase Agreement, PNC Capital Markets, Inc. 3.88%, 12/01/05
(Collateralized by $31,296,000 FHLMC Notes 4.00%, 09/22/09,
valued at $30,670,080) to be repurchased at $30,219,257 $ 30,216 30,216,000 1.2%
--------------- ---------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,628,835,342) $ 2,439,844,060 100.9%
=============== ===============
</Table>
See accompanying Notes to Financial Statements.
21
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2005
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<Table>
ASSETS:
Investments at Value $ 2,439,844
Foreign Currencies at Value 2,473
Cash 14
Receivables:
Investment Securities Sold 3,516
Dividends and Interest 3,166
Fund Shares Sold 8
Prepaid Expenses and Other Assets 2
------------
Total Assets 2,449,023
------------
LIABILITIES:
Payables:
Investment Securities Purchased 10,418
Fund Shares Redeemed 16,309
Due to Advisor 194
Deferred Thailand Capital Gains Tax 4,119
Deferred Chilean Repatriation Tax 19
Accrued Expenses and Other Liabilities 900
------------
Total Liabilities 31,959
------------
NET ASSETS $ 2,417,064
============
SHARES OUTSTANDING, $0.01 PAR VALUE
(Unlimited Number of Shares Authorized) 70,060,119
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 34.50
============
Investments at Cost $ 1,628,835
------------
Foreign Currencies at Cost $ 2,306
------------
</Table>
See accompanying Notes to Financial Statements.
22
<Page>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 2005
(AMOUNTS IN THOUSANDS)
<Table>
INVESTMENT INCOME
Dividends (Net of Foreign Taxes Withheld of $5,932) $ 57,122
Interest 6,121
------------
Total Investment Income 63,243
------------
EXPENSES
Investment Advisory Services Fees 1,799
Accounting & Transfer Agent Fees 891
Custodian Fees 2,236
Legal Fees 26
Audit Fees 27
Shareholders' Reports 88
Directors' Fees & Expenses 21
Other 100
------------
Total Expenses 5,188
------------
NET INVESTMENT INCOME (LOSS) 58,055
------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on Investment Securities Sold 59,058
Net Realized Gain (Loss) on Foreign Currency Transactions (3,127)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency 375,233
Translation of Foreign Currency Denominated Amounts 5
Deferred Thailand Capital Gains Tax 249
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) 431,418
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 489,473
============
</Table>
See accompanying Notes to Financial Statements.
23
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<Table>
<Caption>
YEAR YEAR
ENDED ENDED
NOV. 30, NOV. 30,
2005 2004
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income (Loss) $ 58,055 $ 19,845
Net Realized Gain (Loss) on Investment Securities Sold 59,058 26,764
Net Realized Gain (Loss) on Foreign Currency Transactions (3,127) (1,330)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency 375,233 294,842
Translation of Foreign Currency Denominated Amounts 5 36
Deferred Thailand Capital Gains Tax 249 1,032
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations 489,473 341,189
------------ ------------
Distributions From:
Net Investment Income (51,518) (15,246)
Net Short-Term Gains (1,386) --
Net Long-Term Gains (24,479) (6,727)
------------ ------------
Total Distributions (77,383) (21,973)
------------ ------------
Capital Share Transactions (a):
Shares Issued 847,065 283,404
Shares Issued in Lieu of Cash Distributions 67,397 19,331
Shares Redeemed (82,438) (66,724)
------------ ------------
Net Increase (Decrease) from Capital Share Transactions 832,024 236,011
------------ ------------
Total Increase (Decrease) in Net Assets 1,244,114 555,227
NET ASSETS
Beginning of Period 1,172,950 617,723
------------ ------------
End of Period $ 2,417,064 $ 1,172,950
============ ============
(a) SHARES ISSUED AND REDEEMED:
Shares Issued 27,817 12,545
Shares Issued in Lieu of Cash Distributions 2,289 905
Shares Redeemed (2,587) (3,000)
------------ ------------
27,519 10,450
============ ============
ACCUMULATED NET INVESTMENT INCOME (LOSS) $ 5,573 $ 3,225
</Table>
See accompanying Notes to Financial Statements.
24
<Page>
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<Table>
<Caption>
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 27.57 $ 19.25 $ 12.81 $ 12.28 $ 14.14
------------- ------------- ------------- ------------- -------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) 0.99(2) 0.52 0.33 0.23 0.38
Net Gains (Losses) on Securities
(Realized and Unrealized) 7.42 8.42 6.45 0.83 (0.92)
------------- ------------- ------------- ------------- -------------
Total from Investment Operations 8.41 8.94 6.78 1.06 (0.54)
- ------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Net Investment Income (0.88) (0.41) (0.34) (0.32) (0.33)
Net Realized Gains (0.60) (0.21) -- (0.21) (0.99)
------------- ------------- ------------- ------------- -------------
Total Distributions (1.48) (0.62) (0.34) (0.53) (1.32)
- ------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 34.50 $ 27.57 $ 19.25 $ 12.81 $ 12.28
==============================================================================================================================
Total Return 31.60% 47.38% 53.30% 8.79% (4.34)%
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands) $ 2,417,064 $ 1,172,950 $ 617,723 $ 345,597 $ 279,096
Ratio of Expenses to Average Net Assets 0.29% 0.34% 0.42% 0.40% 0.52%
Ratio of Net Investment Income to Average
Net Assets 3.23% 2.33% 2.39% 1.67% 3.16%
Portfolio Turnover Rate 7% 8% 10% 15% 19%
- ------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying Notes to Financial Statements.
25
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
NOTES TO FINANCIAL STATEMENTS
A. ORGANIZATION:
Dimensional Emerging Markets Value Fund Inc. (the "Fund") was organized as
a closed-end management investment company registered under the Investment
Company Act of 1940, as amended. Effective November 21, 1997, the Fund was
reorganized as an open-end management investment company.
B. SIGNIFICANT ACCOUNTING POLICIES:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
increases and decreases in net assets from 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. 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.
26
<Page>
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 November 30, 2005, the total liability (in thousands) for deferred
compensation to Directors is included in Accrued Expenses and Other Liabilities
in the amount of $31.
Each Director has the option to receive their distribution of proceeds in
one of the following methods upon one year's notice: lump sum, annual
installments over a period of agreed upon years, or semi-annual installments
over a period of agreed upon years. As of November 30, 2005, none of the
Directors have requested distribution of proceeds.
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 or throughout the
holding period. Some countries require governmental approval for the
repatriation of investment income, capital or the proceeds of sales earned by
foreign investors. In addition, if there is a deterioration in a country's
balance of payments or for other reasons, a country may impose temporary
restrictions on foreign capital remittances abroad.
The Fund's investments in Chile are subject to governmental taxes on
investment income. Such taxes are due when currencies are repatriated from the
country. The Fund accrues for taxes on income as 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 year ended November 30, 2005,
the Fund paid the Advisor a fee based on an annual effective rate of 0.10 of 1%
of average daily net assets.
FEES PAID TO OFFICERS AND DIRECTORS:
Certain Officers and Directors of the Advisor are also Officers and
Directors of the Fund; however, such Officers and Directors (with the exception
of the Chief Compliance Officer ("CCO")) receive no compensation from the Fund.
For the year ended November 30, 2005, the total related amounts paid by Fund
under this arrangement were $4 (in thousands). The total related amounts paid by
the Fund are included in Other Expenses on the Statement of Operations.
D. PURCHASES AND SALES OF SECURITIES:
For the year ended November 30, 2005, the Fund made the following purchases
and sales of investment securities other than short-term securities (amounts in
thousands):
<Table>
Purchases $ 909,553
Sales 128,972
</Table>
There were no purchases or sales of U.S. Government Securities during the
year ended November 30, 2005.
27
<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.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from these amounts determined under accounting principles generally
accepted in the United States of America. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are permanent,
they are charged or credited to paid-in capital, undistributed net investment
income or accumulated net realized gains, as appropriate, in the period that the
differences arise. Accordingly, the following permanent differences as of
November 30, 2005, primarily attributable to realized net foreign currency
gains/losses and net realized gains on securities considered to be "passive
foreign investment companies" were reclassified to the following accounts. These
reclassifications had no effect on net assets or net asset value per share.
(amounts in thousands):
<Table>
<Caption>
INCREASE INCREASE INCREASE
(DECREASE) (DECREASE) (DECREASE)
UNDISTRIBUTED ACCUMULATED ACCUMULATED
NET INVESTMENT NET REALIZED APPRECIATION
INCOME GAINS (DEPRECIATION)
-------------- -------------- --------------
$ (2,859) $ 3,108 $ (249)
</Table>
The tax character of dividends and distributions declared and paid during
the years ended November 30, 2005 and November 30, 2004 were as follows (amounts
in thousands):
<Table>
<Caption>
NET INVESTMENT
INCOME AND
SHORT-TERM LONG-TERM
GAINS CAPITAL GAIN TOTAL
--------------- ------------- --------------
2005 $ 52,904 $ 24,479 $ 77,383
2004 15,246 6,727 21,973
</Table>
At November 30, 2005, the components of distributable earnings/(accumulated
losses) were as follows (amounts in thousands):
<Table>
<Caption>
UNDISTRIBUTED TOTAL NET
NET INVESTMENT DISTRIBUTABLE
INCOME AND UNDISTRIBUTED EARNINGS/
SHORT-TERM NET REALIZED (ACCUMULATED
CAPITAL GAINS CAPITAL GAINS LOSSES)
-------------- -------------- --------------
$ 12,855 $ 53,152 $ 66,007
</Table>
For federal income tax purposes, the Fund measures its capital loss
carryforwards annually at November 30, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
As of November 30, 2005, the Fund had no capital loss carryforwards available to
offset future realized capital gains.
Some of the Fund's investments are in securities considered to be "passive
foreign investment companies", for which any unrealized appreciation
(depreciation) (mark to market) and/or realized gains are required to be
included in distributable net investment income for tax purposes. During the
year ended November 30, 2005, the Fund had unrealized appreciation
(depreciation) (mark to market) and realized gains on the sale of passive
foreign investment companies (in thousands), of $1,867 and $2,725, respectively,
which are included in distributable net investment income for federal income tax
purposes, accordingly, such gains have been reclassified from accumulated net
realized gains to accumulated net investment income.
At November 30, 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)
------------ -------------- -------------- ---------------
$ 1,633,627 $ 900,189 $ (93,972) $ 806,217
</Table>
28
<Page>
F. COMPONENTS OF NET ASSETS:
At November 30, 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 NET
CAPITAL INCOME (LOSS) SECURITIES GAIN (LOSS) GAINS TAX CURRENCY GAIN (LOSS) ASSETS
----------- ------------- -------------- ------------ --------- -------------- ----------- -------------
$ 1,549,044 $ 5,573 $ 58,739 $ (3,127) $ (4,119) $ 810,927 $ 27 $ 2,417,064
</Table>
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
November 30, 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 2005
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. 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 line of credit with the domestic custodian bank
during the year ended November 30, 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 with the international custodian
bank during the year ended November 30, 2005.
I. CONTRACTUAL OBLIGATIONS:
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is unknown
as this would involve future claims that may be made against the Fund and/or its
affiliates that have not yet occurred. However, based on experience, the Fund
expects the risk of loss to be remote.
29
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
In our opinion, the accompanying statement of assets and liabilities, including
the summary schedule of portfolio holdings, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Dimensional Emerging
Markets Value Fund Inc. (the "Fund") at November 30, 2005, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with the
Standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at November 30, 2005 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 23, 2006
30
<Page>
FUND MANAGEMENT
TRUSTEES/DIRECTORS
Each Board of Trustees/Directors of The DFA Investment Trust Company Inc.
("DFAITC"), DFA Investment Dimensions Group Inc. ("DFAIDG"), Dimensional
Investment Group Inc. ("DIG") and Dimensional Emerging Markets Value Fund Inc.
("DEM") (each, the "Fund" and collectively, the "Funds") is responsible for
establishing the Funds' policies and for overseeing the management of the Funds.
The Trustees/Directors of the Funds, including all of the disinterested
Directors, have adopted written procedures to monitor potential conflicts of
interest that might develop between portfolios of the Funds (the "Feeder
Portfolios") that invest in certain series of DFAITC or DEM (the "Master
Funds").
Each Board has two standing committees, an Audit Committee and a Portfolio
Performance and Service Review Committee (the "Performance Committee"). The
Audit Committee is comprised of George M. Constantinides, Roger G. Ibbotson and
Abbie J. Smith. Each member of the Audit Committee is a disinterested Director.
The Audit Committee oversees the Fund's accounting and financial reporting
policies and practices, the Fund's internal controls, the Fund's financial
statements and the independent audits thereof and performs other oversight
functions as requested by the Board of Trustees/Directors. The Audit Committee
recommends the appointment of each Fund's independent registered certified
public accounting firm and also acts as a liaison between the Fund's independent
registered certified public accounting firm and the full Board. There were five
Audit Committee meetings held during the fiscal year ended November 30, 2005.
Each Board's Performance Committee is comprised of Messrs. Constantinides
and Ibbotson, Ms. Smith, John P. Gould, Myron S. Scholes and Robert C. Merton.
Each member of the Fund's Performance Committee is a disinterested Director. The
Performance Committee regularly reviews and monitors the investment performance
of the Fund's series and reviews the performance of the Fund's service
providers. There were four Performance Committee meetings held during the fiscal
year ended November 30, 2005.
Certain biographical information for each disinterested Trustee/Director
and each interested Trustee/Director of the Funds is set forth in the tables
below, including a description of each Trustee/Director's experience as a
Trustee/Director of the Funds and as a director or trustee of other funds, as
well as other recent professional experience.
The statements of additional information (together, "SAI") of the Funds
include additional information about each Trustee/Director. You may obtain
copies of the SAI and prospectus of each Fund advised by Dimensional Fund
Advisors Inc. by calling collect (310) 395-8005 or by mailing a request to
Dimensional Fund Advisors, Inc. 1299 Ocean Avenue, 11th Floor, Santa Monica,
California 90401. Prospectuses are also available at www.dfafunds.com.
<Table>
<Caption>
NAME, AGE, POSITION PORTFOLIOS WITHIN THE
WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND
AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD
- -----------------------------------------------------------------------------------------------------------------------------------
DISINTERESTED TRUSTEES/DIRECTORS
George M. Constantinides DFAITC - since 1993 79 portfolios in 4 Leo Melamed Professor of Finance, Graduate School
Director of DFAIDG, DIG DFAIDG - since 1983 investment companies of Business, University of Chicago.
and DEM. DIG - since 1993
Trustee of DFAITC. DEM - since 1993
1101 E. 58th Street
Chicago, IL 60637
Date of Birth: 9/22/47
John P. Gould DFAITC - since 1993 79 portfolios in 4 Steven G. Rothmeier Distinguished Service
Director of DFAIDG, DIG DFAIDG - since 1986 investment companies Professor of Economics, Graduate School of
and DEM. DIG - since 1993 Business, University of Chicago. Senior
Trustee of DFAITC. DEM - since 1993 Vice-President, Lexecon Inc. (economics, law,
1101 E. 58th Street strategy and finance consulting). Formerly,
Chicago, IL 60637 President, Cardean University (division of
Date of Birth: 1/19/39 UNext.com). Member of the Boards of Milwaukee
Mutual Insurance Company and UNext.com. Formerly,
Trustee, First Prairie Funds (registered
investment company). Trustee, Harbor Fund
(registered investment company) (13 Portfolios).
</Table>
31
<Page>
<Table>
<Caption>
NAME, AGE, POSITION PORTFOLIOS WITHIN THE
WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND
AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD
- -----------------------------------------------------------------------------------------------------------------------------------
Roger G. Ibbotson DFAITC - since 1993 79 portfolios in 4 Professor in Practice of Finance, Yale School of
Director of DFAIDG, DIG DFAIDG - since 1981 investment companies Management. Director, BIRR Portfolio Analysis,
and DEM. DIG - since 1993 Inc. (software products). Chairman, Ibbotson
Trustee of DFAITC. DEM - since 1993 Associates, Inc., Chicago, IL (software, data,
Yale School of Management publishing and consulting). Partner, Zebra
P.O. Box 208200 Capital Management, LLC (hedge fund manager).
New Haven, CT Formerly, Director, Hospital Fund, Inc.
06520-8200 (investment management services).
Date of Birth: 5/27/43
Robert C. Merton DFA ITC - since 2003 79 portfolios in 4 John and Natty McArthur University Professor,
Director of DFAIDG, DIG DFA IDG - since 2003 investment companies Graduate School of Business Administration,
and DEM. DFA DIG - since 2003 Harvard University (since 1998). George Fisher
Trustee of DFAITC. DEM - since 2003 Baker Professor of Business Administration,
Harvard Business School Graduate School of Business Administration,
397 Morgan Hall Soldiers Harvard University (1988-1998), Co-founder, Chief
Field Boston, MA 02163 Science Officer, Integrated Finance Limited
Date of Birth: 7/31/44 (since 2002). Director, MF Risk, Inc. (risk
management software) (since 2001). Director,
Peninsula Banking Group (bank) (since 2003).
Director, Community First Financial Group (bank
holding company) (since 2003). Formerly,
Co-Founder and Principal, Long-Term Capital
Management. Director, Vical Incorporated
(biopharmaceutical product development).
Myron S. Scholes DFAITC - since 1993 79 portfolios in 4 Frank E. Buck Professor Emeritus of Finance,
Director of DFAIDG, DIG DFAIDG - since 1981 investment companies Stanford University. Managing Partner, Oak Hill
and DEM. DIG - since 1993 Capital Management (private equity firm).
Trustee of DFAITC. DEM - since 1993 Chairman, Oak Hill Platinum Partners (hedge
Oak Hill Capital fund). Director, Chicago Mercantile Exchange,
Management, Inc. Consultant, Arbor Investors. Formerly, Director,
2775 Sand Hill Rd Smith Breeden Family of Funds. Director, American
Suite 220 Century Fund Complex (registered investment
Menlo Park, CA 94025 companies) (38 Portfolios); and Director, Chicago
Date of Birth: 7/01/41 Mercantile Exchange Holdings Inc.
Abbie J. Smith DFAITC - since 2000 79 portfolios in 4 Boris and Irene Stern Professor of Accounting,
Director of DFAIDG, DIG DFAIDG - since 2000 investment companies Graduate School of Business, University of
and DEM. DIG - since 2000 Chicago, Formerly, Marvin Bower Fellow, Harvard
Trustee of DFAITC. DEM - since 2000 Business School (9/01 to 8/02). Director, HON
Graduate School of Industries Inc. (office furniture) and Director,
Business Ryder System Inc. (transportation).
University of Chicago
1101 East 58th Street,
Chicago, IL 60637
Date of Birth: 4/30/53
</Table>
32
<Page>
<Table>
<Caption>
NAME, AGE, POSITION PORTFOLIOS WITHIN THE
WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND
AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD
- -----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES/DIRECTORS**
David G. Booth DFAITC - since 1993 79 portfolios in 4 Chairman, Director, Chief Executive Officer,
Chairman, Director, DFAIDG - since 1981 investment companies Chief Investment Officer and President of
Chief Executive Officer, DIG - since 1992 Dimensional Fund Advisors Inc., DFA Securities
Chief Investment Officer DEM - since 1993 Inc., DFAIDG, DIG and DEM. Chairman, Trustee,
and President of DFAIDG, Chief Executive Officer, Chief Investment Officer
DIG and DEM. Chairman, and President of DFAITC. Director of Dimensional
Trustee, Chief Executive Fund Advisors Ltd, and formerly Chief Investment
Officer, Chief Investment Officer. Director, Chief Investment Officer and
Officer and President of President of DFA Australia Ltd. Formerly,
DFAITC. Director of Dimensional Funds PLC. Chairman,
1299 Ocean Avenue Director, Chief Executive Officer and Chief
Santa Monica, CA 90401 Investment Officer of Dimensional Fund Advisors
Date of Birth: 12/02/46 Canada Inc. (All Chief Investment Officer
positions held starting 1/1/2003 except for
Dimensional Fund Advisors Canada Inc., which was
from 6/17/2003.)
Limited Partner, Oak Hill Partners, Director,
University of Chicago Business School. Formerly,
Director, SA Funds (registered investment
company). Formerly Director, Assante Corporation
(investment management) (until 2002).
Rex A. Sinquefield* DFAITC - since 1993 79 portfolios in 4 Chairman and Director (and prior to 1/1/2003,
Chairman and Director of DFAIDG - since 1981 investment companies Chief Investment Officer) of Dimensional Fund
DFAIDG, DIG and DEM. DIG - since 1992 Advisors Inc., DFA Securities Inc., DFAIDG, DIG
Trustee and Chairman of DEM - since 1993 and DEM, Chairman, Trustee (and prior to
DFAITC. 1/1/2003, Chief Investment Officer) of DFAITC.
1299 Ocean Avenue Director and formerly President of Dimensional
Santa Monica, CA 90401 Fund Advisors Ltd., Director (and prior to
Date of Birth: 9/07/44 1/1/2003, Chief Investment Officer) of DFA
Australia Ltd. Director of Dimensional Funds PLC
and Dimensional Fund Advisors Canada Inc.
Trustee, St. Louis University. Life Trustee and
Member of Investment Committee, DePaul
University. Director, The German St. Vincent
Orphan Home. Member of Investment Committee,
Archdiocese of St. Louis. Director, St. Louis Art
Institute.
</Table>
(1) Each Trustee/Director holds office for an indefinite term until his or her
successor is elected and qualified.
(2) Each Trustee/Director is a director or trustee of each of the four
registered investment companies within the DFA Fund Complex, which includes
the Funds.
* Rex A. Sinquefield and Jeanne C. Sinquefield are husband and wife.
** Interested Directors are described as such because they are deemed to be
"interested persons," as that term is defined under the Investment Company
Act of 1940, as amended, due to their positions with Dimensional Fund
Advisors Inc.
33
<Page>
OFFICERS
The name, age, information regarding positions with the Funds and the
principal occupation for each officer of the Funds are set forth below. Each
officer listed below holds the same office (except as otherwise noted) in the
following entities: Dimensional Fund Advisors Inc. ("Dimensional"), DFA
Securities Inc., DFAIDG, DIG, DFAITC and DEM (collectively, the "DFA Entities").
The address of each officer is: Dimensional Fund Advisors Inc. 1299 Ocean
Avenue, Santa Monica, California 90401, unless otherwise indicated.
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICERS
M. Akbar Ali Since 2005 Vice President of all the DFA Entities. Portfolio Manager of
Vice President Dimensional (since August 2002). Formerly, Graduate Student at the
Date of Birth: 7/1/71 University of California, Los Angeles (August 2000 to June 2002);
Senior Technology Office at JPMorgan Chase & Co. (February 1997 to
June 2000).
Darryl Avery Since 2005 Vice President of all the DFA Entities. From June 2002 to January
Vice President 2005, institutional client service representative of Dimensional.
Date of Birth: 1/4/66 Formerly, institutional client service and marketing representative
for Metropolitan West Asset Management (February 2001 to February
2002); institutional client service and marketing representative for
Payden & Rygel (June 1990 to January 2001).
Arthur H. Barlow Since 1993 Vice President of all the DFA Entities. Formerly, Vice President of
Vice President DFA Australia Limited and Dimensional Fund Advisors Ltd.
Date of Birth: 11/7/55
Valerie A. Brown Since 2001 Vice President and Assistant Secretary of all the DFA Entities, DFA
Vice President and Assistant Secretary Australia Limited, Dimensional Fund Advisors Ltd., and since June
Date of Birth: 1/24/67 2003, Dimensional Fund Advisors Canada Inc. Since March 2000, legal
counsel for Dimensional.
Stephen A. Clark Since 2004 Vice President of all the DFA Entities, April 2001 to April 2004,
Vice President Portfolio Manager of Dimensional. Formerly, Graduate Student at the
Date of Birth: 8/20/72 University of Chicago (September 2000 to March 2001); and Associate
of US Bancorp Piper Jaffrey (September 1999 to September 2000) and an
Analyst and later an Associate of John Nuveen & Co. (August 1997 to
September 1999).
Truman A. Clark Since 1996 Vice President of all the DFA Entities, Formerly, Vice President of
Vice President DFA Australia Limited and Dimensional Fund Advisors Ltd.
Date of Birth: 4/8/41
Christopher S. Crossan Since 2004 Vice President of all the DFA Entities. Formerly, Senior Compliance
Vice President Officer, INVESCO Institutional, Inc. and its affiliates (August 2000
Date of Birth: 12/21/65 to January 2004); Branch Chief, Investment Company and Investment
Advisor Inspections, Securities and Exchange Commission (April 1994
to August 2000).
James L. Davis Since 1999 Vice President of all the DFA Entities. Formerly, Vice President of
Vice President DFA Australia Limited and Dimensional Fund Advisors Ltd, Formerly at
Date of Birth: 11/29/56 Kansas State University. Arthur Andersen & Co., and Phillips
Petroleum Co.
Robert T. Deere Since 1994 Vice President of all the DFA Entities and DFA Australia Limited.
Vice President Formerly, Vice President of Dimensional Fund Advisors Ltd.
Date of Birth: 10/8/57
Robert W. Dintzner Since 2001 Vice President of all the DFA Entities. Prior to April 2001,
Vice President marketing supervisor and marketing coordinator for Dimensional.
Date of Birth: 3/18/70 Formerly, Vice President of DFA Australia Limited.
Richard A. Eustice Since 1998 Vice President and Assistant Secretary of all the DFA Entities and
Vice President and Assistant Secretary DFA Australia Limited. Formerly, Vice President of Dimensional Fund
Date of Birth: 8/5/65 Advisors Ltd.
Eugene F. Fama, Jr. Since 1993 Vice President of all the DFA Entities. Formerly, Vice President of
Vice President DFA Australia Limited and Dimensional Fund Advisors Ltd.
Date of Birth: 1/21/61
</Table>
34
<Page>
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- -----------------------------------------------------------------------------------------------------------------------------------
Gretchen A. Flicker Since 2004 Vice President of all DFA Entities. Prior to April 2004,
Vice President institutional client service representative of Dimensional.
Date of Birth: 6/9/71
Glenn S. Freed Since 2001 Vice President of all the DFA Entities, Formerly, Professor and
Vice President Associate Dean of the Leventhal School of Accounting (September 1998
Date of Birth: 11/24/61 to August 2001) and Academic Director Master of Business Taxation
Program (June 1996 to August 2001) at the University of Southern
California Marshall School of Business.
Henry F. Gray Since 2000 Vice President of all the DFA Entities. Prior to July 2000, Portfolio
Vice President Manager of Dimensional. Formerly, Vice President of DFA Australia
Date of Birth: 9/22/67 Limited.
Kamyab Hashemi-Nejad Since 1997 Vice President, Controller and Assistant Treasurer of all the DFA
Vice President, Controller and Entities, DFA Australia Limited, and Dimensional Fund Advisors Ltd.
Assistant Treasurer Formerly, Assistant Secretary of Dimensional Fund Advisors Ltd..
Date of Birth: 1/22/61
Kevin Hight Since 2005 Vice President of all the DFA Entities. Formerly, Regional Director
Vice President of Dimensional (since March 2003 to March 2005). Formerly, Vice
Date of Birth: 11/13/67 President and Portfolio Manager for Payden & Rygel (July 1999 to
February 2003).
Christine W. Ho Since 2004 Vice President of all DFA Entities. Prior to April 2004, Assistant
Vice President Controller of Dimensional.
Date of Birth: 11/29/67
Jeff J. Jeon Since 2004 Vice President of all DFA Entities. Prior to April 2004, counsel of
Vice President Dimensional. Formerly, an Associate at Gibson, Dunn & Crutcher LLP
Date of Birth: 11/8/73 (September 1997 to August 2001).
Patrick M. Keating Since 2003 Vice President of all the DFA Entities and Dimensional Fund Advisors
Vice President Canada Inc. (since June 2003). Formerly, Director, President and
Date of Birth: 12/21/54 Chief Executive Officer, Assante Asset Management, Inc. (October 2000
to December 2002); Director, Assante Capital Management (October 2000
to December 2002); President and Chief Executive Officer, Assante
Capital Management (October 2000 to April 2001); Executive Vice
President, Assante Corporation (May 2001 to December 2002); Director,
Assante Asset Management Ltd. (September 1997 to December 2002);
President and Chief Executive Officer, Assante Asset Management Ltd.
(September 1998 to May 2001).
Joseph F. Kolerich Since 2004 Vice President of all the DFA Entities. From April 2001 to April
Vice President 2004, Portfolio Manager for Dimensional, Formerly, a trader at
Date of Birth: 11/7/71 Lincoln Capital Fixed Income Management (formerly Lincoln Capital
Management Company).
Michael F. Lane Since 2004 Vice President of all the DFA Entities. Formerly, Vice President of
Vice President Advisor Services at TIAA-CREF (July 2001 to September 2004); AEGON,
Date of Birth: 7/11/67 President, Advisor Resources (September 1994 to June 2001).
Juliet Lee Since 2005 Vice President of all the DFA Entities. Human Resources Manager of
Vice President Dimensional (since January 2004). Formerly, Assistant Vice President
Date of Birth: 1/12/71 for Metropolitan West Asset Management LLC (February 2001 to December
2003) and Director of Human Resources for Icebox, LLC (March 2000 to
February 2001).
Heather H. Mathews Since 2004 Vice President of all the DFA Entities. Prior to April 2004,
Vice President Portfolio Manager for Dimensional Fund Advisors Inc. Formerly,
Date of Birth: 12/12/69 Graduate Student at Harvard University (August 1998 to June 2000).
David M. New Since 2003 Vice President of all the DFA Entities. Formerly, Client Service
Vice President Manager of Dimensional. Formerly, Director of Research, Wurts and
Date of Birth: 2/9/60 Associates (investment consulting firm) (December 2000 to June 2002).
</Table>
35
<Page>
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- -----------------------------------------------------------------------------------------------------------------------------------
Catherine L. Newell Vice President Vice President and Secretary of all the DFA Entities. Vice President
Vice President and Secretary since 1997 and Assistant Secretary of DFA Australia Limited (since February
Date of Birth: 5/7/64 and Secretary 2002, April 1997 and May 2002, respectively). Vice President and
since 2000 Secretary of Dimensional Fund Advisors Canada Inc. (since June 2003).
Director, Dimensional Funds plc (since January 2002). Formerly,
Assistant Secretary of all DFA Entities and Dimensional Fund Advisors
Ltd.
Sonya K. Park Since 2005 Vice President of all the DFA Entities. From February 2002 to January
Vice President 2005, institutional client service representative of Dimensional.
Date of Birth: 6/28/72 Formerly, Associate Director at Watson Pharmaceuticals Inc. (January
2001 to February 2002); Graduate student at New York University
(February 2000 to December 2000).
David A. Plecha Since 1993 Vice President of all the DFA Entities, DFA Australia Limited and
Vice President Dimensional Fund Advisors Ltd.
Date of Birth: 10/26/61
Eduardo A. Repetto Since 2002 Vice President of all the DFA Entities. Formerly, Research Associate
Vice President for Dimensional (June 2000 to April 2002). Formerly, Research
Date of Birth: 1/28/67 Scientist (August 1998 to June 2000), California Institute of
Technology.
L. Jacobo Rodriguez Since 2005 Vice President of all the DFA Entities. From August 2004 to July
Vice President 2005, institutional client service representative of Dimensional.
Date of Birth: 5/18/71 Formerly, Financial Services Analyst, Cato Institute (September 2001
to June 2004); Book Review Editor, Cato Journal, Cato Institute (May
1996 to June 2004); and Assistant Director, Project on Global
Economic Liberty, Cato Institute (January 1996 to August 2001).
Michael T. Scardina Since 1993 Vice President, Chief Financial Officer and Treasurer of all the DFA
Vice President, Chief Financial Entities, DFA Australia Limited and Dimensional Fund Advisors Ltd.,
Officer and Treasurer and since June 2003, Dimensional Fund Advisors Canada Inc. Director,
Date of Birth: 10/12/55 Dimensional Fund Advisors Ltd. (since February 2002) and Dimensional
Funds, plc (January 2002).
David E. Schneider Since 2001 Vice President of all the DFA Entities. Currently, Director of
Vice President Institutional Services. Prior to 2001, Regional Director of
Date of Birth: 1/26/46 Dimensional.
Jeanne C. Sinquefield, Ph.D.* Since 1988 Executive Vice President of all the DFA Entities and DFA Australia
Executive Vice President Limited. Vice President (formerly, Executive Vice President) of
Date of Birth: 12/2/46 Dimensional Fund Advisors Ltd. (since January 2003) and Dimensional
Fund Advisor Canada Inc. (since June 2003).
Grady M. Smith Since 2004 Vice President of all the DFA Entities. Prior to April 2004,
Vice President Portfolio Manager of Dimensional. Formerly, Principal of William M.
Date of Birth: 5/26/56 Mercer, Incorporated (July 1995 to June 2001).
Carl G. Snyder Since 2000 Vice President of all the DFA Entities. Prior to July 2000, Portfolio
Vice President Manager of Dimensional. Formerly, Vice President of DFA Australia
Date of Birth: 6/8/63 Limited.
Lawrence R. Spieth Since 2004 Vice President of all the DFA Entities. Prior to April 2004,
Vice President institutional client service representative of Dimensional.
Date of Birth: 11/10/47
Bradley G. Steiman Since 2004 Vice President of all the DFA Entities and Dimensional Fund Advisors
Vice President Canada Inc. (since June 2003). Prior to April 2002, Regional Director
Date of Birth: 3/25/73 of Dimensional. Formerly, Vice President and General Manager of
Assante Global Advisors (July 2000 to April 2002); Vice President of
Assante Asset Management Inc. (March 2000 to July 2000); and Private
Client Manager at Loring Ward Investment Counsel Ltd. (June 1997 to
February 2002).
Karen E. Umland Since 1997 Vice President of all the DFA Entities, DFA Australia Limited,
Vice President Dimensional Fund Advisors Ltd., and since June 2003, Dimensional Fund
Date of Birth: 3/10/66 Advisors Canada Inc.
</Table>
36
<Page>
<Table>
<Caption>
TERM OF OFFICE(1)
NAME, AGE, POSITION WITH THE FUND AND LENGTH OF
AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
- -----------------------------------------------------------------------------------------------------------------------------------
Carol W. Wardlaw Since 2004 Vice President of all the DFA Entities. Prior to April 2004,
Vice President institutional client service representative of Dimensional.
Date of Birth: 8/7/58
Weston J. Wellington Since 1997 Vice President of all the DFA Entities. Formerly, Vice President of
Vice President DFA Australia Limited.
Date of Birth: 3/1/51
Daniel M. Wheeler Since 2001 Vice President of all the DFA Entities. Prior to 2001, Director of
Vice President Financial Advisors Services of Dimensional. Director of Dimensional
Date of Birth: 3/3/45 Fund Advisors Ltd. (since October 2003) and President of Dimensional
Fund Advisors Canada Inc. (since June 2003).
</Table>
(1) Each officer holds office for an indefinite term at the pleasure of the
Boards of Trustee/Directors and until his or her successor is elected and
qualified.
* Rex A. Sinquefield and Jeanne C. Sinquefield are husband and wife.
37
<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.
38
<Page>
NOTICE TO SHAREHOLDERS
(UNAUDITED)
For shareholders that do not have an November 30, 2005 tax year end, this
notice is for informational purposes only. For shareholders with a November 30,
2005 tax year end, please consult your tax advisor as to the pertinence of this
notice. For the fiscal year December 1, 2004 to November 30, 2005, each
Portfolio is designating the following items with regard to distributions paid
during the fiscal year.
<Table>
<Caption>
NET
INVESTMENT SHORT-TERM LONG-TERM QUALIFYING FOREIGN
INCOME CAPITAL GAIN CAPITAL GAIN TOTAL DIVIDEND TAX
DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS INCOME(1) CREDIT(2)
------------- ------------- ------------- ------------- --------- ---------
DFA INVESTMENT DIMENSIONS GROUP INC.
Emerging Markets Value Portfolio 89.78% -- 10.22% 100.00% 76.00% --
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Dimensional Emerging Markets Value Fund Inc. 66.55% 1.82% 31.63% 100.00% 66.00% 8.86%
</Table>
- ----------
(1) The percentage in this column represents the amount of "Qualifying Dividend
Income" as created by the Jobs and Growth Tax Relief Reconciliation Act of
2003 and is reflected as a percentage of ordinary income distributions (the
total of net investment income and short-term capital gain distributions).
It is the intention of each of the aforementioned funds to designate the
maximum amount permitted by law.
(2) Foreign Tax Credit represent dividends which qualify for the foreign tax
credit pass through and is reflected as a percentage of investment company
taxable income (the total of short term capital gain and net investment
income).
39
<Page>
ITEM 2. CODE OF ETHICS.
The Registrant has adopted, as of the end of the period covered by this Form
N-CSR (the "Report"), a code of ethics that applies to the Registrant's
principal executive officer and principal financial officer (the "Code of
Business Ethics"). The Registrant has not made any substantive amendments to the
Code of Business Ethics during the period covered by this Report. The Registrant
also has not granted any waiver from any provisions of the Code of Business
Ethics during the period covered by this Report. A copy of the Code of Business
Ethics is filed as an exhibit to this Report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Directors has determined that Abbie J. Smith possesses
the technical attributes to qualify as an "audit committee financial expert"
serving on the Registrant's Audit Committee and has designated Ms. Smith as the
"audit committee financial expert." Ms. Smith
<Page>
earned a Ph.D. in Accounting, and has taught Accounting at the graduate level
since 1980. Ms. Smith's education and career have provided her with an
understanding of generally accepted accounting principles and financial
statements; the ability to assess the general application of such principles in
connection with the accounting for estimates, accruals and reserves; and
experience preparing, analyzing and evaluating financial statements that present
a breadth and level of complexity of issues that can reasonably be expected to
be raised by the Registrant's financial statements. In addition, Ms. Smith has
served on the boards of directors and audit committees of entities other than
the Registrant. Ms. Smith is independent under the standards set forth in Item 3
of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
<Table>
Fiscal Year Ended November 30, 2005: $ 22,115
Fiscal Year Ended November 30, 2004: $ 20,942
</Table>
(b) Audit-Related Fees
<Table>
Fees for Registrant Fiscal Year Ended November 30, 2005: $ 2,820
Fiscal Year Ended November 30, 2004: $ 2,640
</Table>
For fiscal years ended November 30, 2005 and November 30, 2004,
Audited-Related Fees included fees for services related to limited
procedures performed in connection with the production of the Registrant's
semi-annual financial statements.
Audit-Related Fees required to be approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X
<Table>
Fiscal Year Ended November 30, 2005: $ 51,200
Fiscal Year Ended November 30, 2004: $ 0
</Table>
For the fiscal year ended November 30, 2005, Audit-Related Fees required to
be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X
included fees for services rendered in connection with a readiness review
and issuance of a Type I SAS 70 over controls at the Registrant's
investment adviser.
(c) Tax Fees
<Table>
Fees for Registrant Fiscal Year Ended November 30, 2005: $ 2,542
Fiscal Year Ended November 30, 2004: $ 1,100
</Table>
Tax Fees included, for the fiscal year ended November 30, 2005, fees for
tax services in connection with the Registrant's excise tax calculations,
limited review of the Registrant's applicable tax returns and capital gains
tax services in India, and for the fiscal year ended November 30, 2004,
fees for tax services in connection with the Registrant's excise tax
calculations and limited review of the Registrant's applicable tax returns.
There were no Tax Fees required to be approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated
above.
<Page>
(d) All Other Fees
<Table>
Fees for Registrant Fiscal Year Ended November 30, 2005: $ 0
Fiscal Year Ended November 30, 2004: $ 0
</Table>
There were no "All Other Fees" required to be approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years
indicated above.
(e)(1) Audit Committee's Pre-Approval Policies and Procedures
Pre-Approval Policies and Procedures
as adopted by the
Audit Committees
of
DFA Investment Dimensions Group Inc.
Dimensional Emerging Markets Value Fund Inc.
Dimensional Investment Group Inc.
The DFA Investment Trust Company
(together, the "Funds")
The Sarbanes-Oxley Act of 2002 (the "Act") and the rules (the "Rules")
adopted by the U.S. Securities and Exchange Commission (the "SEC") require
that the Funds' Audit Committees (together, the "Committee") pre-approve
all audit services and non-audit services provided to the Funds by their
independent registered public accounting firm (the "Auditor"). The Act and
the Rules also require that the Committee pre-approve all non-audit
services provided by the Auditor to Dimensional Fund Advisors, Inc.
("Dimensional"), the Funds' investment advisor, and to affiliates of
Dimensional that provide ongoing services to the Funds (with Dimensional,
together the "Service Affiliates") if the services directly impact the
Funds' operations and financial reporting.
The following policies and procedures govern the ways in which the
Committee will pre-approve audit and various types of non-audit services
that the Auditor provides to the Funds and to Service Affiliates. These
policies and procedures do not apply in the case of audit services that the
Auditor provides to Service Affiliates, nor do they apply to services that
an audit firm other than the Auditor provides to such entities.
These policies and procedures comply with the requirements for
pre-approval, but also provide a mechanism by which management of the Funds
may request and secure pre-approval of audit and non-audit services in an
orderly manner with minimal disruption to normal business operations.
Pre-approval of non-audit services may be achieved through a combination of
the procedures described in Sections C and D below.
A. General
1. The Committee must pre-approve all audit services and
non-audit services that the Auditor provides to the Funds.
<Page>
2. The Committee must pre-approve any engagement of the Auditor
to provide non-audit services to any Service Affiliate during
the period of the Auditor's engagement to provide audit
services to the Funds, if the non-audit services to the
Service Affiliate directly impact the Funds' operations and
financial reporting.
B. Pre-Approval of Audit Services to the Funds
1. The Committee shall approve the engagement of an independent
registered public accounting firm to certify the Funds'
financial statements for each fiscal year (the "Engagement").
The approval of the Engagement shall not be delegated to a
Designated Member (as that term is defined in Section D
below). In approving the Engagement, the Committee shall
obtain, review and consider sufficient information concerning
the proposed Auditor to enable the Committee to make a
reasonable evaluation of the Auditor's qualifications and
independence. The Committee also shall consider the Auditor's
proposed fees for the Engagement, in light of the scope and
nature of the audit services that the Funds will receive.
2. The Committee shall report to the Boards of Directors/Trustees
of the Funds (together, the "Board") regarding its approval of
the Engagement and of the proposed fees for the Engagement,
and the basis for such approval.
3. Unless otherwise in accordance with applicable law, the
Engagement, in any event, shall require that the Auditor be
selected by the vote, cast in person, of a majority of the
members of the Board who are not "interested persons" of the
Funds (as that term is defined in Section 2(a)(19) of the
Investment Company Act of 1940) (the "Independent Directors").
C. Pre-Approval of Non-Audit Services to the Funds and to Service
Affiliates--by Types of Services
1. The Committee may pre-approve types of non-audit services to
the Funds and their Service Affiliates pursuant to this
Section C.
2. Annually, at such time as the Committee considers the
Engagement of the Auditor, management of the Funds, in
consultation with the Auditor, shall provide to the Committee,
for its consideration and action, the following: (a) a list of
those types of non-audit services, if any, that the Funds may
request from the Auditor during the fiscal year; and (b) a
list of those types of non-audit services directly impacting
the Funds' operations and financial reporting that Service
Affiliates may request from the Auditor during the fiscal
year.
3. The lists submitted to the Committee shall describe the types
of non-audit services in reasonable detail and shall include
an estimated budget (or
<Page>
budgeted range) of fees, where possible, and such other
information as the Committee may request.
4. The Committee's pre-approval of the types of non-audit
services submitted pursuant to this Section C shall constitute
authorization for management of the Funds to utilize the
Auditor for the types of non-audit services so pre-approved,
if needed or desired during the fiscal year.
5. A list of the types of non-audit services pre-approved by the
Committee pursuant to this Section C will be distributed to
management of the Service Affiliates and the appropriate
partners of the Auditor. Periodically, the Auditor will
discuss with the Committee those non-audit services that have
been or are being provided pursuant to this Section C.
D. Pre-Approval of Non-Audit Services to the Funds and to Service
Affiliates--Project-by-Project Basis
1. The Committee also may pre-approve non-audit services on a
project-by-project basis pursuant to this Section D.
2. Management of the Funds, in consultation with the Auditor, may
submit either to the Committee or to the Designated Member, as
provided in this Section D, for their consideration and
action, a pre-approval request identifying one or more
non-audit service projects. The request so submitted shall
describe the project(s) in reasonable detail and shall include
an estimated budget (or budgeted range) of fees and such other
information as the Committee or the Designated Member, as
appropriate, shall request.
3. The Committee, from time to time, shall designate one or more
of its members who are Independent Directors (each a
"Designated Member") to consider, on the Committee's behalf,
any non-audit services, whether to the Funds or to any Service
Affiliate, that have not been pre-approved by the Committee.
The Designated Member also shall review, on the Committee's
behalf, any proposed material change in the nature or extent
of any non-audit services previously approved. The Funds'
management, in consultation with the Auditor, shall explain
why such non-audit services or material change in non-audit
services are necessary and appropriate and the anticipated
costs thereof.
4. The Designated Member will review the requested non-audit
services or proposed material change in such services and will
either:
(a) pre-approve, pre-approve subject to conditions, or
disapprove any such requested services, or any proposed
material change in services, whether to the Funds or to a
Service Affiliate; or
(b) refer such matter to the Committee for its consideration
and action.
<Page>
In considering any requested non-audit services or proposed
material change in such services, the Designated Member's
authority shall be limited to approving non-audit services or
proposed material changes that do not exceed $10,000 in value.
5. The Designated Member's pre-approval (or pre-approval subject
to conditions) of the requested non-audit services or proposed
material change in services pursuant to this Section D shall
constitute authorization for the management of the Funds or
the Service Affiliate, as the case may be, to utilize the
Auditor for the non-audit services so pre-approved. Any action
by the Designated Member in approving a requested non-audit
service shall be presented for ratification by the Committee
not later than at its next scheduled meeting. If the
Designated Member does not approve the Auditor providing the
requested non-audit service, the matter may be presented to
the full Committee for its consideration and action.
E. Amendment; Annual Review
1. The Committee may amend these procedures from time to time.
2. These procedures shall be reviewed annually by the Committee.
F. Recordkeeping
1. The Funds shall maintain a written record of all decisions
made by the Committee or by a Designated Member pursuant to
these procedures, together with appropriate supporting
materials.
2. In connection with the approval of any non-audit service
pursuant to the de minimis exception provided in the Rules, a
record shall be made indicating that each of the conditions
for this exception, as set forth in the Rules, has been
satisfied.
3. A copy of these Procedures (and of any amendments to these
Procedures) shall be maintained and preserved permanently in
an easily accessible place. The written records referred to in
paragraphs 1 and 2 of this Section F shall be maintained and
preserved for six years from the end of the fiscal year in
which the actions recorded were taken, for at least the first
two years in an easily accessible location.
(e)(2) The fees disclosed in Items 4(b), 4(c) or 4(d) were approved by the
Registrant's Audit Committee but not pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) The percentage of hours expended on the principal accountant's
engagement to audit the Registrant's financial statements for the
fiscal year ended November 30, 2005 that were attributed to work
performed by persons other than the principal accountant's full
time, permanent employees was NOT greater than 50%.
<Page>
(g) Aggregate Non-Audit Fees
<Table>
Fiscal Year Ended November 30, 2005: $ 161,027
Fiscal Year Ended November 30, 2004: $ 164,040
</Table>
(h) The Registrant's Audit Committee has considered whether the
provision of non-audit services that were rendered to the
Registrant's investment adviser, and any entity controlling,
controlled by, or under common control with the investment adviser
that provides ongoing services to the Registrant, that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is not applicable to the Registrant because it is not a listed issuer.
ITEM 6. SCHEDULE OF INVESTMENTS.
The Registrant's schedule of investments is provided below.
<Page>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2005
<Table>
<Caption>
SHARES VALUE++
--------------- ---------------
SOUTH AFRICA -- (12.1%)
COMMON STOCKS -- (12.1%)
ABSA Group, Ltd. 898,244 $ 12,722,093
Advtech, Ltd. 620,958 191,805
Aeci, Ltd. 367,392 3,011,312
Afgri, Ltd. 1,376,115 1,103,320
African Life Assurance Co., Ltd. 488,203 1,686,724
* African Rainbow Minerals, Ltd. 1,038,945 6,496,364
* Afrikander Lease, Ltd. 246,760 228,771
AG Industries, Ltd. 600,361 265,018
Allied Electronics Corp., Ltd. 401,440 1,422,957
Argent Industrial, Ltd. 209,277 372,943
* AST Group, Ltd. 195,883 15,128
Aveng, Ltd. 1,359,173 3,870,809
AVI, Ltd. 928,811 2,220,793
Barloworld, Ltd. 812,425 12,821,554
* Bell Equipment, Ltd. 327,590 495,499
Business Connexion Group 465,381 552,447
Bytes Technology Group, Ltd. 314,654 459,676
Capitec Bank Holdings, Ltd. 171,133 629,270
Caxton & CTP Publishers & Printers, Ltd. 1,649,003 3,288,237
City Lodge Hotels, Ltd. 21,170 129,799
* Corpgro, Ltd. 579,166 0
Datacentrix Holdings, Ltd. 319,399 126,598
* Datatec, Ltd. 489,644 1,460,992
Delta Electrical Industries, Ltd. 185,990 956,733
* Dimension Data Holdings PLC 3,977,377 2,551,060
Distell Group, Ltd. 668,065 3,091,785
Dorbyl, Ltd. 105,718 192,877
* Durban Roodeport Deep, Ltd. 155,655 215,876
Ellerine Holdings, Ltd. 255,373 2,346,261
Enviroserv Holdings, Ltd. 259,484 163,655
Gold Reef Casino Resorts, Ltd. 344,218 738,945
Group Five, Ltd. 258,794 746,772
* Harmony Gold Mining Co., Ltd. 1,528,002 18,602,113
Highveld Steel & Vanadilum Corp., Ltd. 268,788 3,478,271
Hudaco Industries, Ltd. 104,300 644,762
Iliad Africa, Ltd. 76,658 124,993
Illovo Sugar, Ltd. 1,015,749 1,677,777
Imperial Holdings, Ltd. 349,923 6,638,418
Investec, Ltd. 187,263 7,470,767
* JCI, Ltd. 4,289,448 106,199
* Johnic Communications, Ltd. 294,723 2,139,498
Lereko Mobility, Ltd. 27,352 156,176
Liberty Group, Ltd. 1,494,978 16,617,062
M Cubed Holdings, Ltd. 1,850,526 116,947
</Table>
1
<Page>
<Table>
Medi-Clinic Corp., Ltd. 1,280,136 3,997,464
Metair Investment, Ltd. 25,609 918,081
* Metorex, Ltd. 610,501 640,821
Metropolitan Holdings, Ltd. 1,976,329 3,204,019
Mittal Steel South Africa, Ltd. 2,388,294 20,735,581
Murray & Roberts Holdings, Ltd. 1,138,721 3,326,465
Mvelaphanda Group, Ltd. 533,601 625,197
* Nampak, Ltd. 2,196,247 5,445,466
Nedbank Group, Ltd. 2,021,460 27,316,866
New Clicks Holdings, Ltd. 1,422,747 1,813,072
New Corpcapital, Ltd. 579,166 20,612
Northam Platinum, Ltd. 830,061 2,288,922
Nu-World Holdings, Ltd. 75,218 352,665
Oceana Group, Ltd. 407,669 978,190
Old Mutual PLC 13,373,079 34,620,312
Omnia Holdings, Ltd. 143,874 834,280
* Palabora Mining Co., Ltd. 69,265 449,305
Peregrine Holdings, Ltd. 770,533 714,277
Prism Holdings, Ltd. 458,100 43,795
PSG Group, Ltd. 278,342 500,847
Rainbow Chicken, Ltd. 1,064,875 1,398,570
* Randgold & Exploration Co., Ltd. 256,811 353,674
Redefine Income Fund, Ltd. 83,325 64,471
* Sanlam, Ltd. 8,883,110 18,053,349
Santam, Ltd. 457,392 5,085,526
Sappi, Ltd. 887,864 9,497,219
* Steinhoff International Holdings, Ltd. 3,474,550 9,230,226
* Sun International, Ltd. 140,119 1,622,716
Telkom SA, Ltd. 270,000 5,427,262
* Tiger Wheels, Ltd. 264,796 863,843
Tongaat-Hulett Group, Ltd. 532,348 6,194,660
Trans Hex Group, Ltd. 326,518 680,132
Trencor, Ltd. 666,282 2,104,448
UCS Group, Ltd. 687,793 160,022
Unitrans, Ltd. 165,695 945,604
Value Group, Ltd. 562,990 213,640
* Western Areas, Ltd. 424,500 2,149,856
---------------
TOTAL COMMON STOCKS 295,220,511
---------------
RIGHTS/WARRANTS -- (0.0%)
* Western Areas, Ltd. Rights 12/15/05 127,137 283,293
---------------
TOTAL -- SOUTH AFRICA 295,503,804
---------------
SOUTH KOREA -- (11.7%)
COMMON STOCKS -- (11.7%)
Aekyung Petrochemical Co., Ltd. 10,140 270,320
* Anam Semiconductor, Inc. 519,149 702,195
Asia Cement Manufacturing Co., Ltd. 9,438 376,338
AUK Corp. 24,000 77,840
Baiksan Co., Ltd. 41,550 51,892
* Boo Kook Securities Co., Ltd. 17,385 183,735
BYC Co., Ltd. 810 96,285
</Table>
2
<Page>
<Table>
* Byuck San Corp. 2,132 36,123
Byuck San Engineering and Construction Co., Ltd. 87,860 563,034
* Capro Corp. 16,830 70,693
Cheil Industrial, Inc. 95,804 2,642,469
* Cho Kwang Leather Co., Ltd. 4,860 22,183
Choil Aluminium Manufacturing Co., Ltd. 5,770 43,398
Chon Bang Co., Ltd. 2,520 90,859
Chosun Refractories Co., Ltd. 7,370 244,209
* CKD Bio Corp. 3,109 27,751
D.I Corp. 65,430 180,302
* Dacom Corp. 36,810 487,803
Dae Chang Industrial Co. 6,170 33,203
Dae Dong Industrial Co., Ltd. 3,930 42,319
Dae Han Fire & Marine Insurance Co., Ltd. 12,610 144,842
Dae Sang Corp. 49,644 743,220
Dae Won Kang Up Co., Ltd. 13,100 360,317
* Dae Young Packaging Co., Ltd. 356,210 62,929
Daeduck Electronics Co., Ltd. 58,160 513,902
Daeduck Industries Co., Ltd. 39,860 401,324
Daegu Bank Co., Ltd. 193,922 2,798,038
Daehan Flour Mills Co., Ltd. 2,525 334,061
Daehan Synthetic Fiber Co., Ltd. 2,000 120,088
Daelim Industrial Co., Ltd. 70,240 4,573,597
Daelim Trading Co., Ltd. 31,482 165,810
* Daesang Holdings Co., Ltd. 33,096 198,736
Daesung Industrial Co., Ltd. 7,690 347,792
Daewoo Engineering & Construction Co., Ltd. 819,780 10,446,122
Daewoo Motor Sales Corp. 61,560 1,153,663
Daewoong Co., Ltd. 12,340 284,227
Dahaam E-Tec Co., Ltd. 5,985 136,613
Daishin Securities Co., Ltd. 103,481 2,054,068
Daiyang Metal Co., Ltd. 40,000 59,463
* Daou Technology, Inc. 60,000 319,150
DC Chemical Co., Ltd. 38,990 1,140,909
* Dong Ah Tire Industrial Co., Ltd. 43,904 284,362
* Dong Hai Pulp Co., Ltd. 14,310 32,896
Dong IL Rubber Belt Co., Ltd. 7,744 30,737
Dong Wha Pharmaceutical Industries Co. 5,167 114,303
* Dong Won Co., Ltd. 5,520 75,870
Dong Yang Department Store Co., Ltd. 9,000 138,364
Dongbu Corp. 46,410 1,180,301
Dongbu Hannong Chemical Co., Ltd. 14,890 277,078
Dongbu Securities Co., Ltd. 22,040 237,543
Dongbu Steel Co., Ltd. 46,108 478,799
Dong-Il Corp. 4,205 187,705
Dongkook Industries Co., Ltd. 1,620 10,046
Dongkuk Steel Mill Co., Ltd. 155,862 2,624,454
Dongsu Industrial Co., Ltd. 9,240 275,475
Dongsung Chemical Co., Ltd. 3,770 31,975
Dongwon F&B Co., Ltd. 6,666 399,091
Dongwon Financial Holding Co., Ltd. 116,926 3,951,378
Dongwon Industries Co., Ltd. 1,876 80,083
Dongyang Express & Construction Corp. 3,727 188,400
* Dongyang Express Bus Corp. 1,522 29,340
Dongyang Mechatronics Corp. 20,680 120,941
</Table>
3
<Page>
<Table>
* Doosan Corp. 47,020 1,338,238
Doosan Heavy Industries & Construction Co., Ltd. 400,500 11,486,218
* Doosan Industrial Development Co., Ltd. 193,240 1,859,959
DPI Co., Ltd. 33,340 264,578
Duck Yang Industry Co., Ltd. 4,000 44,118
Enex Co., Ltd. 5,960 34,484
F&F Co., Ltd. 23,100 95,085
* First Fire & Marine Insurance Co., Ltd. 40,160 229,552
Fursys, Inc. 24,120 553,697
Global & Yuasa Battery Co., Ltd. 11,600 63,578
Green Cross Corp. 10,540 748,838
GS Engineering & Construction Corp. 104,882 5,036,430
Halla Engineering & Construction Corp. 7,450 234,015
Han Kuk Carbon Co., Ltd. 25,070 90,480
Han Wha Corp. 146,740 3,591,440
Han Yang Securities Co., Ltd. 24,940 214,506
Hana Securities Co., Ltd. 40,790 703,918
Handok Pharmaceuticals Co., Ltd. 18,150 279,875
Handsome Corp. 35,380 502,494
Hanil Cement Manufacturing Co., Ltd. 18,013 1,145,955
Hanil E-Wha Co., Ltd. 79,730 294,592
Hanil Iron & Steel Co., Ltd. 1,815 31,024
Hanjin Heavy Industry Co., Ltd. 165,520 3,613,057
Hanjin Transportation Co., Ltd. 23,460 797,978
Hankook Cosmetics Co., Ltd. 30,000 100,639
Hankook Tire Manufacturing Co., Ltd. 150,550 1,805,834
Hankuk Electric Glass Co., Ltd. 23,010 696,706
Hankuk Glass Industries, Inc. 22,200 1,001,223
Hankuk Paper Manufacturing Co., Ltd. 9,800 452,999
* Hanmi Capital Co., Ltd. 28,690 229,180
Hansae Co., Ltd. 3,260 70,449
Hansol Chemical Co., Ltd. 12,467 128,115
Hansol Paper Co., Ltd. 102,044 1,581,843
* Hansol Telecom Co., Ltd. 547 19,896
Hanssem Co., Ltd. 12,390 84,516
Hanwha Chemical Corp. 246,060 2,600,779
Hanwha Securities Co., Ltd. 62,690 811,004
Heesung Cable, Ltd. 3,660 66,650
Histeel Co., Ltd. 1,188 19,532
* Honam Petrochemical Corp. 21,360 1,027,749
Hotel Shilla, Ltd. 76,920 876,116
HS R&A Co., Ltd. 4,980 98,201
Huchems Fine Chemical Corp. 45,340 278,874
* Huneed Technologies Co., Ltd. 90,030 90,040
Husteel Co., Ltd. 10,370 180,675
Hwa Sung Industrial Co. 26,510 379,162
Hwashin Co., Ltd. 42,000 141,851
Hyosung T & C Co., Ltd. 72,817 1,088,169
Hyundai Cement Co., Ltd. 15,435 452,628
* Hyundai Corp. 6,015 31,048
Hyundai Department Store H & S Co., Ltd. 8,362 670,503
Hyundai Heavy Industries Co., Ltd. 189,160 13,202,835
Hyundai Hysco 170,820 2,526,746
* Hyundai Merchant Marine Co., Ltd. 193,270 2,389,211
Hyundai Motor Co., Ltd. 446,030 36,597,684
</Table>
4
<Page>
<Table>
* Hyundai Pharmaceutical Ind. Co., Ltd. 4,200 104,422
* Hyundai Securities Co., Ltd. 249,730 3,004,657
Il Dong Pharmaceutical Co., Ltd. 5,840 255,819
Iljin Diamond Co., Ltd. 9,368 121,751
* Iljin Display Co., Ltd. 5,361 59,236
Iljin Electric, Ltd. 26,530 96,314
Ilshin Spinning Co., Ltd. 3,600 165,838
Ilsung Pharmaceutical Co., Ltd. 3,990 229,659
INI Steel Co., Ltd. 235,930 4,974,095
ISU Chemical Co., Ltd. 14,350 152,969
Jeil Pharmaceutical Co. 2,220 191,543
Jeonbuk Bank, Ltd. 54,559 533,044
* Jinro, Ltd. 407 17,653
Joongang Constuction Co., Ltd. 9,880 236,485
KCC Corp. 29,050 6,565,881
* Keang Nam Enterprises Co., Ltd. 19,942 242,814
KEC Corp. 155,000 279,905
Keyang Electric Machinery Co., Ltd. 71,760 141,183
KG Chemical Corp. 11,123 75,258
Kia Motors Corp. 899,680 21,266,533
Kodenshi Korea Corp. 38,000 103,281
Kolon Chemical Co., Ltd. 20,220 299,417
* Kolon Industries, Inc. 32,379 511,154
* Kolon International Corp. 1,905 19,543
Korea Cast Iron Pipe Co., Ltd. 44,688 174,782
Korea Circuit Co. 31,660 241,644
Korea Development Co., Ltd. 23,520 901,563
* Korea Development Leasing Corp. 6,348 263,575
Korea Electric Terminal Co., Ltd. 9,980 196,987
Korea Fine Chemical Co., Ltd. 7,000 70,719
Korea Flange Co., Ltd. 10,290 211,577
Korea Iron & Steel Co., Ltd. 25,230 851,087
Korea Iron & Steel Works Co., Ltd. 21,294 569,116
Korea Komho Petrochemical Co., Ltd. 61,750 1,262,777
Korea Mutual Savings Bank 14,910 244,844
Korea Petrochemical Industry Co., Ltd. 12,300 358,849
Korea Polyol Co., Ltd. 11,768 481,618
Korea Zinc Co., Ltd. 52,610 1,944,605
Korean Air Co., Ltd. 203,658 5,357,939
Korean Air Terminal Service Co., Ltd. 3,490 91,914
* KP Chemical Corp. 201,976 1,078,572
* KTB Network, Ltd. 135,720 761,171
Kukdo Chemical Co., Ltd. 8,710 129,703
Kukdong City Gas Co., Ltd. 12,780 372,580
Kumho Industrial Co., Ltd. 99,300 1,861,662
Kunsul Chemical Industrial Co., Ltd. 12,700 204,648
Kwang Dong Pharmaceutical Co., Ltd. 114,660 427,657
Kyeryong Construction Industrial Co., Ltd. 17,500 511,801
Kyobo Securities Co., Ltd. 76,680 751,818
Kyong Dong Boiler Co., Ltd. 3,450 66,205
* Kyungbang Co., Ltd. 1,856 184,841
LG Cable, Ltd. 81,160 2,317,297
LG Chemical Investment, Ltd. 129,850 3,500,592
LG Chemical, Ltd. 26,500 1,337,283
LG International Corp. 117,374 2,175,686
</Table>
5
<Page>
<Table>
Lotte Confectionary Co., Ltd. 1,170 1,255,007
Lotte Sam Kang Co., Ltd. 2,460 402,214
* Meritz Securities Co., Ltd. 73,900 491,228
Motonic Corp. 640 23,852
Namhae Chemical Corp. 105,810 290,162
Namyang Dairy Products Co., Ltd. 1,600 882,735
Nong Shim Holdings Co., Ltd. 1,750 134,646
Oriental Fire & Marine Insurance Co., Ltd. 16,810 696,541
Ottogi Corp. 7,320 784,962
* Pantech Co., Ltd. 40,270 211,481
PaperCorea, Inc. 19,552 89,552
* Partsnic Co., Ltd. 11,310 17,376
Pohang Coated Steel Co., Ltd. 12,780 361,971
Poong Lim Industrial Co., Ltd. 32,280 249,483
Poong San Corp. 66,220 929,282
* Pum Yang Construction Co., Ltd. 14,667 125,840
Pusan Bank 200,400 2,440,105
Pusan City Gas Co., Ltd. 21,560 510,201
Pyung Hwa Industrial Co., Ltd. 63,559 566,797
* Rocket Electric Co., Ltd. 3,460 27,018
* Saehan Industries, Inc. 95,610 442,334
* Saehan Media Corp. 31,250 77,535
Sam Yung Trading Co., Ltd. 13,840 39,104
Sambu Construction Co., Ltd. 11,398 315,422
Samhwa Crown and Closure Co., Ltd. 3,100 59,279
Samhwa Paints Industrial Co., Ltd. 33,600 129,304
Samlip Industrial Co., Ltd. 15,670 163,239
Samsung Climate Control Co., Ltd. 11,990 87,010
Samsung Corp. 331,070 6,310,117
Samsung Electro-Mechanics Co., Ltd. 43,350 1,433,093
Samsung Fine Chemicals Co., Ltd. 62,960 1,960,263
Samsung Heavy Industries Co., Ltd. 525,070 7,628,921
Samsung SDI Co., Ltd. 10,430 1,083,017
Samsung Securities Co., Ltd. 116,860 6,160,571
Samsung Techwin Co., Ltd. 130,710 2,228,891
Samwhan Corp. 17,730 359,680
Samyang Corp. 25,405 1,200,728
Samyang Genex Co., Ltd. 5,490 385,712
Samyang Tongsang Co., Ltd. 2,820 50,578
* Samyoung Chemical Co., Ltd. 2,820 33,910
Samyoung Corp. 6,130 128,530
Samyoung Electronics Co., Ltd. 39,200 335,611
Seah Holdings Corp. 4,619 295,692
Seah Steel Corp. 6,245 183,948
* Segye Corp. 20,530 71,331
Sejong Industrial Co., Ltd. 44,050 318,329
* Sejong Securities Co., Ltd. 54,071 427,450
Sempio Foods Co. 3,610 48,220
Seoul Securities Co., Ltd. 546,100 656,860
* Shin Dong-Ah Fire & Marine Insurance Co. 22,873 244,645
Shin Heung Securities Co., Ltd. 9,130 77,183
Shin Young Securities Co., Ltd. 18,390 614,671
Shin Young Wacoal, Inc. 273 18,276
Shinhan Financial Group Co., Ltd. 46,326 1,779,651
* Shin-Ho Paper Manufacturing Co., Ltd. 38,850 250,482
</Table>
6
<Page>
<Table>
Shinmoorim Paper Manufacturing Co., Ltd. 34,120 425,562
Shinpoong Pharmaceutical Co., Ltd. 4,540 126,852
Shinsegae Engineering & Construction Co., Ltd. 3,980 108,520
* Shinsung Tongsang Co., Ltd. 21,550 79,789
Sindo Ricoh Co., Ltd. 18,480 923,833
SK Chemicals Co., Ltd. 37,810 1,138,806
SK Gas Co., Ltd. 18,370 718,926
* SKC Co., Ltd. 71,130 918,563
Songwon Industrial Co., Ltd. 24,310 102,135
* Ssang Bang Wool Co., Ltd. 52,870 361,585
* Ssangyong Cement Industry Co., Ltd. 88,776 1,453,485
* Ssangyong Fire & Marine Insurance Co. 13,190 83,088
* Ssangyong Motor Co. 247,830 2,234,162
Sung Chang Enterprise Co., Ltd. 9,000 141,899
Sung Shin Cement Co., Ltd. 45,580 1,004,692
* Sungwon Corp. 20,600 71,994
Sunjin Co., Ltd. 4,240 176,252
* Sunkyong Securities Co., Ltd. 384,280 510,057
Tae Kwang Industrial Co., Ltd. 2,881 1,488,854
Tae Kyung Industrial Co., Ltd. 63,000 242,265
Tae Young Corp. 16,270 870,353
Taegu Department Store Co., Ltd. 19,941 355,921
Tai Han Electric Wire Co., Ltd. 95,477 2,330,346
Tai Lim Packaging Industries Co., Ltd. 4,380 27,881
* The Will-Bes & Co., Ltd. 10,640 36,042
* Tong Kook Corp. 607 914
* Tong Yang Major Corp. 24,960 152,319
Tong Yang Moolsan Co., Ltd. 4,560 30,887
Tongil Heavy Industries Co., Ltd. 160,770 248,576
TS Corp. 3,881 118,954
Union Steel Manufacturing Co., Ltd. 21,297 636,696
Wiscom Co., Ltd. 22,000 110,120
Woongjin.Com Co., Ltd. 78,940 826,815
Woori Investment & Securities Co., Ltd. 246,950 5,131,632
Yoosung Enterprise Co., Ltd. 37,800 183,186
Youlchon Chemical Co., Ltd. 47,300 567,065
* Young Poong Mining & Construction Corp. 18,030 956
Youngbo Chemical Co., Ltd. 33,000 89,785
Youngone Corp. 108,650 459,157
Youngpoong Corp. 2,710 354,201
Yuhwa Securities Co., Ltd. 17,000 243,643
* Zinus, Inc. 9,330 6,745
---------------
TOTAL -- SOUTH KOREA 286,043,048
---------------
TAIWAN -- (10.9%)
COMMON STOCKS -- (10.9%)
* A.G.V. Products Corp. 327,000 64,601
* Abit Computer Co., Ltd. 835,498 16,453
* Abocom Systems, Inc. 105,000 25,988
* Accton Technology Corp. 1,621,000 728,799
Acer, Inc. 400,000 885,752
Allis Electric Co., Ltd. 86,320 14,608
Amtran Technology Co., Ltd. 1,217,385 400,857
</Table>
7
<Page>
<Table>
* Apex Science & Engineering Corp. 103,000 14,268
* Arima Computer Corp. 3,278,000 688,416
Asia Cement Corp. 9,576,484 5,320,464
Asia Chemical Corp. 357,000 95,501
Asia Polymer Corp. 521,489 201,542
Asia Vital Components Co., Ltd. 238,320 105,699
* Askey Computer Co., Ltd. 781,514 306,081
Aurora Corp. 448,650 223,243
Aurora Systems Corp. 157,000 63,102
Avision, Inc. 242,503 192,150
Bank of Kaohsiung Co., Ltd. 1,769,622 958,382
* Behavior Tech Computer Corp. 544,000 181,424
Bes Engineering Corp. 2,516,089 327,922
* Carnival Industrial Corp. 336,000 52,488
Cathay Chemical Works, Inc. 131,000 34,291
* Cathay Real Estate Development Co., Ltd. 4,872,421 1,495,024
* Central Insurance Co., Ltd. 574,020 157,909
Central Reinsurance Co., Ltd. 620,614 210,752
Chang Hwa Commercial Bank 16,242,459 7,608,468
* Chang-Ho Fibre Corp. 192,000 76,269
* Charoen Pokphand Enterprises Co., Ltd. 96,000 11,817
Cheng Loong Corp. 3,038,480 712,789
* Chenming Mold Industrial Corp. 156,000 58,351
* Chia Her Industrial Co., Ltd. 699,000 25,840
* Chia Hsin Cement Corp. 2,482,000 1,016,421
* Chia Hsin Food & Synthetic Fiber Co., Ltd. 812,250 55,073
Chia-I Industrial Co., Ltd. 474,000 56,029
* Chien Shing Stainless Steel Co., Ltd. 348,000 42,746
* Chien Tai Cement Co., Ltd. 282,238 3,943
China Airlines 14,977,248 7,099,265
China Chemical & Pharmaceutical Co. 330,264 109,815
* China Development Financial Holding Corp. 34,616,000 12,460,167
China Electric Manufacturing Co., Ltd. 677,000 270,313
* China General Plastics Corp. 1,163,000 290,822
* China Glaze Co., Ltd. 54,000 9,866
* China Life Insurance Co., Ltd. 1,148,763 363,262
China Man-Made Fiber Co., Ltd. 3,894,813 950,874
China Metal Products Co., Ltd. 451,000 274,101
China Motor Co., Ltd. 5,444,570 5,008,825
* China Petrochemical Development Corp. 4,729,000 999,308
* China Rebar Co., Ltd. 1,009,328 66,585
China Steel Structure Co., Ltd. 178,219 68,168
China Synthetic Rubber Corp. 1,237,890 453,169
* China United Trust & Investment Corp. 534,289 58,942
* China Wire & Cable Co., Ltd. 379,000 45,709
Chinatrust Financial Holdings Co., Ltd. 289,901 233,369
Chin-Poon Industrial Co., Ltd. 1,008,451 540,976
* Chun Yu Works & Co., Ltd. 230,000 42,933
Chun Yuan Steel Industrial Co., Ltd. 900,655 396,947
Chung Hsin Electric & Machinery Co., Ltd. 858,000 523,567
Chung Hwa Pulp Corp. 1,685,419 594,796
* Chung Shing Textile Co., Ltd. 228,600 2,269
Chungwa Picture Tubes Co., Ltd. 25,458,045 6,426,149
Clevo Co. 1,310,990 379,216
* CMC Magnetics Corp. 10,846,000 3,772,256
</Table>
8
<Page>
<Table>
Collins Co., Ltd. 653,319 192,908
Compal Electronics, Inc. 2,202,190 1,928,498
* Compeq Manufacturing Co., Ltd. 1,846,000 837,039
* Compex International Co. Ltd. 46,400 277
Continental Engineering Corp. 2,427,193 890,168
* Cosmos Bank Taiwan 6,100,000 2,243,682
CTCI Corp. 1,808,645 753,966
Cyntec Co., Ltd. 36,120 23,598
* Da-Cin Construction Co., Ltd. 236,190 51,099
* Delpha Construction Co., Ltd. 228,044 21,528
Der Pao Construction Co., Ltd. 483,000 56,335
Diamond Flower Electric Instrument Co., Ltd. 65,280 75,425
* Eclat Textile Co., Ltd. 52,000 25,543
Edom Technology Co., Ltd. 68,000 43,821
Elan Microelectronics Corp. 622,429 243,251
* Elite Material Co., Ltd. 97,650 25,848
Elite Semiconductor Memory Technology, Inc. 227,000 276,654
* Elitegroup Computer Systems Co., Ltd. 1,525,250 1,042,032
* Enlight Corp. 468,000 157,228
* EnTie Commercial Bank 4,743,474 1,653,602
* ET Internet Technology Corp. 1,330,491 338,167
Eten Information Systems, Ltd. 134,000 78,866
Eternal Chemical Co., Ltd. 1,734,500 1,106,351
Eva Airways Corp. 13,618,718 6,037,639
* Ever Fortune Industrial Co., Ltd. 409,000 4,027
Everest Textile Co., Ltd. 824,820 149,165
Evergreen International Storage & Transport Corp. 3,248,000 1,213,485
Evergreen Marine Corp., Ltd. 6,092,502 3,850,317
Everlight Chemical Industrial Corp. 571,950 149,948
* Everspring Industry Co., Ltd. 212,180 36,483
Far East Textile, Ltd. 15,571,942 9,500,481
Far Eastern Department Stores, Ltd. 3,794,550 2,147,886
Far Eastern International Bank 876,752 420,308
Federal Corp. 614,650 263,463
Feng Hsin Iron & Steel Co., Ltd. 333,000 227,955
* FIC Global, Inc. 640,080 78,415
First Copper Technology Co., Ltd. 563,750 154,309
First Financial Holding Co., Ltd. 3,224,550 2,241,531
First Hotel 267,322 196,543
Formosa Taffeta Co., Ltd. 6,346,580 2,976,922
Formosan Rubber Group, Inc. 1,348,000 485,517
* Formosan Union Chemical Corp. 206,961 69,410
* Fortune Electric Co., Ltd. 191,000 51,146
* Fu I Industrial Co., Ltd. 264,000 54,993
Fuh-Hwa Financial Holding Co., Ltd. 9,699,422 3,832,104
* Fwuson Industry Co., Ltd. 302,000 41,752
* G.T.M. Corp. 133,000 36,458
* Giga Storage Corp. 209,898 37,509
Giga-Byte Technology Co., Ltd. 1,833,287 1,654,966
Gold Circuit Electronics, Ltd. 1,421,805 698,192
* Goldsun Development & Construction Co., Ltd. 3,108,640 768,913
* Grand Pacific Petrochemical Corp. 1,253,000 277,314
Great China Metal Industry Co., Ltd. 540,000 217,136
Great Wall Enterprise Co., Ltd. 1,124,980 337,566
* Helix Technology, Inc. 158,211 10,155
</Table>
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<Table>
Hey Song Corp. 763,000 195,602
* Ho Tung Holding Corp. 1,083,628 228,232
* Hocheng Corp. 650,000 139,021
* Hong Ho Precision Textile Co., Ltd. 93,889 7,051
Hong Tai Electric Industrial Co., Ltd. 509,000 153,925
Hsin Kuang Steel Co., Ltd. 622,000 260,727
Hsinchu International Bank 1,777,417 870,809
Hsing Ta Cement Co., Ltd. 376,980 100,939
Hua Eng Wire & Cable Co., Ltd. 835,035 125,591
Hua Nan Financial Holding Co., Ltd. 86,428 54,283
* Hualon Corp. 257,040 8,283
* Hung Ching Development & Construction Co., Ltd. 528,000 47,273
Hung Poo Construction Corp. 639,000 350,200
* Hung Sheng Construction Co., Ltd. 1,274,000 760,817
International Bank of Taipei 3,672,734 2,236,057
Inventec Corp. 5,557,416 3,212,387
* Jean Co., Ltd. 154,000 44,869
Jui Li Enterprise Co., Ltd. 195,000 63,085
Jung Shing Wire Co., Ltd. 123,000 26,311
Kang Na Hsiung Co., Ltd. 76,127 30,884
* Kao Hsing Chang Iron & Steel Corp. 520,000 86,919
* Kee Tai Properties Co., Ltd. 272,000 51,777
Kendra Rubber Industrial Co., Ltd. 1,090,000 491,863
King Yuan Electronics Co., Ltd. 1,603,394 1,178,920
* Kingdom Construction Co., Ltd. 975,000 232,868
Kinpo Electronics, Inc. 3,784,902 1,552,223
Knowledge-Yield-Excellence Systems Corp. 402,135 308,401
* Kuoyang Construction Co., Ltd. 402,029 120,811
* Kwong Fong Industries Corp. 230,000 26,074
Lan Fa Textile Co., Ltd. 305,915 54,475
* Lead Data Co., Ltd. 444,140 43,293
* Leadtek Research, Inc. 125,493 34,516
* Lealea Enterprise Co., Ltd. 658,000 68,413
Lee Chang Yung Chemical Industry Corp. 857,501 562,063
* Lee Chi Enterprises Co., Ltd. 200,900 34,908
* Lelon Co., Ltd. 132,118 56,449
* Leofoo Development Co., Ltd. 863,000 481,822
Les Enphants Co., Ltd. 131,039 85,657
* Li Peng Enterprise Co., Ltd. 1,789,000 315,697
Li Shin International Enterprise Corp. 224,496 102,018
Lien Hwa Industrial Corp. 1,867,000 603,474
Lingsen Precision Industries, Ltd. 436,320 127,026
Long Bon Development Co., Ltd. 884,943 354,399
Long Chen Paper Co., Ltd. 907,000 196,602
Lucky Cement Corp. 449,000 94,018
* Macronix International Co., Ltd. 14,678,000 1,743,383
Mayer Steel Pipe Corp. 164,000 62,554
Mega Financial Holding Co., Ltd. 18,530,000 12,138,844
* Megamedia Corp. 782 5
Meiloon Co., Ltd. 35,000 15,823
Mercuries & Associates, Ltd. 967,980 209,275
* Mercuries Data Co., Ltd. 144,800 29,652
Merida Industry Co., Ltd. 181,260 113,789
* Microelectronics Technology, Inc. 1,193,000 354,379
Micro-Star International Co., Ltd. 1,515,542 852,776
</Table>
10
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<Table>
* Microtek International, Inc. 115,062 16,055
Mitac International Corp. 1,100,000 1,509,143
* Mustek Systems, Inc. 257,514 48,510
* Namchow Chemical Industrial Co., Ltd. 164,057 23,024
* Nankang Rubber Tire Co., Ltd. 104,312 100,411
Nantex Industry Co., Ltd. 359,090 149,000
Nanya Technology Co., Ltd. 9,923,000 5,010,766
* New Asia Construction & Development Co., Ltd. 146,000 13,334
Nien Hsing Textile Co., Ltd. 387,000 247,739
Ocean Plastics Co., Ltd. 134,400 40,573
* Opto Tech Corp. 964,000 306,242
* Orient Semiconductor Electronics, Ltd. 648,713 87,480
* Pacific Construction Co., Ltd. 324,256 19,515
* Pacific Electric Wire & Cable Corp. 1,873,020 29,060
Pan Jit International, Inc. 172,893 74,601
* Phihong Technology Co., Ltd. 468,283 221,291
* Picvue Electronics, Ltd. 604,000 32,685
* Primax Electronics, Ltd. 1,377,744 347,947
* Prince Housing & Development Corp. 1,808,987 332,408
* Procomp Informatics, Ltd. 391,440 0
* Prodisc Technology, Inc. 2,794,157 368,007
Quanta Display, Inc. 12,625,000 4,109,544
Radium Life Tech Corp. 338,376 128,124
Ralec Electronic Corp. 180,933 80,152
Realtek Semiconductor Corp. 1,432,200 1,601,450
* Rectron, Ltd. 78,300 9,144
Rexon Industrial Corp., Ltd. 218,820 52,966
* Ritek Corp. 6,810,518 2,140,901
* Ruentex Development Co., Ltd. 2,298,000 538,912
* Ruentex Industries, Ltd. 851,000 303,415
* Sampo Corp. 3,749,850 518,347
San Fang Chemical Industry Co., Ltd. 207,280 97,118
Sanyang Industrial Co., Ltd. 2,639,000 930,917
Sanyo Electric Co., Ltd. 480,000 229,844
SDI Corp. 191,483 71,938
Sheng Yu Steel Co., Ltd. 915,000 660,823
Shihlin Electric & Engineering Corp. 1,574,000 1,101,938
* Shihlin Paper Corp. 524,000 348,372
Shinkong Co., Ltd. 681,809 263,792
* Shinkong Synthetic Fibers Co., Ltd. 2,561,000 451,969
Shinung Corp. 290,700 45,323
Shuttle, Inc. 209,223 76,642
* Sin Yih Ceramic Co., Ltd. 211,000 39,887
Sincere Navigation Corp. 382,052 325,975
* Sinkong Spinning Co., Ltd. 489,000 179,146
SinoPac Holdings Co., Ltd. 8,178,997 3,714,311
Sintek Photronics Corp. 2,587,182 733,499
Siward Crystal Technology Co., Ltd. 42,868 25,331
* Solomon Technology Corp. 338,000 49,617
South East Soda Manufacturing Co., Ltd. 233,000 62,791
Southeast Cement Co., Ltd. 924,700 160,991
* Space Shuttle Hi-Tech Co., Ltd. 177,000 15,703
Standard Foods Taiwan, Ltd. 564,000 237,619
Stark Technology, Inc. 320,000 129,871
Sunonwealth Electric Machine Industry Co., Ltd. 227,460 82,859
</Table>
11
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<Table>
* Systex Corp., Ltd. 2,544,341 661,803
Ta Chen Stainless Pipe Co., Ltd. 828,000 392,374
* Ta Chong Bank, Ltd. 5,625,906 1,540,287
* Ta Jung Transportation Co., Ltd. 1,290,000 297,855
Ta Ya Electric Wire & Cable Co., Ltd. 981,515 230,539
Tah Hsin Industrial Corp. 268,000 79,667
Ta-I Technology Co., Ltd. 160,272 92,564
* Taichung Commercial Bank 4,305,000 908,098
Tainan Business Bank 1,487,012 462,047
Tainan Spinning Co., Ltd. 5,271,000 1,098,489
Taishin Financial Holdings Co., Ltd. 5,210,000 2,738,951
Taita Chemical Co., Ltd. 229,690 49,914
* Taitung Business Bank 163,395 22,969
* Taiwan Business Bank 15,041,412 3,727,200
Taiwan Cement Corp. 11,254,751 7,032,469
Taiwan Fire & Marine Insurance Co., Ltd. 622,320 267,427
* Taiwan Flourescent Lamp Co., Ltd. 124,000 39,860
Taiwan Glass Ind. Corp. 3,721,485 2,793,636
Taiwan Hon Chuan Enterprise Co., Ltd. 352,070 225,046
* Taiwan Kolin Co., Ltd. 1,709,000 394,820
Taiwan Mask Corp. 981,000 411,472
Taiwan Navigation Co., Ltd. 290,825 148,657
Taiwan Polypropylene Co., Ltd. 557,000 301,957
* Taiwan Pulp & Paper Corp. 238,000 43,612
Taiwan Sakura Corp. 257,958 56,513
Taiwan Sogo Shinkong Security Co., Ltd. 586,414 377,551
Taiwan Styrene Monomer Corp. 1,458,000 630,000
* Taiwan Tea Corp. 1,055,381 178,832
* Tatung Co., Ltd. 9,309,000 2,362,412
* Tay-Shan Enterprises Co., Ltd. 379,766 64,092
* Teapo Electronic Corp. 266,574 46,234
* Teco Electric & Machinery Co., Ltd. 6,243,834 1,698,483
Tecom, Ltd. 795,753 323,154
Test-Rite International Co., Ltd. 98,932 64,912
The Ambassador Hotel 605,000 539,281
* The Chinese Bank 3,601,000 393,974
* The Farmers Bank of China 4,749,160 1,111,824
The First Insurance Co., Ltd. 501,224 171,239
Thye Ming Industrial Co., Ltd. 164,000 95,945
Ton Yi Industrial Corp. 4,114,810 769,710
Tsann Kuen Enterprise Co., Ltd. 160,179 243,332
TSRC Corp. 1,760,000 932,438
Tung Ho Steel Enterprise Corp. 2,688,555 1,439,119
* Twinhead International Corp. 211,017 25,046
TYC Brother Industrial Co., Ltd. 292,320 191,650
Tycoons Group Enterprise Co., Ltd. 401,000 56,685
* Ulead Systems, Inc. 66,000 37,608
* Union Bank of Taiwan 4,146,577 1,173,534
* Union Insurance Co., Ltd. 842,575 149,719
Uni-President Enterprises Corp. 11,839,130 5,009,438
Unitech Printed Circuit Board Corp. 991,475 329,133
* United Epitaxy Co., Ltd. 421,978 331,645
United Microelectronics Corp. 32,824,183 18,237,665
* Universal Cement Corp. 859,549 259,661
* Universal Microelectronics Co., Ltd. 69,010 18,041
</Table>
12
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<Table>
Universal Scientific Industrial Co., Ltd. 1,369,392 438,851
UPC Technology Corp. 2,235,796 663,739
USI Corp. 1,676,000 449,440
U-TECH Media Corp. 130,799 29,487
* Ve Wong Corp. 177,000 52,010
* Via Technologies, Inc. 2,917,402 1,625,327
* Visual Photonics Epitacy Co., Ltd. 86,000 37,687
Walsin Lihwa Corp. 11,367,412 3,533,431
Walsin Technology Corp., Ltd. 833,126 461,049
Wan Hwa Enterprise Co., Ltd. 733,801 331,946
Waterland Financial Holdings 6,719,000 2,219,503
* Wei Chih Steel Industrial Co., Ltd. 211,898 18,954
* Wei Chuan Food Corp. 420,000 122,448
Weltrend Semiconductor, Inc. 298,000 108,560
* Winbond Electronics Corp. 14,456,000 4,048,427
Wintek Corp. 154,271 208,235
* WPG Holdings Co., Ltd. 958,985 327,621
Wus Printed Circuit Co., Ltd. 1,317,928 407,240
* Yageo Corp. 7,011,840 2,435,837
Yang Ming Marine Transport Corp. 3,749,058 2,345,274
Yeung Cyang Industrial Co., Ltd. 161,000 69,821
* Yi Jinn Industrial Co., Ltd. 387,000 40,323
Yieh Phui Enterprise Co., Ltd. 3,843,601 1,312,780
Yosun Industrial Corp. 702,997 365,651
Yuen Foong Yu Paper Manufacturing Co., Ltd. 5,017,461 1,643,048
Yulon Motor Co., Ltd. 5,612,271 5,864,712
Yung Chi Paint & Varnish Manufacturing Co., Ltd. 1,000 1,096
Yung Shin Pharmaceutical Industrial Co., Ltd. 281,400 256,945
Yung Tay Engineering Co., Ltd. 1,191,000 748,697
Zig Sheng Industrial Co., Ltd. 792,596 150,667
---------------
TOTAL COMMON STOCKS 265,960,948
---------------
RIGHTS/WARRANTS -- (0.0%)
* Eclat Textile Co., Ltd. Rights 12/13/05 7,144 0
---------------
TOTAL -- TAIWAN 265,960,948
---------------
INDIA -- (10.8%)
COMMON STOCKS -- (10.8%)
Aarti Industries, Ltd. 73,710 234,142
Adani Exports, Ltd. 1,189,912 1,643,593
* Aftek Infosys, Ltd. 314,463 819,886
Alembic, Ltd. 22,107 141,178
Alok Industries, Ltd. 661,319 1,061,780
Apollo Tyres, Ltd. 157,787 948,356
Arvind Mills, Ltd. 1,185,419 2,844,253
Ashok Leyland, Ltd. 5,004,374 3,400,493
Aurobindo Pharmaceuticals, Ltd. 188,198 1,546,496
Avaya Globalconnect, Ltd. 482 4,586
* Bajaj Auto Finance, Ltd. 10,147 77,722
Bajaj Auto, Ltd. 58,299 2,553,601
Ballarpur Industries, Ltd. 819,477 1,867,908
Balmer Lawrie & Co., Ltd. 24,945 257,162
</Table>
13
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<Table>
* Bank of Rajasthan, Ltd. 351,617 367,454
BASF India, Ltd. 46,273 251,633
BOC India, Ltd. 132,676 504,060
Bombay Dyeing & Manufacturing Co., Ltd. 5,500 37,418
* Century Enka, Ltd. 133,495 653,483
Century Textiles & Industries, Ltd. 35,147 224,338
Chambal Fertilizers & Chemicals, Ltd. 2,109,450 1,750,700
Cholamandalam Investment & Finance Co., Ltd. 33,044 114,085
* Colour-Chem, Ltd. 2,398 16,694
Deepak Fertilizers & Petrochemicals Corp., Ltd. 259,411 497,265
* D-Link (India), Ltd. 36,656 108,190
Dr. Reddy's Laboratories, Ltd. 289,947 5,766,440
E.I.D. - Parry (India), Ltd. 241,339 997,321
EIH, Ltd. 76,605 854,958
Electrosteel Casings, Ltd. 43,769 419,311
* Escorts, Ltd. 226,339 377,486
* Essar Steel, Ltd. 403,634 364,845
* Essel Propack, Ltd. 71,857 577,693
* Eveready Industries (India), Ltd. 236,058 556,088
Exide Industries, Ltd. 77,340 366,527
Federal Bank, Ltd. 277,037 1,050,992
Finolex Cables, Ltd. 76,720 459,362
Finolex Industries, Ltd. 695,629 1,190,213
GHCL, Ltd. 88,654 202,831
Godrej Industries, Ltd. 1,000 5,543
Great Eastern Shipping Co., Ltd. 958,969 4,722,074
GTL, Ltd. 462,392 1,118,091
Gujarat Alkalies & Chemicals, Ltd. 344,991 1,021,814
Gujarat Fluorochemicals, Ltd. 50,745 372,266
Gujarat Narmada Valley Fertilizers Co., Ltd. 530,456 1,099,787
Gujarat State Fertilizers & Chemicals, Ltd. 447,664 1,448,278
H.E.G., Ltd. 99,150 365,426
* Himachal Futuristic Communications, Ltd. 1,820,985 776,306
Himatsingka Seide, Ltd. 53,568 166,045
Hinduja TMT, Ltd. 49,971 401,230
* Hotel Leelaventure, Ltd. 183,368 1,082,990
I.B.P. Co., Ltd. 7,999 99,275
ICI India, Ltd. 29,512 199,618
* Igate Global Solutions, Ltd. 20,446 99,241
* India Cements, Ltd. 602,757 1,296,195
* India Glycols, Ltd. 34,061 136,375
Indian Hotels Co., Ltd. 294,289 5,835,173
Indian Petrochemicals Corp., Ltd. 1,200,291 5,950,411
Indian Rayon & Industries, Ltd. 126,723 1,750,403
Indo Gulf Fertilisers, Ltd. 23,783 105,971
Indo Rama Synthetics (India), Ltd. 202,314 358,000
IndusInd Bank, Ltd. 1,366,430 1,612,850
Industrial Development Bank of India, Ltd. 2,908,422 6,002,895
* Infotech Enterprises, Ltd. 11,561 109,667
Ingersoll-Rand (India), Ltd. 80,491 586,091
IPCA Laboratories, Ltd. 41,093 372,884
* Ispat Industries, Ltd. 3,659,399 849,102
J.B. Chemicals & Pharmaceuticals, Ltd. 148,162 287,745
* J.K. Industries, Ltd. 77,582 166,886
Jammu & Kashmir Bank, Ltd. 162,756 1,652,004
</Table>
14
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<Table>
Jindal Poly Films, Ltd. 21,594 131,989
* Jindal Stainless, Ltd. 567,961 1,372,801
Jindal Steel & Power, Ltd. 10,154 314,437
* JSW Steel, Ltd. 564,278 2,545,338
Kesoram Industries, Ltd. 107,037 368,727
Kirloskar Oil Engines, Ltd. 122,868 471,998
LIC Housing Finance, Ltd. 325,645 1,437,920
Mahavir Spinning Mills, Ltd. 63,588 405,166
Mahindra & Mahindra, Ltd. 219,880 2,169,813
Mastek, Ltd. 41,625 463,773
Moser Baer (India), Ltd. 499,016 2,171,613
* Mphasis BFL, Ltd. 125,667 380,072
MRF, Ltd. 12,160 754,605
* Mukand, Ltd. 296,535 596,812
* Nagarjuna Fertilizers & Chemicals, Ltd. 1,476,016 462,296
Nahar Spinning Mills, Ltd. 22,313 122,542
* National Organic Chemical Industries, Ltd. 196,435 132,283
Navneet Publications (India), Ltd. 16,703 101,411
NIIT, Ltd. 19,941 135,356
Nirma, Ltd. 128,867 1,353,876
Orchid Chemicals & Pharmaceuticals, Ltd. 199,488 948,229
* Pentamedia Graphics, Ltd. 658,344 93,727
Polaris Software Lab, Ltd. 380,771 1,057,747
* Polyplex Corp., Ltd. 18,509 76,091
* Prism Cements, Ltd. 77,736 36,258
PSL Holdings, Ltd. 52,822 286,120
Punjab Tractors, Ltd. 284,281 1,352,640
* Rain Calcining, Ltd. 61,289 55,722
* Rama Newsprint & Papers, Ltd. 84,210 20,005
Raymond, Ltd. 215,985 1,926,488
* Reliance Industries, Ltd. 6,386,159 115,436,390
Rolta India, Ltd. 292,974 1,231,415
Ruchi Soya Industries, Ltd. 40,707 231,950
Samtel Color, Ltd. 77,810 131,915
* Sonata Software, Ltd. 128,474 83,787
SRF, Ltd. 132,296 796,312
Sterlite Industries (India), Ltd. Series A 115,823 2,130,140
* Sterlite Optical Technologies, Ltd. 140,600 277,954
* Supreme Petrochem, Ltd. 69,306 47,467
Tata Chemicals, Ltd. 1,092,020 5,033,253
* Tata Investment Corp., Ltd. 13,685 99,883
Tata Steel, Ltd. 1,751,526 13,297,260
Tata Tea, Ltd. 166,270 3,180,917
Tube Investments of India, Ltd. 64,584 649,117
TVS Motor Co., Ltd. 168,117 359,601
Ucal Fuel Systems, Ltd. 4,360 21,122
* Usha Martin, Ltd. 71,128 277,880
UTI Bank, Ltd. 1,289,368 7,610,889
* Uttam Galva Steels 194,165 166,371
Varun Shipping Co. 336,937 495,697
* Videocon International, Ltd. 152,143 283,072
Videsh Sanchar Nigam, Ltd. 859,481 6,665,491
Visualsoft Technologies, Ltd. 53,334 257,831
Zee Telefilms, Ltd. Series B 1,991,512 6,703,372
* Zuari Industries, Ltd. 35,968 92,848
---------------
TOTAL -- INDIA 262,468,968
---------------
</Table>
15
<Page>
<Table>
MEXICO -- (9.5%)
COMMON STOCKS -- (9.5%)
Alfa S.A. de C.V. Series A 5,405,364 30,511,096
* Cintra S.A. de C.V. 85,000 37,037
* Consorcio Hogar S.A. de C.V. Series B 540,200 161,185
Controladora Comercial Mexicana S.A. de C.V. Series B 7,880,200 11,644,513
* Corporacion Geo S.A. de C.V. Series B 1,728,500 5,923,759
* Corporacion Interamericana de Entramiento S.A. de C.V. Series B 1,643,586 3,822,112
Corporacion Mexicana de Restaurantes S.A. de C.V. Series B 3,689 699
Corporativo Fragua S.A. de C.V. Series B 70 304
* Desc S.A. de C.V. Series B 8,736,833 2,193,105
El Puerto de Liverpool S.A. de C.V. Series 1 20,000 43,952
El Puerto de Liverpool S.A. de C.V. Series C1 328,600 715,904
Embotelladora Arca S.A. de C.V., Mexico 304,200 669,661
* Empaques Ponderosa S.A. de C.V. Series B 90,000 7,673
* Empresas ICA Sociedad Controladora S.A. de C.V. 19,372,200 8,074,044
Fomento Economico Mexicano S.A. de C.V. Series B & D 488,000 3,320,360
Gruma S.A. de C.V. Series B 3,347,050 10,208,867
Grupo Carso S.A. de C.V. Series A-1 13,173,051 31,195,062
Grupo Cementos de Chihuahua S.A. de C.V. 2,692,992 8,162,901
Grupo Continental S.A. de C.V. 1,444,500 2,353,453
Grupo Corvi S.A. de C.V. Series L 284,000 79,360
Grupo Financiero del Norte S.A. de C.V. Series C 2,600,000 5,590,603
Grupo Financiero GBM Atlantico S.A. de C.V. Series L 74 39
Grupo Financiero GBM Atlantico S.A. de C.V. Series O 75,724 41,603
Grupo Financiero Inbursa S.A. de C.V. Series O 6,727,615 10,578,612
* Grupo Gigante S.A. de C.V. Series B 324,076 214,117
* Grupo Herdez S.A. de C.V. 319,000 215,295
Grupo Industrial Maseca S.A. de C.V. Series B 2,771,700 1,937,591
Grupo Industrial Saltillo S.A. de C.V. 1,246,869 1,299,191
* Grupo Iusacell S.A. de C.V. 143,500 326,229
* Grupo Nutrisa S.A. de C.V. 428 324
Grupo Posadas S.A. de C.V. Series L 356,000 328,786
* Grupo Qumma S.A. de C.V. Series B 5,301 90
* Grupo Tribasa S.A. de C.V. 152,065 0
* Impulsora del Desarrollo Economico de America Latina S.A. de C.V. 6,727,615 5,149,108
Industrias Bachoco S.A. de C.V.
(Certificate Representing Series B and Series L) 411,800 1,364,475
Industrias Penoles S.A. de C.V. 1,277,400 7,139,017
* Industrias S.A. de C.V. Series B 2,361,452 4,921,090
* Jugos del Valle S.A. de C.V. Series B 213,600 384,326
Nueva Grupo Mexico S.A. de C.V. Series B 21,343,635 45,974,639
* Organizacion Soriana S.A. de C.V. Series B 5,249,700 22,799,919
* Sanluis Corporacion S.A. de C.V. Series A 2,400 955
* Sanluis Corporacion S.A. de C.V. Series C & Series B 3,376 1,829
* Savia S.A. de C.V. 3,457,285 682,975
* US Commercial Corp. S.A. de C.V. 271,000 96,263
Vitro S.A. de C.V. 2,699,100 3,221,432
---------------
TOTAL -- MEXICO 231,393,555
---------------
</Table>
16
<Page>
<Table>
BRAZIL -- (7.8%)
PREFERRED STOCKS -- (6.0%)
Acesita SA 413,076 5,513,304
Banco Bradesco SA 384,650 11,809,200
Bradespar SA 5,702 155,262
Brasil Telecom Participacoes SA 1,984,088 15,568
* Braskem SA Preferred A 571,200 5,158,557
Centrais Electricas de Santa Catarina SA - CELESC Series B 3,081,000 1,999,469
Companhia Brasileira de Distribuicao Grupo Pao de Acucar 146,540,000 4,728,384
Companhia Brasileira de Petroleo Ipiranga SA 202,800 2,438,018
Companhia Cia Tecidos Norte de Minas 21,607,500 2,093,579
Confab Industrial SA 1,800,000 2,736,555
Contax Participacoes SA 7,538 8,723
Distribuidora de Produtos de Petroleo Ipiranga SA 8,000 141,411
Duratex SA 334,550 3,537,561
Embraco SA 437,300 148,843
* Embratel Participacoes SA 1,389,166 3,776
* Forjas Taurus SA 254,000 180,976
Gerdau SA 1,163,328 17,306,055
Globex Utilidades SA 34,076 151,397
Industrias Romi SA 9,200 296,438
* Inepar Industria e Construcoes SA 7,896 31,534
Investimentos Itau SA 6,952,166 23,820,673
Magnesita SA Series A 132,900,000 853,431
Marcopolo SA 370,800 799,319
Metalurgica Gerdau SA 595,200 11,452,907
Perdigao SA NPV 199,200 6,291,954
* Plascar Participacoes Industriais SA 6,900,000 26,617
Polialden Petroquimica SA 780,000 254,869
Ripasa SA Papel e Celulose 1,495,000 2,483,186
Sadia SA 3,838,282 10,608,186
Santista Textil SA Preferred 29,600 204,184
Sao Paulo Alpargatas SA 37,800 941,784
Suzano Bahia Sul Papel e Celullose SA 459,431 2,647,957
Suzano Petroquimica SA 157,200 364,553
Tele Celular Sul Participacoes SA 951,707,394 2,444,594
* Tele Leste Celular Participacoes SA 35 249
* Tele Norte Celular Participacoes SA 1,390,958 177
Tele Norte Leste Participacoes SA 7,538 141,831
Telemar Norte Leste SA 545,000 16,074,223
Telemig Celular Participacoes SA 1,422,616 2,679
* Telesp Celular Participacoes SA 754 2,669
Uniao des Industrias Petroquimicas SA Series B 2,584,454 2,615,535
Unibanco-Uniao de Bancos Brasileiros Units SA 135,500 1,681,836
Usinas Siderurgicas de Minas Gerais SA 41,925 983,673
Vale do Rio Doce Series B 239,144 0
Votorantim Celulose e Papel SA 231,000 2,839,932
---------------
TOTAL PREFERRED STOCKS 145,991,628
---------------
</Table>
17
<Page>
<Table>
COMMON STOCKS -- (1.8%)
Avipal SA Avicultura e Agropecua 12,500,000 37,440
Brasil Telecom Participacoes SA 51,256,779 625,735
* Cia Siderurgica Belgo-Mineira 35,029,733 21,127,531
Companhia Siderurgica Nacional SA 931,400 19,443,794
* Contax Participacoes SA 51,468 84,087
* Embratel Participacoes SA 50,000,000 117,767
Eternit SA 44,000 127,397
Tele Celular Sul Participacoes SA 98,247,830 285,804
* Tele Centro Oeste Celular Participacoes SA 16,764 170,265
* Tele Leste Celular Participacoes SA 1,288 8,037
* Tele Norte Celular Participacoes SA 50,064,513 12,042
Tele Norte Leste Participacoes SA 51,468 1,284,656
Telemig Celular Participacoes SA 51,793,284 209,195
---------------
TOTAL COMMON STOCKS 43,533,750
---------------
TOTAL -- BRAZIL 189,525,378
---------------
TURKEY -- (6.8%)
COMMON STOCKS -- (6.8%)
Adana Cimento Sanayi Ticaret A.S. 259,762 240,708
Akbank T.A.S. 3,293,434 25,929,952
* Akenerji Elektrik Uretim A.S. 216,113 934,071
Aksa Akrilik Kimya Sanayii A.S. 148,490 1,369,943
Aksigorta A.S. 401,460 2,620,729
Alarko Carrier Sanayii ve Ticaret A.S. 40,047 412,003
* Alternatifbank A.S. 92,933 142,979
* Altinyildiz mensucat ve Konfeksiyon Fabrikalari A.S. 87,865 103,420
* Anadolu Anonim Turk Sigorta Sirketi A.S. 675,177 1,444,733
Anadolu Cam Sanayii A.S. 561,694 2,222,312
* Ayen Enerji A.S. 473,652 863,445
Bagfas Bandirma Gubre Fabrikalari A.S. 11,130 371,284
Bati Anabolu Cimento A.S. 255,022 1,372,200
Bolu Cimento Sanayii A.S. 485,644 1,091,728
Borusan Mannesmann Boru Sanayi ve Ticaret A.S. 98,343 799,180
Bossa Ticaret ve Sanayi Isletmeleri Ticaret A.S. 576,288 471,157
Brisa Bridgestone Sabanci Lastik San ve Ticaret A.S. 9,261 616,740
Cimsa Cimento Sanayi ve Ticaret A.S. 480,369 3,142,310
* Dardanel Onentas Gida Sanayii A.S. 16,183 12,663
* Dogan Sirketler Grubu Holding A.S. 3,007,361 9,083,556
Doktas Dokumculuk Ticaret ve Sanayi A.S. 63,360 86,820
* Eczacibasi Yapi Gerecleri Sanayi ve Ticaret A.S. 362,756 784,617
Eregli Demir ve Celik Fabrikalari Turk A.S. 1,995,394 12,716,408
* Finansbank A.S. 5,486,436 21,963,656
* Goldas Kuyumculuk Sanayi A.S. 327,200 304,144
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. 24,412 574,202
Gubre Fabrikalari Ticaret A.S. 29,241 63,251
Gunes Sigorta A.S. 309,093 649,777
Ihlas Holding A.S. 319,654 194,210
* Izmir Demir Celik Sanayii A.S. 230,946 526,221
Izocam Ticaret Ve Sanayi A.S. 27,299 159,735
Karton Sanayi ve Ticaret A.S. 1,000 127,040
Kordsa Endustriyel Iplik Kord Bezi Sanayi ve Ticaret A.S. 414,951 1,317,513
* Kutahya Porselen Sanayii A.S. 7,076 180,260
Mardin Cimento Sanayii ve Ticaret 138,517 762,061
* Marshall Boya ve Vernik Sanayii A.S. 17,490 358,125
</Table>
18
<Page>
<Table>
* Medya Holdings A.S. 33,508 170,442
* Menderes Tekstil Sanayi ve Ticaret A.S. 347,650 181,127
* Milpa Ticari ve Sinai Urunler Pazarlama Sanayi ve Ticaret A.S. 48,774 82,044
* Net Holding A.S. 369,294 111,083
* Net Turizm Ticaret ve Sanayi A.S. 185,098 151,117
Nortel Networks Netas Telekomuenikasyon A.S. 24,805 626,892
Otobus Karoseri Sanayi A.S. 98,162 544,980
Pinar Entegre et ve Un Sanayii A.S. 51,591 70,346
Pinar Sut Mamulleri Sanayii A.S. 58,424 168,043
* Raks Elektronik Sanayi ve Ticaret A.S. 5,859 3,412
* Sabah Yayincilik A.S. 31,938 89,469
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S. 247,799 386,812
* Sasa Dupont Sabanci Polyester Sanayi A.S. 1,346,358 1,103,552
* Tat Konserve Sanayii A.S. 175,295 288,260
* Tekstil Bankasi A.S. 593,043 969,591
Tire Kutsan Oluklu Mukavva Kutu ve Kagit Sanayii A.S. 156,597 234,271
Tofas Turk Otomobil Fabrikasi A.S. 605,547 1,272,512
Trakya Cam Sanayii A.S. 1,227,824 4,626,623
Turk Demir Dokum Fabrikalari A.S. 166,949 1,099,732
* Turk Dis Ticaret Bankasi A.S. 1,984,958 9,007,185
Turk Pirelli Kablo ve Sistemleri A.S. 39,312 96,344
Turk Sise ve Cam Fabrikalari A.S. 2,182,218 7,162,811
* Turkiye Garanti Bankasi A.S. 4,833,512 16,094,096
Turkiye Is Bankasi A.S. 2,232,528 19,065,081
Ulker Gida Sanayi ve Ticaret A.S. 124,461 432,478
* Unye Cimento Sanayi ve Ticaret A.S. 20,978 63,498
USAS Ucak Servisi A.S. 20,520 98,387
* Vestel Elektronik Sanayi ve Ticaret A.S. 223,134 804,234
* Yapi ve Kredi Bankasi A.S. 1,405,653 5,936,555
* Yatas Yatak ve Yorgan Sanayi ve Ticaret A.S. 18,345 19,984
---------------
TOTAL -- TURKEY 164,974,114
---------------
MALAYSIA -- (5.4%)
COMMON STOCKS -- (5.4%)
* A&M Realty Berhad 213,550 83,965
ACP Industries Berhad 512,000 91,477
* Advance Synergy Berhad 641,000 38,940
Advanced Synergy Capital Berhad 153,500 17,421
Affin Holdings Berhad 7,143,300 2,949,180
Aluminum Co. of Malaysia Berhad 250,000 108,523
* AMBD Berhad 1,990,900 47,516
* AmInvestment Group Berhad 994,468 416,133
AMMB Holdings Berhad 4,338,144 2,616,663
Ancom Berhad 393,750 72,434
Ann Joo Resources Berhad 1,235,100 366,686
* Antah Holding Berhad 306,000 19,439
APM Automotive Holdings Berhad 779,100 513,488
Apollo Food Holdings Berhad 198,400 125,818
* Arab Malaysia Corp. Berhad 2,000,000 526,734
Asas Dunia Berhad 524,700 95,829
* Asia Pacific Land Berhad 1,349,000 55,345
Asiatic Development Berhad 3,736,600 2,106,659
Avenue Assets Berhad 3,097,700 524,937
</Table>
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<Table>
Ayer Hitam Planting Syndicate Berhad 27,000 15,208
Bandar Raya Developments Berhad 2,459,300 539,586
Batu Kawan Berhad 1,034,500 1,903,064
* Berjaya Capital Berhad 2,558,900 656,648
* Berjaya Group Berhad 3,516,900 79,126
Berjaya Land Berhad 3,934,800 958,183
Bernas Padiberas Nasional Berhad 2,341,700 836,764
Bimb Holdings Berhad 1,029,800 340,723
Bina Darulaman Berhad 118,000 25,299
Binaik Equity Berhad 149,800 26,342
Bolton Properties Berhad 1,107,100 219,779
Boustead Holdings Berhad 3,078,700 1,509,900
Bumiputra-Commerce Asset Holdings Berhad 1,104,000 1,605,737
Cahya Mata Sarawak Berhad 1,008,800 267,020
Chemical Co. of Malaysia Berhad 311,000 223,907
Chin Teck Plantations Berhad 296,600 390,420
Choo Bee Metal Industries Berhad 235,700 87,966
* Cosway Corp. Berhad 854,100 149,493
* Country Heights Holdings Berhad 174,000 29,616
Courts Mammoth Berhad 1,280,000 389,881
Cycle & Carriage Bintang Berhad 249,800 178,696
* Damansara Realty Berhad 391,000 7,762
* Datuk Keramik Holdings Berhad 127,000 1,513
Dijaya Corp. Berhad 612,100 127,993
Diversified Resources Berhad 6,048,600 2,193,378
DNP Holdings Berhad 166,000 26,803
Eastern & Oriental Berhad 325,000 85,917
Eastern Pacific Industrial Corp. Berhad 414,400 176,377
* Econstates Berhad 327,900 41,660
Edaran Otomobil Nasional Berhad 1,327,100 1,166,218
Esso Malaysia Berhad 633,200 417,594
* Europlus Berhad 278,100 17,667
* Faber Group Berhad 170,300 16,929
Far East Holdings Berhad 318,400 222,035
Focal Aims Holdings Berhad 424,000 33,669
Fraser & Neave Holdings Berhad 80,000 123,875
General Corp. Berhad 564,000 61,953
Glomac Berhad 591,000 186,936
Gold IS Berhad 1,287,600 408,978
Golden Hope Plantations Berhad 3,785,400 4,111,530
Golden Hope Plantations Berhad Series A 532,950 552,981
* Golden Plus Holdings Berhad 201,000 22,345
* Gopeng Berhad 273,900 36,249
* Grand United Holdings Berhad 451,100 25,671
* Gula Perak Berhad 729,750 32,837
Guthrie Ropel Berhad 191,700 183,683
Hap Seng Consolidated Berhad 1,499,200 801,584
Highlands and Lowlands Berhad 3,508,500 3,733,237
* HIL Industries Berhad 373,285 22,231
* Ho Hup Construction Co. Berhad 175,100 20,965
* Ho Wah Genting Berhad 369,000 17,092
Hong Leong Credit Berhad 1,191,937 1,293,526
Hong Leong Industries Berhad 708,000 599,804
Hong Leong Properties Berhad 2,972,341 487,785
Hume Industries (Malaysia) Berhad 389,967 445,841
</Table>
20
<Page>
<Table>
Hwang-DBS (Malaysia) Berhad 654,000 218,089
IGB Corp. Berhad 8,275,700 2,501,442
IJM Corp. Berhad 1,608,500 1,830,366
IJM Plantations Berhad 204,400 61,677
* Insas Berhad 1,680,000 104,500
Integrated Logistics Berhad 324,000 128,646
IOI Properties Berhad 13,600 27,718
Island & Peninsular Berhad 1,847,223 698,195
Jaya Tiasa Holdings Berhad 1,128,700 744,039
Jerneh Asia Berhad 265,700 145,508
* Johan Holdings Berhad 228,000 5,733
Johor Port Berhad 1,549,900 935,355
Johore Tenggara Oil Palm Berhad 464,000 141,374
K & N Kenanga Holdings Berhad 1,454,300 192,757
Keck Seng (Malaysia) Berhad 832,900 449,740
Kedah Cement Holdings Berhad 1,058,307 1,512,668
* Kejora Harta Berhad 601,000 62,041
Kian Joo Can Factory Berhad 598,200 475,013
* KIG Glass Industrial Berhad 260,000 2,409
Kim Hin Industry Berhad 325,900 120,768
Kim Loong Resources Berhad 113,000 33,200
KPJ Healthcare Berhad 478,600 195,088
Kris Components Berhad 368,377 329,277
Kuala Lumpur Kepong Berhad 3,820,500 8,392,117
* Kub Malaysia Berhad 1,251,400 115,932
Kulim Malaysia Berhad 1,295,725 857,415
* Kumpulan Emas Berhad 1,268,000 35,450
Kwantas Corp. Berhad 123,000 124,435
* Land & General Berhad 2,261,700 71,838
Landmarks Berhad 1,637,000 428,965
* Leader Universal Holdings Berhad 1,621,833 135,098
Leong Hup Holdings Berhad 286,000 78,729
* Lien Hoe Corp. Berhad 654,850 34,605
Lingui Development Berhad 2,774,700 722,216
Lion Diversified Holdings Berhad 2,414,300 1,635,947
Lion Industries Corp. Berhad 3,576,181 585,995
Malayan Cement Berhad 67,500 10,452
Malayawata Steel Berhad 645,100 242,467
Malaysia Building Society Berhad 263,000 42,812
Malaysia Industrial Development Finance Berhad 5,266,200 1,561,612
Malaysian Airlines System Berhad 80,000 62,392
Malaysian Mosaics Berhad 1,968,000 644,442
Malaysian National Reinsurance Berhad 806,900 806,794
Malaysian Plantations Berhad 2,514,000 1,503,875
Maruichi Malaysia Steel Tube Berhad 479,000 144,537
Matsushita Electric Co. (Malaysia) Berhad 294,980 737,392
MBM Resources Berhad 349,933 245,620
* Meda, Inc. Berhad 650,100 19,789
Mega First Corp. Berhad 448,000 94,865
Mentakab Rubber Co. (Malaya) Berhad 1,100 486
Merge Housing Berhad 58,952 18,101
Metro Kajang Holdings Berhad 535,333 110,958
* Metroplex Berhad 817,000 12,975
Mieco Chipboard Berhad 732,600 217,182
MMC Corp. Berhad 6,511,900 3,395,565
</Table>
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<Page>
<Table>
MTD Infraperdana Berhad 5,891,300 1,824,463
Muda Holdings Berhad 706,000 54,193
Muhibbah Engineering Berhad 321,600 58,762
* MUI Properties Berhad 1,314,000 92,168
* Mulpha International Berhad 6,934,500 1,082,158
* Multi-Purpose Holdings Berhad 1,974,000 397,099
Mutiara Goodyear Development Berhad 247,900 29,199
MWE Holdings Berhad 360,000 53,838
Mycron Steel Berhad 119,750 23,931
* Naluri Berhad 2,329,400 258,959
* Nam Fatt Berhad 286,100 29,426
Narra Industries Berhad 154,200 53,987
NCB Holdings Berhad 2,363,700 1,502,145
Negri Sembilan Oil Palms Berhad 167,600 109,574
New Straits Times Press (Malaysia) Berhad 1,101,400 771,485
Nylex (Malaysia) Berhad 109,750 21,206
Oriental Holdings Berhad 2,837,416 3,094,271
Oriental Interest Berhad 170,000 59,846
OSK Holdings Berhad 3,075,218 757,002
OSK Property Holdings Berhad 186,678 60,331
Pacific & Orient Berhad 246,137 117,476
* Pan Malaysia Cement Works Berhad 1,271,800 158,218
* Pan Pacific Asia Berhad 5,000 2,382
* Paracorp Berhad 252,000 6,003
Paramount Corp. Berhad 203,900 105,203
PBA Holdings Berhad 1,502,500 576,035
* Pernas International Holdings Berhad 2,664,000 423,081
Petaling Garden Berhad 871,000 345,818
Petronas Dagangan Berhad 332,800 340,155
Phileo Allied Berhad 2,670,400 2,629,404
* Pilecon Engineering Berhad 210,000 4,169
PJ Development Holdings Berhad 1,043,900 108,890
PK Resources Berhad 25,000 3,375
PPB Group Berhad 6,374,666 6,969,454
* Premium Nutrients Berhad 513,100 22,374
* Prime Utilities Berhad 46,000 3,660
* Promet Berhad 140,000 0
Proton Holdings Berhad 1,305,500 2,423,831
Pulai Springs Berhad 159,800 58,794
RHB Capital Berhad 11,437,200 6,863,595
Road Builders (Malaysia) Holdings Berhad 2,368,700 1,051,781
Sapura Telecommunications Berhad 155,152 34,908
Sarawak Enterprise Corp. Berhad 4,271,000 1,359,307
Sarawak Oil Palms Berhad 93,000 41,634
SCB Developments Berhad 343,700 291,118
Scientex, Inc. Berhad 116,000 80,138
Selangor Dredging Berhad 619,000 57,345
Shangri-La Hotels (Malaysia) Berhad 706,000 235,556
SHL Consolidated Berhad 943,700 319,736
* Silverstone Corp. Berhad 8,690 339
Sime Darby Berhad 355,980 594,641
* Sime Engineering Services Berhad 222,000 47,009
* South East Asia Lumber, Inc. Berhad 228,800 20,288
Southern Acids (Malaysia) Berhad 44,000 20,731
Southern Bank Berhad (Foreign) 1,854,950 1,963,949
</Table>
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<Table>
Southern Steel Berhad 521,000 137,733
* Store Corp. Berhad 124,630 80,699
Subur Tiasa Holdings Berhad 438,600 306,652
Sunrise Berhad 827,200 251,795
Sunway City Berhad 2,051,700 695,123
Sunway Holdings, Inc. Berhad 394,000 58,401
Suria Capital Holdings Berhad 1,181,600 173,581
TA Enterprise Berhad 7,022,400 1,140,420
* Talam Corp. Berhad 139,050 8,271
* Tamco Corp. Holdings Berhad 219,500 15,977
Tan Chong Motor Holdings Berhad 3,485,700 1,264,005
Tekala Corp. Berhad 337,700 80,407
* Time Dotcom Berhad 8,323,300 1,053,332
Tiong Nam Transport Holdings Berhad 171,500 29,052
Tradewinds (Malaysia) Berhad 782,900 517,191
* Trengganu Development & Management Berhad 534,400 112,778
Tronoh Mines Malaysia Berhad 508,500 439,236
UAC Berhad 49,800 63,260
UDA Holdings Berhad 875,200 488,796
UEM World Berhad 5,673,800 653,283
UMW Holdings Berhad 3,008,943 4,700,445
Unico-Desa Plantations Berhad 2,705,000 329,562
Union Paper Holdings Berhad 1,014,100 155,685
Uniphone Telecommunications Berhad 286,800 27,708
United Malacca Rubber Estates Berhad 310,800 324,722
United Plantations Berhad 821,200 1,488,941
* Utama Banking Group Berhad 955,000 149,140
* VS Industry Berhad 285,500 89,927
Warisan TC Holdings Berhad 109,850 47,104
Worldwide Holdings Berhad 418,600 201,655
WTK Holdings Berhad 575,400 536,106
Yeo Hiap Seng (Malaysia) Berhad 296,100 161,047
YTL Corp. Berhad 2,986,700 4,308,501
Yu Neh Huat Berhad 748,600 225,888
---------------
TOTAL COMMON STOCKS 130,852,687
---------------
PREFERRED STOCKS -- (0.0%)
* Malayan United Industries Berhad A1 08/03/13 1,526,067 22,216
* Malayan United Industries Berhad A2 08/03/13 1,526,067 18,177
---------------
TOTAL PREFERRED STOCKS 40,393
---------------
RIGHTS/WARRANTS -- (0.0%)
* Melewar Industrial Group Berhad Warrants 95,800 4,818
* Mieco Chipboard Berhad Warrants 04/21/09 76,000 6,035
* Pan Pacific Asia Berhad Rights 28,045 0
* Sarawak Oil Palms Berhad Rights 04/01/06 46,500 3,569
---------------
TOTAL RIGHTS/WARRANTS 14,422
---------------
TOTAL -- MALAYSIA 130,907,502
---------------
</Table>
23
<Page>
<Table>
ISRAEL -- (4.5%)
COMMON STOCKS -- (4.5%)
* Afcon Industries, Ltd. 2,102 7,621
Albad Massuot Yitzhak, Ltd. 13,365 129,796
American Israeli Paper Mills, Ltd. 20,151 797,239
* Ashtrom Properties, Ltd. 171,400 70,513
Azorim Investment Development & Construction Co., Ltd. 299,403 2,792,454
Bank Hapoalim, Ltd. 5,987,462 25,965,262
Bank Leumi Le-Israel 7,901,628 28,366,273
Bank of Jerusalem, Ltd. 71,150 87,140
* Baran Group, Ltd. 94,200 845,604
Blue Square Chain Stores Properties & Investments, Ltd. 33,400 304,111
CLAL Industries, Ltd. 773,796 3,784,031
* Delta Galil Industries, Ltd. 95,091 618,229
* Discount Mortgage Bank, Ltd. 3,611 416,980
Elbit Medical Imaging, Ltd. 168,210 2,642,947
* Electra (Israel), Ltd. 6,264 461,172
* Electra Consumer Products 53,450 285,094
Elron Electronic Industries, Ltd. 202,296 2,192,379
* Feuchtwanger Investments 1984, Ltd. 10,500 27
* First International Bank of Israel, Ltd. Par Value $0.01 550,597 1,083,536
* First International Bank of Israel, Ltd. Par Value $0.05 294,660 2,865,354
Formula Systems (1985), Ltd. 93,700 969,604
* Formula Vision Technologies, Ltd. 1,953 1,095
Global Trade Centre Real Estate NV 3,052 10,418
* Granite Hacarmel Investments, Ltd. 142,500 158,980
IDB Development Corp., Ltd. Series A 87,522 2,439,683
Industrial Building Corp., Ltd. 742,835 1,015,763
Israel Cold Storage & Supply Co., Ltd. 7,000 32,686
Israel Corp., Ltd. Series A 4,000 1,350,113
* Israel Land Development Co., Ltd. 234,969 715,125
Israel Petrochemical Enterprises, Ltd. 253,817 2,080,675
* Israel Steel Mills, Ltd. 97,000 813
* J.O.E.L. Jerusalem Oil Exploration, Ltd. 17,096 122,362
* Kardan Israel, Ltd. 2,237 4,469
Knafaim-Arkia Holdings, Ltd. 117,857 1,351,038
* Koor Industries, Ltd. 125,769 6,715,279
Leader Holding & Investments, Ltd. 166,882 286,966
* Liberty Properties, Ltd. 3,457 20,418
M.A.Industries, Ltd. 227,355 1,239,058
Mehadrin, Ltd. 24,063 440,248
Merhav-Ceramic & Building Materials Center, Ltd. 36,232 57,450
* Middle East Tube Co., Ltd. 46,200 48,894
Miloumor, Ltd. 50,403 161,514
Minrav Holdings, Ltd. 2,000 58,247
* Naphtha Israel Petroleum Corp. 323,900 58,285
* Nice Systems, Ltd. 50,930 2,268,698
* OCIF Investments and Development, Ltd. 7,956 136,150
Otzar Hashilton Hamekomi, Ltd. 1,050 82,293
Packer Plada, Ltd. 4,006 167,546
Polgat Industries, Ltd. Series A 87,600 42,777
Property and Building Corp., Ltd. 11,288 1,021,760
* Scitex Corp., Ltd. 365,565 2,102,545
Shrem Fudim Kelner & Co., Ltd. 54,600 167,121
Suny Electronic Inc., Ltd. 63,157 236,081
Super-Sol, Ltd. Series B 688,337 1,698,351
* Team Computer & Systems, Ltd. 7,900 76,931
</Table>
24
<Page>
<Table>
* Tower Semiconductor, Ltd. 130,554 222,571
* Union Bank of Israel, Ltd. 373,011 1,555,901
* United Mizrahi Bank, Ltd. 1,263,799 6,853,275
* Urdan Industries, Ltd. 183,950 108,123
* Ytong Industries, Ltd. 174,250 117,909
---------------
TOTAL COMMON STOCKS 109,912,977
---------------
RIGHTS/WARRANTS -- (0.0%)
* GTC Warrants 91 0
---------------
TOTAL -- ISRAEL 109,912,977
---------------
CZECH REPUBLIC -- (3.5%)
COMMON STOCKS -- (3.5%)
* Cesky Telecom A.S. 535,201 10,779,403
CEZ A.S. 2,744,208 75,160,267
---------------
TOTAL -- CZECH REPUBLIC 85,939,670
---------------
POLAND -- (3.1%)
COMMON STOCKS -- (3.1%)
* Amica Wronki SA 174,355 998,034
Bank Millennium SA 6,347,135 8,794,335
Bank Przemyslowo Handlowy BPH SA 9,050 1,869,953
Bank Zackodni WBK SA 31,975 1,219,089
* Budimex SA 124,553 1,275,262
Debica SA 76,366 1,494,585
* Echo Investment SA 24,869 1,108,956
Elektrobudowa SA 31,748 352,816
Fabryki Mebli Forte SA 36,826 140,043
* Huta Ferrum SA 4,233 11,133
Impexmetal SA 241,068 4,642,184
* Kredyt Bank SA 65,207 256,621
Lentex SA 139,083 593,233
* Mostostal Export SA 654,595 281,553
* Mostostal Warszawa SA 183,300 423,996
* Mostostal Zabrze Holding SA 140,376 59,305
Netia Holdings SA 2,929,680 4,823,042
Orbis SA 668,253 6,400,503
Polski Koncern Naftowy Orlen SA 1,889,530 33,935,305
Prokom Software SA 50,388 1,913,315
Przedsiebiorstwo Farmaceutyczne JELFA SA 139,333 3,295,029
* Raciborska Fabryka Kotlow SA 291,972 1,628,275
* Stalexport SA 422,172 206,106
* Ster-Projekt SA 189,938 443,808
---------------
TOTAL -- POLAND 76,166,481
---------------
</Table>
25
<Page>
<Table>
INDONESIA -- (3.1%)
COMMON STOCKS -- (3.1%)
* PT Apac Centretex Corporation Tbk 774,000 6,562
PT Asahimas Flat Glass Tbk 5,333,500 1,698,257
PT Astra Agro Lestari Tbk 12,660,500 6,930,851
PT Astra Graphia Tbk 18,779,000 513,552
PT Bank Pan Indonesia Tbk 113,482,661 4,235,916
PT Berlian Laju Tanker Tbk 54,456,800 5,146,745
PT Bhakti Investama Tbk 31,933,500 588,690
PT Branta Mulia Tbk 180,000 17,865
* PT Budi Acid Jaya Tbk 6,410,000 57,521
* PT Charoen Pokphand Indonesia Tbk 13,979,000 404,127
PT Clipan Finance Indonesia Tbk 12,461,000 359,549
* PT Davomas Adabi Tbk 71,017,500 564,717
PT Dynaplast Tbk 3,040,000 347,999
* PT Ever Shine Textile Tbk 19,347,215 188,165
* PT Great River International Tbk 1,788,000 82,043
* PT Hero Supermarket Tbk 220,000 132,768
PT Indorama Synthetics Tbk 7,901,320 346,646
PT International Nickel Indonesia Tbk 7,522,000 9,585,057
PT Jaya Real Property Tbk 5,189,500 968,865
* PT Karwell Indonesia Tbk 1,466,500 36,205
* PT Kawasan Industry Jababeka Tbk 534,000 4,509
PT Komatsu Indonesia Tbk 6,049,000 5,128,828
PT Lautan Luas Tbk 7,721,000 364,362
PT Matahari Putra Prima Tbk 12,852,500 1,306,261
PT Mayorah Indah Tbk 8,497,572 500,109
PT Medco Energi International Tbk 31,249,000 10,329,197
PT Metrodata Electronics Tbk 18,582,000 128,937
* PT Modern Photo Tbk 1,266,500 64,430
* PT Mutlipolar Corporation Tbk 7,188,750 110,998
* PT Panasia Indosyntec Tbk 403,200 16,691
PT Panin Insurance Tbk 27,086,000 674,735
PT Rig Tenders Indonesia Tbk 2,760,000 262,923
* PT Selamat Semp Tbk 10,624,000 334,279
PT Semen Gresik Tbk 8,421,591 15,013,158
* PT Sinar Mas Agro Resources & Technology Tbk 8,442,900 822,322
PT Summarecon Agung Tbk 2,250,000 165,761
* PT Sunson Textile Manufacturer Tbk 6,012,000 202,826
* PT Suparma Tbk 3,995,345 81,567
* PT Surya Dumai Industri Tbk 5,145,000 184,758
PT Surya Toto Indonesia Tbk 46,400 27,771
PT Tempo Scan Pacific Tbk 6,466,000 3,744,076
PT Tigaraksa Satria Tbk 684,000 22,857
PT Timah Tbk 5,855,000 1,002,083
PT Trias Sentosa Tbk 29,527,200 396,950
PT Trimegah Sec Tbk 34,298,000 493,496
PT Tunas Ridean Tbk 10,810,000 688,387
* PT Ultrajaya Milk Industry & Trading Co. Tbk 13,717,500 334,757
PT Unggul Indah Corp. Tbk 371,435 94,480
---------------
TOTAL -- INDONESIA 74,713,608
---------------
THAILAND -- (3.0%)
COMMON STOCKS -- (3.0%)
* Adkinson Securities Public Co., Ltd. (Foreign) 1,753,500 391,131
* Advance Agro Public Co., Ltd. (Foreign) 1,859,030 1,050,198
</Table>
26
<Page>
<Table>
Amarin Plaza Public Co., Ltd. (Foreign) 1,130,300 50,150
Bangkok Bank Public Co., Ltd. (Foreign) 229,700 584,762
Bangkok Expressway Public Co., Ltd. (Foreign) 5,353,500 2,855,546
Bangkok Insurance Public Co., Ltd. (Foreign) 60,600 379,071
* Bangkok Land Public Co., Ltd. (Foreign) 39,735,803 539,509
Bank of Ayudhya Public Co., Ltd. (Foreign) 16,377,100 5,161,894
Banpu Public Co., Ltd. (Foreign) 1,454,300 4,513,284
Big C Supercenter Public Co., Ltd. (Foreign) 1,274,800 942,694
Cal-Comp Electronics (Thailand) Public Co., Ltd. (Foreign) 10,961,500 946,125
Capital Nomura Securities Public Co., Ltd. (Foreign) 370,100 385,848
Central Plaza Hotel Public Co., Ltd. (Foreign) 723,000 530,264
Charoen Pokphand Foods Public Co., Ltd. (Foreign) 27,584,340 3,377,401
Delta Electronics (Thailand) Public Co., Ltd. (Foreign) 2,814,700 996,354
Eastern Water Resources Development & Management
Public Co., Ltd. (Foreign) 8,835,200 788,302
Finansa Public Co., Ltd. (Foreign) 113,400 47,840
* Golden Land Property Development Public Co., Ltd. (Foreign) 232,500 37,486
Hana Microelectronics Public Co., Ltd. (Foreign) 935,000 550,867
Hermraj Land & Development Public Co., Ltd. (Foreign) 15,788,300 302,406
ICC International Public Co., Ltd. (Foreign) 2,755,000 2,738,635
* Jasmine International Public Co., Ltd. (Foreign) 23,119,600 218,612
Kang Yong Electric Public Co., Ltd. (Foreign) 236,200 320,698
Kasikornbank Public Co., Ltd. (Foreign) 1,530,000 2,374,106
KCE Electronics Public Co., Ltd. (Foreign) 120,000 17,748
KGI Securities One Public Co., Ltd. (Foreign) 5,011,800 250,317
Kiatnakin Finance Public Co., Ltd. (Foreign) 675,900 450,655
Krung Thai Bank Public Co., Ltd. (Foreign) 29,431,100 7,099,999
Krungthai Card Public Co., Ltd. (Foreign) 612,600 292,598
Laguna Resorts & Hotels Public Co., Ltd. (Foreign) 545,800 610,378
Loxley Public Co., Ltd. (Foreign) 5,492,700 257,023
MBK Development Public Co., Ltd. (Foreign) 226,700 241,843
* Millennium Steel Public Co., Ltd. (Foreign) 6,139,300 154,803
MK Real Estate Development Public Co., Ltd. (Foreign) 1,181,200 63,578
Modernform Group Public Co., Ltd. (Foreign) 46,000 37,920
Muramoto Electronic (Thailand) Public Co., Ltd. (Foreign) 134,300 898,698
* Nakornthai Strip Mill Public Co., Ltd. (Foreign) 29,133,700 346,115
National Finance and Securities Public Co., Ltd. (Foreign) 9,726,200 2,924,109
National Petrochemical Public Co., Ltd. (Foreign) 2,010,600 6,142,214
* Natural Park Public Co., Ltd. (Foreign) 13,325,200 171,229
* Pacific Assets Public Co., Ltd. (Foreign) 380,000 41,460
Padaeng Industry Public Co., Ltd. (Foreign) 1,600,800 675,328
Quality Houses Public Co., Ltd. (Foreign) 16,805,500 468,574
Regional Container Lines Public Co., Ltd. (Foreign) 6,950,000 4,296,884
Rojana Industrial Park Public Co., Ltd. (Foreign) 222,600 48,303
Saha Pathana Inter-Holding Public Co., Ltd. (Foreign) 3,316,000 1,254,203
Saha Pathanapibul Public Co., Ltd. (Foreign) 1,367,000 480,579
Saha-Union Public Co., Ltd. (Foreign) 3,025,300 1,144,252
* Sahaviriya Steel Industries Public Co., Ltd. (Foreign) 10,856,200 294,798
Sansiri Public Co., Ltd. (Foreign) 1,462,200 87,920
Seamico Securities Public Co., Ltd. (Foreign) 1,130,400 111,272
* Shinawatra Satellite Public Co., Ltd. (Foreign) 939,100 314,210
Siam Commercial Bank Public Co., Ltd. (Foreign) 4,716,800 5,460,715
Siam Food Products Public Co., Ltd. (Foreign) 97,100 113,003
Siam Industrial Credit Public Co., Ltd. (Foreign) 4,478,950 548,399
Siam Makro Public Co., Ltd. (Foreign) 331,200 538,014
</Table>
27
<Page>
<Table>
Sri Trang Agro Industry Public Co., Ltd. (Foreign) 155,431 37,685
Supalai Public Co., Ltd. (Foreign) 2,088,100 107,329
Thai Plastic & Chemicals Public Co., Ltd. (Foreign) 554,600 208,420
Thai Rayon Public Co., Ltd. (Foreign) 16,500 163,220
Thai Rung Union Car Public Co., Ltd. (Foreign) 5,386,250 645,122
Thai Wacoal Public Co., Ltd. (Foreign) 93,300 74,649
* Tipco Asphalt Public Co., Ltd. (Foreign) 246,356 110,500
* TPI Polene Public Co., Ltd. (Foreign) 4,168,162 2,475,936
* Tuntex (Thailand) Public Co., Ltd. (Foreign) 1,987,600 92,525
Tycoons Worldwide Group Public Co., Ltd. (Foreign) 1,243,300 224,575
* United Communication Industry Public Co., Ltd. (Foreign) 864,400 1,100,279
Vanachai Group Public Co., Ltd. (Foreign) 1,774,400 205,640
Vinythai Public Co., Ltd. (Foreign) 3,496,017 796,765
---------------
TOTAL COMMON STOCKS 72,162,969
---------------
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 4,600 341
* Supalai Public Co., Ltd. (Foreign) Warrants 2008 152,166 3,099
---------------
TOTAL RIGHTS/WARRANTS 3,440
---------------
TOTAL -- THAILAND 72,166,409
---------------
CHILE -- (1.9%)
COMMON STOCKS -- (1.9%)
Banco de Credito e Inversiones SA Series A 54,733 1,376,931
Banmedica SA 347,000 278,674
CAP SA (Compania de Aceros del Pacifico) 199,310 2,568,756
Cementos Bio-Bio SA 62,327 158,607
Cervecerias Unidas SA 143,000 738,868
Consumidores de Gas de Santiago SA 103,000 490,334
* Corpbanca SA 13,000,000 75,472
Cristalerias de Chile SA 14,500 161,484
CTI SA (Cia Tecno Industrial) 4,900,000 114,926
Empresa Nacional de Electricidad SA 2,694,503 2,710,928
Empresa Nacional de Telecomunicaciones SA 116,880 1,130,914
Empresas CMPC SA 287,777 7,323,764
Empresas Copec SA 947,488 8,489,346
* Empresas Iansa SA 4,994,997 517,140
Enersis SA 12,509,592 2,900,143
Industrias Forestales Inforsa SA 2,387,597 559,070
* Inversiones Frimetal SA 4,900,000 0
* Madeco Manufacturera de Cobre SA 2,107,113 195,726
* Masisa SA 3,620,083 770,603
Minera Valparaiso SA 7,500 133,926
Parque Arauco SA 543,207 357,407
Sociedad Industrial Pizarreno SA 63,000 121,306
Sociedad Quimica y Minera de Chile SA Series A 43,364 368,604
Sociedad Quimica y Minera de Chile SA Series B 945,090 10,973,469
Soquimic Comercial SA 150,000 37,736
Sud Americana de Vapores SA 410,000 694,243
Telecomunicaciones de Chile SA Series A 552,600 1,295,014
Telecomunicaciones de Chile SA Series B 372,166 827,876
</Table>
28
<Page>
<Table>
Vina de Concha y Toro SA 350,000 475,472
Vina San Pedro SA 8,300,000 89,465
Vina Sta Carolina SA Series A 163,489 114,672
---------------
TOTAL COMMON STOCKS 46,050,876
---------------
RIGHTS/WARRANTS -- (0.0%)
* Vina San Pedro SA Rights 12/11/05 251,177 0
---------------
TOTAL -- CHILE 46,050,876
---------------
HUNGARY -- (1.8%)
COMMON STOCKS -- (1.8%)
* BorsodChem RT 267,322 2,911,488
* Danubius Hotel & Spa RT 173,021 4,658,068
Egis RT 121,985 12,483,057
* Fotex RT 2,428,739 3,731,280
Gedeon Richter, Ltd. 6,647 1,185,540
* Globus Konzervipari RT 349,690 566,557
* Linamar Hungary Autoipari es G 100,770 710,363
Magyar olaj-Es Gazipari RT 97,965 9,274,426
* North American Business Industries RT 121,832 54,385
* Pannonplast RT 138,882 1,143,403
* RABA RT 482,083 1,322,348
* Synergon Information Systems Ltd., Budapest 247,161 577,754
* Tiszai Vegyi Kombinat RT 253,242 6,227,821
Zwack Unicum Liqueur Industry & Trading Co., Ltd. 387 20,285
---------------
TOTAL -- HUNGARY 44,866,775
---------------
ARGENTINA -- (1.6%)
COMMON STOCKS -- (1.6%)
Acindar Industria Argentina de Aceros SA Series B 2,261,067 3,794,865
* Alpargatas SA Industrial y Comercial 6,363 10,616
* Banco Frances del Rio de la Plata SA 353,379 883,804
Banco Macro Bansud SA 310,563 510,973
* Banco Suquia SA 327,868 53,620
* Capex SA Series A 131,575 210,831
Celulosa Argentina SA Series B 10,843 14,473
* Central Costanera SA Series B 261,000 325,088
* Central Puerto SA Series B 161,000 100,001
* Cresud SA Comercial Industrial Financiera y Agropecuaria 535,252 574,726
DYCASA SA (Dragados y Construcciones Argentina) Series B 55,000 61,782
* Garovaglio y Zorraquin SA 65,800 9,565
* Grupo Financiero Galicia SA Series B 2,067,935 1,489,404
* IRSA Inversiones y Representaciones SA 1,257,197 1,557,592
* Juan Minetti SA 806,693 911,493
Ledesma S.A.A.I. 885,405 526,543
* Metrogas SA Series B 176,000 79,081
* Molinos Rio de la Plata SA Series B 541,214 840,400
* Polledo SA Industrial y Constructora y Financiera 50,000 10,242
* Renault Argentina SA 150,050 813,019
Siderar S.A.I.C. Series A 645,512 5,299,682
</Table>
29
<Page>
<Table>
* Sol Petroleo SA 173,000 89,736
Solvay Indupa S.A.I.C. 1,334,322 1,754,538
* Telecom Argentina Stet-France SA Series B 476,600 1,283,308
Tenaris SA 1,660,259 18,265,822
* Transportadora de Gas del Sur SA Series B 676,599 782,381
---------------
TOTAL -- ARGENTINA 40,253,585
---------------
PHILIPPINES -- (1.3%)
COMMON STOCKS -- (1.3%)
Aboitiz Equity Ventures, Inc. 5,782,000 519,287
Alaska Milk Corp. 7,953,000 511,072
* Alsons Consolidated Resources, Inc. 16,904,000 143,053
Bacnotan Consolidated Industries, Inc. 1,696,970 296,818
* Belle Corp. 30,800,000 624,784
* Cebu Holdings, Inc. 7,763,250 158,238
* Digital Telecommunications (Philippines), Inc. 131,630,000 2,234,957
Equitable PCI Bank, Inc. 2,841,900 2,865,258
* Fil-Estate Land, Inc. 3,196,340 25,918
* Filinvest Development Corp. 5,283,500 119,696
* Filinvest Land, Inc. 151,904,100 3,919,937
* Filipina Water Bottling Corp. 5,471,786 0
* First E-Bank Corp. 409,000 8,330
Keppel Philippines Marine, Inc. 9,725,165 126,852
* Kuok Philippine Properties, Inc. 4,300,000 16,321
* Megaworld Properties & Holdings, Inc. 215,844,000 5,260,237
Metro Bank and Trust Co. 349,020 200,189
* Mondragon International Philippines, Inc. 2,464,000 5,703
Petron Corp. 15,160,000 1,190,464
* Philippine National Bank 3,619,900 2,002,805
* Philippine National Construction Corp. 398,900 22,526
* Philippine Realty & Holdings Corp. 20,930,000 57,763
Philippine Savings Bank 1,095,390 699,703
* Prime Orion Philippines, Inc. 14,400,000 52,849
* RFM Corp. 2,488,200 34,526
Robinson's Land Corp. Series B 16,019,000 1,783,166
Security Bank Corp. 2,713,200 1,680,176
SM Development Corp. 21,996,400 576,865
* Solid Group, Inc. 19,668,000 183,023
Soriano (A.) Corp. 20,195,000 781,498
Union Bank of the Philippines 547,400 304,105
Universal Robina Corp. 16,140,300 5,230,905
* Urban Bank, Inc. 14,950 174
---------------
TOTAL -- PHILIPPINES 31,637,198
---------------
UNITED STATES -- (0.0%)
COMMON STOCKS -- (0.0%)
POSCO Sponsored ADR 21,900 1,089,744
* TTI Team Telecom International, Ltd. ADR 16,590 53,420
---------------
TOTAL -- UNITED STATES 1,143,164
---------------
</Table>
30
<Page>
<Table>
<Caption>
FACE
AMOUNT VALUE++
--------------- ---------------
(000)
TEMPORARY CASH INVESTMENTS -- (1.2%)
Repurchase Agreement, PNC Capital Markets, Inc.
3.88%, 12/01/05 (Collateralized by
$31,296,000 FHLMC Notes 4.00%, 09/22/09, valued
at $30,670,080) to be repurchased at $30,219,257 $ 30,216 $ 30,216,000
---------------
TOTAL INVESTMENTS - (100.0%)
(Cost $1,628,835,342) $ 2,439,844,060
===============
</Table>
See accompanying Notes to Financial Statements.
31
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Dimensional Emerging Markets Value Fund Inc.
We have audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the financial statements of
Dimensional Emerging Markets Value Fund Inc. (the "Fund") as of November 30,
2005, and for the year then ended and have issued our unqualified report thereon
dated January 23, 2006 (which report and financial statements are included in
Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included
an audit of the Fund's investment portfolio (the "Portfolio") as of November 30,
2005 appearing in Item 6 of this Form N-CSR. This Portfolio is the
responsibility of the Fund's management. Our responsibility is to express an
opinion on this Portfolio based on our audit. In our opinion, the Portfolio
referred to above, when read in conjunction with the financial statements of the
Fund referred to above, presents fairly, in all material respects, the
information set forth therein.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 23, 2006
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the Registrant's disclosure controls
and procedures as of a date within 90 days of the filing date of
this Report, the Registrant's Principal Executive Officer and
Principal Financial Officer believe that the
<Page>
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 covered by this
Report that have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a)(1) Code of Ethics is filed herewith.
(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: February 3, 2006
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: February 3, 2006
By: /s/ Michael T. Scardina
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Michael T. Scardina
Principal Financial Officer
Dimensional Emerging Markets Value Fund Inc.
Date: February 3, 2006