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Dimensional Emerging Markets Value Fund – ‘N-CSR’ for 11/30/05

On:  Tuesday, 2/7/06, at 1:41pm ET   ·   Effective:  2/7/06   ·   For:  11/30/05   ·   Accession #:  1047469-6-1466   ·   File #:  811-07440

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/07/06  Dimensional Emerging Markets … Fd N-CSR      11/30/05    4:224K                                   Merrill Corp/New/FADimensional Emerging Markets Value Fund

Certified Annual Shareholder Report of a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Certified Annual Shareholder Report of a              85    392K 
                          Management Investment Company                          
 4: EX-99.906CERT  Miscellaneous Exhibit                               1      7K 
 3: EX-99.CERT  Miscellaneous Exhibit                                  4     15K 
 2: EX-99.CODEETH  Miscellaneous Exhibit                               5     21K 


N-CSR   —   Certified Annual Shareholder Report of a Management Investment Company
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Item 1. Reports to Stockholders
23Summary Schedule of Portfolio Holdings
44Item 2. Code of Ethics
"Item 3. Audit Committee Financial Expert
45Item 4. Principal Accountant Fees and Services
50Item 5. Audit Committee of Listed Registrants
"Item 6. Schedule of Investments
83Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
"Item 8. Portfolio Managers of Closed-End Management Investment Companies
"Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
"Item 10. Submission of Matters to A Vote of Security Holders
"Item 11. Controls and Procedures
84Item 12. Exhibits
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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.
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DFA INVESTMENT DIMENSIONS GROUP INC. EMERGING MARKETS VALUE PORTFOLIO AND DIMENSIONAL EMERGING MARKETS VALUE FUND INC. ANNUAL REPORT YEAR ENDED NOVEMBER 30, 2005
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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.
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ANNUAL REPORT TABLE OF CONTENTS DIMENSIONAL INVESTING [Enlarge/Download Table] 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 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 [Download Table] 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 [Download Table] AVERAGE ANNUAL ONE FIVE FROM TOTAL RETURN YEAR YEARS 4/1/1998 ------------------------------------------------------------------ 31.06% 24.72% 15.81% 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 [Download Table] 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% ---------- 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) [Download 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% 2
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Returns in emerging markets were higher, on average, than in developed country markets, although results varied widely among individual countries. For the year under review, total returns were 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 [Download Table] 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% ---------- 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
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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
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DFA INVESTMENT DIMENSIONS GROUP INC. DIMENSIONAL EMERGING MARKETS VALUE FUND INC. DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES STATEMENT OF ASSETS AND LIABILITIES/SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS 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
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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 [Download Table] 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 ---------- * 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
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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. [Download Table] Affiliated Investment Companies 100.0% 7
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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) [Enlarge/Download 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 ============= See accompanying Notes to Financial Statements. 8
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STATEMENT OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2005 (AMOUNTS IN THOUSANDS) [Enlarge/Download 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 ============= See accompanying Notes to Financial Statements. 9
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STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) [Enlarge/Download Table] 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) See accompanying Notes to Financial Statements. 10
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FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) [Enlarge/Download Table] 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% -------------------------------------------------------------------------------------------------------------------------------- See accompanying Notes to Financial Statements. 11
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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
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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): [Download Table] 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 At November 30, 2005, the components of distributable earnings/(accumulated losses) were as follows (amounts in thousands): [Download Table] 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 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): [Download Table] NET UNREALIZED FEDERAL UNREALIZED UNREALIZED APPRECIATION/ TAX COST APPRECIATION (DEPRECIATION) (DEPRECIATION) ------------ -------------- -------------- -------------- $ 1,422,694 $ 670,407 $ (14,827) $ 655,580 E. COMPONENTS OF NET ASSETS At November 30, 2005 net assets consisted of (amounts in thousands): [Download Table] 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 13
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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
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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
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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 [Download Table] 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 [Download Table] AVERAGE ANNUAL ONE FIVE TEN TOTAL RETURN YEAR YEARS YEARS ------------------------------------------------------------------ 31.60% 25.22% 15.18% 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
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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 [Enlarge/Download Table] 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 ---------- * 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
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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. [Download 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% ===== 18
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DIMENSIONAL EMERGING MARKETS VALUE FUND INC. SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS NOVEMBER 30, 2005 [Enlarge/Download Table] 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% --------------- --------------- 19
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[Enlarge/Download Table] 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% --------------- --------------- 20
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[Enlarge/Download Table] 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% --------------- --------------- 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% =============== =============== See accompanying Notes to Financial Statements. 21
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DIMENSIONAL EMERGING MARKETS VALUE FUND INC. STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 2005 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) [Download 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 ------------ See accompanying Notes to Financial Statements. 22
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STATEMENT OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2005 (AMOUNTS IN THOUSANDS) [Download 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 ============ See accompanying Notes to Financial Statements. 23
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STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) [Enlarge/Download Table] 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 See accompanying Notes to Financial Statements. 24
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FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) [Enlarge/Download Table] 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% ------------------------------------------------------------------------------------------------------------------------------ See accompanying Notes to Financial Statements. 25
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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
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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): [Download Table] Purchases $ 909,553 Sales 128,972 There were no purchases or sales of U.S. Government Securities during the year ended November 30, 2005. 27
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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): [Download Table] INCREASE INCREASE INCREASE (DECREASE) (DECREASE) (DECREASE) UNDISTRIBUTED ACCUMULATED ACCUMULATED NET INVESTMENT NET REALIZED APPRECIATION INCOME GAINS (DEPRECIATION) -------------- -------------- -------------- $ (2,859) $ 3,108 $ (249) 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): [Download Table] 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 At November 30, 2005, the components of distributable earnings/(accumulated losses) were as follows (amounts in thousands): [Download Table] 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 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): [Download Table] NET UNREALIZED FEDERAL UNREALIZED UNREALIZED APPRECIATION/ TAX COST APPRECIATION (DEPRECIATION) (DEPRECIATION) ------------ -------------- -------------- --------------- $ 1,633,627 $ 900,189 $ (93,972) $ 806,217 28
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F. COMPONENTS OF NET ASSETS: At November 30, 2005 net assets consisted of (amounts in thousands): [Enlarge/Download Table] 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 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
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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
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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. [Enlarge/Download Table] 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). 31
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[Enlarge/Download Table] 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 32
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[Enlarge/Download Table] 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. (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
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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. [Enlarge/Download Table] 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 34
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[Enlarge/Download Table] 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). 35
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[Enlarge/Download Table] 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. 36
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[Enlarge/Download Table] 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). (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
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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
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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. [Enlarge/Download Table] 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% ---------- (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
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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
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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 [Download Table] Fiscal Year Ended November 30, 2005: $ 22,115 Fiscal Year Ended November 30, 2004: $ 20,942 (b) Audit-Related Fees [Download Table] Fees for Registrant Fiscal Year Ended November 30, 2005: $ 2,820 Fiscal Year Ended November 30, 2004: $ 2,640 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 [Download Table] Fiscal Year Ended November 30, 2005: $ 51,200 Fiscal Year Ended November 30, 2004: $ 0 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 [Download Table] Fees for Registrant Fiscal Year Ended November 30, 2005: $ 2,542 Fiscal Year Ended November 30, 2004: $ 1,100 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.
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(d) All Other Fees [Download Table] Fees for Registrant Fiscal Year Ended November 30, 2005: $ 0 Fiscal Year Ended November 30, 2004: $ 0 There were no "All Other Fees" required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above. (e)(1) Audit Committee's Pre-Approval Policies and Procedures Pre-Approval Policies and Procedures as adopted by the Audit Committees of DFA Investment Dimensions Group Inc. Dimensional Emerging Markets Value Fund Inc. Dimensional Investment Group Inc. The DFA Investment Trust Company (together, the "Funds") The Sarbanes-Oxley Act of 2002 (the "Act") and the rules (the "Rules") adopted by the U.S. Securities and Exchange Commission (the "SEC") require that the Funds' Audit Committees (together, the "Committee") pre-approve all audit services and non-audit services provided to the Funds by their independent 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.
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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
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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.
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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%.
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(g) Aggregate Non-Audit Fees [Download Table] Fiscal Year Ended November 30, 2005: $ 161,027 Fiscal Year Ended November 30, 2004: $ 164,040 (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.
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DIMENSIONAL EMERGING MARKETS VALUE FUND INC. SCHEDULE OF INVESTMENTS NOVEMBER 30, 2005 [Download Table] 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 1
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[Download 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 2
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[Download 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 3
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[Download 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 4
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[Download 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 5
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[Download 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 6
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[Download 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 7
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[Download 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 8
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[Download 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 9
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[Download 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 10
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[Download 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 11
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[Download 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 12
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[Download 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 13
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[Download 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 14
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[Download 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 --------------- 15
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[Enlarge/Download 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 --------------- 16
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[Enlarge/Download 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 --------------- 17
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[Enlarge/Download 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 18
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[Enlarge/Download 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 19
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[Download 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 20
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[Download 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 21
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[Download 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 22
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[Download 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 --------------- 23
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[Download 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 24
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[Download 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 --------------- 25
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[Download 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 26
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[Enlarge/Download 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 27
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[Enlarge/Download 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 28
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[Enlarge/Download 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 29
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[Download 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 --------------- 30
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[Enlarge/Download Table] 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 =============== See accompanying Notes to Financial Statements. 31
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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
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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
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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.
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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. Dimensional Emerging Markets Value Fund Inc. By: /s/ David G. Booth ----------------------------------- David G. Booth Chairman, Director, President, Chief Executive Officer and Chief Investment Officer Date: 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 ----------------------------------- Michael T. Scardina Principal Financial Officer Dimensional Emerging Markets Value Fund Inc. Date: February 3, 2006

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘N-CSR’ Filing    Date First  Last      Other Filings
6/27/061833
4/2/061833
Filed on / Effective on:2/7/06
2/3/0685
1/23/061982
For Period End:11/30/05182NSAR-B
10/27/051122N-Q
6/1/051021
4/3/051833
12/1/0443
11/30/041750N-CSR,  N-CSR/A,  NSAR-B
7/9/041122
1/1/021631
11/21/9730
11/30/9520NSAR-B
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Filing Submission 0001047469-06-001466   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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